2015 Venture Capital & Startup Traction Report

© 2016 ALL RIGHTS RESERVED ● MATTERMARK.COM ● (415) 366-6587
US Venture Capital & Startup Traction Report
2015

2
Introduction
This report analyzes venture funding trends for US startups from 2006 to present. At Mattermark we pride ourselves on providing
the startup ecosystem with information on how businesses grow, raise funding, and evolve. We believe utilization of these
resources should be combined with your special knowledge of your industry, region and role. Startup investments and business
decisions hold a level of risk on the part of investors, founders, employees, services providers, and anyone who stands to benefit
from these transactions.
We hope that this report both informs your future conversations and helps you head into 2016 fundraising and deal making with
better data for your upcoming business decisions.
Sincerely,
Danielle Morrill, CEO & Cofounder of Mattermark
Data Sources
Mattermark uses a broad range of sources to present the most complete picture possible of the startup ecosystem. In addition to
extensive primary source research sourced specifically for this report, Mattermark uses publicly-available data from AngelList
(www.angel.co), Crunchbase (www.crunchbase.com), NASDAQ, (www.nasdaq.com), the United States Securities and Exchange
Commission (www.sec.gov), and source relationships with thousands of investors, community leaders, and startup founders.
Please send any questions, comments, or corrections for the editor to support@mattermark.com.
MATTERMARK 2015 US STARTUP FUNDING REPORT

3
Table of Contents
Disclaimer
This information has been prepared by Mattermark, Inc. solely for
informational purposes. It is not, and should not be regarded as,
investment advice, as a recommendation regarding any particular
security, or as a course of action. Opinions expressed herein are current
opinions as of the date appearing in this material only and are subject to
change without notice.
No part of this document may be reproduced in any manner, in whole or
in part, without the prior written permission of Mattermark, Inc. This
information is provided with the understanding that, with respect to the
material provided herein, you will make your own independent decision
with respect to any course of action based on your own judgment, and
that you are capable of understanding and assessing the merits of a
course of action.
Neither the information, nor any opinion contained herein, constitute a
solicitation or offer by Mattermark, Inc. to buy or sell any securities,
futures, options, or other financial instruments or provide any investment
advice or service. Mattermark, Inc. does not purport to, and does not,
in any fashion, provide broker/dealer, consulting, or any related services.
Mattermark, Inc. shall not have any liability for any damages of any kind
whatsoever relating to this material. By accepting this material, you
acknowledge, understand, and accept the foregoing.
4 10 Year Market Overview
13 Pre Series A
18 Series A
23 Series B
29 Series C
34 Late Stage
40 Methodology Notes

10 Year Trends

© 2016 ALL RIGHTS RESERVED ● MATTERMARK.COM ● (415) 366-6587 5
Yearly Cumulative Capital Deployed (All Stages): Last 10 Years
This chart shows just how
dramatically venture capital
deployment in 2015 outpaced
not only 2014, but every year
for the past 10.
The bar chart below shows the
trends for monthly capital
deployment, to give you some
sense of how overall venture
capital deployment to startup
has changed over time.
June 2015 saw more capital
deployed than any month in
the past 10 years, with $6.7
Billion invested in startups.
MonthlyCapitalDeployed-AllStages(billions
USD)
$0
$10
$20
$30
$40
$50
$60
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
MATTERMARK 2015 US STARTUP FUNDING REPORTMonthlyCapitalDeployed
—AllStages(billions
USD)
$0
$1
$2
$3
$4
$5
$6
$7
1.2006
1.2007
1.2008
1.2009
1.2010
1.2011
1.2012
1.2013
1.2014
1.2015

AnnualDealVolumebyStage
0
200
400
600
800
1,000
1,200
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Seed/Angel Series A Series B Series C Late Stage
Historical Overall Deal Volume Trend: Last 10 Years
Series A, B, and C round activity established new 10 year highs while the volume of Pre Series A deals rebounded significantly
but is still off its 2013 peak. Late Stage financing rounds (Series D and beyond, excluding private equity rounds) peaked in 2014
and was slightly below flat for 2015. The second chart below shows the total monthly deal volume across every stage, and gives
some sense of the seasonal effect of November and December holidays usually followed by a significant uptick in round
announcements each January.
MonthlyDealVolume-
AllStages
0
100
200
300
400
1.2006
1.2007
1.2008
1.2009
1.2010
1.2011
1.2012
1.2013
1.2014
1.2015

