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NATIONAL
VENTURE
CAPITAL
ASSOCIATION
YEARBOOK 2013

NATIONAL VENTURE CAPITAL ASSOCIATION YEARBOOK 2013
PREPARED BY
3 Times Square
18th Floor
New York, NY 10036
www.thomsonreuters.com

1655 Fort Myer Drive
Suite 850
Arlington, VA 22209
www.nvca.org

INCLUDING STATISTICS FROM THE
PricewaterhouseCoopers/National Venture Capital Association
MoneyTree™ Report based on data from Thomson Reuters
March 2013
Dear Reader:
These are interesting times characterized by economic and political uncertainty - and little forward
motion. And yet in the entrepreneurial section of the economy, the opportunities to create great
companies remain unabated. There is wide agreement among policy makers on the importance of
entrepreneurial companies to economic growth and well-being. Venture capital is a major driver of
that entrepreneurial economy. The nation continues to look to this sector for job creation, economic
development, better healthcare, cleaner technology, and a faster, better, and more secure internet.
The NVCA Yearbook 2013, prepared by Thomson Reuters, is the 16th iteration of a series launched
in early 1998 by NVCA and what is now Thomson Reuters. Since then we have joined forces with
PricewaterhouseCoopers to provide the best possible information on venture capital deals across all
50 states. This investment information is tracked and reported by the PricewaterhouseCoopers/NVCA
MoneyTreeTM Report based on data from Thomson Reuters.
On behalf of the National Venture Capital Association board of directors and staff, we are pleased to
present you with the latest statistics that describe the activity of the venture capital industry in the
United States. These statistics reflect strong survey participation by venture capital practitioners.
This support has allowed us to bring appropriate transparency to a part of the economy that most
people are aware of but few really understand. Your comments are always welcome at
research@nvca.org.
NVCA believes that it is more important than ever to effectively tell the story of venture capital, differentiate it from other forms of alternative assets, and explain what’s needed to continue creating
great, leading-edge companies. We believe that a strong venture capital industry is essential to
America’s future and our quality of life. NVCA is proud to be funding innovation and empowering
entrepreneurs!
Very truly yours
Diana Frazier
FLAG Capital Management
NVCA Director & Chair,
NVCA Research Committee

Mark G. Heesen
NVCA President

John S. Taylor
NVCA Head of Research
NVCA BOARD OF DIRECTORS 2012-2013
Executive Committee
Ray Rothrock
Chair
Venrock Associates

Josh Green
Chair-Elect
Mohr, Davidow Ventures

Michael Greeley
Treasurer
FlyBridge Capital Partners

Jonathan Leff
At-Large & Research Committee
Deerfield Management

Jason Mendelson
At-Large
Foundry Group

Scott Sandell
At-Large
New Enterprise Associates

Research Committee
Diana Frazier
Chair, Research Committee
FLAG Capital Management, LLC

Mike Elliott
Noro-Moseley Partners

Adam Grosser
Silver Lake Kraftwerk

Board Members At-Large
Jonathan Callaghan
True Ventures

Maria Cirino
.406 Ventures

David Douglass
Delphi Ventures

Bruce Evans
Summit Partners

Claudia Fan Munce
IBM Venture Capital Group

Norm Fogelsong
Institutional Venture Partners

Venky Ganesan
Menlo Ventures

Robert Goodman
Bessemer Venture Partners

Mark Gorenberg
Hummer Winblad Venture Partners

Jason Green
Emergence Capital Partners

Ross Jaffe, MD
Versant Ventures

Ray Leach
Jumpstart, Inc.

Sherrill Neff
Quaker BioVentures

Robert Nelsen
ARCH Venture Partners

David Lincoln
Element Partners

James Marver
VantagePoint Capital Partners

Anne Rockhold
Accel Partners

2

Thomson Reuters
2013

National Venture Capital Association
Yearbook

For the National Venture Capital Association
Prepared by Thomson Reuters

Copyright © 2013 Thomson Reuters

The information presented in this report has been gathered with the utmost care
from sources believed to be reliable, but is not guaranteed. Thomson Reuters disclaims any liability including incidental or consequential damages arising from
errors or omissions in this report.

Thomson Reuters

3
National Venture Capital Association 2013 Yearbook
National Venture Capital Association

Thomson Reuters

1655 Fort Myer Drive, Suite 850
Arlington, Virginia 22209-3114
Telephone: 703-524-2549
Telephone: 703-524-3940
www.nvca.org

3 Times Square, 18th Floor
New York, NY 10036
Telephone: 646-223-4431
Fax: 646-223-4470
www.thomsonreuters.com

President
Mark G. Heesen

Head of Research
John S. Taylor

Senior Vice President
Molly M. Myers

Senior Vice President of Federal Policy & Political
Advocacy
Jennifer Connell Dowling

Vice President of Communications
Emily Mendell

Vice President of Membership & Member Firm
Liaison
Janice Mawson

Vice President of Federal Policy & Political Advocacy
Emily A. Baker

Chief Marketing Officer
Jeanne Lazarus Metzger

Vice President of Federal Life Science Policy
Kelly Slone
Membership and Database Manager
Terry Samm

Manager of Administration and Meetings
Allyson Chappell
Accounting Manager
Beverley Badley

Administrative Assistant
Gwendolyn Taylor

Global Head of Deals & Private Equity
Stephen N. Case II

Vice President, Deals and Private Equity Operations
Shariq Kajiji
Global Business Manager – Private Equity
Jim Beecher
Editor-in-Charge
David Toll

Global Private Equity Operations Manager
Anna Aquino-Chavez

Press Management
Matthew Toole
Product Manager
Lori Ann Silva

Content Specialist
Paul Pantalla
Data Specialist
Francis Base

Research Editor
Eamon Beltran

Senior Art Director
David Cooke

Sales Manager – Publications (Buyouts, VCJ, peHUB)
Greg Winterton (646-223-6787)
ThomsonONE.com Sales:
Dave Sharma (646-223-4048)

Research Lab
Mavis Moulterd, Thea Shepherd

4

Thomson Reuters
Table of Contents
What is Venture Capital? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Industry Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 11
Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Exits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 15
Industry Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 17
Capital Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Investments.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Exits: IPOs and Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
Appendix A: Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Appendix B: MoneyTree Report Criteria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
Appendix C: MoneyTree Geographical Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

Appendix D: Industry Codes (VEICs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
Appendix E: Industry Sector VEIC Ranges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95

Appendix F: Stage Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
Appendix G: Data Sources and Resources. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99
Appendix H: International Convergence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
Appendix I: US Accounting Rulemaking and Valuation Guidelines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105

Appendix J: Non-US Private Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

Thomson Reuters

5
National Venture Capital Association
This page is intentionally left blank.

6

Thomson Reuters
What is Venture Capital?
Venture capital has enabled the United States to support its entrepreneurial talent and appetite by turning
ideas and basic science into products and services
that are the envy of the world. Venture capital funds
build companies from the simplest form – perhaps
just the entrepreneur and an idea expressed as a business plan – to freestanding, mature organizations.

Risk Capital for Business
Venture capital firms are professional, institutional
managers of risk capital that enables and supports the
most innovative and promising companies. This
money funds new ideas that could not be financed
with traditional bank financing, that threaten established products and services in a corporation, and that
typically require five to eight years to be launched.
Venture capital is quite unique as an institutional
investor asset class. When an investment is made in a
company, it is an equity investment in a company
whose stock is essentially illiquid and worthless until a
company matures five to eight years down the road.
Follow-on investment provides additional funding as
the company grows. These “rounds,” typically occurring every year or two, are also equity investment, with
the shares allocated among the investors and management team based on an agreed “valuation.” But, unless
a company is acquired or goes public, there is little
actual value. Venture capital is a long-term investment.

More Than Money
The U.S. venture industry provides the capital to create some of the most innovative and successful companies. But venture capital is more than money.
Venture capital partners become actively engaged
with a company, typically taking a board seat. With a
startup, daily interaction with the management team is
common. This limits the number of startups in which
any one fund can invest. Few entrepreneurs approaching venture capital firms for money are aware that
they essentially are asking for 1/6 of a person!
Yet that active engagement is critical to the success of
the fledgling company. Many one- and two-person

Thomson Reuters

Venture Capital Backed Companies
Known for Innovative Business Models
Employment at IPO and Now
As
Company
The Home Depot
Starbucks Corporation
Staples
Whole Foods Market, Inc.
eBay

of IPO
650
2,521
1,693
2,350
138

Current
331,000
160,000
89,019
69,500
31,500

# Change
330,350
157
,479
87
,326
67
,150
31,362

Venture Capital Backed Companies
Known for Innovative Technology and Products
Employment at IPO and Now
Company
Microsoft
Intel Corporation
Medtronic, Inc.
Apple Inc.
Google
JetBlue

As of IPO
1,153
460
1,287
1,015
3,021
4,011

Current
94,000
100,100
45,000
76,100
53,861
12,070

# Change
92,847
99,640
43,713
75,085
50,840
8,059

Source: Global Insight; Updated from ThomsonOne 2/2013

companies have received funding but no one- or twoperson company has ever gone public! Along the way,
talent must be recruited and the company scaled up.
Ask any venture capitalist who has had an ultra-successful investment and he or she will tell you that the
company that broke through the gravity evolved from
the original business plan concept with the careful
input of an experienced hand.

