www.pwc.com Shaking the MoneyTree TM Q1 2015 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 21st year Results online at www.pwcmoneytree.com and www.nvca.org Shaking the MoneyTree TM Q1 2015 2
MoneyTree total investments Annual venture capital investments 1995 Q1 2015 YTD ($ in billions) $120 $100 $105.0 $80 $60 $40 $20 $8.0 $11.3 $15.1 $21.5 $54.9 $40.9 $22.2 $19.7 $22.9 $23.2 $27.9 $32.1 $30.4 $20.3 $23.4 $29.9 $27.6 $30.1 $49.5 $13.4 $0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 # of deals 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 1897 2635 3232 3743 5605 8040 4595 3217 3038 3236 3300 3895 4230 4200 3172 3668 4040 3966 4251 4378 1020 Shaking the MoneyTree TM Q1 2015 3
MoneyTree total investments: Q1 2011 Q1 2015 $16.0 ($ in billions) $14.0 $14.9 $12.0 $13.6 $13.4 $10.0 $10.6 $10.4 $8.0 $6.0 $8.3 $7.5 $7.5 $7.5 $7.0 $7.3 $6.6 $6.7 $6.3 $6.1 $8.1 $8.6 $4.0 $2.0 $0.0 2011 2012 2013 2014 2015 Q1 Q2 Q3 Q4 2011 2012 2013 2014 2015 # of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Deals 912 1099 1021 1008 895 1001 980 1090 947 1045 1091 1168 1030 1175 1070 1103 1020 Shaking the MoneyTree TM Q1 2015 4
# Deals MoneyTree total investments Quarterly venture capital investments Q1 2011 Q1 2015 Total amount invested ($B) $14.9 $13.6 $13.4 $10.6 $10.4 $8.3 $7.5 $7.5 $7.5 $8.1 $8.6 $6.6 $6.3 $6.7 $7.0 $7.3 $6.1 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 1400 1200 1000 800 600 400 200 0 Average deal size ($M) $7.2 $7.5 $7.4 $7.4 $7.1 $7.5 $6.9 $6.5 $6.5 $7.0 $7.4 $7.4 $10.3 $11.6 $9.7 $13.5 $13.2 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Shaking the MoneyTree TM Q1 2015 5
Investments by region: Q1 2015 ($ in millions) Q1 2015 Total Investments - $13,420.8 million in 1,020 deals Silicon Valley $6039.7 Southern California New England NY Metro Texas Southeast Midwest Northwest DC/Metroplex SouthWest Philadelphia Metro Colorado North Central Sacramento/N.Cal $426.6 $414.9 $400.6 $381.1 $329.9 $267.9 $134.1 $115.6 $94.7 $42.0 $1407.7 $1393.8 $1919.6 Region # of Deals % Change $ from Q4 14 Silicon Valley 323-7% New England 115-29% NY Metro 103 18% Southern California 94 39% Midwest 90-50% Southeast 68-59% Texas 48-13% DC/Metroplex 38-9% Northwest 30-13% SouthWest 24 133% Colorado 23-66% Philadelphia Metro 23-15% North Central 21-25% South Central 9 243% Upstate NY 8 227% Sacramento/N.Cal 3 275% Total -10% South Central Upstate NY $29.7 $22.8 NV = no value in prior quarter NM = not meaningful - $1000 $2000 $3000 $4000 $5000 $6000 $7000 Unknown region totals not included Shaking the MoneyTree TM Q1 2015 6
Investments by region Quarterly percent of total U.S. investments Top 5 US regions : Q1 2014 Q1 2015 (% of total dollars) 60% 53% 57% Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 50% 45% 45% 44% 40% 30% 20% 10% 0% 17% 14% 13% 10% 9% 9% 9% 9% 10% 9% 8% 8% 7% 8% 5% 3% 2% 3% 3% Silicon Valley Southern California New England NY Metro Texas 3% Shaking the MoneyTree TM Q1 2015 7