S&P500Index(^SPX)
0
500
1,000
1,500
2,000
2,500
CapitalDeployed(billionsUSD)
$0
$5
$10
$15
$20
$25
Q1'06
Q2'06
Q3'06
Q4'06
Q1'07
Q2'07
Q3'07
Q4'07
Q1'08
Q2'08
Q3'08
Q4'08
Q1'09
Q2'09
Q3'09
Q4'09
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
Q3'14
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Quarterly Startup Investment Startup Investment 10YearTrend Quarter-End S&P 500 S&P 500 10YearTrend
Historical Startup Capital Deployment vs. S&P 500 Index
Looking at capital deployment vs. the S&P 500 Index with the broader historical view of the past 10 years, we see that there has
been a close correlation between the 10 year trends up until 2015, when there was a large rise in capital deployment although the
S&P 500 remained fairly stagnant.

Year-over-Year

9
Overall Deal Volume Up 20% Year-over-Year
Monthly Deal Volume (2015 vs. 2014)
MonthlyDealVolume-AllStages
0
50
100
150
200
250
300
350
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
2014 2015
2015 ended with deal volume up 20% above the volume for 2014, with deal volume up at every stage other than Series D (next
slide). Deal volume increase was driven by Seed stage activity. This report explores the trends at various stages to understand the
relationship between number of rounds, round sizes, and company stages.
Cumulative Deal Volume (2015 vs. 2014)
CumulativeDealVolume-AllStages
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec

© 2016 ALL RIGHTS RESERVED ● MATTERMARK.COM ● (415) 366-6587 10AnnualDealVolumebyStage
0
200
400
600
800
1,000
1,200
Pre A Series A Series B Series C Series D Late
2014 2015
121146
299
548
896
1,002
106
162
279
484
770
719
+39% +16% +13% +7% -10% +14%
AnnualDealVolume-AllStages
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Overall
3,012
2,520
+20%
Deal Volume by Stage (2014 vs 2015)

11
Capital Deployment by Month (2015 vs. 2014)
MonthlyCapitalDeployed-AllStages(billionsUSD)
$0
$1
$2
$3
$4
$5
$6
$7
$8
Jan
Feb
Mar
Apr
May
Jun
July
Aug
Sept
Oct
Nov
Dec
2014 2015
While deal volume in 2015 increased 20% year-over-year, cumulative capital deployment in 2015 outpaced last year’s levels by
46%. In the simplest terms, both the quantity and size of deals increased in 2015 with a trend toward higher capital concentration
and greater valuations (and therefore, greater round sizes in many cases) across the board.
To further understand this trend, we need to dig into the distribution of capital by stage.
Cumulative Capital Deployed (2015 vs. 2014)
CumulativeCapitalDeployed-AllStages(billionsUSD)
$0
$10
$20
$30
$40
$50
$60
$70
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Overall Capital Deployment Up 46% Year-over-Year

AnnualCapitalDeployedbyStage(billions
USD)
$0
$5
$10
$15
$20
$25
Pre A Series A Series B Series C Series D Late
2014 2015
$17.4
$7.0
$10.1
$12.9
$9.3
$1.6
$5.9
$8.7
$7.8
$9.8
$6.5
$1.2
+32% +43% +32% +29% -19% +193%
AnnualCapitalDeployed-AllStages
(billionsUSD)
$0
$10
$20
$30
$40
$50
$60
$70
Overall
$58.3
$39.9
+46%
2015 Capital Deployment by Stage

