www.pwc.com Shaking the MoneyTree TM Update PricewaterhouseCoopers/National Venture Capital Association MoneyTree TM Report based on data from Thomson Reuters HJ Paik Director, Emerging Company Services hj.paik@us.pwc.com (213) 356-6110
About the report PricewaterhouseCoopers and the National Venture Capital Association produce the MoneyTree Report, based on data from Thomson Reuters Core measure of equity investments in venture-backed companies in the United States Companies have received at least one round of financing, involving a professional VC firm or equivalent Captures: tranches, not term sheets, foreign VCs, qualified private placement Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc. MoneyTree Report in its 19th year Results online at www.pwcmoneytree.com and www.nvca.org 2
MoneyTree total investments Annual venture capital investments 1995 YTD ($ in billions) $120 $105.1 $100 $80 $60 $54.9 $40 $20 $8.0 $11.4 $15.1 $21.6 $40.9 $22.2 $19.6 $22.8 $23.5 $27.6 $32.0 $30.2 $20.3 $23.4 $29.8 $27.4 $29.7 $22.7 $0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q2 YTD # of deals 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q2 YTD 1,897 2,637 3,232 3,745 5,603 8,040 4,591 3,208 3,027 3,231 3,298 3,884 4,229 4,182 3,156 3,651 4,017 3,888 4,106 2,099 3
MoneyTree total investments: Q1 2009 $14.0 ($ in billions) $12.0 $13.0 $10.0 $9.7 $8.0 $6.0 $4.0 $3.9 $5.1 $7.1 $5.9 $5.4 $5.5 $5.1 $5.7 $8.2 $7.6 $7.5 $6.5 $6.3 $7.4 $6.7 $7.0 $6.1 $7.2 $8.0 $8.5 $2.0 $0.0 2009 2010 2011 2012 2013 2014 Q1 Q2 Q3 Q4 2009 2010 2011 2012 2013 2014 # of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Deals 680 765 767 944 826 1,023 891 911 907 1,088 1,022 1,000 886 987 948 1,067 923 1,000 1,057 1,126 985 1,114 4
# Deals MoneyTree total investments Quarterly venture capital investments Q1 2010 Total amount invested ($B) $13.0 1200 $5.1 $7.1 $5.5 $5.7 $6.5 $8.2 $7.6 $7.5 $6.3 $7.4 $6.7 $7.0 $6.1 $7.2 $8.0 $8.5 $9.7 1000 800 600 400 200 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 0 Average deal size ($M) $9.9 $11.6 $6.2 $7.0 $6.2 $6.2 $7.2 $7.6 $7.4 $7.5 $7.1 $7.5 $7.0 $6.5 $6.6 $7.2 $7.5 $7.5 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 5
Investments by region: ($ in millions) Total Investments - $12,968.8 million in 1,114 deals Silicon Valley $7094 New England $1251 NY Metro Southern California $761 $1203 Region # of Deals % Change $ from Q1 14 Silicon Valley 365 45% Midwest Northwest Southeast $497 $411 $364 New England 128 26% NY Metro 122 28% Southern California 94-2% Midwest 82 17% Texas DC/Metroplex SouthWest $354 $247 $219 Southeast 61 39% DC/Metroplex 58 12% Texas 47 2% Northwest 40 74% Colorado Philadelphia Metro $151 $141 Philadelphia Metro 28 39% North Central 21 25% SouthWest 20-16% North Central $135 Colorado 20 34% Sacramento/N.Cal Upstate NY $99 $29 Upstate NY 14 1,181% South Central 8-28% Sacramento/N.Cal 5 98,447% South Central AK/HI/PR $13 $0.4 AK/HI/PR 1 29% Total 1,114 34% - $2000 $4000 $6000 $8000 Unknown region totals not included 6
Investments by region Quarterly percent of total U.S. investments Top 5 US regions : Q1 2013 (% of total dollars) 60% 55% Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 50% 46% 51% 40% 41% 39% 30% 20% 10% 12% 11% 11% 13% 10% 10% 10% 9% 10% 9% 9% 9% 7% 8% 6% 3% 5% 4% 4% 4% 0% Silicon Valley New England NY Metro Southern California Midwest 7
