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PwC MoneyTree Report: Q4 2012/Full-year 2012

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The Q4 2012 MoneyTree™ results are in! We take a detailed look at the results of Q4 2012 — alongside our findings for 2012 and 2011 for comparison.

The Q4 2012 MoneyTree™ results are in! We take a detailed look at the results of Q4 2012 — alongside our findings for 2012 and 2011 for comparison.

Published in: Economy & Finance, Business

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  • 1. www.pwc.com PricewaterhouseCoopers National Venture Capital Association MoneyTree Report TM Q4 2012/Full-year 2012 Data provide by Thomson Reuters The Q4 2012 MoneyTree™ results are in! This report provides detailed results of Q4 2012 as well as findings for full-years 2012 and 2011. More detailed results, including historical data back to 1995, can be found on the MoneyTree™ website at www.pwcmoneytree.com.
  • 2. Total Equity Investments into Venture-Backed Companies Venture capitalists invested $26.5 billion in 3,698 deals in 2012, a decrease of 10 percent in dollars and a 6 percent decline in deals over the prior year, according to the MoneyTree Report by PricewaterhouseCoopers LLP and the National Venture Capital Association (NVCA), based on data from Thomson Reuters. For the fourth quarter, venture investment of $6.4 billion into 968 companies fell 3 percent in dollars, but rose 5 percent in deal volume over Q3 2012. $ in millions 15 Double-digit decreases in investment dollars across most industries, specifically the traditionally capital-intensive Clean Technology and Life Sciences sectors, offset the increases seen in the Software sector in 2012. Additionally, stage of investment shifted from Seed to Early Stage in 2012 as venture capitalists overall began engaging with companies later in their life cycle than in previous years. ’07 ’08 ’09 ’10 ’11 ’12 10 7,437 7,831 8,191 8,423 8,084 8,029 8,144 7,625 7,382 7,148 6,183 6,599 6,525 5,913 5,229 5,392 5 5,068 7,322 7,411 5,432 6,397 6,207 5,667 3,847 0 Quarter Number of deals 2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (907) (1,112) (1,047) (1,145) (1,054) (1,103) (1,046) (960) Q1 (678) Q2 (761) Q3 (760) Q4 (941) Q1 Q2 Q3 (816) (1,019) (881) Q4 (906) Q1 Q2 Q3 (897) (1,073) (999) Q4 (968) Q1 Q2 (856) (955) Q3 (919) Q4 (968) PwC
  • 3. Investments by industry 2011 to 2012 Fifteen of the 17 industry categories experienced decreases in dollars invested for the year with only the Software and Retailing/Distribution industries recording an increase. The Software industry maintained its status as the single largest investment sector for the year, with dollars rising 10 percent over 2011 to $8.3 billion, which was invested into 1,266 deals, an 8 percent rise in volume over the prior year. This represented the highest level of investment in the Software sector since 2001. Biotechnology investment dollars declined 15 percent with volume flat in 2012 to $4.1 billion going into 466 deals, placing it as the second largest investment sector for the year in terms of dollars and deals. The Medical Device industry fell 13 percent in dollars and 15 percent in deals in 2012, finishing the year with $2.4 billion going into 313 deals. The Life Sciences sector (Biotech and Medical Devices combined) accounted for 25 percent of all venture capital dollars invested in 2012 compared to 26 percent in 2011 # of deals Internet-specific companies experienced a 5 percent decline in both dollars and deals for the full year 2012 with $6.7 billion going into 976 rounds compared to 2011 when $7.1 billion went into 1,033 deals. However, the year still marked the second highest level of Internet investment since 2001. ‘Internet-specific’ is a discrete classification assigned to a company whose business model is fundamentally dependent on the Internet, regardless of the company’s