Pre Series A

10 Year Trends in Pre Series A Capital Deployment
CumulativeCapitalDeployed(billionsUSD)
$0.0
$0.4
$0.8
$1.2
$1.6
$2.0
Jan
Feb
M
ar
Apr
M
ay
Jun
Jul
Aug
Sep
O
ct
Nov
Dec
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Pre Series A
Annualized Trends 2006 to 2015
Yearly Capital Deployed: +710%
Reported Deal Volume: +1516%
Average Round Size: +131%
12MonthAvg.RoundSize(millionsUSD)
$0.0
$0.4
$0.8
$1.2
$1.6
$2.0
1.2006
1.2007
1.2008
1.2009
1.2010
1.2011
1.2012
1.2013
1.2014
1.2015
MonthlyDealVolume
0
30
60
90
120
1.2006
1.2007
1.2008
1.2009
1.2010
1.2011
1.2012
1.2013
1.2014
1.2015
This year Angel and Seed round volume continued to set records with more capital
deployed at this stage in 2015 than any time in the past 10 years. A total of $1.6
billion was invested across 1,002 announced rounds in 2015.
Deal volume increased 39% year-over-year while capital deployment increased
32%. Round size peaked in early 2015 although the year ended with the 6 month
average round size unchanged at $1.7 million in both December 2014 and
December 2015.

15
MonthlyCapitalDeployed(millionsUSD)
$0
$40
$80
$120
$160
$200
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
CumulativeCapitalDeployed(millionsUSD)
$0
$400
$800
$1,200
$1,600
$2,000
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
Pre Series A Deal Volume and Capital Deployment (2014 vs 2015)
MonthlyDealVolume
0
20
40
60
80
100
120
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
2014 2015
CumulativeDealVolume
0
200
400
600
800
1,000
1,200
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
+39% Year-Over-Year
DEAL VOLUME
Pre Series A deal volumes declined
throughout Q4, primarily driving the trend
whereby deal volume flattened across all
stages.
Early 2016 data suggests that Pre Series
A deal volume will remain low, with 61 Pre
Series A rounds completed in January
2016.
+32% Year-Over-Year
CAPITAL DEPLOYMENT
Capital deployment fell dramatically in
November and December, although
overall capital deployment is up year-over-
year. November saw the lowest level of
funding at this stage since March 2014.
The trend of consolidation to larger
rounds at this stage has stabilized, and
overall activity is on the decline beyond
seasonal norms in recent months.
* include “Angel”, “Seed” and “stageless” rounds of $1 million or less

16
From the beginning of 2014 to present, the 12 month trend average Pre Series A round size has increased from $1.2 million to $1.7
million, despite a significant decline late in 2015. Pre Series A rounds sizes appeared to spike and drop in late 2014. In August
2015, as the stock market sharply declined, average seed round size dropped to the same level as early 2014, before rebounding
through the remainder of the year until December, when they fell to 2013 levels.
Pre Series A Round Sizes (2015 vs. 2014)
AverageRoundSize(millionsUSD)
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
3.2007
6.2007
9.2007
12.2007
3.2008
6.2008
9.2008
12.2008
3.2009
6.2009
9.2009
12.2009
3.2010
6.2010
9.2010
12.2010
3.2011
6.2011
9.2011
12.2011
3.2012
6.2012
9.2012
12.2012
3.2013
6.2013
9.2013
12.2013
3.2014
6.2014
9.2014
12.2014
3.2015
6.2015
9.2015
12.2015
Average Round Size
12 Month Trend
Pre Series A Deal Size Trends