Investments by industry: Q1 2015 ($ in millions) Software Biotechnology Industrial/Energy Media and Entertainment IT Services Financial Services Consumer Products and Services Medical Devices and Equipment Telecommunications Semiconductors Healthcare Services Retailing/Distribution Electronics/Instrumentation Networking and Equipment Computers and Peripherals Business Products and Services Other $1,730.4 $1,360.5 $1277.9 $911.1 $520.3 $476.1 $469.2 $366.1 $176.0 $172.8 $107.7 $99.9 $99.6 $71.3 $6.0 $0.2 Q1 2015 Total Investments - $13,420.8 million in 1,020 deals Industry $5,575.8 # 0f Deals % Change in $ from Q4' 14 Software 434-8% Biotechnology 124-14% Media and Entertainment 89-9% Medical Devices and Equipment 69-30% IT Services 68 1% Industrial/Energy 63 133% Consumer Products and Services 49-42% Semiconductors 18-31% Telecommunications 17 308% Financial Services 16 80% Healthcare Services 16 141% Computers and Peripherals 14-93% Electronics/Instrumentation 13-64% Retailing/Distribution 12-9% Networking and Equipment 9-57% Business Products and Services 7-97% Other 2-91% Total 1,020-10% NV = no value in prior quarter Visit www.pwcmoneytree.com for Industry definitions - $2000 $4000 $6000 Shaking the MoneyTree TM Q1 2015 8
Investments by industry Quarterly percent of total U.S. investments Top 5 Industries : Q1 2014 Q1 2015 (% of Total Dollars) 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 46% 45% 40% 42% 37% Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 14% 13% 13% 10% 10% 9% Software Biotechnology Industrial/Energy Media and Entertainment 11% 20% 9% 10% 8% 8% 5% 6% 7% 5% 5% 5% 4% IT Services 10% Shaking the MoneyTree TM Q1 2015 9
Life science investments Percent of total U.S. investments Life science sector Q1 2014 Q1 2015 (% of total dollars) 20% 18% 16% Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 15% 19% 17% 18% 16% 14% 14% 13% 13% 12% 10% 10% 10% 8% 6% 4% 6% 5% 6% 4% 3% 2% 0% Biotechnology Medical Devices and Equipment Life Sciences Shaking the MoneyTree TM Q1 2015 10
Internet-specific & Software investments Q1 2011 Q1 2015 Software investments ($B) $1.5 $ Invested # of deals $2.0 $2.3 $1.9 $1.8 $2.5 $2.1 $2.3 $2.3 $2.3 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 Q3 '14 Q4 '14 Q1 '15 $3.7 $2.9 $4.9 $6.1 $3.8 $6.0 $5.6 500 450 400 350 300 250 200 150 100 50 0 Internet-specific investments ($B) $ Invested # of deals $3.2 $3.4 $3.0 $3.1 350 300 $1.4 $2.3 $1.7 $1.7 $1.6 $1.9 $1.7 $1.5 $1.3 $1.9 $1.5 $2.5 $2.5 250 200 150 100 50 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 Q3 '14 Q4 '14 Q1 '15 0 Shaking the MoneyTree TM Q1 2015 11
Investments by stage of development: Q1 2015 Q1 2015 Total Investments - $13,421 million in 1,020 deals ($) in millions $126 Stage of Development # of Deals % Change in $ from Q4 2014 $4,212 $3,698 Seed Stage 26-32% Early Stage 492-34% $5,385 Expansion Stage 295-15% Seed Stage Expansion Stage Early Stage Later Stage Later Stage 207 50% Total 1,020-10% Shaking the MoneyTree TM Q1 2015 12