Deal Flows — Where The Buys Are
For every 100 business plans that come to a venture
capital firm for funding, usually only 10 or so get a
serious look, and only one ends up being funded. The
venture capital firm looks at the management team,
the concept, the marketplace, fit to the fund’s objectives, the value-added potential for the firm, and the
capital needed to build a successful business. A busy
venture capital professional’s most precious asset is
time. These days, a business concept needs to address
world markets, have superb scalability, be made successful in a reasonable timeframe, and be truly innovative. A concept that promises a 10 or 20 percent
improvement on something that already exists is not
likely to get a close look.

7
National Venture Capital Association
Many technologies currently under development by
venture capital firms are truly disruptive technologies
that do not lend themselves to being embraced by
larger companies whose current products could be
cannibalized by this. Also, with the increased emphasis on public company quarterly results, many larger
organizations tend to reduce spending on research and
development and product development when things
get tight. Many talented teams have come to the venture capital process when their projects were turned
down by their companies.

The Exit Funnel
Outcomes of the 11,686 Companies
First Funded 1991 to 2000
Went/Going Public
14%
Still Private
or Unknown*
35%
Acquired
33%

Common Structure — Unique Results
While the legal and economic structures used to create a venture capital fund are similar to those used by
other alternative investment asset classes, venture capital itself is unique. Typically, a venture capital firm
will create a Limited Partnership with the investors as
LPs and the firm itself as the General Partner. Each
“fund,” or portfolio, is a separate partnership. A new
fund is established when the venture capital firm
obtains necessary commitments from its investors, say
$100 million. The money is taken from investors as
the investments are made. Typically, an initial funding
of a company will cause the venture fund to reserve
three or four times that first investment for follow-on
financing. Over the next three to eight or so years, the
venture firm works with the founding entrepreneur to
grow the company. The payoff comes after the company is acquired or goes public. Although the investor
has high hopes for any company getting funded, only
one in six ever goes public and one in three is
acquired.

Economic Alignment of all Stakeholders —
An American Success Story
Venture capital is rare among asset classes in that success is truly shared. It is not driven by quick returns or
transaction fees. Economic success occurs when the
stock price increases above the purchase price. When
a company is successful and has a strong public stock
offering, or is acquired, the stock price of the company reflects its success. The entrepreneur benefits from
appreciated stock and stock options. The rank and file
employees throughout the organization historically
also do well with their stock options. The venture capital fund and its investors split the capital gains per a

8

Known Failed
18%
*Of these, most have quietly failed

pre-agreed formula. Many college endowments, pension funds, charities, individuals, and corporations
have benefited far beyond the risk-adjusted returns of
the public markets.

Beyond the IPO
Many of the most exciting venture capital backed
companies left the venture portfolios after they went
public. Far from being a destination, the IPO process
provides needed growth capital for a growing company. A 2009 analysis by IHS Global Insight shows that
more than 90% of the jobs at today’s venture backed
public companies were created after it went public.
That is, these companies on average are 10% of their
mature size at the time they go public.

What’s Ahead
Much of venture capital’s success has come from the
entrepreneurial spirit pervasive in the American culture,
financial recognition of success, access to good science,
and fair and open capital markets. It is dependent upon
a good flow of science, motivated entrepreneurs, protection of intellectual property, and a skilled workforce.
The nascent deployment of venture capital in other
countries is gated by a country’s or region’s cultural fit, tolerance for failure, services infrastructure
that supports developing companies, intellectual
property protection, efficient capital markets, and
the willingness of big business to purchase from
small companies.

Thomson Reuters
Executive Summary
During 2012, many of the metrics describing the venture capital industry in the United States were similar to
those of the prior two years. The decline in the number of firms and capital managed was expected but not as
large as some were anticipating. Venture investment focused on companies in the seed and early stages, with
many later-stage companies continuing to await a helpful IPO environment. Investment in early-stage life science companies continues to soften.
Fundraising remained very challenging for the majority of venture firms, largely because of a dearth of healthy
exits that would distribute yet-unrealized returns to current fund investors. The number of initial public offerings in 2012 fell slightly from 2011 levels, but the proceeds and IPO valuation tally were both up significantly, largely as a result of one huge IPO and a handful of large ones.
A healthy venture capital ecosystem requires its metrics to be in balance. And while the quality of new business
opportunities, known as deal flow, remains very high and the best opportunities are getting funded, stresses
remain.

Introduction
The National Venture Capital Association 2013
Yearbook provides a summary of venture capital
activity in the United States. This ranges from investments into portfolio companies to capital managed
by general partners to fundraising from limited partners to exits of the investments by either IPOs or
mergers and acquisitions. The statistics for this publication were assembled primarily from the
MoneyTree™ Report by PricewaterhouseCoopers
and the National Venture Capital Association, based
on data from Thomson Reuters and analyzed through
Figure 1.0
Venture Capital Under Management
Summary Statistics

No. of VC Firms in Existence
No. of VC Funds in Existence
No. of Principals
No. of First Time VC Funds Raised
No. of VC Funds Raising Money This Year
VC Capital Raised This Year ($B)
VC Capital Under Management ($B)
Avg VC Capital Under Mgt per Firm ($M)
Avg VC Fund Size to Date ($M)
Avg VC Fund Size Raised This Year ($M)
Largest VC Fund Raised to Date ($M)

Thomson Reuters

1992
2002
2012
358
1,089
841
616
2,119
1,269
4,996 14,541
5,887
13
25
43
78
176
162
4.9
15.7
20.1
28.7
272.1
199.2
80.2
249.9
236.9
39.1
94.4
110.6
62.8
89.2
124.1
1,775.0 6,300.0 6,300.0

the ThomsonONE.com (formerly VentureXpert)
database of Thomson Reuters, which has been
endorsed by the NVCA as the official industry activity database. Subscribers to ThomsonONE can recreate most of the charts in this publication and report
individual deal detail and more granular statistics
than provided herein.

Industry Resources
The activity level of the U.S. venture capital industry
is roughly half of what it was at the 2000-era peak.
For example, in 2000, 1053 firms each invested $5
million or more during the year. In 2012, the count
was less than half that at 522.
Venture capital under management in the United
States by the end of 2012 decreased to $199.2 billion
as calculated using the methodology described
below. However, looking behind the numbers, we
know that the industry continues to contract from the
circa 2000 bubble high of $261.2 billion
The slight downtick in number of firms and capital
managed in 2012 perhaps understates a consolidating trend. The average venture capital firm shrunk to
7.0 principals per firm from 7.4 in 2011. The corresponding drop in headcount to under 6,000 principals is almost one-third lower than 2007 levels. This

9
10

2 01
0
201
1
201
2

2 00
1
200
2
200
3
2 00
4
200
5
200
6
200
7
2 00
8
200
9

199
8
199
9
200
0

199
6
199
7

199
4
199
5

198
9
199
0
199
1
199
2
199
3

198
8

198
7

198
6

198
5

($ Billions)

198
5
198
6
198
7
198
8
198
9
199
0
199
1
199
2
1993
199
4
199
5
199
6
1997
199
8
199
9
200
0
200
1
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2

($ Billions)

National Venture Capital Association
Figure 2.0
Capital Under Management
U.S. Venture Funds ($ Billions)
1985 to 2012

350

300

250

200

150

100

50

0
Year

Figure 3.0
Capital Commitments to
U.S. Venture Funds ($ Billions)
1985 to 2012

120

100

80

60

40

20

0

Year

Thomson Reuters
2013 NVCA Yearbook

Figure 4.0
Investments in
Portfolio Companies ($ Billions)
1985 to 2012
120
100

($ Billions)

80
60
40

200
1
200
2
200
3
2 00
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2

199
7
199
8
199
9
200
0

199
4
199
5
199
6

198
7
198
8
198
9
199
0
199
1
199
2
199
3

0

198
5
198
6

20

Year
Figure 5.0
Venture Capital Investments in 2012
By Industry Group

All Investments
Industry Group
Information Technology
Medical/Health/Life Science
Non-High Technology
Total

# Companies
2,130
649
364
3,143

# Deals
2,480
818
425
3,723

meant that there was an increase in the average
amount of capital managed by each principal. It is
possible going forward, that the number of principals
per firm will increase as the number of firms
decreases. This is because the bulk of the money
being raised today is being raised by larger, specialty, and boutique firms.