17
Top 10 Largest Series Pre Series A Rounds
Company
Funding
Date
Funding
Amount
(USD)
Investors Region
Globality 9/22/2015 $10 M Al Gore, Sheryl Sandberg, Ken Goldman, Ron Johnson Bay Area
Sano 6/19/2015 $10.25 M
Intel Capital, Felicis Ventures, Floodgate Fund, True Ventures, Elevation Partners, Rock Health, First
Round Capital
Bay Area
Stellar Labs 11/16/2015 $8.6M
Western Technology Investment, Camp One Ventures, Sherpa Ventures, Structure Capital, Impossible
Ventures, Aslanoba Capital, Dolby Family Ventures, Rob Solomon, Geoff Baldwin, Scott and Cyan
Bannister, Chris Skarakis, Robert Schumacher.
Bay Area
Jukely 4/28/2015 $8 M Northzone, Larry Marcus, Jared Hecht, Steve Martocci, Maiden Lane Ventures, 14W, Hany Nada New York
Ground
Signal
6/10/2015 $8 M Gary Vaynerchuk, Robin Brown Boston
Cube26 10/18/2015 $7.7 M Tiger Global Management, Flipkart Bay Area
Flexport 5/11/2015 $6.9 M
Acequia Capital, A-GRade Investments, Bloomberg BETA, Box Group, Cherubic Ventures, First Round
Capital, Fuel Capital, Funders Club, Google Ventures, Hydrazine Capital, Inside Capital, Kindling
Capital, Lunch Van Fund, Susa Ventures, SV Angel, TYLT Lab, Winklevoss Capital Fund, Y Combinator
Bay Area
Stringify 4/21/2015 $6.3 M ARTIS Ventures, OurCrowd Bay Area
Pixvana 12/14/2015 $6 M Madrona Capital, Vulcan Capital Seattle
PeerIQ 4/9/2015 $6 M John Mack, Vikram Pandit, Uprising, Arthur Levitt, Dan Doctoroff, Eric Schwartz New York

Series A

10 Year Trends in Series A Capital Deployment
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
Jan
Feb
M
ar
Apr
M
ay
Jun
Jul
Aug
Sep
O
ct
Nov
Dec
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Series A
Annualized Trends 2006 to 2015
Capital Deployed: +272%
Reported Deal Volume: +137%
$5
$6
$7
$9
$10
$11
$12
1.2006
1.2007
1.2008
1.2009
1.2010
1.2011
1.2012
1.2013
1.2014
1.2015
MonthlyDealVolume
0
30
60
90
120
1.2006
1.2007
1.2008
1.2009
1.2010
1.2011
1.2012
1.2013
1.2014
1.2015
Upward movement of overall Series A deal volume, capital, and round sizes
continued in 2015 with $9.3 billion invested in 896 rounds, allaying fears of a Series
A crunch.
Series A deal activity increased16% year-over-year, while capital deployment
increased 43%. 2015 saw a greater round sizes, moving the 6 month average round
size up 20%, from $8.2 million in December 2014 to $10.5 million in December
2015. Notably, these increases were driven primarily by the healthcare industry.

20
MonthlyCapitalDeployed(billionsUSD)
$0.0
$0.4
$0.8
$1.2
$1.6
$2.0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Cumulative Capital Deployed
$0
$2
$4
$6
$8
$10
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
MonthlyDealVolume
0
20
40
60
80
100
120
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2014 2015
0
200
400
600
800
1,000
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
+16% Year-Over-Year
DEAL VOLUME
Cumulative Series A deal volume
outpaced 2014 through October
before lagging behind last year’s
activity levels, likely due to a
general pullback following the
August stock market correction.
+43% Year-Over-Year
CAPITAL DEPLOYMENT
Cumulative Series A capital
deployment outpaced 2014
throughout the year, ending the
year up 43%.
Despite lower deal volume in
November and December, larger
deal sizes kept the dollar amounts
above those deployed in the same
months last year.
Series A Deal Volume and Capital Deployment (2014 vs 2015)

21
% of Series A Dollars, by Region
Other Regions
16%
Los Angeles
10%
Boston
15%
New York
16%
Bay Area
43%
Series A Capital Deployment
Region
2015
Funding
Rounds
Average
Round Size
Bay Area $3.4 B 299 $11.4 M
New York $1.3 B 125 $10.7 M
Boston $1.2 B 92 $13.3 M
Los Angeles $762 M 72 $10.6 M
San Diego $230 M 14 $16.5 M
Austin $248 M 28 $8.8 M
D.C. Area $288 M 29 $9.9 M
Chicago $194 M 20 $10 M
Salt Lake City $133M 16 $8.3 M
Dallas $63 M 3 $21 M
Philly $107 M 14 $7.6 M

