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CSPA Money Tree Presentation 8-27-2014

This document is a quarterly report from PricewaterhouseCoopers and the National Venture Capital Association on venture capital investment trends. Some key findings from Q2 2014 include: - Total US investments reached $12.9 billion across 1,114 deals, increases of 34% in dollars and 17% in deals from Q1 2014. - Software remained the top funded sector, receiving $6.1 billion or 47% of total dollars. Silicon Valley received the largest share of investments at 55% of total dollars. - First sequence (early stage) investments totaled $1.5 billion across 362 deals, increases of 48% in dollars and 26% in deals from Q1 2014.

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Shaking the MoneyTree™ Q2 2014 Update www.pwc.com PricewaterhouseCoopers/National Venture Capital Association MoneyTreeTM Report, based on data from Thomson Reuters
PwC PricewaterhouseCoopers/National Venture Capital Association MoneyTreeTM report, based on data from Thomson Reuters Kathleen Borie 650-743-7979 kathleen.borie@us.pwc.com 2 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC About the report •PricewaterhouseCoopers and the National Venture Capital Association produce the MoneyTree Report™, based on data from Thomson Reuters •‘Core’ measure of equity investments in venture-backed companies in the United States •Companies have received at least one round of financing, involving a professional VC firm or equivalent •Captures: tranches, not term sheets, foreign VCs, qualified private placement •Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc. •MoneyTree™ Report in its 19th year •Results online at www.pwcmoneytree.com and www.nvca.org 3 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC Investment Trends PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters 4
PwC $3.9 $5.1 $6.5 $6.3 $6.1 $9.7 $5.1 $7.1 $8.2 $7.4 $7.2 $13.0 $5.4 $5.5 $7.6 $6.7 $8.0 $5.9 $5.7 $7.5 $7.0 $8.5 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 2009 2010 2011 2012 2013 2014 Q1 Q2 Q3 Q4 MoneyTree total investments: Q1 2009 – Q2 2014 5 ($ in billions) 2009 2010 2011 2012 2013 2014 # of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Deals 680 765 767 944 826 1,023 891 911 907 1,088 1,022 1,000 886 987 948 1,067 923 1,000 1,057 1,126 985 1,114 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC $8.0 $11.4 $15.1 $21.6 $54.9 $105.1 $40.9 $22.2 $19.6 $22.8 $23.5 $27.6 $32.0 $30.2 $20.3 $23.4 $29.8 $27.4 $29.7 $22.7 $0 $20 $40 $60 $80 $100 $120 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q2 YTD ($ in billions) MoneyTree total investments Annual venture capital investments 1995 – Q2 2014 YTD 6 # of deals 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q2 YTD 1,897 2,637 3,232 3,745 5,603 8,040 4,591 3,208 3,027 3,231 3,298 3,884 4,229 4,182 3,156 3,651 4,017 3,888 4,106 2,099 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC Investments by region – Quarterly percent of total US investments Top 5 US regions : Q2 2013 – Q2 2014 7 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters 41% 12% 10% 6% 3% 46% 11% 9% 6% 5% 39% 11% 13% 5% 4% 51% 10% 10% 5% 4% 55% 10% 9% 4% 4% 0% 10% 20% 30% 40% 50% 60% Silicon Valley New England NY Metro LA/Orange County Midwest (% of total dollars) Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14
PwC Investments by industry – Quarterly percent of total US investments 8 32% 20% 9% 9% 5% 45% 12% 8% 5% 5% 35% 16% 14% 7% 7% 42% 11% 8% 8% 5% 47% 14% 8% 6% 6% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Software Biotechnology Media and Entertainment IT Services Industrial/Energy Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 (% of Total Dollars) Top 5 Industries : Q1 2013 – Q2 2014 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC Internet-specific investments ($B) Internet-specific & Software investments 9 Q1 2010 – Q2 2014 $0.9 $1.1 $1.1 $1.2 $1.4 $2.3 $1.7 $1.7 $1.6 $2.0 $1.6 $1.5 $1.3 $1.8 $1.5 $2.4 $2.3 $2.7 0 50 100 150 200 250 300 350 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 $ Invested # of deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters Software investments ($B) $1.0 $1.4 $1.3 $1.5 $1.5 $1.9 $2.3 $1.9 $1.8 $2.5 $2.0 $2.3 $2.4 $2.3 $3.6 $2.9 $4.1 $6.1 0 50 100 150 200 250 300 350 400 450 500 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 $ Invested # of deals