Commitments
New commitments to venture capital funds in the
United States increased for the second year in a row,
which follows four years of declines. In 2012, commitments totaling $20.1 billion were made to 183
funds. This is roughly two-thirds of the annual levels

Thomson Reuters

Initial Investments
Investment
Amt ($Bil)
16.5
6.8
3.4
26.7

# Companies
870
148
156
1,174

# Deals
870
148
156
1,174

Investment
Amt ($Bil)
3.0
0.7
0.4
4.1

seen in 2005-2007 and approximately one-fifth of the
annual amount raised at the bubble peak.
When you look behind the 2012 capital commitments
at the specific funds being raised, the 10 largest funds
represent 48% of the capital raised, with 173 funds
raising the other 52%.
This is the sixth consecutive year in which more
money was invested by the industry than raised in
new commitments. That has been the case in 11 of
the past 13 years. While this is not a true apples-toapples comparison, it does explain the industry’s
strong interest in raising additional funds in 2013
and beyond. The narrow success of recent IPO and

11
National Venture Capital Association
Figure 6.0
Venture Capital Investments in 2012
Stage by Dollars Invested
Seed 3%

Later Stage 32%
Early Stage 30%

Expansion 35%

Figure 7.0
Venture Capital Investments in 2012
Industry Sector by Dollars Invested
Telecommunications 2%

Other
0.2%

Biotechnology
15%
Business Products
and Services 0.4%
Computers and
Peripherals 2%
Consumer Products
and Services 5%
Electronics/
Instrumentation 1%
Financial Services 1%
Healthcare Services 1%

Software 31%

Semiconductors
3%
Retailing/
Distribution 2%
Networking and
Equipment 1%
Medical Devices
and Equipment 9%

12

Industrial/Energy 10%

IT Services 7%

Media and
Entertainment 7%

Thomson Reuters
2013 NVCA Yearbook
acquisition markets has not enabled most firms to
pay out sufficient distributions to their investors to
begin raising another fund. For the vast majority of
firms, raising additional capital right now is very
difficult.

Investments
Measuring industry activity with the total dollars
invested in a given year shows that the industry has
remained generally in the $20 billion to $30 billion

range since 2002. In 2012, $26.7 billion was invested in
3,143 companies. This is less than 2011 totals and
greater than 2010 totals. The number of first-time fundings likewise was less than 2011 and greater than 2010.
Further parsing the data shows an increasing portion of
the investment dollars going to California companies.
Software was the leading sector in 2012, receiving
31% of the total dollars. The second largest sector was
Biotechnology which fell to roughly half that amount
at 15.4% of total investment The continued interest in
Clean Technology
investing
brought
the

Figure 8.0
2012 Investments
By State
State
California
Massachusetts
New York
Washington
Texas
Illinois
Colorado
Pennsylvania
New Jersey
Virginia
All Others
Total

Number of
Companies
1,280
326
287
101
134
76
85
154
49
62
589
3,143

Pct of
Total
41%
10%
9%
3%
4%
2%
3%
5%
2%
2%
19%

Investment
($ Millions)
14,128.8
3,067.9
1,856.7
931.5
930.5
570.4
564.2
517.8
429.3
372.3
3,282.8
26,652.4

Pct of
Total
53%
12%
7%
3%
3%
2%
2%
2%
2%
1%
12%

Figure 9.0
Venture-Backed IPOs

Year
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012

Num of IPOs
48
104
86
43
42
47
120
150
175
140
184
256
141
79
280
238
37
24
26
82
59
68
92
7
13
68
51
49

Thomson Reuters

Offer
Amount
($Mil)
763
2,414
2,125
769
873
1,108
3,726
5,431
6,141
4,004
7,859
12,666
5,831
4,221
24,005
27,443
4,130
2,333
2,024
10,032
5,113
7,127
12,365
765
1,980
7,609
10,690
21,451

Med Offer
Amt ($Mil)
13
14
17
15
16
20
27
24
24
24
36
35
33
43
70
83
80
89
71
70
68
85
97
83
123
93
106
89

Mean Offer
Post Offer
Med Post
Mean Post Median Age
Amt ($Mil) Value ($Mil) Value ($Mil) Value ($Mil) @ IPO (yrs)
16
1,991
32
47
3
23
166,260
53
1889
4
25
10,790
46
150
4
18
20,523
51
555
3
21
5,479
51
166
4
24
5,886
60
178
4
31
14,151
78
168
5
36
15,759
68
147
5
35
14,430
75
129
5
29
9,854
67
91
5
43
17,046
103
136
4
49
40,360
111
191
3
41
17,784
99
146
3
53
9,649
149
214
3
86
86,669
294
425
3
115
63,610
336
464
3
112
15,545
304
576
4
97
8,322
266
347
3
78
7,412
252
285
5
122
50,268
254
613
6
87
39,702
202
673
5
105
71,467
293
1067
5
134
68,282
361
742
6
109
3,645
278
521
7
152
9,192
548
707
6
112
111,386
431
1662
5
210
94,987
606
1862
6
438
122,264
371
2495
7

Mean Age
@ IPO (yrs)
4
4
4
4
4
4
5
5
6
5
5
4
6
3
3
4
4
5
6
6
5
6
6
7
7
6
7
8

13
National Venture Capital Association
Industrial/Energy sector to 10.5% of the total. Medical
Devices rounded out the top four sectors at 9.4%.
The life sciences share of the venture capital investment dollars decreased in 2012 to its lowest level
since 2002. In 2012, 15.4% of the money went into
Biotechnology, 9.4% into Medical Devices, and 1.2%
into Healthcare Services, totaling 26.0%. This is
down from the 33.1% combined share in 2009.
As has been the case for several years, attention has
been focused on the two ends of the spectrum.
Looking at deal counts, 2012 actually saw the highest
percentage of seed- and early-stage deals since at least
1985 (51.8% of total deals). This certainly would
challenge the suggestion that the industry’s attention
is single-focused on later-stage companies. That said,
the 22.4% of deals going to later-stage companies is
also toward the top end of the historical range. There

remains a record number of companies in portfolios
in the later stage of development that in most other
positions in the business cycle would have already
gone public or otherwise been acquired.
With the rule of thumb that a healthy venture capital
industry invests in 1,000-1,300 new companies each
year, the 1,174 first fundings in 2012 is very much in
that range. Not surprisingly, 81% of those first round
investments were made at the seed- and early-stage
levels.
The year 2012 provided an interesting contrast in geographic dispersion. While 53% of all the investment
dollars went to California-based portfolio companies,
a record for MoneyTree™, companies in 48 states and
DC received financing, also a MoneyTree™ record
high.

Figure 10.0
Venture-Backed M&A Exits
Year
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012

14

Number
Total
6
8
10
17
20
19
16
69
59
82
92
107
143
189
227
379
384
363
323
402
443
485
488
416
350
521
488
449

Number
Known
3
1
4
9
10
7
4
43
36
56
58
76
99
113
154
245
175
165
134
199
198
207
200
134
108
149
169
121

($ Millions)
Price
Average
300.2
100.1
63.4
9.1
667.2
111.2
920.7
115.1
746.9
74.7
120.3
10.0
190.5
15.9
2,119.1
81.5
1,332.9
58.0
3,207.1
123.4
3,801.8
111.8
8,230.8
265.5
7,743.6
176.0
8,002.0
105.3
38,688.0
530.0
79,996.4
597.0
25,115.6
120.2
11,913.2
60.2
8,240.8
43.6
28,846.1
142.1
19,600.2
80.0
24,288.5
87.4
30,745.5
106.8
16,236.9
57.6
12,364.9
51.1
17,700.3
47.6
24,093.2
75.5
21,516.2
65.6

Thomson Reuters
2013 NVCA Yearbook
Exits

ing or seeking to go public were not able to do so.

Once successful portfolio companies mature, venture
funds generally exit their positions in those companies by taking them public through an initial public
offering (IPO) or by selling them to presumably larger organizations (acquisition, or trade sale). This then
lets the venture fund distribute the proceeds to
investors, raise a new fund for future investment, and
invest in the next generation of companies. This chapter considers each type of exit separately.