Investments by industry: ($ in millions) Total Investments - $12,968.8 million in 1,114 deals Software $4,008 Biotechnology Media and Entertainment $1024 $1,062 Industry # 0f Deals % Change in $ from Q1' 14 IT Services Industrial/Energy Medical Devices and Equipment Consumer Products and Services Financial Services Computers and Peripherals Retailing/Distribution Networking and Equipment Semiconductors Electronics/Instrumentation Healthcare Services Telecommunications Business Products and Services Other $747 $718 $649 $553 $309 $270 $233 $165 $130 $125 $84 $36 $26 $0.1 Software 454 50% Media and Entertainment 124 40% Biotechnology 122 69% IT Services 97-6% Medical Devices and Equipment 73 8% Industrial/Energy 68 36% Consumer Products and Services 58 <1% Semiconductors 21-29% Retailing/Distribution 18-7% Financial Services 17 <1% Healthcare Services 12 6% Business Products and Services 12-69% Electronics/Instrumentation 11-30% Computers and Peripherals 10 44% Telecommunications 8-43% Networking and Equipment 7 702% Other 2-96% Total 1,114 34% NV = no value in prior quarter Visit www.pwcmoneytree.com for Industry definitions - $2000 $4000 $6000 $8000 8
Investments by industry Quarterly percent of total U.S. investments Top 5 Industries : Q2 2013 (% of Total Dollars) 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 32% 45% 35% 42% 47% 20% 12% Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 16% 11% 14% 14% Software Biotechnology Media and Entertainment 9% 8% 8% 8% 9% 7% 8% 5% 6% 5% 7% 5% 5% 6% IT Services Industrial/Energy 9
Life science investments Percent of total U.S. investments Life science sector Q2 2013 (% of total dollars) 30% Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 28% 25% 20% 20% 16% 19% 22% 17% 19% 15% 14% 12% 11% 10% 5% 7% 7% 5% 6% 5% 0% Biotechnology Medical Devices and Equipment Life Sciences 10
Internet-specific & Software investments Q1 2010 Software investments ($B) $1.0 $ Invested # of deals $1.4 $1.3 $1.5 $1.5 $1.9 $2.3 $1.9 $1.8 $2.5 $2.0 $2.3 $2.4 $2.3 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 $3.6 $2.9 $4.1 $6.1 500 450 400 350 300 250 200 150 100 50 0 Internet-specific investments ($B) $0.9 $ Invested # of deals $1.1 $1.1 $1.2 $1.4 $2.3 $1.7 $1.7 $1.6 $2.0 $1.6 $1.5 $1.3 $1.8 $1.5 $2.4 $2.3 $2.7 350 300 250 200 150 100 50 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 0 11
Investments by stage of development: Total Investments - $12,969 million in 1,114 deals ($) in millions Stage of Development # of Deals % Change in $ from Q1 2014 $3,913 $2,546 Seed Stage 55 46% $125 Early Stage 522 17% $2,885 Expansion Stage 308 53% Seed Stage Expansion Stage Early Stage Later Stage Later Stage 229 25% Total 1,114 34% 12
US Investments by stage: Quarterly Q1 2012 Amount Invested by Stage ($M) 14,000 12,000 $3,209 10,000 Later Stage Expansion Stage 8,000 6,000 Early Stage Seed Stage 4,000 2,000 $2,359 $1,813 $1,983 $2,164 $2,786 $2,197 $1,990 $2,240 $2,553 $2,228 $1,963 $2,325 $2,184 $2,072 $1,618 $2,351 $2,136 $2,505 $2,190 $2,606 $2,912 $2,562 $2,216 $3,756 $2,939 $2,995 $3,262 $5,745 $3,826 0 $177 $281 $177 $194 $191 $238 $194 $347 $130 $189 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 13
US Investments by stage: Quarterly Q1 2012 Number of Deals by Stage 1,200 1,000 Later Stage Expansion Stage Early Stage 800 600 234 226 194 258 195 254 222 255 205 238 194 231 185 240 212 288 193 269 229 308 Seed Stage 400 200 362 447 427 517 425 527 576 556 477 522 0 64 88 72 73 55 48 56 70 46 55 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 14
Investments by sequence of financing: Q1 2014 Total Investments - $9,469 million in 951 deals ($) in millions $1,859 Financing # of Deals % Change in $ from Q1 2014 First Sequence 351 48% Follow-on 763 31% Total 1,114 34% $11,109 First Sequence Follow-on 15