primary industry category. These companies accounted for 25 percent of all venture capital dollars in 2012, up from 24 percent in 2011. The Clean Technology sector experienced a 28 percent decrease in dollars and a 23 percent decline in deal volume in 2012, bringing the year’s total to $3.3 billion going into 267 deals, compared to $4.6 billion going into 348 deals in 2011. Clean Technology investing accounted for 12 percent of all venture capital dollars in 2012 compared to 15 percent in 2011. Clean Technology crosses traditional MoneyTree industries and comprises alternative energy, pollution and recycling, power supplies and conservation. ($ in millions) All results rounded 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 $7,513 Software 1,176 1,266 $8,270 Biotechnology 468 466 Industrial/Energy 307 240 Medical devices and equipment 368 313 IT services 361 314 $2,270 $2,001 Media and entertainment 437 394 $2,240 $1,955 Consumer products and services 138 164 Semiconductors 136 107 Telecommunications 123 92 Retailing/Distribution 67 56 Computers and peripherals 61 48 Networking and equipment 49 38 $357 $316 Healthcare services 47 45 $394 $310 Financial services 60 45 $394 $284 Electronics/Instrumentation 59 49 $438 $237 Business products and services 63 36 Other 17 25 # of deals Grand total $4,148 $2,748 $4,886 $3,583 $2,814 $2,493 $1,399 $1,246 $1,345 $920 $630 $579 $453 $497 $493 $453 2011 2012 $217 $98 $37 $23 ($ in millions) All results rounded 0 10,000 3,937 3,698 20,000 30,000 $29,463 $26,525 Definitions of the Industry categories can be found on the MoneyTree™ Web site at www.pwcmoneytree.com MoneyTree Report TM 3
  • 4. Industry Q4 2011, Q3 2012 and Q4 2012 Software investment in the fourth quarter of 2012 remained flat in dollars but increased 17 percent in deals from Q3 with $2.1 billion going into 368 companies. Software was also the number one sector in Q4 for dollars invested and number of deals, counting more than double the number of deals during the quarter than the second largest sector, Biotechnology. For the fourth quarter of 2012, $1.3 billion went into 135 Biotechnology companies, an increase of 3 percent in dollars and 13 percent in the number of deals from the third quarter when $1.2 billion went into 119 rounds. For the fourth quarter, Medical Devices saw an increase of 32 percent in dollars and 9 percent in deals from Q3 2012 with $581 million going into 74 deals.Life Sciences (Biotechnology and Medical Devices combined) fourth quarter 2012 funding was up 11 percent compared to the third quarter, but down 2 percent compared to Q4 2011. # of deals 220 0 Software 84 68 74 Consumer products and services 32 40 48 Industrial/Energy 69 53 64 IT services 99 79 69 Media and entertainment 98 104 91 Semiconductors 36 26 20 Healthcare services 11 14 12 Telecommunications 32 19 16 18 16 10 $66 Electronics/Instrumentation 13 9 15 8 9 4 15 16 14 $45 Business products and services 11 8 10 Financial services Other 4 7 11 1,540 1,760 $55 $19 $41 17 17 8 1,320 ($ in millions) All results rounded 1,980 2,200 $52 Retailing/Distribution 1,100 $92 $79 $64 Networking and equipment 880 $136 $89 $68 Computers and peripherals Internet-specific investment declined 13 percent in dollars and 5 percent in deals with $1.5 billion going into 242 deals, compared to $1.7 billion going into 255 deals in the third quarter of 2012. Eleven percent of fourth quarter Internet-specific dollars went to companies receiving financing for the first time. 125 119 135 Medical devices and equipment 660 In the fourth quarter, venture capitalists invested $535 million into 67 Clean Tech deals, down 36 percent in dollars but up 6 percent in deal volume from $839 million going into 63 deals in the third quarter. For the fourth quarter, one of the top 10 deals in Q4 fell into the Clean Tech category. 296 315 368 Biotechnology 440 This brought the average Clean Tech deal size for the quarter to $16.7 million, up 56 percent from the third quarter. # of deals Grand total $2,072 $2,095 $2,089 $1,378 $1,250 $1,290 $521 $441 $581 $341 $154 $512 $1,030 $518 $483 $446 $380 $522 $393 $451 $346 $343 $167 $202 $58 $92 $143 $171 $229 $75 $104 $136 $33 Q4 11 $241 Q3 12 Q4 12 $133 $144 $2 $4 $2 0 1,000 2,000 3,000 4,000 968 919 968 5,000 6,000 ($ in millions) All results rounded 7,000 $7,382 $6,599 $6,397 Definitions of the Industry categories can be found on the MoneyTree™ Web site at www.pwcmoneytree.com 4 PwC
