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US Angel Group Update: 2013 Year in Review
Table of Contents
2013 Highlights p. 3
National Trends p. 5
Most Active Angels p.13
Regional Trends p.15
Sector Trends p.20
About the Halo Report p.23
2
2013 Highlights
3
1
Angel Group Update: Halo Report 2013
10 Most Active US Angel Groups
Total Deals 2013 p. 14
1. Golden Seeds
2. Tech Coast Angels
3. Houston Angel Network
4. Central Texas Angel Network
5. Sand Hill Angels
6. Launchpad Venture Group
7. New York Angels
8. Desert Angels
9. Investors’ Circle
10. Alliance of Angels
Highlights
2013
• More High-Valuation Deals Closed in 2013
p.12
• Three-Year High for Deals and Round Sizes
when Angel Groups Co-Invest with Non-
Angels p.8, 11
• Healthcare, Mobile, and Internet Startups
Claim Nearly 80% of Angel Group
Dollars, Round Sizes Increase p.10, 22
• California Reigns; Remainder of US Deals Are
Well Distributed p.17
• Dollars More Concentrated in Fewer Regions
p.19
• New England Drops in Deals and Dollars p. 19
4
5
National Trends2
Angel Round Sizes Remain Steady Over Three-Year Period
$0.00
$0.50
$1.00
2011 2012 2013
Median Round Size Mean Round Size
6
*Angel rounds include angels & angel groups only
$950K $857K
$931K
$610K $600K $600K
$M
Angel Round Size Sees Strong Finish in 2013
$0.00
$0.50
$1.00
Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
Median Round Size Mean Round Size
7
*Angel rounds include angels & angel groups only
$902K
$866K $972K $862K $997K
$680K $700K
$510K
$550K
$700K
$M
Round Sizes Hit Three-Year High When Angels Co-Invest with Non-Angels
$1.5 $1.5
$1.7
$2.4 $2.4
$2.5
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
2011 2012 2013
Median Round Size Mean Round Size
8
M
Rounds include angels, angel groups, and non-angel investors
While 2013 Co-Investor Round Sizes Up, Q4 Finishes Soft
$1.4 $1.4
$1.9
$2.0
$1.8
$2.5
$2.0
$2.8 $2.9
$2.3
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013
Median Round Size Mean Round Size
9
M
Rounds include angels, angel groups, and non-angel investors
Round Sizes Increase Across Top Sectors
Healthcare Round Sizes Jump $500K in 2013
$0.00
$0.50
$1.00
$1.50
Healthcare Internet Mobile / Telecom
Chart references median round sizes for all deals involving angel groups, co-investors
10
$1.6M
$1.0M
$1.1M
$M
$1.1M
$935K
$1.0M
2012 2013 2012 2013 2012 2013
67.3% 71.0% 73.0%
32.7% 29.0% 27.0%
0%
20%
40%
60%
80%
100%
2011 2012 2013
Not Co-Invested Angel Group Co-Investment
11
Angel Group Co-Investment Trending Up for Three Consecutive Years
More High-Valuation Deals Closed in 2013
Median Round Size Holds Steady at $2.5M
12
$1.4M
1st Quartile
$4.2M
3rd Quartile
$0.50M
$9.3M
2012
2013
$1.5M
1st Quartile
$6.6M$0.11M $3.7M
3rd Quartile
*Including all rounds with angel groups pre-series A
$2.5M
Median
13
Active Angel
Groups
3
14
Golden Seeds is Most Active Angel Group
Ranked by Total Number of 2013 Deals and Compared to 2012
Golden Seeds
CA, MA, NY