PwC Life sciences investments – Percent of total US investments Life sciences sector : Q2 2013 – Q2 2014 10 20% 7% 28% 12% 7% 19% 16% 5% 22% 11% 6% 17% 14% 5% 19% 0% 5% 10% 15% 20% 25% 30% Biotechnology Medical Devices and Equipment Life Sciences (% of total dollars) Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC $2,546 $125 $2,885 $3,913 Seed Stage Early Stage Expansion Stage Later Stage Investments by stage of development: Q2 2014 11 Q2 2014 Total Investments - $12,969 million in 1,114 deals Stage of Development # of Deals % Change in $ from Q1 2014 Seed Stage 55 46% Early Stage 522 17% Expansion Stage 308 53% Later Stage 229 25% Total 1,114 34% ($) in millions PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC $1,859 $11,109 First Sequence Follow-on Investments by sequence of financing: Q2 2014 12 Financing # of Deals % Change in $ from Q1 2014 First Sequence 351 48% Follow-on 763 31% Total 1,114 34% ($) in millions PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters Q1 2014 Total Investments - $9,469 million in 951 deals
PwC First sequence financing Investment amount: Q1 2009 – Q2 2014 First sequence investments 13 $0.7 $1.0 $1.2 $0.9 $0.9 $1.3 $0.8 $1.1 $1.6 $1.1 $1.2 $1.9 $0.8 $1.3 $1.3 $1.1 $1.3 $1.2 $0.9 $1.3 $1.2 $1.5 - $0 $0 $1 $1 $1 $1 $1 $2 $2 $2 2009 2010 2011 2012 2013 2014 ($ in billions) Q1 Q2 Q3 Q4 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC First sequence financing Number of deals: Q1 2009 – Q2 2014 First sequence deals 14 167 235 304 261 289 293 196 293 364 330 342 351 187 274 350 321 374 281 288 333 370 362 - 100 200 300 400 500 2009 2010 2011 2012 2013 2014 Q1 Q2 Q3 Q4 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC Quarterly percent of total first sequence dollars – Stage of development Q2 2013 – Q2 2014 15 15% 70% 8% 7% 12% 63% 18% 7% 20% 53% 14% 13% 8% 71% 11% 10% 7% 50% 26% 17% 0% 10% 20% 30% 40% 50% 60% 70% 80% Seed Stage Early Stage Expansion Stage Later Stage (% of first sequence dollars) Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC Quarterly percent of total first sequence deals – Stage of development Q2 2013 – Q2 2014 16 12% 72% 10% 6% 13% 73% 10% 5% 15% 66% 13% 5% 13% 70% 11% 6% 11% 63% 15% 11% 0% 10% 20% 30% 40% 50% 60% 70% 80% Seed Stage Early Stage Expansion Stage Later Stage (% of first sequence deals) Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC Median deal size vs. mean deal size – Quarterly total US investments: Q1 2009 – Q2 2014 17 $3.0 $2.5 $3.1 $2.4 $2.9 $3.0 $2.7 $2.8 $2.5 $3.0 $3.0 $2.5 $3.0 $3.0 $2.3 $2.2 $2.3 $2.5 $2.6 $2.7 $3.3 $3.5 $5.7 $6.6 $7.1 $6.3 $6.2 $7.0 $6.2 $6.2 $7.2 $7.6 $7.4 $7.5 $7.1 $7.5 $7.0 $6.5 $6.6 $7.2 $7.5 $7.5 $9.9 $11.6 - $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 Median Deal Size Mean Deal Size ($ in millions) PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC Top 10 Deals Silicon Valley: Q2 2014($ Millions) Uber SF Software $ 1200 Lyft SF Software 250 Pure Storage Mt View Comp/Peripherals 225 Pinterest SF Media/Entertainment 160 SunRun SF Industrial/Energy 150 Proteus Digital Health Redwood City Biotech 119 Anaplan SF Software 100 New Relic SF Software 100 Attensity Group Palo Alto Software 90 Tanium Berkeley Software 90 18 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters
PwC Q2 2014 – Most active US venture investors 19 VC Firm Location Number of Deals New Enterprise Associates, Inc. Menlo Park, California 32 Andreessen Horowitz LLC Menlo Park, California 32 First Round Capital Philadelphia, Pennsylvania 27 Kleiner Perkins Caufield & Byers LLC Menlo Park, California 25 SV Angel II Q LP San Francisco, California 23 True Ventures Palo Alto, California 22 Sequoia Capital Menlo Park, California 20 Canaan Partners Menlo Park, California 19 Polaris Partners Waltham, Massachusetts 17 Accel Partners & Co Inc Palo Alto, California 16 Atlas Venture Advisors Inc Cambridge, Massachusetts 16 Khosla Ventures LLC Menlo Park, California 14 Google Ventures Mountain View, California 14 DreamIt Ventures Bryn Mawr, Pennsylvania 14 Greylock Partners Menlo Park, California 14 Redpoint Ventures Menlo Park, California 14 Innovation Works Inc Pittsburgh, Pennsylvania 14 Lerer Ventures New York, New York 14 Foundry Group LLC Boulder, Colorado 12 Venrock, Inc. Palo Alto, California 12 InterWest Partners LLC Menlo Park, California 12 General Catalyst Partners LLC Cambridge, Massachusetts 12 Tech Coast Angels Los Angeles, California 11 Foundation Capital Menlo Park, California 11 Draper Fisher Jurvetson International Inc Menlo Park, California 11 Bessemer Venture Partners, L.P. Larchmont, New York 11 500 Startups, L.P. Mountain View, California 10 Connecticut Innovations Inc Rocky Hill, Connecticut 10 OrbiMed Advisors LLC New York, New York 10 Lightspeed Venture Partners X LP Menlo Park, California 10 Battery Ventures LP Boston, Massachusetts 10 Norwest Venture Partners Palo Alto, California 10 Versant Ventures, Inc. Menlo Park, California 10 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC IPO and M&A Activity 20 January 2011 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters
PwC Analysis of venture-backed IPO and M&A activity 21 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 Date Total M&A Deals Average M&A deal size ($M)* Number of IPOs** Total Offer Amount ($M) Average IPO Offer Amount ($M) 2009 360 113.4 13 1,979.8 152.3 2010 545 118.0 66 7,409.5 112.3 Q1 2011 139 117.0 14 1,526.9 109.1 Q2 2011 94 167.6 20 5,635.1 281.8 Q3 2011 142 161.3 5 475.9 95.2 Q4 2011 123 131.3 11 2,803.2 254.8 2011 498 142.6 50 10,441.1 208.8 Q1 2012 114 131.1 19 1,682.8 88.6 Q2 2012 124 185.4 12 17,227.9 1,435.7 Q3 2012 124 228.6 10 1,140.7 114.1 Q4 2012 127 126.0 8 1,408.4 176.1 2012 489 171.9 49 21,459.9 438.0 Q1 2013 86 92.7 8 716.9 89.6 Q2 2013 96 218.6 22 2,249.9 102.3 Q3 2013 115 161.9 27 2,781.4 103.0 Q4 2013 94 190.4 24 5,320.1 221.7 2013 391 176.2 81 11,068.2 136.6 Q1 2014 111 251.7 37 3,400.1 91.9 Q2 2014 97 98.6 28 4,926.4 175.9 2014 208 350.3 65 8,330.9 267.9 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC Fundraising 22 February 2011 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters
PwC Venture capital fundraising 23 Source: Thomson Reuters & National Venture Capital Association Data current as of July 15, 2014 Year First Time Funds Follow-On Funds Total Number of Funds VC Raised ($M) 2010 53 122 175 13,272.0 2011 61 128 189 19,022.7 2012 75 141 216 19,798.2 2013 57 140 197 17,086.3 2014 Q2 YTD 44 90 134 16,471.1 Quarter Q1 ‘13 10 37 48 4,387.5 Q2 ‘13 19 36 55 3,328.6 Q3 ‘13 18 46 64 4,430.7 Q4 ‘13 17 37 54 4,939.5 Q1 ‘14 27 36 63 9,076.2 Q2 ‘14 20 58 78 7,394.9 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC Top Funds Raised: Q2 2014 ($M) Norwest $1200 M JP Morgan Chase 968 Bain 715 GGV Capital 622 Raine Group 502 Sofinnova 500 Meritech Capital 500 DFJ 470 Oak 456 Spark 375 24 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
PwC Summary 25 February 2011 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters
PwC Summary: Good News •VC investing continues at a strong post-recession pace - Increased participation by non traditional investors - Focus on larger, later stage deals - Strong investing activity in software/internet sector • Big Trends still exist - Cloud /SaaS - Mobile - Big Data/Analytics - Sharing economy - Advertising $ to Internet/Mobile - Enterprise - Education - Healthcare IT - Software Defined Data Centers/Storage/Networking 26