First sequence financing Investment amount: Q1 2009 First sequence investments ($ in billions) Q1 Q2 Q3 Q4 $2 $1.9 $2 $2 $1 $1 $1.2 $1.1 $1.3 $1.2 $1.6 $1.3 $1.3 $1.1 $1.2 $1.2 $1.1 $1.3 $1.5 $1.3 $1 $1 $1 $0.8 $0.8 $0.7 $1.0 $0.9 $0.9 $0.9 $0 $0-2009 2010 2011 2012 2013 2014 16
First sequence financing Number of deals: Q1 2009 First sequence deals 500 Q1 Q2 Q3 Q4 400 300 293 281 288 274 235 304 364 350 333 261 330 321 370 374 362 342 289 293 351 200 167 196 187 100-2009 2010 2011 2012 2013 2014 17
Number of First-Time vs. Follow-On Deals US Venture Capital deals 2008 YTD Number of Deals 4500 4000 3500 3000 2500 2,561 2,666 2,606 2,739 2000 2,325 1500 1000 500 0 1,455 1,351 1,282 1,367 1,090 831 644 2009 2010 2011 2012 2013 2014 YTD Follow on First sequence 18
First sequence financing Percent of total U.S. investments: 2009 YTD 40% 35% 30% 30% 28% 29% 31% 32% 34% 33% 34% 33% 29% 33% 34% 35% 31% 34% 35% 32% 30% 32% 25% 25% 26% 24% 20% 15% 10% 17% 16% 15% 20% 19% 16% 23% 16% 19% 20% 18% 17% 15% 15% 17% 18% 15% 17% 17% 17% 13% 14% 5% 0% % of Total Dollars % of Total Deals 19
Quarterly percent of total first sequence dollars Stage of development Stage of Development Q2 2013 80% (% of first sequence dollars) 70% Q2 '13 60% Q3 '13 Q4 50% '13 70% 63% 53% 71% 50% Q1 '14 40% Q2 '14 30% 26% 20% 10% 15% 12% 20% 8% 7% 18% 14% 13% 11% 10% 8% 7% 7% 17% 0% Seed Stage Early Stage Expansion Stage Later Stage 20
Quarterly percent of total first sequence deals Stage of development Stage of Development Q2 2013 (% of first sequence deals) 80% 70% Q2 '13 60% Q3 '13 Q4 '13 50% Q1 '14 40% Q2 '14 30% 72% 73% 66% 70% 63% 20% 10% 12% 13% 15% 13% 11% 10% 10% 13% 11% 15% 6% 5% 5% 6% 11% 0% Seed Stage Early Stage Expansion Stage Later Stage 21
537 596 589 505 711 818 715 749 612 961 913 893 1,015 937 825 1,065 1,047 1,133 1,778 2,500 First sequence deals in seed & early stage companies 1995 YTD 3000 2000 60% 62% 63% 67% 72% 74% 74% 70% 76% 73% 70% 70% 71% 72% 74% 76% 79% 82% 83% 78% 90% 80% 70% 60% 50% 40% 1000 30% 20% 10% 0 0% Seed stage Seq 1 Deals in Seed/Early Stage % of Total Seq 1 Deals Early stage 22
Median deal size vs. mean deal size Quarterly total U.S. investments: Q1 2009 ($ in millions) $14.0 $12.0 $11.6 $10.0 $9.9 $8.0 $6.0 $5.7 $6.6 $7.1 $6.3 $6.2 $7.0 $6.2 $6.2 $7.2 $7.6 $7.4 $7.5 $7.1 $7.5 $7.0 $6.5 $6.6 $7.2 $7.5 $7.5 $4.0 $3.0 $2.5 $3.1 $2.4 $2.9 $3.0 $2.7 $2.8 $2.5 $3.0 $3.0 $2.5 $3.0 $3.0 $2.3 $2.2 $2.3 $2.5 $2.6 $2.7 $3.3 $3.5 $2.0 - Median Deal Size Mean Deal Size 23
$381.0 $479.9 $448.2 $576.6 $589.8 $639.3 $558.2 $597.5 $663.1 $571.1 $616.8 $724.9 $708.1 $611.5 $712.8 $776.1 $887.7 $877.9 $831.9 $761.1 $959.6 $895.2 SoCal MoneyTree total investments: 2009 ($ in millions) $1,200.0 $1,000.0 $800.0 $600.0 $400.0 $200.0 $0.0 2009 2010 2011 2012 2013 2014 Q1 Q2 Q3 Q4 # of Deals 2009 2010 2011 2012 2013 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 63 74 80 75 88 106 80 84 77 98 91 80 95 99 83 101 91 84 93 91 92 94 24
Southern California investments by industry: ($ in millions) Software Total: $761.1 $301.5 Biotechnology $167.0 IT Services Consumer Products and Services $51.3 $101.8 Industry # of Deals % Change since Q1 2014 Media and Entertainment Medical Devices and Equipment Networking & Equipment Industrial/Energy Semiconductors Electronics/Instrumentation Computers and Peripherals Telecommunications Financial Services Retailing/Distribution Business Products and Services $39.7 $33.3 $26.2 $14.4 $11.6 $10.0 $3.1 $1.0 $0.2 $0.1 NM Software 39 21% IT Services 11 161% Biotechnology 10 6% Media and Entertainment 9-33% Consumer Products and Services 6 183% Medical Devices and Equipment 4-64% Semiconductors 3-71% Networking and Equipment 2 NV Industrial/Energy 2-59% Computers and Peripherals 2 NV Retailing/Distribution 2-99% Telecommunications 1-95% Financial Services 1-99% Electronics/Instrumentation 1 21% Business Products and Services 1 NV Total 94-2% NV - no value in prior quarter NM - not meaningful $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 25