Tech Coast Angels
Southern California
Houston Angel Network
Houston, TX
Central Texas Angel Network
Austin, TX
Sand Hill Angels
Sunnyvale, CA
Launchpad Venture Group
Boston, MA
New York Angels
New York, NY
Desert Angels
Tucson, AZ
Investors’ Circle
National Group
Alliance of Angels
Seattle, WA
8th
3rd
1st
7th
5th
6th
New
New
4th
2nd
1st
2nd
3rd
4th
5th
6th
7th
8th
9th
10th
15
Regional Trends4
16
California
18.6%
Northwest
7.7%
Southwest
6.0%
Great Plains
5.5%
Great
Lakes
11.8%
Southeast
11.7%
Mid-Atlantic
9.2%
New
England
11.3%New York
9.4%
Texas
8.5%
Angel Group Deals Are Widely Distributed Nationally
2013 Share of Angel Group Deals by Region
13% +
11-12%
9-10%
7-8%
5-6%
Less than 5%
California Reigns
Mid-Atlantic and New York Trend Up While New England Loses Ground
20.2% 18.6% 18.6%
14.2% 13.4% 11.3%
11.0% 12.6%
11.7%
11.4% 11.3%
11.8%
5.8% 6.3%
6.0%
8.7% 8.9%
7.7%
7.0% 7.7%
8.5%
7.6%
9.2%
6.1% 5.4% 5.5%
6.4% 7.7% 9.4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
New York
Great Plains
Mid-Atlantic
Texas
Northwest
Southwest
Great Lakes
Southeast
New England
California
Chart references annual share of angel group deals across U.S.
17
20122011 2013
10.4%
18
California
19.6%
Northwest
6.1%
Southwest
5.5%
Great
Plains
6.0%
Great
Lakes
13.0%
Southeast
9.6%
New York
8.9%
Texas
6.1%
Texas
6.3%
Dollars Slightly More Concentrated in Fewer Regions than Deals
2013 Share of Angel Group Dollars by Region
Mid-Atlantic
10.8%
New
England
14.2%
13% +
11-12%
9-10%
7-8%
5-6%
Less than 5%
22.6%
16.4% 19.6%
16.6%
16.1% 14.2%
12.2%
10.1% 9.6%
12.4%
12.6% 13.0%
4.5%
7.5% 5.5%
4.0%
7.7% 6.1%
6.6% 7.6%
6.3%
8.7% 10.8%
3.5% 5.4% 6.0%
8.8% 7.9% 8.9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
New York
Great Plains
Mid-Atlantic
Texas
Northwest
Southwest
Great Lakes
Southeast
New England
California
8.8%
Chart references annual share of angel group dollars across U.S.
19
20122011 2013
California and Mid-Atlantic Jump, New England Dips
20
Sector Trends5
32.7% 33.0%
38.5%
23.2% 20.1%
19.6%
9.6% 13.5%
16.2%5.1% 4.2%
4.0%6.7% 5.5%
4.1%
4.4%
2.9%
1.8%
5.3% 6.4% 2.7%
13.1% 14.5% 13.2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Other
Computer Hdwr &
Svcs
Energy & Utilities
Industrial
Software
Mobile & Telecom
Healthcare
Internet
Chart references annual share of angel group deals across U.S.
21
20122011 2013
Mobile Consistently Trending Up Year Over Year
Internet Deals Spike 5.5% to a Three-Year High
34.8%
29.9%
34.4%
28.0%
25.1%
28.3%
9.9%
14.2%
16.1%
5.0%
3.8%
4.3%7.0%
5.1%
5.4%3.4%
1.9%4.9%
3.3%
6.9%
11.7%
6.4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Other
Computer Hdwr &
Svcs
Energy & Utilities
Industrial
Software
Mobile & Telecom
Healthcare
Internet
5.6%
4.6%
Chart references annual share of angel group dollars across U.S.
22
2011 2012 2013
Top Sectors Claim Nearly 80% of Angel Group Dollars
Mobile, Healthcare, and Internet Up 10% from 2012
23
About the
Halo Report™
6
What is the Halo Report™?