US Investments by stage: Quarterly Q1 2013 Q1 2015 Amount Invested by Stage ($M) 16,000 14,000 $2,804 12,000 Later Stage $3,275 $4,212 10,000 Expansion Stage 8,000 Early Stage 6,000 4,000 Seed Stage 2,000 $2,195 $2,091 $1,663 $2,616 $2,204 $2,366 $2,169 $4,554 $2,980 $2,527 $2,198 $2,668 $2,937 $3,076 $3,326 $6,257 $3,872 $3,509 $3,615 $3,039 $6,334 $5,588 $5,385 $3,698 0 $189 $248 $231 $354 $143 $219 $195 $186 $126 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Shaking the MoneyTree TM Q1 2015 13
US Investments by stage: Quarterly Q1 2013 Q1 2015 Number of Deals by Stage 1,400 1,200 1,000 Later Stage 197 188 212 199 240 217 199 207 Expansion Stage Early Stage 800 600 207 244 239 244 299 276 323 267 292 295 Seed Stage 400 442 560 596 583 510 550 538 572 492 200 0 54 49 63 74 45 62 48 40 26 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Shaking the MoneyTree TM Q1 2015 14
Investments by sequence of financing: Q1 2015 Q1 2015 Total Investments - $13,420 million in 1,020 deals ($) in millions $1,817 Financing # of Deals % Change in $ from Q4 2014 First Sequence 305-30% Follow-on 715-6% Total 1020-10% $11,604 First Sequence Follow-on Shaking the MoneyTree TM Q1 2015 15
First sequence financing Investment amount: Q1 2011 Q1 2015 First sequence investments $3 ($ in billions) Q1 Q2 Q3 Q4 $3 $2.6 $2 $2 $1 $1.3 $1.6 $1.3 $1.2 $1.3 $1.2 $1.1 $0.9 $1.0 $1.3 $1.3 $1.5 $1.3 $1.8 $1.7 $1.8 $1-2011 2012 2013 2014 2015 Shaking the MoneyTree TM Q1 2015 16
First sequence financing Number of deals: Q1 2011 Q1 2015 First sequence deals 500 Q1 Q2 Q3 Q4 400 300 305 368 347 337 267 341 335 383 389 382 357 298 313 374 355 374 305 200 100-2011 2012 2013 2014 2015 Shaking the MoneyTree TM Q1 2015 17
Number of First-Time vs. Follow-On Deals US Venture Capital deals 2010 Q1 2015 YTD Number of Deals 4500 4000 3500 3000 2500 2,573 2,683 2,640 2,825 2,962 2000 1500 1000 500 0 1,095 1,357 1,326 1,426 1,416 715 305 2010 2011 2012 2013 2014 2015 Q1 YTD Follow on First sequence Shaking the MoneyTree TM Q1 2015 18
First sequence financing Percent of total U.S. investments: 2011 Q1 2015 YTD 40% 35% 30% 33% 33% 34% 33% 30% 34% 34% 35% 31% 34% 36% 33% 30% 32% 33% 34% 30% 25% 20% 19% 20% 15% 10% 18% 17% 14% 16% 17% 18% 16% 17% 17% 17% 12% 13% 16% 17% 14% 5% 0% % of Total Dollars % of Total Deals Shaking the MoneyTree TM Q1 2015 19
Quarterly percent of total first sequence dollars Stage of development Stage of Development Q1 2014 Q1 2015 (% of first sequence dollars) 80% 70% Q1 '14 60% Q2 '14 Q3 50% '14 Q4 '14 40% Q1 '15 30% 20% 10% 9% 7% 11% 5% 5% 71% 50% 50% 47% 73% 11% 25% 24% 41% 19% 9% 17% 16% 8% 3% 0% Seed Stage Early Stage Expansion Stage Later Stage Shaking the MoneyTree TM Q1 2015 20
Quarterly percent of total first sequence deals Stage of development Stage of Development Q1 2014 Q1 2015 (% of first sequence deals) 80% 70% Q1 '14 60% Q2 '14 Q3 '14 50% Q4 '14 40% Q1 '15 30% 71% 64% 69% 68% 75% 20% 10% 12% 11% 12% 9% 8% 11% 15% 12% 18% 14% 7% 10% 7% 5% 4% 0% Seed Stage Early Stage Expansion Stage Later Stage Shaking the MoneyTree TM Q1 2015 21
251 537 597 591 710 820 713 747 617 962 914 895 1,014 942 832 1,077 1,080 1,184 1,113 1,777 2,502 First sequence deals in seed & early stage companies 1995 Q1 2015 YTD 3000 2000 60% 62% 63% 67% 72% 74% 74% 70% 76% 73% 70% 70% 72% 72% 74% 76% 79% 81% 83% 90% 79% 82% 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 Shaking the MoneyTree TM Q1 2015 22
