VentureSource U.S. -- 3Q 2014
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1 U.S. -- 3Q 2014
2 The following report presents Dow Jones VentureSource s quarterly findings for U.S. venture capital fundraising, investment, valuation, and liquidity. The included charts and graphs offer a comprehensive view of the trends currently affecting the venture capital market. Highlights for 3Q 2014 include: U.S. venture capital fundraising amount raised on decline from 2Q 2014; Venture capital investment on decline in 3Q 2014; Median pre-money valuation totaled $30M, a 42% decrease from the valuation figure for 2Q 2014; While venture-backed mergers and acquisitions (M&As) amount raised and transactions experienced an increase, initial public offerings (IPOs) still on decline. 2
3 Venture Fundraising in U.S. on decline from 2Q 2014 FUNDRAISING 81 funds garnered $6.5 billion in 3Q 2014, down 16% from the amount raised in the previous quarter, while number of funds stayed flat. JP Morgan Digital Growth Fund II LP was the largest U.S. venture capital fund of 3Q 2014, raising $996 million and accounting for 15% of the total amount raised during the quarter. Median U.S. fund size was $119 million in the three quarters of U.S. VC Fundraising ( ) Based on multiple closings Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 Amount Raised ($B) $2.92 $6.83 $7.45 $6.57 $5.11 $3.06 $4.63 $6.73 $4.03 $4.84 $10.35 $7.75 $6.49 Number of Funds $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 3
4 Largest VC Funds Raised in 3Q 2014 FUNDRAISING Firm Name Fund Name Amount ($M) City State Offering Status Fund Type Fund Category Closing Type JPMorgan Chase & Co. JP Morgan Digital Growth Fund II LP $ New York NY Open MulF- stage venture capital Venture Capital First Kleiner Perkins Caufield & Byers KPCB Digital Growth Fund II LP $ Menlo Park CA Closed Late- stage venture capital Venture Capital Final Meritech Capital Partners Meritech Capital Partners V LP $ Palo Alto CA Closed Late- stage venture capital Venture Capital Final Sofinnova Ventures Inc. Sofinnova Venture Partners IX LP $ Menlo Park CA Closed MulF- stage venture capital Venture Capital Final Kleiner Perkins Caufield & Byers Kleiner Perkins Caufield & Byers XVI LP $ Menlo Park CA Closed Early- stage venture capital Venture Capital Final 4
5 FINANCING U.S. Venture Investment on Decline in 3Q 2014 U.S.-based companies raised $11 billion from 899 venture capital deals during 3Q 2014, a 24% and 7% decrease in capital and deal count, respectively, from the previous quarter. Compared to the same period in 2013, amount invested registered a 16% increase, while number of deals dipped 5%. Business and Financial Services and Healthcare were the strongest sectors, respectively with 27% and 25% share of total amount invested. Equity Financings into U.S. based, VC-backed Companies ( ) $16.00 $ $12.00 $10.00 $ $6.00 $4.00 $2.00 $0.00 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 Amount Raised ($B) $10.80 $8.11 $7.77 $9.48 $7.97 $9.18 $7.61 $8.71 $9.49 $9.53 $11.83 $14.43 $11.01 Number of Deals
6 FINANCING Equity Financings into U.S. based, VC backed Companies, by Round Class ( ) Number of Deals Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 Restart Later Second First Seed
7 FINANCING Equity Financings into U.S. based, VC backed Companies, by Round Class ( ) Amount Raised ($B) $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 Restart $0.23 $0.08 $0.09 $0.16 $0.24 $0.69 $0.08 $0.18 $0.08 $0.10 $0.29 $0.16 $0.15 Later $5.99 $4.70 $4.20 $5.30 $4.69 $4.46 $4.46 $4.88 $5.25 $5.16 $6.79 $9.57 $5.93 Second $1.96 $1.47 $1.09 $1.62 $1.26 $1.38 $1.31 $1.74 $1.60 $1.85 $1.84 $2.61 $1.79 First $2.13 $1.49 $1.47 $1.97 $1.43 $1.71 $1.49 $1.35 $1.70 $1.91 $1.52 $1.83 $1.97 Seed $0.13 $0.11 $0.10 $0.10 $0.10 $0.09 $0.08 $0.09 $0.09 $0.09 $0.08 $0.05 $0.07 7
8 FINANCING Equity Financings into U.S.-based, VC-backed Companies, Median Deal Size ($M) ( ) Median Equity Deal Size ($M) $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 Median Equity Deal Size ($M) $5.26 $4.00 $3.80 $4.51 $3.79 $4.17 $4.00 $4.48 $3.69 $4.06 $4.20 $6.00 $5.00 8
9 FINANCING Equity Financings into U.S.-based, VC-backed Companies, by Industry Group (3Q 2014) The Business and Financial Services sector saw the largest investment allocation, with 247 deals garnering $3 billion and accounting for 27% of total equity investment. Healthcare raised the second highest proportion of investment for 3Q 14 - $2.7 billion into 182 deals, down 17% and 15% in dollars and deals, respectively, from 2Q 14 figures. Consumer Services occupies third position. Amount raised decreased 41% quarter over quarter, with $2.3 billion invested in 173 deals, a 3% drop also for the number of deals. The sector s investment figure represents a 21% share of total equity investment into U.S. VC-backed companies for the quarter. IT companies raised $2.1 billion across 221 deals, a 31% and 9% decrease compared to the previous quarter. 3Q'14 Industry Breakdown By Number of Deals 3Q 14 Industry Breakdown By Amount Raised ($B) Business and Financial Services Consumer Goods Consumer Services Energy & Utilities Healthcare Industrial Goods & Materials Information Technology 2% 25% 20% 2% 21% 27% 3% Business and Financial Services Consumer Goods Consumer Services Energy & Utilities Healthcare Industrial Goods & Materials Information Technology 9