Angel Group Investment Trends: The Angel Resource Institute, Silicon Valley Bank and
CB Insights set out to raise awareness of early stage investment activities by angel
investment groups. The Halo Report is the result. The research series highlights angel
investment activity and trends in North America and provides much sought after data that
has not been previously available to entrepreneurs or early stage investors.
The Halo Report includes aggregate analysis of investment activity by angels and angel
groups and highlights trends in round sizes, location and industry preferences. The data is
collected via survey and aggregation of public data using CB Insights innovative data
analyses.
Get Involved: Angel groups and individual angel investors interested in including their data
in the Halo Report should contact JJ Knight, Halo Report Coordinator: 910-523-5503 and
jj@angelresource.org.
24
Understanding the Data:
Special Round Types and Industry Sectors
The Halo Report™ provides analysis and trends on US angel and angel group activity.
Angels and angel groups invest alone, together, and with many other types of investors.
Unless otherwise noted the Halo Report data includes all rounds that have at least one
angel group participating and may include other types of investors in those rounds.
This report discusses angel group investment trends for 2013, which represents a total of
884 deals and $1.1B (excluding duplicates) in total rounds including co-investors.
A few charts report on an “Angel Round,” a special classification of investment when
angel groups invest alone or just with other angels and angel groups.
Unless otherwise noted, values of less than <1% are included, but are not labeled or
noted as a change in activity.
25
Internet
Mobile & Telecom
Software
Energy & Utilities
Computer Hardware & Services
Healthcare
Industrial
Automotive & Transportation
Business Products & Services
Consumer Products & Services
Electronics
Environmental Services &
Equipment
Financial Services
Food & Beverages
Leisure
Media
Metals & Mining
Retail
Risk & Security
Halo Report Industry Sectors
Angel Resource Institute
JJ Knight, jj@angelresource.org
The Angel Resource Institute (ARI) is a charitable organization devoted to education, mentoring and research in the
field of angel investing, a growing driver of our entrepreneurial economy. ARI was founded by the Ewing Marion
Kauffman Foundation. The programs of ARI include educational workshops and seminars, research projects and
reports, and information about angel investing for the general public. ARI is affiliated with the Angel Capital
Association, the professional association of angel groups in North America. More information is available at
www.angelresourceinstitute.org.
Silicon Valley Bank
Carrie Walsh, cwalsh@svb.com
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and
premium wine businesses. SVB provides industry knowledge and connections, financing, treasury
management, corporate investment and international banking services to its clients worldwide through 28 U.S. offices
and six international operations. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group.
Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB
Financial Group is also a member of the Federal Reserve System.
CB Insights
Anand Sanwal, asanwal@cbinsights.com
CB Insights is a National Science Foundation-backed data-as-a-service firm that collects information on private
companies and their investors and acquirers. CB Insights data and technology is used by firms to make better
marketing, procurement, lending, acquisition and equity investment decisions and to gather data-driven market and
competitive intelligence. The firm's data is regularly cited by leading media publications including the New York
Times, Forbes, BusinessWeek and Fast Company among others. For more
information, visit http://www.cbinsights.com.
Halo Report Contacts
26
Angel Resource Institute and Silicon Valley Bank co-produce the Halo Report™ with data powered by CB Insights.
Angel Resource Institute and CB Insights are independent third parties and are not affiliates of Silicon Valley Bank.
This material, including without limitation to the statistical information herein, is provided for informational purposes only. The
information should not be viewed as tax, investment, legal or other advice nor is it to be relied on in making an investment or
other decision. You should obtain relevant and specific professional advice before making any investment decision. Nothing
relating to the material should be construed as a solicitation, offer or recommendation to acquire or dispose of any investment
or to engage in any other transaction.
©2014 SVB Financial Group. All rights reserved. SVB, SVB Financial Group, and Silicon Valley Bank are registered
trademarks.