22
The Largest Series A Rounds in 2015
Company Date
Amount
(USD)
Investors Region
Karhoo 10/29/2015 $250 M Nick Gatfield, David Kowitz New York
Denali Therapeutics 5/14/2015 $217 M
Flagship Ventures, ARCH Venture Partners, F-Prime Capital Partners, Alaska
Permanent Fund
Bay Area
Gritstone Oncology 10/20/2015 $102 M
Frazier Healthcare Ventures, Clarus Ventures, Versant Ventures, The Column Group,
Redmile Group, Casdin Capital, Transformational Healthcare Opportunity
Bay Area
Clover Health 9/17/2015 $100 M Athyrium Capital Management, First Round Capital Bay Area
Turing
Pharmaceuticals
8/10/2015 $90 M Martin Shkreli New York
Calhoun Vision 6/4/2015 $69 M Longitude Capital, RA Capital Management, H.I.G. BioVentures
Los
Angeles
NerdWallet 5/12/2015 $64 M RRE Ventures, iGlobe Partners, Institutional Venture Partners (IVP) Bay Area
Atreca 10/20/2015 $56 M Bill & Melinda Gates Foundation, Mission Bay Capital, GlaxoSmithKline Bay Area
Neon Therapeutics 10/1/2015 $55 M Clal Biotechnology Industries, Access Industries, Rock Ventures Boston
Decibel Therapeutics 10/14/2015 $52 M SR One, Third Rock Ventures Boston

Series B

10 Year Trends in Series B Capital Deployment
$0
$2
$4
$6
$8
$10
$12
$14
Jan
Feb
M
ar
Apr
M
ay
Jun
Jul
Aug
Sep
O
ct
Nov
Dec
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Comparing 2006 vs. 2015
Yearly Capital Deployed: +283%
Yearly Deal Volume: +99%
$5
$10
$15
$20
$25
$30
1.2006
1.2007
1.2008
1.2009
1.2010
1.2011
1.2012
1.2013
1.2014
1.2015
MonthlyDealVolume
0
10
20
30
40
50
60
1.2006
1.2007
1.2008
1.2009
1.2010
1.2011
1.2012
1.2013
1.2014
1.2015
Series B capital deployment in 2015 significantly outpaced 2014 as well as every
year of the past 10. Average deal sizes (and therefore likely valuations) found an all-
time high in November.
Deal volume increased by 13% year-over-year while capital deployment increased
32%. 2015 saw a greater concentration of dollars per round, moving the 6 month
average Series B round size up 9%, from $23 million in December 2014 to $24.9
million in December 2015.

Series B Deal Volume and Capital Deployment (2014 vs 2015)
25
$0.0
$0.4
$0.8
$1.2
$1.6
$2.0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
$0
$3
$6
$9
$12
$15
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
MonthlyDealVolume
0
10
20
30
40
50
60
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2014 2015
0
100
200
300
400
500
600
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
+13% Year-Over-Year
DEAL VOLUME
Cumulative Series B deal volume
outpaced 2014 throughout the year,
and unlike Series A this stage this
trend continued in November and
December.
+32% Year-Over-Year
CAPITAL DEPLOYMENT
Cumulative Series B capital
deployment outpaced 2014
throughout the year, ending the
year up 32%.
December marked the lowest
capital deployment of any month in
the year, ending just above last
year’s level in the same month.

26
% of Series A Dollars, by Region
Other Regions
20%
Los Angeles
5%
Boston
11%
New York
14%
Bay Area
50%
Series B Capital Deployment
Region
2015
Funding
Rounds
Average
Round Size
Bay Area $6.4 B 244 $26.1 M
New York $1.8 B 78 $22.5 M
Boston $1.4 B 53 $25.6 M
Los Angeles $709 M 35 $20.3 M
North Carolina $333 M 11 $30.3 M
Texas $315 M 16 $19.7 M
Seattle $312 M 18 $17.3 M
Chicago $278 M 14 $19.9 M
D.C. Area $237 M 12 $19.8 M
Philly $165 M 10 $16.5 M
San Diego $146 M 9 $16.3 M
Minneapolis $134 M 4 $34.9 M
Colorado $124 M 10 $12.4 M
Utah $67 M 5 $13.4 M