Median deal size vs. mean deal size Quarterly total U.S. investments: Q1 2010 Q1 2015 ($ in millions) $16.0 $14.0 $13.5 $13.2 $12.0 $10.0 $10.3 $11.6 $9.7 $8.0 $6.0 $6.2 $7.0 $6.1 $6.2 $7.2 $7.5 $7.4 $7.4 $7.1 $7.5 $6.9 $6.5 $6.5 $7.0 $7.4 $7.4 $4.0 $2.0 $2.8 $3.0 $2.6 $2.7 $2.5 $3.0 $2.9 $2.5 $2.8 $2.9 $2.1 $2.0 $2.3 $2.4 $2.6 $2.5 $3.1 $3.4 $3.0 $3.9 $4.1 - Median Deal Size Mean Deal Size Shaking the MoneyTree TM Q1 2015 23
$385.0 $577.5 $435.4 $597.3 $448.2 $641.3 $519.0 $597.5 $656.4 $552.6 $599.8 $887.7 $878.0 $844.9 $712.6 $959.6 $896.9 $727.1 $698.6 $621.0 $802.9 $721.2 $806.5 $1,384.4 $1,919.6 SoCal MoneyTree total investments: 2009 Q1 2015 ($ in millions) $2,000.0 $1,800.0 $1,600.0 $1,400.0 $1,200.0 $1,000.0 $800.0 $600.0 $400.0 $200.0 $0.0 2009 2010 2011 2012 2013 2014 2015 Q1 Q2 Q3 Q4 # of Deals 2009 2010 2011 2012 2013 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 64 75 79 76 89 106 81 83 77 99 91 83 96 99 87 104 92 84 95 95 97 99 108 84 94 Shaking the MoneyTree TM Q1 2015 24
Southern California investments by industry: Q1 2015 Q1 2015 Total: $1,919.6 ($ in millions) Industrial/Energy $1,004.1 Software Media and Entertainment $198.6 $317.0 Industry # of Deals % Change $ from Q4 2014 Biotechnology Consumer Products and Services Healthcare Services IT Services Retailing/Distribution Medical Devices and Equipment Networking and Equipment Financial Services Telecommunications Electronics/Instrumentation Computers and Peripherals Business Products and Services $74.8 $48.5 $34.2 $26.0 $18.6 $14.7 $8.3 $3.4 $3.0 $2.7 $2.0 $165.3 Software 46-70% Biotechnology 9 129% Media and Entertainment 8 161% Consumer Products and Services 7-11% Industrial/Energy 5 44,016% Medical Devices and Equipment 4-3% Healthcare Services 3 NV% IT Services 3 176% Retailing/Distribution 2 NV Telecommunications 2-76% Networking and Equipment 1 NV Financial Services 1-33% Electronics/Instrumentation 1 NV Computers and Peripherals 1-31% Business Products and Services 1-92% Total 94 39% NV - no value in prior quarter NM - not meaningful $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0 $900.0 $1,000.0 $1,100.0 Shaking the MoneyTree TM Q1 2015 25
Los Angeles investments by industry: Q1 2015 ($ in millions) Industrial/Energy Q1 2015 Total: $1,476.7 $1,004.1 Media and Entertainment $197.9 Software IT Services $34.2 $140.1 Industry # of Deals % Change $ from Q4 2014 Consumer Products and Services Retailing/Distribution Biotechnology Networking and Equipment Healthcare Services Telecommunications Electronics/Instrumentation Computers and Peripherals Medical Devices and Equipment Business Products and Services $26.9 $26.0 $16.0 $14.7 $6.5 $3.4 $3.0 $2.7 $0.7 $0.5 Software 24-84% Media and Entertainment 7 225% Consumer Products and Services 5-57% Industrial/Energy 4 NV IT Services 3 194% Retailing/Distribution 2 NV Telecommunications 2-76% Biotechnology 1 20% Networking and Equipment 1 NV Healthcare Services 1 NV Electronics/Instrumentation 1 NV Computers and Peripherals 1-31% Medical Devices and Equipment 1 NV Business Products and Services 1-92% Total 54 33% NV - no value in prior quarter NM not meaningful $0.0 $250.0 $500.0 $750.0 $1,000.0 Shaking the MoneyTree TM Q1 2015 26