27

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2013 Year-End Halo Report

  • 1. US Angel Group Update: 2013 Year in Review
  • 2. Table of Contents 2013 Highlights p. 3 National Trends p. 5 Most Active Angels p.13 Regional Trends p.15 Sector Trends p.20 About the Halo Report p.23 2
  • 4. Angel Group Update: Halo Report 2013 10 Most Active US Angel Groups Total Deals 2013 p. 14 1. Golden Seeds 2. Tech Coast Angels 3. Houston Angel Network 4. Central Texas Angel Network 5. Sand Hill Angels 6. Launchpad Venture Group 7. New York Angels 8. Desert Angels 9. Investors’ Circle 10. Alliance of Angels Highlights 2013 • More High-Valuation Deals Closed in 2013 p.12 • Three-Year High for Deals and Round Sizes when Angel Groups Co-Invest with Non- Angels p.8, 11 • Healthcare, Mobile, and Internet Startups Claim Nearly 80% of Angel Group Dollars, Round Sizes Increase p.10, 22 • California Reigns; Remainder of US Deals Are Well Distributed p.17 • Dollars More Concentrated in Fewer Regions p.19 • New England Drops in Deals and Dollars p. 19 4
  • 6. Angel Round Sizes Remain Steady Over Three-Year Period $0.00 $0.50 $1.00 2011 2012 2013 Median Round Size Mean Round Size 6 *Angel rounds include angels & angel groups only $950K $857K $931K $610K $600K $600K $M
  • 7. Angel Round Size Sees Strong Finish in 2013 $0.00 $0.50 $1.00 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Median Round Size Mean Round Size 7 *Angel rounds include angels & angel groups only $902K $866K $972K $862K $997K $680K $700K $510K $550K $700K $M
  • 8. Round Sizes Hit Three-Year High When Angels Co-Invest with Non-Angels $1.5 $1.5 $1.7 $2.4 $2.4 $2.5 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2011 2012 2013 Median Round Size Mean Round Size 8 M Rounds include angels, angel groups, and non-angel investors
  • 9. While 2013 Co-Investor Round Sizes Up, Q4 Finishes Soft $1.4 $1.4 $1.9 $2.0 $1.8 $2.5 $2.0 $2.8 $2.9 $2.3 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Median Round Size Mean Round Size 9 M Rounds include angels, angel groups, and non-angel investors
  • 10. Round Sizes Increase Across Top Sectors Healthcare Round Sizes Jump $500K in 2013 $0.00 $0.50 $1.00 $1.50 Healthcare Internet Mobile / Telecom Chart references median round sizes for all deals involving angel groups, co-investors 10 $1.6M $1.0M $1.1M $M $1.1M $935K $1.0M 2012 2013 2012 2013 2012 2013
  • 11. 67.3% 71.0% 73.0% 32.7% 29.0% 27.0% 0% 20% 40% 60% 80% 100% 2011 2012 2013 Not Co-Invested Angel Group Co-Investment 11 Angel Group Co-Investment Trending Up for Three Consecutive Years
  • 12. More High-Valuation Deals Closed in 2013 Median Round Size Holds Steady at $2.5M 12 $1.4M 1st Quartile $4.2M 3rd Quartile $0.50M $9.3M 2012 2013 $1.5M 1st Quartile $6.6M$0.11M $3.7M 3rd Quartile *Including all rounds with angel groups pre-series A $2.5M Median
  • 14. 14 Golden Seeds is Most Active Angel Group Ranked by Total Number of 2013 Deals and Compared to 2012 Golden Seeds CA, MA, NY Tech Coast Angels Southern California Houston Angel Network Houston, TX Central Texas Angel Network Austin, TX Sand Hill Angels Sunnyvale, CA Launchpad Venture Group Boston, MA New York Angels New York, NY Desert Angels Tucson, AZ Investors’ Circle National Group Alliance of Angels Seattle, WA 8th 3rd 1st 7th 5th 6th New New 4th 2nd 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th
  • 16. 16 California 18.6% Northwest 7.7% Southwest 6.0% Great Plains 5.5% Great Lakes 11.8% Southeast 11.7% Mid-Atlantic 9.2% New England 11.3%New York 9.4% Texas 8.5% Angel Group Deals Are Widely Distributed Nationally 2013 Share of Angel Group Deals by Region 13% + 11-12% 9-10% 7-8% 5-6% Less than 5%