27
The Largest Series B Rounds in 2015
Company Date
Amount
(USD)
Investors Region
Tenable Network
Security
11/10/2015 $250 M Insight Venture Partners, Accel Partners Baltimore
GitHub 7/29/2015 $250 M Sequoia Capital, Andreessen Horowitz, Thrive Capital, Institutional Venture Partners Bay Area
OnceSource Virtual 6/22/2015 $150 M Technology Crossover Ventures, Halyard Capital Dallas
Humacyte 10/20/2015 $150 M Access Industries, Reignwood Group, Pacific Eagle Asset Management, Brady Dougan Raleigh
Oscar 4/20/2015 $145 M Goldman Sachs, Founders Fund, Horizon Ventures, Wellington Management New York
Jet 2/11/2015 $140 M
Silicon Valley Bank, Goldman Sachs, New Enterprise Associates, Accel Partners, Google Ventures,
General Catalyst Partners, Bain Capital Ventures, MentorTech Ventures, Thrive Capital, Coatue
Management, Temasek Holdings, Norwest Venture Partners
New York
Editas Medicine 8/10/2015 $120 M
Deerfield Management, Viking Global Investors, Fidelity Management & Research Company, T. Rowe
Price Associates, Inc., Google Ventures, Jennison Associates, Flagship Ventures, Polaris Partners and
Third Rock Ventures, Partners Innovation Fundon
behalf of certain clients, Khosla Ventures, EcoR1 Capital, Casdin Capital, Omega Funds,
Boston
21 Inc. 3/10/2015 $116 M
Khosla Ventures, RRE Ventures, Qualcomm Ventures, Andreessen Horowitz, Data Collective, Yuan
Capital
Bay Area
Zscaler 8/3/2015 $110 M Lightspeed Venture Partners, EMC, TPG Capital, Google Capital Bay Area
FinancialForce.com 3/26/2015 $110 M Technology Crossover Ventures, Salesforce Ventures Bay Area

Series C

Yearly Cumulative Series C Capital Deployed: Last 10 Years
The 12 month running average Series
B deal size has increased 1.9x
(+92%) from the end of 2006 to the
end of 2015.
$0
$1
$2
$3
$4
$6
$7
$8
$9
$10
$11
Jan
Feb
M
ar
Apr
M
ay
Jun
Jul
Aug
Sep
O
ct
Nov
Dec
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
$10
$15
$20
$25
$30
$35
$40
1.2006
1.2007
1.2008
1.2009
1.2010
1.2011
1.2012
1.2013
1.2014
1.2015
MonthlyDealVolume
0
10
20
30
40
1.2006
1.2007
1.2008
1.2009
1.2010
1.2011
1.2012
1.2013
1.2014
1.2015

Series C Deal Volume and Capital Deployment (2014 vs 2015)
30
$0.0
$0.5
$1.0
$1.5
$2.0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
$0
$3
$6
$9
$12
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
MonthlyDealVolume
0
5
10
15
20
25
30
35
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
2014 2015
0
50
100
150
200
250
300
350
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
+7% Year-Over-Year
DEAL VOLUME
Cumulative Series C deal volume
outpaced 2014 beginning in March and is
now up 7% year-over year.
Q4 saw deal volume at this stage steadily
decline, continuing a trend from Q3 that
began with a peak of Series C activity in
July.
+29% Year-Over-Year
CAPITAL DEPLOYMENT
Cumulative Series C capital deployment
began outpacing 2014 in May, and ended
the year up 29% year-over year.
Series C capital deployment was
remarkably consistent in the second half
of the year, significantly outpacing a much
slower Q3 and Q4 in 2015 before
dropping dramatically in December.