  • 5. Investments by stage of development 2011 to 2012 Investments into Seed Stage companies decreased 31 percent in terms of dollars and 38 percent in deals with $725 million going into 274 companies in 2012, the lowest annual seed dollars since 2003. Seed Stage companies attracted 3 percent of dollars and 7 percent of deals in 2012 compared to 4 percent of dollars and 11 percent of deals in 2011. The average Seed stage round in 2012 was $2.6 million up from $2.4 million in 2011. Early Stage investments experienced an 11 percent decline in dollars but a 5 percent increase in deal volume in 2012 with $7.8 billion going into 1,638 deals. Early Stage companies attracted 30 percent of dollars and 44 percent of deals in 2012 compared to 30 percent of dollars and 39 percent of deals in 2011. The average Early Stage deal in 2012 was $4.8 billion down from $5.6 billion in 2011. # of deals Expansion 0 1,000 2,000 3,000 4,000 5,000 Expansion Stage investments decreased in 2012 by 5 percent in dollars and dropped 6 percent in deals with $9.4 billion going into 956 deals. Expansion Stage companies attracted 35 percent of dollars and 26 percent of deals in 2012 compared to 33 percent of dollars and 26 percent of deals in 2011. The average Expansion Stage deal size in 2012 was $9.8 billion compared to $9.6 billion in 2011. In 2012, $8.6 billion was invested into 830 Later Stage deals, a 12 percent decrease in dollars and a 9 percent decrease in deals for the year. Later Stage companies attracted 32 percent of dollars and 22 percent of deals in 2012 compared to 33 percent of dollars and 23 percent of deals in 2011. The average size of a Later Stage deal fell slightly from $10.7 billion in 2011 to $10.4 billion in 2012. 6,000 7,000 8,000 9,000 1,022 956 Later stage Startup/Seed 443 274 # of deals 3,937 3,698 $9,936 $9,810 917 830 Early stage 10,000 $9,374 1,555 1,638 Grand total ($ in millions) All results rounded $8,594 $7,832 $8,761 $1,056 $725 0 6,000 12,000 18,000 24,000 ($ in millions) All results rounded 30,000 $29,463 $26,525 2011 Definitions of the Stage of Development categories can be found on the MoneyTree™ Web site at www.pwcmoneytree.com MoneyTree Report TM 2012 5
  • 6. Investments by stage of development Q4 2011, Q3 2012 and Q4 2012 For the fourth quarter, venture capitalists invested $156 million into 67 seed stage companies, the lowest quarterly dollar investment since 2005. This was a 13 percent decrease in dollars and a 3 percent decline in deals compared to the third quarter of the 2012. In contrast, fourth quarter 2012 Early Stage investments increased 5 percent in dollars and 9 percent in deals over Q3 2012 with $1.9 billion going into 448 companies. # of deals Expansion 108 71 67 1,800 422 410 448 Startup/Seed 1,200 192 193 213 Early stage 600 2,400 246 245 240 Later stage 0 Expansion funding also dropped in the fourth quarter, dipping 14 percent from the prior quarter to $2.2 billion. The number of deals also decreased during the quarter, falling 2 percent to 240. The $2.1 billion went into 213 Later Stage deals in the fourth quarter 2012 increased 5 percent increase in dollars and a 10 percent in terms of deals from the third quarter of 2012. # of deals Grand total 968 919 968 ($ in millions) All results rounded 3,000 $2,611 $2,626 $2,247 $2,135 $1,983 $2,083 Q4 11 $2,443 $1,814 $1,910 Q3 12 Q4 12 $192 $181 $157 0 1,000 2,000 3,000 4,000 5,000 ($ in millions) All results rounded 6,000 7,000 $6,599 $6,397 8,000 $7,382 Definitions of the Stage of Development categories can be found on the MoneyTree™ Web site at www.pwcmoneytree.com 6 PwC