Los Angeles investments by industry: ($ in millions) Q1 2014 Total: $472.2 Software IT Services $96.6 Media and Entertainment Biotechnology Consumer Products and Services Industrial/Energy Networking and Equipment Electronics/Instrumentation Telecommunications Financial Services Medical Devices and Equipment $21.1 $20.3 $14.4 $12.5 $10.0 $1.0 $0.2 $0.1 $38.5 Industry # of Deals % Change $ from Q1 2014 Software 24 80% IT Services 10 167% Media and Entertainment 6-13% Consumer Products and Services 4 1,168% Biotechnology 2 7,159% Industrial/Energy 2-54% Networking and Equipment 1 NV Electronics/Instrumentation 1 21% Telecommunications 1-95% Financial Services 1-97% Medical Devices and Equipment 1 NV Retailing/Distribution 1 NM Business Products and Services 1 NV Total 55 55% Retailing/Distribution NM NV - no value in prior quarter NM not meaningful Business Products and Services NM $0.0 $50.0 $100.0 $150.0 $200.0 26
Orange County investments by industry: ($ in millions) Total: $66.5 Consumer Products and Services $26.0 Software $17.1 Industry # of Deals % Change $ from Q1 2014 Medical Devices and Equipment Semiconductors $8.0 $12.5 Software 6-82% Medical Devices and Equipment 2-87% Media and Entertainment 2-76% Consumer Products and Services 1 NV Semiconductors 1 NV Computers and Peripherals 1 NV Total 13-68% Computers and Peripherals $2.5 NV - no value in prior quarter Media and Entertainment $0.5 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 27
San Diego investments by industry: Total: $222.4 ($ in millions) Biotechnology $146.0 Software Medical Devices and Equipment Networking and Equipment IT Services Consumer Products and Services Semiconductors Media and Entertainment Computers and Peripherals $27.0 $20.7 $13.6 $5.2 $5.0 $3.6 $0.7 $0.6 Industry # of Deals % Change $ from Q1 2014 Software 9 145% Biotechnology 8-7% Semiconductors 2-91% Medical Devices and Equipment 1 NV Networking and Equipment 1 NV IT Services 1 NV Consumer Products and Services 1-70% Media and Entertainment 1-95% Computers and Peripherals 1 NV Retailing/Distribution 1-96% Total 26-15% NV - no value in prior quarter NM - not meaningful Retailing/Distribution $0.1 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 28
SoCal venture capital firms: investments Venture capital firm Location Investments Tech Coast Angels Los Angeles 11 Avalon Ventures, LLC La Jolla 8 Correlation Ventures San Diego 8 Upfront Ventures Los Angeles 7 Pasadena Angels, Inc. Altadena 5 Qualcomm Ventures San Diego 5 Creative Artists Agency Inc Los Angeles 4 Angeleno Group Investors LLC Los Angeles 3 J. F. Shea Co Inc Walnut 2 TVC Capital LLC San Diego 2 Steamboat Ventures Burbank 2 Roth Capital Partners LLC Newport Beach 2 RINCON VENTURE PARTNERS L P Santa Barbara 2 NGEN Partners LLC Santa Barbara 2 24 Other Firms 1 each 29
Venture capital firms: investments in SoCal Venture capital firm Location Investments Tech Coast Angels CA,Los Angeles 8 Pasadena Angels, Inc. CA,Altadena 5 Kleiner Perkins Caufield & Byers LLC CA,Menlo Park 4 Avalon Ventures, LLC CA,La Jolla 4 Upfront Ventures CA,Los Angeles 4 True Ventures CA,Palo Alto 3 Redpoint Ventures CA,Menlo Park 3 Greycroft Partners LLC NY,New York 2 Versant Ventures, Inc. CA,Menlo Park 2 Canaan Partners CA,Menlo Park 2 SV Angel II Q LP CA,San Francisco 2 OReilly AlphaTech Ventures LLC CA,San Francisco 2 Shasta Ventures L P CA,Menlo Park 2 RINCON VENTURE PARTNERS L P CA,Santa Barbara 2 Sequoia Capital CA,Menlo Park 2 Sanderling Ventures CA,San Mateo 2 Sherpa Ventures LLC CA,San Francisco 2 Benchmark Capital Management Gesellschaft MBH In Liqu CA,Redwood City 2 95 Other Firms 1 each 30