31
Series C round sizes fluctuated throughout the year, reaching an all-time high in November 2015. Despite remaining above 2014
levels for most of the year, average Series C in December dropped to the lowest level since October 2014. Over 50 companies
across numerous verticals (e.g. healthcare, enterprise software, consumer products) raised Series C rounds above $50 million.
Series C Deal Sizes (2015 vs. 2014)
RoundSize(millionsUSD)
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
2014 Average 2015 Average
2014 Median 2015 MedianSeries C Deal Size Trends

32
Top 10 Largest Series C Rounds
Company
Funding
Date
Funding Amount
(USD)
Investors Region
Zenefits 6/5/2015 $500 M
Khosla Ventures, Insight Venture Partners, Founders Fund, Ashton Kutcher,
Andreessen Horowitz, Fidelity Investments, Jared Leto, TPG Capital, Institutional
Venture Partners (IVP), Sound Ventures
Bay Area
Jet 11/24/2015 $350 M Google Ventures, Bain Capital Ventures, Fidelity Investments, Alibaba New York
Affirm 5/6/2015 $275 M
Khosla Ventures, Lightspeed Venture Partners, Spark Capital, Andreessen Horowitz,
Jefferies Group
Bay Area
Instacart 1/13/2015
$220 M Khosla Ventures, Sequoia Capital, Comcast Ventures, Andreessen Horowitz, Valiant
Capital Partners, Dragoneer Investment Group, Thrive Capital, Kleiner Perkins
Caufield & Byers
Bay Area
NantHealth 6/30/2015 $200 M Allscripts
Los
Angeles
Purch 6/3/2015 $135 M Canso Investment Counsel New York
Apttus 9/1/2015 $108 M
Iconiq Capital, Kuwait Investment Authority, Salesforce Ventures, K1 Investment
Management
Bay Area
Mirantis 8/23/2015 $100 M
Intel Capital, Goldman Sachs, Insight Venture Partners, Sapphire Ventures,
WestSummit Capital, August Capital, Ericsson
Bay Area
Carbon3D 8/20/2015 $100 M
Sequoia Capital, Google Ventures, Yuri Milner, Northgate Capital, Silver Lake
Partners, Reinet Investments S.C.A.
Bay Area
Crowdstrike 7/13/2015 $100 M Accel Partners, Warburg Pincus, Rackspace, Google Capital
Los
Angeles

Late Stage

Yearly Cumulative Series D Capital Deployed: Last 10 Years
Series D rounds are not included in
the subsequent “Late Stage” graphs,
but you can see these rounds have
followed a similar trend, with capital
deployment peaking in 2014.
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
Jan
Feb
M
ar
Apr
M
ay
Jun
Jul
Aug
Sep
O
ct
Nov
Dec
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
$10
$20
$30
$40
$50
$60
1.2006
1.2007
1.2008
1.2009
1.2010
1.2011
1.2012
1.2013
1.2014
1.2015
MonthlyDealVolume
0
4
8
12
16
20
1.2006
1.2007
1.2008
1.2009
1.2010
1.2011
1.2012
1.2013
1.2014
1.2015

Yearly Cumulative Late Stage Capital Deployed: Last 10 Years
$10
$30
$50
$70
$90
$110
$130
$150
1.2006
1.2007
1.2008
1.2009
1.2010
1.2011
1.2012
1.2013
1.2014
1.2015
$0
$4
$8
$12
$16
$20
Jan
Feb
M
ar
Apr
M
ay
Jun
Jul
Aug
Sep
O
ct
Nov
Dec
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
The 12 month running average for
Late Stage deal sizes (Series E, F,
G, and H) has increased 10.6x
(+959%) from the end of 2006 to
the end of 2015.
MonthlyDealVolume
0
5
10
15
1.2006
1.2007
1.2008
1.2009
1.2010
1.2011
1.2012
1.2013
1.2014
1.2015