  • 7. Investments by sequence of financing 2011 to 2012 First-time financings fell both in terms of dollars and deals from the prior year, declining to $4.1 billion going into 1,163 companies, a 24 percent decrease in dollars and an 11 percent decrease in deals. First-time financings accounted for 16 percent of dollars and 31 percent of deals in 2012 compared to 18 percent of dollars and 33 percent of deals in 2011. # of deals First 493 472 8,000 715 730 Third ($ in millions) All results rounded 4,000 1,312 1,163 Second 0 Fourth $4,140 12,000 16,000 20,000 $5,419 $4,267 $4,296 $4,557 $3,336 378 325 Fifth & beyond Industries receiving the most dollars in first-time financings in 2012 were Software, Media/Entertainment and Biotechnology. Industries with the most first-time deals in 2012 were Software, Media/Entertainment, and IT Services. Sixty-five percent of first-time deals in 2012 were in the Early Stage of development followed by the Seed Stage of development at 17 percent, Expansion Stage companies at 12 percent and Later Stage companies at 7 percent. 1,039 1,008 $3,180 $3,967 $11,253 $11,573 2011 2012 # of deals Grand total MoneyTree Report TM 3,937 3,698 0 5,000 10,000 15,000 20,000 ($ in millions) All results rounded 25,000 $26,525 30,000 $29,463 7
  • 8. Investments by sequence of financing Q4 2011, Q3 2012 and Q4 2012 The dollar level and number of companies receiving venture capital for the first time remained relatively flat in Q4 compared to the third quarter, with $1.1 billion going into 306 companies. Forty-nine percent of first-time deals in the fourth quarter 2012 went to Software companies followed by Biotechnology at 14 percent, Media/Entertainment at 9, Consumer Products & Services and IT Services both at seven percent. # of deals First Second Third Fourth Fifth & beyond 317 305 306 192 192 184 123 113 117 91 77 92 245 232 269 0 500 ($ in millions) All results rounded 1,000 $1,264 $1,059 $1,080 $1,189 $1,224 $1,104 $737 $756 $640 $732 1,500 2,000 2,500 3,000 $1,355 $1,143 $2,432 $2,725 $2,940 Q4 11 Q3 12 Q4 12 # of deals Grand total 8 968 919 968 0 2,000 4,000 ($ in millions) All results rounded 6,000 $6,599 $6,397 $7,382 8,000 PwC
  • 9. Investments by region 2011 to 2012 Two of the top ten regions to attract venture capital funding in 2012 recorded an increase in funding over the prior year. The Northwest region reported the greatest jump in 2012 investment levels with a 35 percent increase in funding followed by San Diego with a 21 percent increase. # of deals Silicon Valley 415 397 LA/Orange County 234 267 Midwest 4,000 6,000 8,000 314 303 San Diego $3,318 $3,209 $2,860 $2,343 $2,081 $2,085 $1,771 $1,361 $927 $1,117 167 153 Southeast 207 171 DC/Metroplex 163 164 Colorado $796 $1,075 167 151 Texas 107 99 Southwest $801 $1,206 $988 $725 $616 $560 $548 $554 119 119 North Central $1,580 $924 84 74 Philadelphia Metro 12,000 $10,868 113 101 Northwest ($ in millions) All results rounded 10,000 $11,628 448 448 NY Metro 2,000 1,240 1,149 New England 0 Silicon Valley was the top region for the year attracting 41 percent of total US venture capital dollars and 31 percent of total US deals. New England was a distant second at 12 percent of total US dollars and 12 percent of total deals. Taken together, the top three regions— Silicon Valley, New England, and New York Metro— accounted for 62 percent of venture capital funding and 54 percent of deals reported in 2012. 69 48 $458 $400 $384 $339 South Central 58 22 Upstate NY 21 24 $107 $49 Sacramento/N.Cal 7 4 $88 $20 AK/HI/PR 3 4 2011 $106 $96 $1 $1 # of deals Grand total 0 3,937 3,968 2012 10,000 20,000 ($ in millions) All results rounded 30,000 $26,525 $29,463 Unknown region totals not included MoneyTree Report TM 9