On the market valuation placed on these IPOs at the
offer price, 2012 was a very good year. The 49 IPOs
had a valuation of $122.3 billion. This is the highest
amount since 1986. What is quite striking (Fig 5.03),
is the huge gap between median and mean (average)
valuation of almost seven times! This suggests a huge
outlier effect created by the very large IPOs that succeeded.

IPOs in 2012 were a mixed bag at best. On the one
hand, the number of venture-backed companies going
public actually fell from 2011 from 51 to 49. But the
dollars raised in those initial public offerings more
than doubled from $10.7 billion to $21.5 billion. But
looking behind the numbers, we see that Facebook
itself raised $16.0 billion of that $21.5 billion, with a
few other high-profile IPOs looming large in the
remainder. This meant that many companies attempt-

Thomson Reuters

In 2012, the acquisition market weakened. There was
a slight decrease in the number of acquisitions, or
trade sales, of venture-backed companies. We tracked
449 acquisitions, of which we had disclosed deal
amounts for 121 of them. The sum of the disclosed
values was also down at $21.5 billion. Just over onefifth of them were acquired at 10 times or greater than
the cumulative venture capital investment in those
companies. We tracked four acquisitions at more than
$1 billion.

15
National Venture Capital Association
This page is intentionally left blank.

16

Thomson Reuters
Industry Resources
The activity level of the U.S. venture capital industry is roughly half of what it was at the 2000-era peak. For
example, in 2000, 1053 firms each invested $5 million or more during the year. In 2012, the count was less than
half that at 522.
Venture capital under management in the United States by the end of 2012 decreased to $199.2 billion as calculated using the methodology described below. However, looking behind the numbers, we know that the industry continues to contract from the circa 2000 bubble high of $261.2 billion
The slight downtick in firms and capital managed in 2012 perhaps understates a consolidating trend. The average venture capital firm shrunk to 7.0 principals per firm from 7.4 in 2011. The corresponding drop in headcount to under 6,000 principals is almost one-third lower than 2007 levels. This meant that there was an
increase in the average amount of capital managed by each principal. It is possible going forward, that the
number of principals per firm will increase as the number of firms decreases. This is because the bulk of the
money being raised today is being raised by larger, specialty, and boutique firms. For our purposes here, we
define a principal to be someone who goes to portfolio company board meetings. That is, deal partners would
be included and firm CFOs would not be included.
Geographic location of the largest venture firms is quite concentrated. California domiciled firms manage
47.1% of the industry’s capital although these firms may be actively investing in other states and countries. This
concentration has been consistent for several years and may increase going forward, given the movement of
some east coast funds westward. Taken together, the top five states (California, Massachusetts, New York,
Connecticut, and Illinois) hold 81.4% of total venture capital in this country.

METHODOLOGY
Historically we have calculated industry size using a
“rolling eight years of fundraising” proxy for capital
managed, number of funds, number of firms, etc. The
number of firms in existence will vary on a rolling
eight-year basis as firms raise new funds or do not
raise funds for more than eight years. Currently, we
know the industry is consolidating, but the eight- year
model now includes fund vintage years 2005-2012.
However, through 2012, the rolling eight year
methodology belies this contraction because the very
slow fundraising years of 2002-2004 were rolling out
of the calculation.
Under this methodology, we estimate that there are
currently 841 firms with limited partnerships “in
existence.” To clarify, this is actually stating that there
are 841 firms that have raised a venture capital fund
in the last eight years. In reality, fewer firms are actually making new investments in 2012.

added a column to the table to report the number of
independent and corporate venture groups actually
investing $5 million or more in a given year. These
522 firms are less than half the level of 2000. We
expect this statistic to fall further going forward.
For this publication, we are primarily counting the
number of firms with limited partnerships and are
excluding other types of investment vehicles. From
that description, it may appear that the statistics for
total industry resources may be underestimated.
However, this must be balanced with the fact that capital under management by captive and evergreen
funds is difficult to compare equitably to typical limited partnerships with fixed lives. For this analysis
only, the firms counted for capital under management
include firms with fixed-life partnerships and venture
capital funds they raised. If a firm raised both buyout
and venture capital funds, only the venture funds
would be counted in the calculation of venture capital
under management.

To better report the actual number of active firms, we

Thomson Reuters

17
National Venture Capital Association
Venture capital under management can be a complex
statistic to estimate. Indeed, capital under management reported by firms can differ from firm to firm as
there’s not one singular definition. For example, some
firms include only cumulative committed capital, others may include committed capital plus capital gains,
and still other firms define it as committed capital
after subtracting liquidations. To complicate matters,
it is difficult to compare these totals to European private equity firms, which include capital gains as part
of their capital under management measurements.

have completed their life cycle. Typically, venture
capital firms have a stated 10-year fixed life span,
except for life science funds, which are often established as 12-year funds. Figure 1.08 shows the reality
of fund life. Thomson Reuters calculates capital under
management as the cumulative amount committed to
funds on a rolling eight-year basis. Current capital
under management is calculated by taking the capital
under management calculation from the previous
year, adding in the current year’s funds’ commitments,
and subtracting the capital raised eight years prior.

For purposes of the analysis in this publication, we
have tried to clarify the industry definition of capital
under management as the cumulative total of committed capital less liquidated funds or those funds that

For this analysis, Thomson Reuters classifies venture
capital firms using four distinct types: private independent firms, financial institutions, corporations,
and other entities. ‘Private independent’ firms are

Figure 1.01
Capital Under Management
U.S. Venture Funds ($ Billions)
1985 to 2012

350
300

($ Billions)

250
200
150
100
50

198
5
198
6
198
7
198
8
198
9
199
0
199
1
1992
1993
199
4
199
5
199
6
1997
199
8
199
9
200
0
200
1
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2

0
Year

18

Thomson Reuters
2013 NVCA Yearbook
made up of independent private and public firms
including both institutionally and non-institutionally
funded firms and family groups. ‘Financial institutions’ refers to firms that are affiliates and/or subsidiaries of investment banks and non-investment
bank financial entities, including commercial banks
and insurance companies. The ‘corporations’ classification includes venture capital subsidiaries and affiliates of industrial corporations. In 2013, we will modify the methodology to reflect virtually all direct corporate investment because many of the corporate venture investors do not operate out of a separate fund or

group. The capital under management statistics
reported in this section consist primarily of venture
capital firms investing through limited partnerships
with fixed commitment levels and fixed lives and do
not include non-vintage “evergreen funds” or true
captive corporate industrial investment groups without fixed commitment levels. The term ‘evergreen
funds’ refers to funds that have a continuous infusion
of capital from a parent organization, as opposed to
the fixed life and commitment level of a closed-end
venture capital fund.

Figure 1.02
Total Capital Under Management
By Firm Type 1985 to 2012 ($ Millions)

1985 1986

1987 1988

P vate Independent 11,636 14,574 17,299 18,607
Pri
Financial Institutions 3,368 3,508 3,442 3,178
Corporations
1,739 1,709 2,062 2,148
Other
857 909 897 867
Total

1989 1990

22,112
2,714
2,095
779

22,632
2,802
2,142
725

1991

1992

1993

1994 1995 1996 1997 1998

21,805 22,557 25,199 28,528 33,417
2,392 2,220 2,484 2,924 3,758
2,086 2,211 1,526 1,573 1,345
618 313 191 275 380

40,235
5,123
2,032
409

51,877
7,209
2,348
665

76,398
10,382
3,245
3
875

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

120,221
15,466
6,797
1,116

187,475
23,454
11,604
1,467

221,105
24,975
12,787
2,134

221,634 225,208 233,976 242,466
24,453 23,558 22,277 21,634
12,766 12,717 12,245 12,044
2,347 2,317 2,302 2,055

255,714 238,766
18,991 14,384
11,964 8,828
2,031 1,822

194,698
6,263
4,171
1,469

171,713
4,865
2,979
843

175,980
5,266
3,458
3,997

2011

2012

183,482 180,936
9,541 9,670
4,483 4,497
3,995 4,098

17,600 20,700 23,700 24,800 27,700 28,300 26,900 27,300 29,400 33,300 38,900 47,800 62,100 90,900 143,600 224,000 261,000 261,200 263,800 270,800 278,200 288,700 263,800 206,600 180,400 188,700 201,500 199,200

Figure 1.03
Distribution of Firms
By Capital Managed 2012
155
160

139
125

140

112

111

120

91

100
80

60
47

60
40
20

10
00
+

50
010
00

25
050
0

10
025
0

-10
0
50

25
-5
0

10
-2
5

010

0

Capital Under Management ($ Millions)
This chart shows capital committed to U.S. venture firms in active funds. While much of the capital is managed
by larger firms, of the 841 firms at the end of 2012, roughly 60% of them (504) managed $100 million or less. By
comparison, just 47 firms managed active funds totaling more than $1 billion.