Late Stage* Deal Volume and Capital Deployment (2014 vs 2015)
36
$0
$1
$2
$3
$4
$5
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
$0
$6
$12
$18
$24
$30
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
MonthlyDealVolume
0
10
20
30
40
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
2014 2015
0
75
150
225
300
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
-0.4% Year-Over-Year
DEAL VOLUME
Cumulative late stage deal volume in
2015 was just 1 deal behind the pace for
2014, and followed a similar pattern, with
lower activity in the 4th quarter.
January 2016 saw a substantial uptick in
late stage deals, with 30 recorded venture
capital transactions making it the most
active January of the past 10 years.
+67% Year-Over-Year
CAPITAL DEPLOYMENT
Late stage capital deployment exploded
past last year’s pace, and has continued
on a tear that has seen the rise of
“unicorns” in the media and general
startup vernacular.
Deployment tapered down dramatically in
the 4th quarter of 2015, however January
2016 is off to an aggressive start with $4.1
Billion already deployed in the first month
of the year.
* includes Series D, E, F, G, H etc. and excludes deals categorized as Private Equity

37
Median late stage round climbed dramatically in 2015, before returning to early 2014 levels in December. The continued rise of the
“unicorn startups” is part of the trend we see here, and these larger rounds indicate large valuations, pushing more private
companies over the billion dollar valuation mark than we’ve ever see in the pre-IPO market.
Q4 2015 saw convergence of average and median late stage round sizes in the low $30 millions, just under the level they started
off with at the beginning of 2014. This would be an appropriate time to use the phrase “reversion to the mean” for this stage.
Late Stage Deal Sizes (2015 vs. 2014)
RoundSize(millionsUSD)
$25
$50
$75
$100
$125
$150
$175
$200
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
2014 Average 2015 Average
2014 Median 2015 MedianLate Stage Deal Size Trends

38
Top 10 Largest Late Stage Rounds
Company
Funding
Date
Funding Amount
(USD)
Investors Region
Uber 2/18/2015 $2.8 B
New Enterprise Associates, Lone Pine Capital, Valiant Capital Partners, Qatar
Investment Authority, Baidu
Bay Area
Airbnb 6/29/2015 $1.5 B
Sequoia Capital, General Atlantic, Tiger Global Management, Hillhouse Capital
Group, China Broadband
Bay Area
Uber 9/7/2015 $1.2 B Baidu Bay Area
SoFi 8/19/2015 $1.0 B SoftBank Group Bay Area
Uber 8/1/2015 $1.0 B Bennett Coleman and Co, Times Internet Ltd., Microsfot Ventures Bay Area
SpaceX 1/20/2015 $1.0 B Fidelity Investments, Google
Los
Angeles
Snapchat 5/29/2015 $537 M Fidelity Investments, York Capital Management, Glade Brook Capital Partners
Los
Angeles
Lyft 3/11/2015 $530 M Fortress Investment Group, Rakuten, Carl Icahn, Didi Kuaidi Bay Area
Pinterest 3/16/2015 $367 M
SV Angel, Bessemer Venture Partners, Andreessen Horowitz, Fidelity Investments,
Rakuten
Bay Area
DocuSign 10/8/2015 $300 M
Intel Capital, Brookside Capital, Generation Investment Management, Dell Ventures,
Iconiq Capital, Sands Capital Ventures, Wasatch Advisors, Deutsche Telekom,
ClearBridge Investments, Wellington Management
Seattle

39
Methodology
Time Period
For this report we examined Q1-4 2015 Venture activity and funding trends in the year prior, as well at 5 and 10 year
historical benchmarks.
Funding Rounds
For population statistics referencing “Venture-Backed” startups, inclusion for analysis was restricted to deals that
disclosed the amount of funding raised.
Criteria
All analyses include USA companies. Metropolitan regions reflect Combined Statistical Areas as defined by the United
States Office of Management and Budget.
Data Sources
Mattermark uses a broad range of sources to present the most complete picture possible of the startup ecosystem. In
addition to extensive primary source research sourced specifically for this report, Mattermark uses publicly-available
data from AngelList (www.angel.co), Crunchbase (www.crunchbase.com), NASDAQ, (www.nasdaq.com), the United
States Securities and Exchange Commission (www.sec.gov), and source relationships with thousands of investors,
community leaders, and startup founders.
Please send any questions, comments, or corrections for the editor to support@mattermark.com.

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