Most active U.S. venture investors VC Firm Location Number of Deals New Enterprise Associates, Inc. Menlo Park, California 32 Andreessen Horowitz LLC Menlo Park, California 32 First Round Capital Philadelphia, Pennsylvania 27 Kleiner Perkins Caufield & Byers LLC Menlo Park, California 25 SV Angel II Q LP San Francisco, California 23 True Ventures Palo Alto, California 22 Sequoia Capital Menlo Park, California 20 Canaan Partners Menlo Park, California 19 Polaris Partners Waltham, Massachusetts 17 Accel Partners & Co Inc Palo Alto, California 16 Atlas Venture Advisors Inc Cambridge, Massachusetts 16 Khosla Ventures LLC Menlo Park, California 14 Google Ventures Mountain View, California 14 DreamIt Ventures Bryn Mawr, Pennsylvania 14 Greylock Partners Menlo Park, California 14 Redpoint Ventures Menlo Park, California 14 Innovation Works Inc Pittsburgh, Pennsylvania 14 Lerer Ventures New York, New York 14 Foundry Group LLC Boulder, Colorado 12 Venrock, Inc. Palo Alto, California 12 InterWest Partners LLC Menlo Park, California 12 General Catalyst Partners LLC Cambridge, Massachusetts 12 Tech Coast Angels Los Angeles, California 11 Foundation Capital Menlo Park, California 11 Draper Fisher Jurvetson International Inc Menlo Park, California 11 Bessemer Venture Partners, L.P. Larchmont, New York 11 500 Startups, L.P. Mountain View, California 10 Connecticut Innovations Inc Rocky Hill, Connecticut 10 OrbiMed Advisors LLC New York, New York 10 Lightspeed Venture Partners X LP Menlo Park, California 10 Battery Ventures LP Boston, Massachusetts 10 Norwest Venture Partners Palo Alto, California 10 Versant Ventures, Inc. Menlo Park, California 10 31
Analysis of venture-backed IPO and M&A activity Date Total M&A Deals Average M&A deal size ($M)* Number of IPOs** Total Offer Amount ($M) Average IPO Offer Amount ($M) 2009 360 113.4 13 1,979.8 152.3 2010 545 118.0 66 7,409.5 112.3 Q1 2011 139 117.0 14 1,526.9 109.1 Q2 2011 94 167.6 20 5,635.1 281.8 Q3 2011 142 161.3 5 475.9 95.2 Q4 2011 123 131.3 11 2,803.2 254.8 2011 498 142.6 50 10,441.1 208.8 Q1 2012 114 131.1 19 1,682.8 88.6 Q2 2012 124 185.4 12 17,227.9 1,435.7 Q3 2012 124 228.6 10 1,140.7 114.1 Q4 2012 127 126.0 8 1,408.4 176.1 2012 489 171.9 49 21,459.9 438.0 Q1 2013 86 92.7 8 716.9 89.6 Q2 2013 96 218.6 22 2,249.9 102.3 Q3 2013 115 161.9 27 2,781.4 103.0 Q4 2013 94 190.4 24 5,320.1 221.7 2013 391 176.2 81 11,068.2 136.6 Q1 2014 111 251.7 37 3,400.1 91.9 97 98.6 28 4,926.4 175.9 2014 208 350.3 65 8,330.9 267.9 Source: Thomson Reuters and National Venture Capital Association *Only accounts for deals with disclosed values **Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile 32
Venture capital fundraising Year First Time Funds Follow-On Funds Total Number of Funds VC Raised ($M) 2010 53 122 175 13,272.0 2011 61 128 189 19,022.7 2012 75 141 216 19,798.2 2013 57 140 197 17,086.3 2014 Q2 YTD 44 90 134 16,471.1 Quarter Q1 13 10 37 48 4,387.5 Q2 13 19 36 55 3,328.6 Q3 13 18 46 64 4,430.7 Q4 13 17 37 54 4,939.5 Q1 14 27 36 63 9,076.2 Q2 14 20 58 78 7,394.9 Source: Thomson Reuters & National Venture Capital Association Data current as of July 15, 2014 33
www.pwcmoneytree.com HJ Paik Director, Emerging Company Services (213) 356-6110 hj.paik@us.pwc.com 2014 PricewaterhouseCoopers LLP. All rights reserved. "PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate legal entity.