PwC Summary: Good News (con’t) •California is the place to be VC $: 1/2 CA •Exit markets for VC backed companies remain strong by historical standards •IPO activity has shown some recent volatility, but pipeline remains robust •M&A activity has decreased, as corporations chose to invest in companies rather than acquire them. The top 10 public tech firms have $350B in cash on their balance sheets which should bode well for future M&A transactions 27
PwC Summary: Not So Good News •Economy – mixed trends, continued market volatility - Global GDP deceleration - US economy improved though indicators were mixed •Life Science VC $ at risk until FDA fixed: Morgenthaler/ ATV merger, Scale, Highland, Prospect, CMEA, Mohr Davidow. Cleantech investing will also continue to be under pressure until Federal policies are clarified •Funding gap still exists - $22.7B invested in YTD 2014 versus $16.5 raised 28 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters
PwC Summary/Predictions VC Market •The VC industry has been in a state of consolidation over the past 5 years as many LPs abandoned the sector due to disappointing returns (median 10 year VC returns were 4.2% in ’10 compared to 14.3 % in 2009) •VC fund performance making gains across most time horizons (median 10-year VC returns were 10.0% as of Q1 2014) due to the improved exit market. This trend is expected to continue in 2014 •Barbell structure evolving - larger funds which are stage and industry agnostic on one end; and smaller, early stage, industry or region specific funds on the other • Gap “haves” and “have-nots” is growing: Top 5 funds attracted 43% of Q2 funds 29 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters
Thank you © 2012 PricewaterhouseCoopers LLP. All rights reserved. "PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP (a Delaware limited liability partnership) or, as the context requires, other member firms of PricewaterhouseCoopers International Ltd., each of which is a separate and independent legal entity.

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CSPA Money Tree Presentation 8-27-2014

  • 1.
    Shaking the MoneyTree™ Q2 2014 Update www.pwc.com PricewaterhouseCoopers/National Venture Capital Association MoneyTreeTM Report, based on data from Thomson Reuters
  • 2.
    PwC PricewaterhouseCoopers/National VentureCapital Association MoneyTreeTM report, based on data from Thomson Reuters Kathleen Borie 650-743-7979 kathleen.borie@us.pwc.com 2 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 3.
    PwC About thereport •PricewaterhouseCoopers and the National Venture Capital Association produce the MoneyTree Report™, based on data from Thomson Reuters •‘Core’ measure of equity investments in venture-backed companies in the United States •Companies have received at least one round of financing, involving a professional VC firm or equivalent •Captures: tranches, not term sheets, foreign VCs, qualified private placement •Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc. •MoneyTree™ Report in its 19th year •Results online at www.pwcmoneytree.com and www.nvca.org 3 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 4.
    PwC Investment Trends PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters 4
  • 5.
    PwC $3.9 $5.1 $6.5 $6.3 $6.1 $9.7 $5.1 $7.1 $8.2 $7.4 $7.2 $13.0 $5.4 $5.5 $7.6 $6.7 $8.0 $5.9 $5.7 $7.5 $7.0 $8.5 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 2009 2010 2011 2012 2013 2014 Q1 Q2 Q3 Q4 MoneyTree total investments: Q1 2009 – Q2 2014 5 ($ in billions) 2009 2010 2011 2012 2013 2014 # of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Deals 680 765 767 944 826 1,023 891 911 907 1,088 1,022 1,000 886 987 948 1,067 923 1,000 1,057 1,126 985 1,114 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 6.