10 Top 5 Deals into VC-backed Companies (3Q 2014) FINANCING Co. Name Loca@on Industry Group Industry Segment Industry Code Brief Descrip@on Close Date Round Type Raised ($M) Round Investors (* denotes lead) Legendary Entertainment Inc. Burbank, CA Consumer Services Media and Content Movie/Music Producers and Distributors Provider of mulf- media content products including film, television and comics. 9/30/2014 Corporate $ So]bank Corp.* NantHealth LLC Culver City, CA Healthcare Medical So]ware and InformaFon Services Healthcare AdministraFon So]ware Provider of cloud- based transformafonal healthcare services. 9/30/2014 Other Early Stage $ Kuwait Investment Authority* MyoKardia Inc. South San Francisco, CA Healthcare BiopharmaceuFcals Biotechnology TherapeuFcs Developer of treatments for genefc cardiovascular disease. 9/17/2014 Corporate $ Sanofi- AvenFs Qualtrics LLC Provo, UT Business and Financial Services Business Support Services Data Management Services Provider of enterprise data collecfon and analysis products. 9/24/2014 Later $ Accel Partners, Insight Venture Partners*, Sequoia Capital Square Inc. San Francisco, CA Business and Financial InsFtuFons Financial Services and Services Payment/ TransacFonal Processing Provider of mobile phone payment solufons. 8/19/2014 5th $ GIC Private Ltd.*, Goldman Sachs Group Inc., Rizvi Traverse Management LLC, Victory Park Capital* 10
11 FINANCING Most Active Investors for U.S.-based, VC-backed Companies (3Q 2014) New Enterprise Associates Inc. Google Ventures Andreessen Horowitz Kleiner Perkins Caufield & Byers Bessemer Venture Partners 11
12 FINANCING Number of Deals by Primary Region 3Q 2014 Amount Raised ($B) by Primary Region 3Q 2014 Alaska/ Islands Mid-Atlantic Midwest Central Midwest East Mountain New England Northern California Pacific Northwest South Central South East Southern California $ $1.55 $0.15 $0.47 $0.73 $0.79 $4.53 $0.42 $0.33 $0.21 $1.26 Number of Deals in 3Q 2014 by Primary Region Amount Raised ($B) in 3Q 2014 by Primary Region Alaska/Islands Mid-Atlantic Midwest Central Midwest East Mountain New England Northern California Pacific Northwest South Central South East Southern California Alaska/Islands Mid-Atlantic Midwest Central Midwest East Mountain New England Northern California Pacific Northwest South Central South East Southern California 12
13 FINANCING Number of Deals by subregion 3Q 2014 Amount Raised ($B) by subregion 3Q 2014 San Francisco Bay Area 304 $4.51 Boston Metro 76 $0.71 New York Metro 126 $1.21 Potomac 30 $0.13 Los Angeles Metro 33 $0.89 San Diego Metro 21 $0.22 Orange County 12 $0.16 Seattle Metro 28 $0.39 Austin Metro 21 $0.08 Dallas-Fort Worth 9 $0.11 Chicago Metro 25 $0.21 Subregion Breakout Number of Deals Subregion Breakout Amount Raised ($B) Number of Deals by Subregion Amount Raised ($B) by Subregion San Francisco Bay Area 304 San Francisco Bay Area $4.51 Boston Metro 76 Boston Metro $0.71 New York Metro 126 New York Metro $1.21 Potomac 30 Potomac $0.13 Los Angeles Metro San Diego Metro Orange County Seattle Metro Austin Metro Dallas-Fort Worth Chicago Metro Los Angeles Metro San Diego Metro Orange County Seattle Metro Austin Metro Dallas-Fort Worth Chicago Metro $0.89 $0.22 $0.16 $0.39 $0.08 $0.11 $
14 VALUATIONS Equity Financings into U.S. based, VC-backed Companies, Median Pre-money Valuation ($M) ( ) $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 Median Pre-money Valuation ($M) $29.25 $21.00 $18.05 $18.63 $29.88 $40.00 $17.75 $24.20 $15.80 $21.00 $26.50 $51.43 $
15 LIQUIDITY Venture M&A and IPO Market Activity in the U.S. during 3Q 2014 Mergers and acquisitions (M&As) of venture-backed companies in 3Q 2014 increased by 73% in value from those completed in 2Q 2014, with 127 deals garnering $20 billion. 22 venture-backed IPOs took place during 3Q 2014, a 12% decrease from the previous quarter. Exit Opportunities for U.S. VC-backed Companies ( ) 3Q'14 2Q'14 1Q'14 4Q'13 3Q'13 2Q'13 1Q'13 4Q'12 3Q'12 2Q'12 1Q'12 4Q'11 3Q' Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 IPOs M&As