Thomson Reuters

19
National Venture Capital Association
Figure 1.04
Fund and Firm Analysis
Fund
Vintage
Year
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012

Total
Cumulative
Funds
631
707
810
887
979
1,037
1,075
1,147
1,244
1,342
1,497
1,647
1,859
2,096
2,433
2,849
3,092
3,174
3,282
3,447
3,622
3,805
4,019
4,205
4,313
4,439
4,599
4,716

Total
Cumulative
Firms
323
353
388
406
435
451
458
478
509
542
607
668
760
839
966
1,109
1,191
1,208
1,260
1,328
1,398
1,474
1,558
1,621
1,664
1,725
1,787
1,828

Total
Cumulative
Capital ($B)
20
23.4
27.4
30.8
35.8
38.3
40.5
44.1
49.4
56.7
66.2
78.6
97.9
129.2
184.1
268.2
310.4
318
330
349.4
376.2
417.9
447.9
474.8
490.7
506.7
531.5
548.6

Existing
Funds
532
590
670
700
727
716
639
601
613
635
687
760
880
1,059
1,358
1,702
1,848
1,832
1,785
1,800
1,763
1,709
1,586
1,356
1,221
1,265
1,317
1,269

Firms That Raised
Funds in the Last
8 Vintage Years
294
324
353
365
380
383
360
352
370
385
424
469
541
613
733
864
920
918
948
984
1009
1019
1010
879
818
844
868
841

Capital
Managed
($B)
17.6
20.7
23.7
24.8
27.7
28.3
26.9
27.3
29.4
33.3
38.9
47.8
62.1
90.9
143.6
224
261
261.2
263.8
270.8
278.2
288.7
263.8
206.6
180.4
188.7
201.5
199.2

Avg
Fund Size
($M)
33.1
35.1
35.4
35.4
38.1
39.5
42.1
45.4
48.0
52.4
56.6
62.9
70.6
85.8
105.7
131.6
141.2
142.6
147.8
150.4
157.8
168.9
166.3
152.4
147.7
149.2
153.0
157.0

Avg
Firm Size
($M)
59.9
63.9
67.1
67.9
72.9
73.9
74.7
77.6
79.5
86.5
91.7
101.9
114.8
148.3
195.9
259.3
283.7
284.5
278.3
275.2
275.7
283.3
261.2
235
220.5
223.6
232.1
236.9

Firms
Actively
Investing
92
113
112
118
115
100
80
104
93
110
185
249
342
408
713
1053
759
534
505
575
558
570
627
603
462
509
545
522

The correct interpretation of this chart is that since the beginning of the industry to the end of 2012, 1,828 firms had been founded and 4,716 funds had
been raised. Those funds totaled $548.6 billion. At the end of 2012, 841 firms as calculated using our eight-year methodology managed 1,269 individual
funds, with each fund typically being a separate limited partnership. Capital under management, again calculated using a rolling eight years of fundraising, by those firms at the end of 2012 was $199.2 billion. However, only 522 independent and corporate venture groups invested at least $5 million in
MoneyTree™ deals in 2012.

Figure 1.05
Principals Information

Year
2007
2008
2009
2010
2011
2012

No.
Principals
Per Firm
8.7
8.5
8.6
8.0
7.4
7.0

Estimated
Industry
Principals
8,665
7,293
6,760
6,328
6,231
5,887

Figure 1.06
Top 5 States
By Capital Under Management 2012

Avg Mgt
Per Principal
($M)
30.0
28.3
26.4
25.7
28.6
33.8

State
CA
MA
NY
CT
IL
Total*

($ Millions)
93,814.8
34,482.3
21,378.0
8,051.2
4,369.0
162,095.4

*Total includes above 5 states states only
*Total includes above 5 only

The correct interpretation of this chart is that at year end 2012, there were 5,887
principals (people who go to board meetings) in the industry. A principal on average manages $33.8 million and the average firm is made up of 7.0 principals, down
from 7.4 principals a year earlier.

20

Thomson Reuters
2013 NVCA Yearbook
Figure 1.07
Capital Under Management By State 1985 to 2012 ($ Millions)

N

O

W

S
N
M
P
W
R
N
W
A
M
U
A
T

State 1985 1986 1987 1988 1989
CA
4,875 5,836 6,493 6,727 7,987
MA 2,331 2,646 3,533 3,886 4,292
NY
3,382 4,421 4,369 4,158 5,589
CT
1,285 1,432 1,917 1,979 1,821
IL
470 490 720 848 804
PA
444 518 548 562 731
DC
3
4
4
3
4
TX
454 488 722 720 792
NJ
610 707 746 734 730
MD
93 97 123 116 158
WA
313 406 384 422 395
VA
72 78 78 84 104
MN
198 294 338 672 743
NC
34 54 87 89 124
CO
361 428 396 513 613
MO
557 581 614 591 599
UT
9
19
19
15
15
MI
111 119 125 122 123
FL
124 131 172 192 194
TN
102 127 191 183 215
GA
88 94 175 257 261
DE
39 40 40 38
47
OH
852 889 969 831 254
AL
125 131 131 127 134
IN
45 55 56
77 96
AZ
40
43 43 73 74
LA
7
7
7
7
7
KY
15
16
16
16
0
WI
181 99 98 95 104
NM
71 100 135 132 168
ID
0
0
0
0
0
ME
1
1 20
25 26
OK
1 29 29 28
37
SD
0
0
0
0
0
HI
2
2
2
2
2
IA
49
51 104 101 80
OR
168 176 203 239 242
VT
0
0
0
0
0
NH
24 25 25 49 50
ND
0
0
0
0
0
KS
0
0
0
0
0
SC
1
1
1
1
15
NE
0
0
0
1
1
MS
0
0
0
0
0
PR
0
0
0
0
0
WY
0
0
0
0
0
RI
15
16
16 36 36
NV
0
0
0
0
0
WV
0
0
0
0
0
AR
2
2
2
2
2
MT
0
1
1
1
1
UN
46 48 48
46
31
AK
0
0
0
0
0
Total 17,600 20,700 23,700 24,800 27,700

Thomson Reuters

1990
7,620
4,414
5,810
1,984
818
772
4
835
950
163
383
91
882
113
572
655
16
38
132
259
275
41
257
136
88
75
5
0
104
255
0
26
38
0
2
82
246
0
51
0
13
15
1
0
9
0
37
0
0
2
1
31
0
28,300

1991
7,732
4,070
5,460
1,840
783
774
4
773
880
98
198
56
810
109
554
653
15
14
110
276
262
41
273
136
80
75
2
0
78
243
0
26
37
0
2
61
228
0
50
0
13
15
1
0
9
0
36
0
0
2
1
21
0
26,900

1992
7,728
4,944
5,314
1,937
886
770
1
805
546
115
241
42
764
110
528
642
10
14
97
270
262
14
303
137
96
34
11
0
78
230
0
28
37
0
0
62
116
0
50
0
13
15
1
0
9
0
36
0
0
0
1
0
0
27,300

1993
8,562
5,136
5,911
2,268
1,148
570
20
936
512
374
227
35
842
108
617
107
10
13
151
200
434
41
427
6
99
44
22
0
81
205
0
29
38
0
0
54
74
0
27
0
14
15
11
0
9
0
22
0
0
0
1
0
0
29,400

1994
9,315
5,645
6,977
2,430
1,220
739
20
1,143
695
784
178
32
896
146
566
137
25
10
223
292
432
51
470
6
109
43
31
7
163
179
0
98
9
0
0
55
74
0
27
0
14
15
11
0
9
0
22
0
0
0
0
0
0
33,300

1995
11,524
6,881
8,268
2,282
1,361
822
123
1,145
958
914
299
48
877
128
475
119
31
41
321
306
434
100
447
6
111
44
49
21
168
154
0
89
10
0
2
5
77
0
47
0
37
29
105
11
9
0
23
0
0
0
0
0
0
38,900

1996
14,797
7,339
9,952
2,397
1,312
1,324
1,670
1,225
1,480
1,514
460
73
511
298
549
124
31
41
303
453
359
121
375
6
192
10
89
21
195
151
0
86
32
10
2
5
30
0
19
0
37
52
136
11
9
0
0
0
0
0
0
0
0
47,800