    PwC $8.0 $11.4 $15.1 $21.6 $54.9 $105.1 $40.9 $22.2 $19.6 $22.8 $23.5 $27.6 $32.0 $30.2 $20.3 $23.4 $29.8 $27.4 $29.7 $22.7 $0 $20 $40 $60 $80 $100 $120 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q2 YTD ($ in billions) MoneyTree total investments Annual venture capital investments 1995 – Q2 2014 YTD 6 # of deals 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q2 YTD 1,897 2,637 3,232 3,745 5,603 8,040 4,591 3,208 3,027 3,231 3,298 3,884 4,229 4,182 3,156 3,651 4,017 3,888 4,106 2,099 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 7.
    PwC Investments byregion – Quarterly percent of total US investments Top 5 US regions : Q2 2013 – Q2 2014 7 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters 41% 12% 10% 6% 3% 46% 11% 9% 6% 5% 39% 11% 13% 5% 4% 51% 10% 10% 5% 4% 55% 10% 9% 4% 4% 0% 10% 20% 30% 40% 50% 60% Silicon Valley New England NY Metro LA/Orange County Midwest (% of total dollars) Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14
  • 8.
    PwC Investments byindustry – Quarterly percent of total US investments 8 32% 20% 9% 9% 5% 45% 12% 8% 5% 5% 35% 16% 14% 7% 7% 42% 11% 8% 8% 5% 47% 14% 8% 6% 6% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Software Biotechnology Media and Entertainment IT Services Industrial/Energy Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 (% of Total Dollars) Top 5 Industries : Q1 2013 – Q2 2014 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 9.
    PwC Internet-specific investments($B) Internet-specific & Software investments 9 Q1 2010 – Q2 2014 $0.9 $1.1 $1.1 $1.2 $1.4 $2.3 $1.7 $1.7 $1.6 $2.0 $1.6 $1.5 $1.3 $1.8 $1.5 $2.4 $2.3 $2.7 0 50 100 150 200 250 300 350 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 $ Invested # of deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters Software investments ($B) $1.0 $1.4 $1.3 $1.5 $1.5 $1.9 $2.3 $1.9 $1.8 $2.5 $2.0 $2.3 $2.4 $2.3 $3.6 $2.9 $4.1 $6.1 0 50 100 150 200 250 300 350 400 450 500 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 $ Invested # of deals
  • 10.
    PwC Life sciencesinvestments – Percent of total US investments Life sciences sector : Q2 2013 – Q2 2014 10 20% 7% 28% 12% 7% 19% 16% 5% 22% 11% 6% 17% 14% 5% 19% 0% 5% 10% 15% 20% 25% 30% Biotechnology Medical Devices and Equipment Life Sciences (% of total dollars) Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 11.
    PwC $2,546 $125 $2,885 $3,913 Seed Stage Early Stage Expansion Stage Later Stage Investments by stage of development: Q2 2014 11 Q2 2014 Total Investments - $12,969 million in 1,114 deals Stage of Development # of Deals % Change in $ from Q1 2014 Seed Stage 55 46% Early Stage 522 17% Expansion Stage 308 53% Later Stage 229 25% Total 1,114 34% ($) in millions PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 12.
    PwC $1,859 $11,109 First Sequence Follow-on Investments by sequence of financing: Q2 2014 12 Financing # of Deals % Change in $ from Q1 2014 First Sequence 351 48% Follow-on 763 31% Total 1,114 34% ($) in millions PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters Q1 2014 Total Investments - $9,469 million in 951 deals
  • 13.
    PwC First sequencefinancing Investment amount: Q1 2009 – Q2 2014 First sequence investments 13 $0.7 $1.0 $1.2 $0.9 $0.9 $1.3 $0.8 $1.1 $1.6 $1.1 $1.2 $1.9 $0.8 $1.3 $1.3 $1.1 $1.3 $1.2 $0.9 $1.3 $1.2 $1.5 - $0 $0 $1 $1 $1 $1 $1 $2 $2 $2 2009 2010 2011 2012 2013 2014 ($ in billions) Q1 Q2 Q3 Q4 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 14.
    PwC First sequencefinancing Number of deals: Q1 2009 – Q2 2014 First sequence deals 14 167 235 304 261 289 293 196 293 364 330 342 351 187 274 350 321 374 281 288 333 370 362 - 100 200 300 400 500 2009 2010 2011 2012 2013 2014 Q1 Q2 Q3 Q4 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 15.