  • 17. California Reigns Mid-Atlantic and New York Trend Up While New England Loses Ground 20.2% 18.6% 18.6% 14.2% 13.4% 11.3% 11.0% 12.6% 11.7% 11.4% 11.3% 11.8% 5.8% 6.3% 6.0% 8.7% 8.9% 7.7% 7.0% 7.7% 8.5% 7.6% 9.2% 6.1% 5.4% 5.5% 6.4% 7.7% 9.4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% New York Great Plains Mid-Atlantic Texas Northwest Southwest Great Lakes Southeast New England California Chart references annual share of angel group deals across U.S. 17 20122011 2013 10.4%
  • 18. 18 California 19.6% Northwest 6.1% Southwest 5.5% Great Plains 6.0% Great Lakes 13.0% Southeast 9.6% New York 8.9% Texas 6.1% Texas 6.3% Dollars Slightly More Concentrated in Fewer Regions than Deals 2013 Share of Angel Group Dollars by Region Mid-Atlantic 10.8% New England 14.2% 13% + 11-12% 9-10% 7-8% 5-6% Less than 5%
  • 19. 22.6% 16.4% 19.6% 16.6% 16.1% 14.2% 12.2% 10.1% 9.6% 12.4% 12.6% 13.0% 4.5% 7.5% 5.5% 4.0% 7.7% 6.1% 6.6% 7.6% 6.3% 8.7% 10.8% 3.5% 5.4% 6.0% 8.8% 7.9% 8.9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% New York Great Plains Mid-Atlantic Texas Northwest Southwest Great Lakes Southeast New England California 8.8% Chart references annual share of angel group dollars across U.S. 19 20122011 2013 California and Mid-Atlantic Jump, New England Dips
  • 21. 32.7% 33.0% 38.5% 23.2% 20.1% 19.6% 9.6% 13.5% 16.2%5.1% 4.2% 4.0%6.7% 5.5% 4.1% 4.4% 2.9% 1.8% 5.3% 6.4% 2.7% 13.1% 14.5% 13.2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Other Computer Hdwr & Svcs Energy & Utilities Industrial Software Mobile & Telecom Healthcare Internet Chart references annual share of angel group deals across U.S. 21 20122011 2013 Mobile Consistently Trending Up Year Over Year Internet Deals Spike 5.5% to a Three-Year High
  • 22. 34.8% 29.9% 34.4% 28.0% 25.1% 28.3% 9.9% 14.2% 16.1% 5.0% 3.8% 4.3%7.0% 5.1% 5.4%3.4% 1.9%4.9% 3.3% 6.9% 11.7% 6.4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Other Computer Hdwr & Svcs Energy & Utilities Industrial Software Mobile & Telecom Healthcare Internet 5.6% 4.6% Chart references annual share of angel group dollars across U.S. 22 2011 2012 2013 Top Sectors Claim Nearly 80% of Angel Group Dollars Mobile, Healthcare, and Internet Up 10% from 2012
  • 24. What is the Halo Report™? Angel Group Investment Trends: The Angel Resource Institute, Silicon Valley Bank and CB Insights set out to raise awareness of early stage investment activities by angel investment groups. The Halo Report is the result. The research series highlights angel investment activity and trends in North America and provides much sought after data that has not been previously available to entrepreneurs or early stage investors. The Halo Report includes aggregate analysis of investment activity by angels and angel groups and highlights trends in round sizes, location and industry preferences. The data is collected via survey and aggregation of public data using CB Insights innovative data analyses. Get Involved: Angel groups and individual angel investors interested in including their data in the Halo Report should contact JJ Knight, Halo Report Coordinator: 910-523-5503 and jj@angelresource.org. 24