  • 10. Investments by region Q4 2011, Q3 2012 and Q4 2012 In the fourth quarter 2012, half of the top ten regions saw an increase in funding compared to third quarter 2012. Three of the top ten regions also reported an increase in funding compared to investment the same time last year. Funding going to Silicon Valley was down six percent from the third quarter and down 20 percent compared to the fourth quarter 2011. # of deals 0 500 Silicon Valley 112 111 114 NY Metro 97 90 107 $517 LA/Orange County 55 62 70 36 38 38 SouthWest 20 20 20 Midwest 75 83 79 Southeast 52 51 36 Texas 41 36 33 San Diego 25 21 24 DC/Metroplex 43 48 39 Colorado 28 28 21 North Central 16 11 13 Philadelphia Metro 29 28 43 South Central 21 8 6 Upstate NY 4 6 12 Sacramento/N.Cal 1 AK/HI/PR 3 ($ in millions) All results rounded 2,500 2,000 3,000 3,500 $3,166 $564 $459 $509 Northwest 1,500 313 278 309 New England 1,000 New England deals were down five percent compared to third quarter 2011 and down one percent from the fourth quarter 2011. Despite the fall in overall funding, half of top ten regions recorded an increase in the number of deals completed in the fourth quarter compared to third quarter 2012. Top regions, Silicon Valley, New England and New York Metro, accounted for 64 percent of the dollars invested and 55 percent of the deals reported in the fourth quarter 2012. # of deals Grand total $2,687 $2,537 $139 $197 $78 $81 $797 $833 $790 $681 $784 $330 $279 $272 $219 $245 $197 $332 $139 $196 $296 $242 $175 $178 $216 $95 $163 $180 $86 $52 $102 $65 $128 $171 $54 $34 $59 $14 $23 $20 $13 $0 $0 $1 $0 $0 $0 $534 $452 Q4 11 Q3 12 Q4 12 ($ in millions) All results rounded 0 1,000 2,000 3,000 4,000 5,000 7,000 6,000 968 919 968 $6,599 $6,397 8,000 $7,382 Unknown region totals not included Definitions of the Region categories can be found on the MoneyTree™ Web site at www.pwcmoneytree.com 10 PwC
  • 11. Investment by state 2011 to 2012 California was the top state to receive funding in 2012— picking up 48 percent of total US venture capital investments for the fourth consecutive year. Massachusetts captured the second largest amount of funding in 2012 with 10 percent of total US dollars. New York attracted six percent and Washington and Texas both secured three percent respectively. Washington and Pennsylvania were the only two states in the top ten to report an increase in 2012 funding when compared to full-year 2011. # of deals ($ in millions) All results rounded 4,000 0 California 395 410 New York 345 331 Washington 125 117 Texas 167 153 Colorado 107 99 Illinois 101 82 Pennsylvania 64 54 $486 $429 Virginia 77 81 20,000 $511 $519 New Jersey 16,000 $770 $540 151 182 12,000 1,594 1,521 Massachusetts 8,000 $618 $375 # of deals Top 10 total MoneyTree Report TM 3,937 3,698 $14,724 $14,090 $3,133 $3,034 $2,429 $1,853 $551 $932 $924 $1,580 $616 $560 0 2011 2012 5,000 10,000 15,000 20,000 ($ in millions) All results rounded 25,000 $26,525 30,000 $29,463 11
  • 12. Most active venture investors Full-year 2012 The most active US venture firms closed 39 or more deals in 2012. Kleiner Perkins Caufield & Byers topped the list of most active venture firms for the year, completing a total of 104 deals. New Enterprise Associates, Inc. and First Round Capital round out the top three firms. For the year, the most active firms invested in 30 percent of total deals completed in 2012. Firm City Kleiner Perkins Caufield & Byers New Enterprise Associates, Inc. First Round Capital 500 Startups, L.P. Google Ventures Draper Fisher Jurvetson International Inc Battery Ventures LP Andreessen Horowitz True Ventures Greylock Partners Khosla Ventures LLC SV Angel US Venture Partners Accel Partners Canaan Partners Polaris Venture Partners General Catalyst Partners LLC Versant Ventures, Inc. Intel Capital Lightspeed Venture Partners Menlo Park, CA Menlo Park, CA San Francisco, CA Mountain View, CA Mountain View, CA 104 102 83 67 60 Menlo Park, CA 59 Waltham, MA Menlo Park, CA San Francisco, CA Menlo Park, CA Menlo Park, CA San Francisco, CA Menlo Park, CA Palo Alto, CA Menlo Park, CA Waltham, MA Cambridge, MA Menlo Park, CA Santa Clara, CA Menlo Park, CA 57 55 53 48 47 47 46 45 44 44 42 41 39 39 12 # of deals PwC