    PwC Quarterly percentof total first sequence dollars – Stage of development Q2 2013 – Q2 2014 15 15% 70% 8% 7% 12% 63% 18% 7% 20% 53% 14% 13% 8% 71% 11% 10% 7% 50% 26% 17% 0% 10% 20% 30% 40% 50% 60% 70% 80% Seed Stage Early Stage Expansion Stage Later Stage (% of first sequence dollars) Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 16.
    PwC Quarterly percentof total first sequence deals – Stage of development Q2 2013 – Q2 2014 16 12% 72% 10% 6% 13% 73% 10% 5% 15% 66% 13% 5% 13% 70% 11% 6% 11% 63% 15% 11% 0% 10% 20% 30% 40% 50% 60% 70% 80% Seed Stage Early Stage Expansion Stage Later Stage (% of first sequence deals) Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 17.
    PwC Median dealsize vs. mean deal size – Quarterly total US investments: Q1 2009 – Q2 2014 17 $3.0 $2.5 $3.1 $2.4 $2.9 $3.0 $2.7 $2.8 $2.5 $3.0 $3.0 $2.5 $3.0 $3.0 $2.3 $2.2 $2.3 $2.5 $2.6 $2.7 $3.3 $3.5 $5.7 $6.6 $7.1 $6.3 $6.2 $7.0 $6.2 $6.2 $7.2 $7.6 $7.4 $7.5 $7.1 $7.5 $7.0 $6.5 $6.6 $7.2 $7.5 $7.5 $9.9 $11.6 - $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 Median Deal Size Mean Deal Size ($ in millions) PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 18.
    PwC Top 10Deals Silicon Valley: Q2 2014($ Millions) Uber SF Software $ 1200 Lyft SF Software 250 Pure Storage Mt View Comp/Peripherals 225 Pinterest SF Media/Entertainment 160 SunRun SF Industrial/Energy 150 Proteus Digital Health Redwood City Biotech 119 Anaplan SF Software 100 New Relic SF Software 100 Attensity Group Palo Alto Software 90 Tanium Berkeley Software 90 18 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters
  • 19.
    PwC Q2 2014– Most active US venture investors 19 VC Firm Location Number of Deals New Enterprise Associates, Inc. Menlo Park, California 32 Andreessen Horowitz LLC Menlo Park, California 32 First Round Capital Philadelphia, Pennsylvania 27 Kleiner Perkins Caufield & Byers LLC Menlo Park, California 25 SV Angel II Q LP San Francisco, California 23 True Ventures Palo Alto, California 22 Sequoia Capital Menlo Park, California 20 Canaan Partners Menlo Park, California 19 Polaris Partners Waltham, Massachusetts 17 Accel Partners & Co Inc Palo Alto, California 16 Atlas Venture Advisors Inc Cambridge, Massachusetts 16 Khosla Ventures LLC Menlo Park, California 14 Google Ventures Mountain View, California 14 DreamIt Ventures Bryn Mawr, Pennsylvania 14 Greylock Partners Menlo Park, California 14 Redpoint Ventures Menlo Park, California 14 Innovation Works Inc Pittsburgh, Pennsylvania 14 Lerer Ventures New York, New York 14 Foundry Group LLC Boulder, Colorado 12 Venrock, Inc. Palo Alto, California 12 InterWest Partners LLC Menlo Park, California 12 General Catalyst Partners LLC Cambridge, Massachusetts 12 Tech Coast Angels Los Angeles, California 11 Foundation Capital Menlo Park, California 11 Draper Fisher Jurvetson International Inc Menlo Park, California 11 Bessemer Venture Partners, L.P. Larchmont, New York 11 500 Startups, L.P. Mountain View, California 10 Connecticut Innovations Inc Rocky Hill, Connecticut 10 OrbiMed Advisors LLC New York, New York 10 Lightspeed Venture Partners X LP Menlo Park, California 10 Battery Ventures LP Boston, Massachusetts 10 Norwest Venture Partners Palo Alto, California 10 Versant Ventures, Inc. Menlo Park, California 10 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 20.
    PwC IPO andM&A Activity 20 January 2011 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters
  • 21.