Orange County investments by industry: Q1 2015 ($ in millions) Q1 2015 Total: $172.8 Software $66.9 Consumer Products and Services $47.9 Industry # of Deals % Change $ from Q4 2014 Healthcare Services Medical Devices and Equipment $16.0 $42.0 Software 14-46% Consumer Products and Services 2 NV Healthcare Services 2 NV Medical Devices and Equipment 2 5% Industrial/Energy 1 NV Total 21 11% NV - no value in prior quarter NM not meaningful Industrial/Energy NM $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 Shaking the MoneyTree TM Q1 2015 27
San Diego investments by industry: Q1 2015 Q1 2015 Total: $270.2 ($ in millions) Biotechnology $149.3 Software $109.9 Financial Services Medical Devices and Equipment Media and Entertainment $2.0 $0.7 $8.3 Industry # of Deals % Change $ from Q4 2014 Biotechnology 8 172% Financial Services 1 NV Media and Entertainment 1-77% Medical Devices and Equipment 1-50% Software 8 238% Total 19 121% NV - no value in prior quarter NM - not meaningful $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 Shaking the MoneyTree TM Q1 2015 28
SoCal venture capital firms: Q1 2015 investments Venture capital firm Location Investments Upfront Ventures Los Angeles 9 Frost Data Capital San Juan Capistrano 8 Qualcomm Ventures San Diego 8 Wavemaker Partners Santa Monica 7 Correlation Ventures LP San Diego 5 Tech Coast Angels Los Angeles 4 Queensbridge Venture Partners LLC Los Angeles 3 CrossCut Ventures Management LLC Manhattan Beach 3 Double M Partners LP Brentwood 3 RINCON VENTURE PARTNERS L P Santa Barbara 3 J. F. Shea Co Inc Walnut 2 Revolution Ventures LLC San Diego 2 venture51 Capital Fund LLP Encinitas 2 Karlin Ventures Los Angeles 2 31 Other Firms 1 each Shaking the MoneyTree TM Q1 2015 29
Venture capital firms: Q1 2015 investments in SoCal Venture capital firm Location Investments Frost Data Capital CA,San Juan Capistrano 8 Upfront Ventures CA,Los Angeles 7 Wavemaker Partners CA,Santa Monica 6 Kleiner Perkins Caufield & Byers LLC CA,Menlo Park 4 New Enterprise Associates, Inc. CA,Menlo Park 3 First Round Capital PA,Philadelphia 3 Double M Partners LP CA,Brentwood 3 Tech Coast Angels CA,Los Angeles 3 Trinity Ventures LLP CA,Menlo Park 2 Accel Partners & Co Inc CA,Palo Alto 2 Polaris Venture Partners MA,Waltham 2 Canaan Partners CA,Menlo Park 2 Bessemer Venture Partners NY,Larchmont 2 Carrick Capital Management Company LLC CA,San Francisco 2 True Ventures CA,Palo Alto 2 Frazier Management LLC WA,Seattle 2 Alta Partners CA,San Francisco 2 RINCON VENTURE PARTNERS L P CA,Santa Barbara 2 Bain Capital Venture Partners LLC MA,Boston 2 CrossCut Ventures Management LLC CA,Manhattan Beach 2 Karlin Ventures CA,Los Angeles 2 InterWest Partners LLC CA,Menlo Park 2 Domain Associates LLC NJ,Princeton 2 Draper Fisher Jurvetson CA,Menlo Park 2 102 Other Firms 1 each Shaking the MoneyTree TM Q1 2015 30