1997
19,349
10,436
10,286
3,677
1,989
1,743
2,325
1,681
1,557
2,004
677
251
616
618
863
147
94
66
378
463
762
114
689
5
176
9
275
21
180
120
0
88
23
10
2
16
30
0
66
0
56
37
138
11
49
0
2
0
0
0
0
0
0
62,100

1998
26,799
15,737
19,646
4,684
2,245
2,100
2,450
2,994
2,171
2,642
1,078
506
713
804
1,162
111
96
76
688
743
1,074
116
764
24
191
38
366
21
204
12
0
89
67
85
2
17
40
0
67
0
43
37
141
11
40
0
2
0
0
0
0
0
0
90,900

2000
83,652
38,137
38,221
8,913
4,393
3 6,233
3,847
6,871
3,628
3 5,112
2,799
2,520
2,235
1,007
1,365
4,775
307
268
587
1,782
1,235
2,308
113
1,847
107
662
101
476
21
1 245
12
014
202
140
178
1 11
16
100
016
65
00
42
36
175
11
39
0
117
22
223
021
1 19
00
00
00
224,00

2001
102,032
47,762
39,225
11,878
4,805
6,338
4,122
7,994
4,311
5,378
3,684
2,636
2,187
1,36
1,446
5,288
449
475
591
1,749
1,280
2,158
80
1,872
107
662
104
651
21
245
12
1 14
290
139
177
11
60
100
1 43
65
00
42
37
164
39
68
1 117
226
23
221
19
00
00
00
261,300

2002
102,065
49,004
37,658
11,710
5,258
6,231
4,686
7,922
4,226
5,159
3,687
2,649
2,363
1,577
5,432
417
448
589
1,682
1,161
2,151
69
1,873
107
650
145
648
14
152
12
14
218
139
177
11
60
112
43
84
00
42
71
164
39
68
117
226
32
21
19
00
00
00
261,200

2003
105,008
48,678
37,086
11,682
5,616
6,523
4,584
7,799
4,440
5,043
3,566
2,819
2,357
1,776
5,412
407
559
631
1,591
1,150
2,075
28
1,853
155
683
180
631
14
152
33
14
219
139
177
9
55
83
43
65
00
19
58
71
28
68
117
35
32
21
19
00
00
00
263,800

2004
110,920
49,187
36,655
13,333
5,690
6,100
3,373
8,259
4,083
4,811
4,630
2,868
2,361
1,618
5,229
504
589
859
1,577
1,043
2,109
15
1,986
173
593
180
663
14
133
35
14
214
117
175
16
65
85
43
65
00
19
35
38
28
68
117
35
33
21
19
00
00
00
270,800

2005
116,533
50,675
36,182
13,525
5,168
6,506
3,582
8,448
4,073
4,762
4,591
3,338
2,441
1,447
4,882
1,232
546
912
1,802
1,089
1,835
15
1,805
225
595
199
502
18
105
69
14
215
117
175
16
53
85
43
19
00
0
41
38
28
29
118
33
33
21
19
00
00
00
278,200

2006
125,205
55,598
29,295
14,879
5,289
7,033
4,640
8,203
5,159
4,743
4,597
3,367
2,593
1,657
4,663
1,293
651
946
1,525
840
1,697
15
1,721
224
608
171
430
216
205
74
84
276
111
103
16
60
76
43
30
00
0
41
38
29
29
118
33
33
21
19
00
00
00
288,700

2007 2008 2009 2010
113,611 97,099 85,072 88,085
52,312 38,586 32,397 32,001
25,621 14,104 13,156 18,116
13,251 12,165 8,498 9,263
4,235 3,590 3,278 3,060
7,063 4,564 4,399 4,408
5,046 4,835 4,631 4,043
6,550 5,431 4,203 4,061
5,021 4,137 3,916 3,959
4,432 2,936 3,005 2,912
5,173 4,627 3,720 3,684
3,013 1,802 2,225 2,267
2,472 1,640 1,657 1,317
1,542 1,190 1,216 1,696
3,010 1,604 974 1,137
1,384 1,318 1,182 1,187
1,251 1,328 1,136 1,199
685
919 976 1,051
1,283 558 801 864
669 576 565 775
1,686 558 530 533
251 256 394 396
1,329
714 565
521
216 357
361 362
617
136 342 343
173
130
118 263
353 336
196 263
218 223 225 226
213
141
143
170
77
79
80
114
85
72
73
73
160
164
73
73
121
47
47
47
113
32
32
48
7
14
14
43
67
69
39
39
78
34
40
29
57
41
14
19
30
31
31
11
00
013
1 13
14
0
0
0
8
41
42
41
5
38
0
0
2
30
30
1
1
30
31
1
1
119
0
0
0
33
34
10
10
9
10
10
0
21
0
0
0
0
0
0
0
00
00
00
00
00
00
00
00
00
00
00
00
263,800 206,600 180,400 188,700

2011
93,952
31,836
22,380
10,076
4,564
4,123
4,510
4,164
3,554
2,891
3,693
2,073
1,763
1,614
1,144
1,188
1,314
1,244
819
802
646
445
570
387
308
260
279
212
194
84
73
69
47
48
43
39
29
19
11
14
8
5
2
1
1
0
0
0
0
0
00
00
00
201,500

2012
93,815
34,482
21,378
8,051
4,369
4,183
4,165
3,838
3,355
3,010
2,749
1,999
1,862
1,633
1,399
1,315
1,296
1,022
818
763
605
544
439
369
335
309
214
212
199
82
73
69
48
40
36
29
27
19
16
14
8
5
3
1
1
0
0
0
0
0
00
00
00
199,200

21

0
0
0
National Venture Capital Association
Figure 1.08
Life of IT Funds in Years

Life of IT Funds
In Years
<= 10
11-12
13-14
15-16
17-18
>=19

% of
Funds
7%
20%
27%
22%
14%
10%

Source: Adams Street Partners, based on 2010 analysis of dissolved funds.
This chart tracks the year in which a 10-year fund is, in fact, dissolved.
These later periods are referred to as “out years.” Historically, after the 10th year, only a few companies remain in the portfolios that typically do not have
huge upside potential. But the slow pace of exits in recent years has resulted in a number of good, mature companies remaining in portfolios well past
the nominal 10-year mark. Life science funds tend to have lives two years longer than typical technology funds. In preparing this chart, partial years are
rounded to the nearest whole year. So 10.4 years would round to 10 years, and 10.5 years would round up to 11 years. The median life span of a fund in
this analysis is 14.17 years.

22

Thomson Reuters
Capital Commitments
New commitments to venture capital funds in the United States increased for the second year in a row, which
follows four years of declines. In 2012, commitments totaling $20.1 billion were made to 183 funds. This is
roughly two-thirds of the annual levels seen in 2005-2007 and approximately one-fifth of the annual amount
raised at the bubble peak.
When you look behind the 2012 capital commitments at the specific funds being raised, the 10 largest funds
represent 48% of the capital raised, with 173 funds raising the other 52%.
This is the sixth consecutive year in which more money was invested by the industry than raised in new commitments. That has been the case in 11 of the past 13 years. While this is not a true apples-to-apples comparison, it does explain the industry’s strong interest in raising additional funds in 2013 and beyond. The narrow
success of recent IPO and acquisition markets has not enabled most firms to pay out sufficient distributions to
their investors to begin raising another fund. For the vast majority of firms, raising additional capital right now
is very difficult.
For the seventh year in a row, the top fundraising states were California and Massachusetts. This year,
Connecticut replaces New York in the third position. California, with its venture firms raising $13.7 billion,
holds the top spot for the tenth year in a row. Firms domiciled in the top five fundraising states in 2012 gathered 88% of the dollars, compared with 91% in 2011, 88% in 2010 and 82% in 2009.
Please note that the state of fund domicile matters less than has been true historically. Much of the money is
managed by large, national funds that tend to be domiciled in any of several states with a broad geographic
investing footprint. Readers should not interpret capital available to entrepreneurs in a given state as being
limited to the capital raised in that state.
Venture capital fundraising typically makes up 20-25% of private equity fundraising. But in 2012, it represented 16% of total, down from 22% in 2011.

Methodology

figure 1.04). The data in this chapter is by calendar
year and incrementally measures how much in new
commitments funds raised during the calendar year.

As defined by Thomson Reuters, capital commitments,
also known as fundraising, are firm capital commitments to private equity/venture capital limited partnerships by outside investors. For purposes of these statistics, the terms “capital commitments,” “fundraising,”
and “fund closes” are used interchangeably. There are
three data sources for tracking capital commitments:
(1) SEC filings that are regularly monitored by our
research staff, (2) surveys of the industry routinely conducted by Thomson Reuters, and (3) verified industry
press and press releases from venture firms.