  • 25. Understanding the Data: Special Round Types and Industry Sectors The Halo Report™ provides analysis and trends on US angel and angel group activity. Angels and angel groups invest alone, together, and with many other types of investors. Unless otherwise noted the Halo Report data includes all rounds that have at least one angel group participating and may include other types of investors in those rounds. This report discusses angel group investment trends for 2013, which represents a total of 884 deals and $1.1B (excluding duplicates) in total rounds including co-investors. A few charts report on an “Angel Round,” a special classification of investment when angel groups invest alone or just with other angels and angel groups. Unless otherwise noted, values of less than <1% are included, but are not labeled or noted as a change in activity. 25 Internet Mobile & Telecom Software Energy & Utilities Computer Hardware & Services Healthcare Industrial Automotive & Transportation Business Products & Services Consumer Products & Services Electronics Environmental Services & Equipment Financial Services Food & Beverages Leisure Media Metals & Mining Retail Risk & Security Halo Report Industry Sectors
  • 26. Angel Resource Institute JJ Knight, jj@angelresource.org The Angel Resource Institute (ARI) is a charitable organization devoted to education, mentoring and research in the field of angel investing, a growing driver of our entrepreneurial economy. ARI was founded by the Ewing Marion Kauffman Foundation. The programs of ARI include educational workshops and seminars, research projects and reports, and information about angel investing for the general public. ARI is affiliated with the Angel Capital Association, the professional association of angel groups in North America. More information is available at www.angelresourceinstitute.org. Silicon Valley Bank Carrie Walsh, cwalsh@svb.com Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 28 U.S. offices and six international operations. (Nasdaq: SIVB) www.svb.com. Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System. CB Insights Anand Sanwal, asanwal@cbinsights.com CB Insights is a National Science Foundation-backed data-as-a-service firm that collects information on private companies and their investors and acquirers. CB Insights data and technology is used by firms to make better marketing, procurement, lending, acquisition and equity investment decisions and to gather data-driven market and competitive intelligence. The firm's data is regularly cited by leading media publications including the New York Times, Forbes, BusinessWeek and Fast Company among others. For more information, visit http://www.cbinsights.com. Halo Report Contacts 26
  • 27. Angel Resource Institute and Silicon Valley Bank co-produce the Halo Report™ with data powered by CB Insights. Angel Resource Institute and CB Insights are independent third parties and are not affiliates of Silicon Valley Bank. This material, including without limitation to the statistical information herein, is provided for informational purposes only. The information should not be viewed as tax, investment, legal or other advice nor is it to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation, offer or recommendation to acquire or dispose of any investment or to engage in any other transaction. ©2014 SVB Financial Group. All rights reserved. SVB, SVB Financial Group, and Silicon Valley Bank are registered trademarks. 27

Editor's Notes

  1. 2011 – 244, 2012 – 368, 2013 – 366
  2. Q4’12 - 82, Q1’13 - 87, Q2’13 - 82, Q3’13 - 79, Q4’13 - 118
  3. 2011 – 215, 2012 – 253, 2013 – 290
  4. Q4’12 - 72, Q1’13 - 67, Q2’13 - 55, Q3’13 - 87, Q4’13 - 81
  5. 2012 Healthcare – 120, 2012 Internet – 204, 2012 Mobile – 84, 2013 Healthcare – 130, 2013 Internet – 252, 2013 Mobile – 109
  6. 2011 - 643, 2012 - 816, 2013 - 994
  7. 68
  8. 2011 - 643, 2012 - 816, 2013 - 884
  9. 2011 - 557, 2012 - 726, 2013 - 815
  10. 2011 - 643, 2012 - 816, 2013 - 884
  11. 2011 - 557, 2012 - 726, 2013 - 815