Q1 2015 Most active U.S. venture investors VC Firm Location Number of Deals New Enterprise Associates, Inc. Menlo Park, California 29 Kleiner Perkins Caufield & Byers LLC Menlo Park, California 26 First Round Capital Philadelphia, Pennsylvania 20 Andreessen Horowitz LLC Menlo Park, California 19 Atlas Venture Cambridge, Massachusetts 18 Sequoia Capital Menlo Park, California 16 Bessemer Venture Partners Larchmont, New York 16 True Ventures Palo Alto, California 16 Polaris Venture Partners Waltham, Massachusetts 15 Google Ventures Mountain View, California 13 Accel Partners & Co., Inc. Palo Alto, California 13 Canaan Partners Menlo Park, California 13 Battery Ventures LP Boston, Massachusetts 13 Khosla Ventures LLC Menlo Park, California 13 Redpoint Ventures Menlo Park, California 12 Data Collective LLC San Francisco, California 12 RRE Ventures LLC New York, New York 12 Innovation Works, Inc. Pittsburgh, Pennsylvania 12 Draper Fisher Jurvetson Menlo Park, California 11 Foundation Capital LLC Menlo Park, California 11 Ben Franklin Technology Partners Southeastern PA Philadelphia, Pennsylvania 11 Greycroft Partners LLC New York, New York 10 Lightspeed Management Company LLC Menlo Park, California 10 InterWest Partners LLC Menlo Park, California 10 Shaking the MoneyTree TM Q1 2015 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) 2010 545 116.7 67 8,069.6 120.4 2011 502 142.3 50 10,441.1 208.8 2012 491 173.2 49 21,459.9 438.0 Q1 2013 85 92.7 8 716.9 89.6 Q2 2013 98 218.6 22 2,249.9 102.3 Q3 2013 116 161.9 27 2,781.4 103.0 Q4 2013 94 196.0 24 5,320.1 221.7 2013 393 178.0 81 11,068.2 136.6 Q1 2014 115 245.8 37 3,404.5 92.0 Q2 2014 119 98.4 29 5,0039.9 173.8 Q3 2014 135 238.6 23 2,592.2 112.7 Q4 2014 110 817.3 27 4,363.4 161.6 2014 479 345.2 116 15,400.0 132.8 Q1 2015 86 128.1 17 1,432.6 84.3 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 Shaking the MoneyTree TM Q1 2015 32
Venture capital fundraising Year First Time Funds Follow-On Funds Total Number of Funds VC Raised ($M) 2011 64 127 191 19,060.5 2012 76 142 218 19,838.2 2013 64 144 208 17,702.0 2014 96 163 259 30,161.5 2015 YTD 18 44 61 7,043.0 Quarter Q1 14 31 40 71 10,040.0 Q2 14 23 60 83 8,133.4 Q3 14 24 43 67 6,185.7 Q4 14 27 53 80 5,802.3 Q1 15 18 44 61 7,043.0 Source: Thomson Reuters & National Venture Capital Association Data current as of April 9, 2015 Shaking the MoneyTree TM Q1 2015 33
www.pwcmoneytree.com HJ Paik Director, Emerging Company Services (213) 356-6110 hj.paik@us.pwc.com Data is current as of April 14, 2015. PricewaterhouseCoopers and the National Venture Capital Association have taken responsible steps to ensure that the information contained in the MoneyTree Report has been obtained from reliable sources. However, neither of the parties nor Thomson Reuters can warrant the ultimate validity of the data obtained in this manner. Results are updated periodically. Therefore, all data is subject to change at any time. 2015 PricewaterhouseCoopers LLP. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers LLP, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.