Consider, for example, a venture capital firm that
announces a $200 million fund in late 2010, raises
$75 million in 2011, and subsequently raises the
remaining $125 million in 2012. In this chapter, nothing would be reflected in 2010, $75 million would be
counted in 2011, and $125 million would be counted
in 2012. Assuming it started investing and made its
first capital call in 2012, the entire fund would then be
considered to be a 2012 vintage year fund.

Capital commitments are stated on either (1) a calendar-year basis when committed (for example, throughout this chapter) or (2) a vintage-year basis which is
designated once the fund starts investing (for example,

Note that fund commitments presented in this publication do not include those corporate captive venture capital funds that are funded by a corporate parent, which
do not typically raise capital from outside investors.

Thomson Reuters

23
National Venture Capital Association
Figure 2.01
Capital Commitments
To U.S. Venture Funds ($ Billions)
1985 to 2012
120
100

($ Billions)

80
60
40
20

2 01
0
201
1
201
2

2 00
1
200
2
200
3
2 00
4
200
5
200
6
200
7
2 00
8
200
9

199
8
199
9
200
0

199
6
199
7

199
4
199
5

198
6
198
7
198
8
198
9
199
0
199
1
199
2
199
3

198
5

0

Year

Figure 2.02
Capital Commitments To Private Equity Funds 1985-2012

Venture Capital
Year
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012

24

Sum ($Mil)
3,727.9
3,584.5
4,379.1
4,209.7
4,918.8
3,222.7
1,900.3
5,223.1
4,489.2
7,636.7
9,387.3
11,550.0
17,741.9
30,641.7
53,597.8
101,417.9
38,923.4
11,867.3
10,586.7
18,137.1
30,627.3
31,371.7
29,378.1
25,577.2
16,194.4
13,519.8
19,296.2
20,065.9

% of Total PE
56%
42%
21%
28%
29%
27%
31%
33%
21%
27%
26%
26%
29%
33%
50%
56%
43%
25%
23%
23%
22%
17%
11%
12%
25%
21%
22%
16%

Buyouts and Mezzanine Capital
No.
Funds
116
101
116
104
106
86
40
80
93
136
161
168
242
290
430
634
324
202
161
212
234
236
235
215
162
175
188
183

Sum ($Mil)
2,971.8
5,043.7
16,234.6
10,946.4
12,068.5
8,831.5
4,242.1
10,752.5
16,961.7
20,457.0
27,040.7
32,981.4
42,803.0
62,023.7
53,720.7
80,614.8
52,523.0
35,076.8
35,913.4
59,878.5
108,249.8
152,566.2
243,264.2
180,923.9
49,871.5
51,674.8
70,103.5
106,249.9

No. Funds
21
32
47
54
78
64
27
58
81
100
108
104
136
173
166
171
137
124
121
158
205
216
264
231
148
173
207
217

Total Private Equity
Sum ($Mil)
6,699.7
8,628.2
20,613.6
15,156.1
16,987.3
12,054.3
6,142.4
15,975.6
21,451.0
28,093.7
36,428.0
44,531.3
60,544.9
92,665.4
107,318.5
182,032.7
91,446.4
46,944.0
46,500.1
78,015.6
138,877.1
183,937.9
272,642.3
206,501.1
66,065.9
65,194.6
89,399.6
126,315.7

No.
Funds
137
133
163
158
184
150
67
138
174
236
269
272
378
463
596
805
461
326
282
370
439
452
499
446
310
348
395
400

Thomson Reuters
2013 NVCA Yearbook
Figure 2.03
Venture Capital Fund Commitments
1985 to 2012 ($ Millions)

State
CA
C
MA
CT
NY
NC
WA
CO
TN
T
FL
PA
UT
MO
MN
IL
NJ
AZ
VA
WI
IN
OH
TX
MI
MD
AL
GA
NH
NE
N
DE
D
ND
OK
O
AR
A
DC
D
HI
H
IID
IIA
KS
K
KY
K
LLA
ME
M
MS
M
NV
N
NM
N
OR
O
PR
P
RI
R
SC
S
SD
S
VT
V
WV
W
WY
W
Total
T

1985 1986 1987
1,250 969 1,159
534 356 973
282 156 420
202 1,460 547
7
7
31
25 126 37
32 71 32
20 23 73
10
0 36
54 73 55
0
11
1
644
0 33
14 110 51
51 47 325
254 61 120
0
0
0
0
4 10
0
0
0
0 10
0
3
0 87
37 33 231
5
0
7
4
7 24
150
0
0
0
0 15
49
0
0
0
0
0
39
0
0
0
0
0
0 32
0
0
0
0
0
0
0
0
0
0
0
0
0
11
0 60
0
0
0
0
0
0
0
0
0
0
0 22
0
0
0
0
0
0
36 28
0
0
0 30
0
0
0
17
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,728 3,584 4,379

1988
936
582
352
279
23
60
70
0
11
12
0
0
418
158
0
37
13
0
27
75
41
33
0
0
65
40
0
5
0
0
0
0
0
0
0
0
0
0
948
0
0
2
0
0
25
0
0
0
0
0
4,210

Thomson Reuters

1989
1,519
339
66
2,260
38
0
80
34
29
118
0
0
20
26
125
0
15
0
16
0
161
0
49
0
0
0
0
0
0
10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13
0
0
0
0
4,919

1990
831
675
290
490
1
0
0
0
0
45
0
53
162
57
243
0
2
0
5
30
143
0
14
0
14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
155
0
10
0
5
0
0
0
0
3,223

1991
549
180
150
474
0
5
0
0
35
167
0
0
16
94
75
0
0
0
0
0
50
0
50
0
0
15
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
40
0
0
0
0
0
0
0
0
1,900

1992
1,311
1,051
300
494
0
48
0
40
0
30
0
0
946
247
110
0
17
0
49
67
381
0
0
0
0
0
0
0
0
0
0
0
0
0
56
0
0
11
2
0
0
0
0
0
0
0
0
0
0
0
5,161

1993
1,333
368
473
940
0
40
114
0
59
110
0
64
66
278
177
10
5
0
0
4
137
3
225
0
56
0
0
0
0
0
0
0
0
0
0
0
14
14
0
0
0
0
0
0
0
0
0
0
0
0
4,489

1994
1,764
1,158
388
1,860
63
37
0
116
105
182
27
0
164
183
401
0
0
40
20
86
283
14
479
0
0
0
0
0
0
0
0
25
0
0
0
0
7
169
59
0
0
6
0
0
0
0
0
0
0
0
7,637

1995
3,107
1,955
260
2,364
10
129
19
84
106
114
0
11
7
230
213
0
7
0
0
10
179
0
67
0
74
20
111
130
0
0
0
31
3
0
5
0
15
18
0
12
50
2
32
0
0
14
0
0
0
0
9,387

1996
3,724
1,871
425
1,516
184
239
216
149
0
264
0
6
36
295
606
0
20
31
116
0
326
26
439
0
34
0
36
820
0
24
0
65
0
0
0
0
0
24
22
0
25
0
0
0
0
0
11
0
0
0
11,550

1997
5,463
2,602
1,324
3,609
349
180
253
109
78
784
17
45
208
575
118
0
165
30
0
358
394
11
145
5
41
50
0
668
0
0
0
0
0
0
11
20
42
88
0
0
0
0
0
0
0
0
0
0
0
0
17,742

1998
8,456
5,176
1,068
9,346
174
409
433
266
250
177
50
25
217
466
1,002
0
226
0
13
58
1,330
0
768
30
181
0
0
392
0
45
0
0
0
0
2
0
0
51
0
0
0
0
10
0
0
0
22
0
0
0
30,642

1999
21,891
7,659
2,843
8,945
180
640
1,942
267
326
1,241
62
80
107
1,304
570
29
884
17
20
659
1,803
321
840
0
30
0
0
360
0
0
0
28
10
0
5
0
0
373
127
0
25
0
0
0
0
0
14
0
0
0
53,598

2000
43,485
16,692
2,313
15,400
613
1,175
2,414
262
955
2,751
126
65
1,827
964
1,041
60
2,212
66
103
662
3,615
241
1,990
137
918
0
41
778
0
110
20
0
0
15
21
0
0
70
0
30
0
0
65
0
0
0
131
20
6
26
101,418