    PwC Analysis ofventure-backed IPO and M&A activity 21 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 Date Total M&A Deals Average M&A deal size ($M)* Number of IPOs** Total Offer Amount ($M) Average IPO Offer Amount ($M) 2009 360 113.4 13 1,979.8 152.3 2010 545 118.0 66 7,409.5 112.3 Q1 2011 139 117.0 14 1,526.9 109.1 Q2 2011 94 167.6 20 5,635.1 281.8 Q3 2011 142 161.3 5 475.9 95.2 Q4 2011 123 131.3 11 2,803.2 254.8 2011 498 142.6 50 10,441.1 208.8 Q1 2012 114 131.1 19 1,682.8 88.6 Q2 2012 124 185.4 12 17,227.9 1,435.7 Q3 2012 124 228.6 10 1,140.7 114.1 Q4 2012 127 126.0 8 1,408.4 176.1 2012 489 171.9 49 21,459.9 438.0 Q1 2013 86 92.7 8 716.9 89.6 Q2 2013 96 218.6 22 2,249.9 102.3 Q3 2013 115 161.9 27 2,781.4 103.0 Q4 2013 94 190.4 24 5,320.1 221.7 2013 391 176.2 81 11,068.2 136.6 Q1 2014 111 251.7 37 3,400.1 91.9 Q2 2014 97 98.6 28 4,926.4 175.9 2014 208 350.3 65 8,330.9 267.9 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 22.
    PwC Fundraising 22 February 2011 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters
  • 23.
    PwC Venture capitalfundraising 23 Source: Thomson Reuters & National Venture Capital Association Data current as of July 15, 2014 Year First Time Funds Follow-On Funds Total Number of Funds VC Raised ($M) 2010 53 122 175 13,272.0 2011 61 128 189 19,022.7 2012 75 141 216 19,798.2 2013 57 140 197 17,086.3 2014 Q2 YTD 44 90 134 16,471.1 Quarter Q1 ‘13 10 37 48 4,387.5 Q2 ‘13 19 36 55 3,328.6 Q3 ‘13 18 46 64 4,430.7 Q4 ‘13 17 37 54 4,939.5 Q1 ‘14 27 36 63 9,076.2 Q2 ‘14 20 58 78 7,394.9 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 24.
    PwC Top FundsRaised: Q2 2014 ($M) Norwest $1200 M JP Morgan Chase 968 Bain 715 GGV Capital 622 Raine Group 502 Sofinnova 500 Meritech Capital 500 DFJ 470 Oak 456 Spark 375 24 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
  • 25.
    PwC Summary 25 February 2011 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters
  • 26.
    PwC Summary: GoodNews •VC investing continues at a strong post-recession pace - Increased participation by non traditional investors - Focus on larger, later stage deals - Strong investing activity in software/internet sector • Big Trends still exist - Cloud /SaaS - Mobile - Big Data/Analytics - Sharing economy - Advertising $ to Internet/Mobile - Enterprise - Education - Healthcare IT - Software Defined Data Centers/Storage/Networking 26
  • 27.
    PwC Summary: GoodNews (con’t) •California is the place to be VC $: 1/2 CA •Exit markets for VC backed companies remain strong by historical standards •IPO activity has shown some recent volatility, but pipeline remains robust •M&A activity has decreased, as corporations chose to invest in companies rather than acquire them. The top 10 public tech firms have $350B in cash on their balance sheets which should bode well for future M&A transactions 27
  • 28.
    PwC Summary: NotSo Good News •Economy – mixed trends, continued market volatility - Global GDP deceleration - US economy improved though indicators were mixed •Life Science VC $ at risk until FDA fixed: Morgenthaler/ ATV merger, Scale, Highland, Prospect, CMEA, Mohr Davidow. Cleantech investing will also continue to be under pressure until Federal policies are clarified •Funding gap still exists - $22.7B invested in YTD 2014 versus $16.5 raised 28 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters
  • 29.
    PwC Summary/Predictions VCMarket •The VC industry has been in a state of consolidation over the past 5 years as many LPs abandoned the sector due to disappointing returns (median 10 year VC returns were 4.2% in ’10 compared to 14.3 % in 2009) •VC fund performance making gains across most time horizons (median 10-year VC returns were 10.0% as of Q1 2014) due to the improved exit market. This trend is expected to continue in 2014 •Barbell structure evolving - larger funds which are stage and industry agnostic on one end; and smaller, early stage, industry or region specific funds on the other • Gap “haves” and “have-nots” is growing: Top 5 funds attracted 43% of Q2 funds 29 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters
  • 30.
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