16 LIQUIDITY U.S. VC-backed M&As ( ) 127 M&As of venture-backed companies in U.S. garnered $20 billion during 3Q In contrast with 2Q 2014, when a total of 119 transactions accumulated almost $12 billion, both number of M&As and amount raised increased by 7% and 73% respectively. The largest M&A of the quarter was Beats Electronics LLC, which was acquired by Apple Inc. (Nasdaq: AAPL) for $2.5 billion. U.S. VC-backed M&A Activity ( ) $25.00 $ $15.00 $ $ $0.00 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 Amount Paid ($B) $13.55 $9.67 $10.50 $11.86 $11.75 $8.69 $5.68 $9.27 $12.40 $14.25 $16.23 $11.59 $20.01 Number of M&As
17 Top 3 U.S. M&As (3Q 2014) LIQUIDITY Company Name Loca@on Brief Descrip@on Industry Code Industry Segment Industry Group Close Date Round Type Amount Paid ($M) Acquirer Beats Electronics LLC Santa Monica, CA Provider of headphone and HD audio systems. Consumer Electronics Electronics and Computer Hardware InformaFon Technology 8/1/2014 AcquisiFon $2, Apple Inc. Oculus VR Inc. Irvine, CA Provider of virtual reality gaming technology. Sports/Leisure Goods Personal Goods Consumer Goods 7/21/2014 AcquisiFon $2, Facebook Inc. Twitch InteracFve Inc. San Francisco, CA Operator of a video plaform and community for gamers. Entertainment Consumer Consumer Services 9/25/2014 AcquisiFon $ Amazon.com Inc. InformaFon Services 17
18 LIQUIDITY U.S. VC-backed IPOs ( ) 22 venture-backed companies raised $1.3 billion through public offerings in 3Q Number of deals decreased by 12% and capital raised also registered a 40% decrease from the previous quarter. The largest IPO of the quarter was HealthEquity Inc. (NASDAQ: HQY), which completed a $127 million IPO. U.S. VC-backed IPO Activity ( ) $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 Raised ($B) through IPO $0.43 $2.37 $1.42 $7.75 $0.81 $1.22 $0.64 $1.80 $2.22 $3.55 $2.94 $2.18 $1.30 Number of IPOs
19 Top 3 U.S. IPOs (3Q 2014) LIQUIDITY Company Name Loca@on Brief Descrip@on Industry Code Industry Segment Industry Group Close Date Round Type Raised through IPO ($M) Exchange HealthEquity Inc. Draper, UT Provider of a technology- enabled services plaform for the healthcare industry. Healthcare AdministraFon So]ware Medical So]ware and InformaFon Services Healthcare 7/31/2014 IPO $ NASDAQ: HQY Avalanche Biotechnologies Inc. Menlo Park, CA Developer of gene therapies for the treatment of sight- threatening ophthalmologic diseases. Biotechnology TherapeuFcs BiopharmaceuFcals Healthcare 7/31/2014 IPO $ NASDAQ: AAVL Otonomy Inc. San Diego, CA Developer of therapeufcs for the treatment of diseases and disorders of the ear. Drug Delivery BiopharmaceuFcals Healthcare 8/13/2014 IPO $ NASDAQ: OTIC 19
20 ABOUT US Dow Jones VentureSource helps venture capitalists, corporate development investment bankers and service providers find deal and partnership perform comprehensive due diligence and examine trends in venture capital investment, fund- raising and liquidity. It provides accurate, comprehensive data on venture- backed companies including their investors and in every region, industry and stage of development throughout the world. The investment figures included in this release are based on aggregate findings of Dow Jones' proprietary research and are contained in VentureSource. This data was collected through surveys of professional firms, interviews with company and from secondary sources. These venture capital cover equity investments into early stage, companies and do not include companies receiving funding solely from corporate, individual, and/or government investors. Figures contained throughout the report current of editorial but are subject to change without No statement herein is to be construed as a recommenda@on to buy or sell securi@es or to provide investment advice. About Dow Jones Dow Jones & Company is a global provider of news and business informafon, delivering content to consumers and organizafons via newspapers, Web sites, apps, video, newsleiers, magazines, proprietary databases, conferences, and radio. Dow Jones has produced unrivalled quality content for over 120 years and today has one of the world s largest news- gathering operafons with nearly 2,000 journalists in more than 80 bureaus, including The Wall Street Journal, America s largest newspaper by paid circulafon. Other premier brands include Barron s, MarketWatch, DJX and FacFva. Dow Jones publishes in 13 languages and distributes content in 28 languages, combining technology with news and data to support business decision making. The company pioneered the first successful paid online news site and its industry leading innovafon enables it to serve customers wherever they may be, via the Web, mobile devices, Internet- connected televisions, and tablets. MEDIA CONTACT: Erin Maier Erin.Maier@dowjones.com 20
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