  • 13. Most active venture investors Q4 2012 The most active venture firms in the fourth quarter 2012 closed 11 or more deals. First Round Capital and 500 Startups L.P. topped the quarter’s most active list with a total of 27 deals each, followed closely by New Enterprise Associates, Inc. which participated in 26 investments for the quarter. Firm City First Round Capital San Francisco, CA 27 500 Startups, L.P. New Enterprise Associates, Inc. Kleiner Perkins Caufield & Byers Draper Fisher Jurvetson International Inc Google Ventures Ben Franklin Technology Partners Southeastern PA Battery Ventures LP Andreessen Horowitz Polaris Venture Partners Domain Associates LLC Versant Ventures, Inc. Bessemer Venture Partners L P US Venture Partners SV Angel North Bridge Venture Partners L P Highland Capital Partners LLC CIT GAP Funds Innovation Works, Inc. GRP Partners Greylock Partners Mountain View, CA Menlo Park, CA Menlo Park, CA 27 26 22 Menlo Park, CA 21 Mountain View, CA 18 Philadelphia, PA 18 Waltham, MA Menlo Park, CA Waltham, MA Princeton, NJ Menlo Park, CA Cambridge, MA Menlo Park, CA San Francsico, CA Palo Alto, CA Boston, MA Herndon, VA Pittsburgh, PA Los Angeles, CA Menlo Park, CA 16 16 15 15 14 14 13 12 12 12 12 11 11 11 MoneyTree Report TM # of deals 13
  • 14. Venture-backed exits 2010 to 2012 The number of exits for venture-backed companies in 2012 for both the IPO and Mergers and Acquisition markets were down from 2010 levels, although these transactions realized higher valuations. The full year 2012 saw a total of 48 venture-backed IPOs raise $21.5 billion and 435 M&A transactions with an average deal size of $136 million. By comparison, in 2011, 51 companies went public, raising $10.7 billion and there were 488 M&A transactions with a total average deal size of $142.6 million. Number of IPOs M&A Deals $ in millions 500 ’10 ’11 ’12 $ in millions 18,000 ’10 ’11 ’12 $17,219 400 15,000 12,000 300 $231 9,000 $199 200 $168 $161 $137 $115 $89 100 $5,884 $131 $126 6,000 $131 $136 $3,143 $117 3,000 $1,548 $2,803 $1,996 $476 $1,408 $922 $1,683 $1,527 0 0 Quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Quarter Number of (146) (108) (133) (134) (135) (92) (139) (122) (112) (118) (110) (95) Number of IPOs M&A deals Q1 Q2 Q3 Q4 Q1 Q2 (8) (18) (17) (25) (14) (21) Q3 (5) $1,141 Q4 Q1 Q2 Q3 (11) (19) (12) (10) Q4 (8) Source: Thomson Reuters & National Venture Capital Associationncludes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of I domicile. ata current as of January 18, 2013 D 14 PwC
  • 15. Venture-backed initial public offerings 2010 to 2012 In the venture-backed IPO marketer, there was a decrease in the number of deals but an increase in money raised in the fourth quarter of 2012, as compared to the prior quarter. Eight companies floated newly issued stock, raising more than $1.4 billion.
  • 16. pwcmoneytree.com Contacts Tracy T. Lefteroff Global Managing Partner Venture Capital Practice tracy.t.lefteroff@us.pwc.com David Silverman Emerging Company Services Practice Co-lead david.silverman@us.pwc.com Danny Wallace Emerging Company Services Practice Co-lead danny.wallace@us.pwc.com PricewaterhouseCoopers and the National Venture Capital Association have taken responsible steps to ensure that the information contained in the MoneyTreeTM 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. Before making any decision or taking any action, you should consult a competent professional adviser. pwc.com © 2013 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 and independent legal entity. NY-13-0464