2001
13,452
9,783
4
4,164
2,986
105
888
513
82
26
537
232
286
17
1,10
1,103
6
652
21
1
119
14
0
330
2,232
8
340
16
19
0
0
622
0
0
0
0
0
27
26
0
1
135
27
76
0
0
0
0
3
31
2
25
0
1
25
4
0
38,923

2002
154
1,397
24
7,704
55
43
118
22
8
54
0
0
276
478
392
43
37
0
10
102
106
0
381
11
0
1
11
0
315
0
0
0
22
3
0
0
0
8
8
16
0
10
0
14
0
0
3
35
0
0
1
13
0
11,867

2003
4,830
1,597
165
1,233
237
1
94
101
56
388
34
0
26
657
561
41
196
0
36
5
76
65
105
49
0
9
0
0
0
0
0
0
0
0
0
0
2
0
3
0
0
1
18
0
0
0
2
0
0
0
0
10,587

2004
8,645
1,485
1,926
2,149
17
955
84
16
1
451
40
80
50
432
197
0
72
11
17
210
589
63
162
19
55
0
0
299
0
0
0
10
8
0
10
0
0
73
0
0
0
4
2
0
0
0
5
0
0
0
18,137

2005
12,869
9,151
1,143
1,736
108
281
69
84
313
688
24
829
295
80
204
19
419
0
6
558
570
122
433
70
104
0
0
393
0
1
12
0
0
0
0
0
0
5
4
0
0
0
34
0
0
0
6
0
0
0
0
30,627

2006
13,621
4,366
3,136
2,512
401
563
132
62
10
794
170
40
473
422
1,812
0
555
78
24
152
314
23
472
19
103
5
0
896
0
38
0
0
0
0
43
0
65
12
46
1
0
5
0
0
0
0
3
0
0
0
31,372

2007
12,016
5,122
904
4,310
185
1,376
358
100
109
746
213
210
275
545
235
0
582
102
1
81
316
49
783
0
203
7
0
315
0
11
0
0
0
75
0
1
10
98
0
19
0
0
7
2
1
0
0
0
11
0
0
29,378

2008
14,053
2,486
766
1,826
103
492
221
134
25
963
569
54
325
258
53
20
105
15
29
83
1,038
256
369
118
19
0
0
1,123
1
13
0
0
0
6
0
0
20
12
0
0
0
0
0
5
0
0
0
14
3
0
0
25,577

2009
8,635
3,574
158
1,652
5
5
3
89
32
233
33
0
22
216
504
0
14
9
1
4
78
84
484
101
31
0
0
204
0
0
0
0
0
0
15
0
0
0
0
0
0
0
6
0
0
0
0
0
0
0
16,194

2010
6,337
2,779
1,035
1,259
456
0
262
42
75
205
16
72
0
238
112
0
121
27
28
30
83
177
68
2
31
0
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
35
12
0
0
0
16
0
0
0
13,520

2011 2012
9,790 13,665
2,503 1,410
149 1,388
4,096 758
130 472
0 399
6 280
161 278
2 268
126
183
160
159
0
155
0 150
215 120
100
63
222
54
36
45
0
40
0
39
79
32
210
31
192
20
544
19
58
19
26
13
0
5
0
1
475
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
0
0
0
0
0
6
0
0
0
0
0
1
0
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19,296 20,066

25
National Venture Capital Association
Figure 2.04
Top 5 States
By Venture Capital Committed 2012

No. of
Funds

State
California
Massachusetts
Connecticut
New York
North Carolina
Sub-Total
Remaining States
Total

64
17
4
21
5
111
72
183

Committed
($Mil)
13,665.3
1,409.7
1,388.0
757.7
472.0
17,692.7
2,373.1
20,065.9

280
260
240
220
200
180
160
140
120
100
80
60
40
20
-

Venture Capital

Buyout and Mezzannine Capital

198
5
198
6
198
7
198
8
198
9
199
0
199
1
199
2
199
3
199
4
199
5
199
6
199
7
199
8
199
9
200
0
200
1
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2

($ Billions)

Figure 2.05
Private Equity
Annual Commitment ($ Billions)
1985 to 2012

Year

26

Thomson Reuters
Investments
Measuring industry activity with the total dollars invested in a given year shows that the industry
has remained generally in the $20 billion to $30 billion range since 2002. In 2012, $26.7 billion was
invested in 3,143 companies. This is less than 2011 totals and greater than 2010 totals. The number
of first-time fundings likewise was less than 2011 and greater than 2010. Further parsing the data
shows an increasing portion of the investment dollars going to California companies.
Sectors
Software was the leading sector in 2012, receiving 31%
of the total dollars. The second largest sector was
Biotechnology which fell to roughly half that amount at
15.4% of total investment The continued interest in
Clean Technology investing brought the Industrial/Energy sector to 10.5% of the total. Medical Devices
rounded out the top four sectors at 9.4%.
The life sciences share of the venture capital investment dollars decreased in 2012 to its lowest level
since 2002. In 2012, 15.4% of the money went into
Biotechnology, 9.4% into Medical Devices, and 1.2%
into Healthcare Services, totaling 26.0%. This is
down from the 33.1% combined share in 2009.
This recent downward life sciences trend is very visible when just looking at first fundings. In 2012, only
149 life science (the three sectors combined) companies received first funding. This is 12.7% of the total.
As recently as 2006, the 294 first fundings of life science companies made up 23.0% of total first fundings.
Among first fundings, Software led the way with 441
companies getting their initial venture capital rounds.
This is more than one-third of the total number of first
fundings. The nearest sector to Software was Media
and Entertainment with 174 first fundings.

Stages and First-Time Fundings
Seed stage companies received 3% of total dollars in
2012, with early stage, expansion, and later stage
companies roughly splitting the remaining share.
More than one-third of the capital went to expansionstage companies. But it is worth looking more closely at those statistics.

Thomson Reuters

As has been the case for several years, attention has
been focused on the two ends of the spectrum.
Looking at deal counts, 2012 actually saw the highest
percentage of seed- and early-stage deals since at least
1985 (51.8% of total deals). This certainly would
challenge the suggestion that the industry’s attention
is single-focused on later-stage companies. That said,
the 22.4% of deals going to later-stage companies is
also toward the top end of the historical range. There
remains a record number of companies in portfolios
in the later stage of development that in most other
positions in the business cycle would have already
gone public or otherwise been acquired.
With the rule of thumb that a healthy venture capital
industry invests in 1,000-1,300 new companies each
year, the 1,174 first fundings in 2012 is very much in
that range. Not surprisingly, 81% of those first round
investments were made at the seed and early stage.

Geographical Spread Across the United
States
The year 2012 provided an interesting contrast in geographic dispersion. While 53% of all the investment
dollars went to California-based portfolio companies,
a record for MoneyTree™, companies in 48 states and
DC received financing, also a MoneyTree™ record
high. That said, the five largest states (California,
Massachusetts, New York, Washington and Texas)
received 78% of all the dollars invested nationally.
This compares to 2011, when California companies
received a then-record 51.2% of the dollars. That year,
companies in a record 47 states and DC received venture capital funding. Together, the top five states
(California, Massachusetts, New York, Texas, and
Illinois) received 77% of the total dollars.

27
National Venture Capital Association
California-domiciled venture capital firms made
investments in 39 states in 2012. Approximately 49%
of all the money invested in California came from
California-domiciled firms. Conversely, Californiabased firms concentrated 71% of their investment
power within the state.

Corporate Venture Group Involvement
The number and reach of corporate venture capital
groups increased in 2012. These groups provided
8.2% of the venture capital invested by all venture
groups. They were involved in 15.2% of the deals the highest level in four years. Going forward, all
signs suggest that these groups are becoming more
involved alongside traditional venture firms in deals,
as well as initiating corporate venture group syndicates to do deals in lieu of, or in advance of, investment rounds by traditional venture firms.

28

Methodology
As calculated by Thomson Reuters, venture capital
investment data are derived from several sources.
Primarily, survey information is obtained from the
quarterly survey that drives the MoneyTree Report™
from PricewaterhouseCoopers and the National
Venture Capital Association based on data from
Thomson Reuters. This is the official industry database
of venture capital investment. Secondly, Thomson
Reuters obtains data from SEC filings that are regularly monitored by our research staff. Finally, publicly
available sources such as press releases and trade publications are used.
For detailed information on which transactions qualify as MoneyTree deals and are therefore counted in
this chapter, please refer to Appendix B.

Thomson Reuters
2013 NVCA Yearbook
Figure 3.01
Venture Capital Investments ($ Billions)
1985 to 2012
120

($ Billions)

100
80
60
40
20

198
5
198
6
198
7
198
8
198
9
199
0
199
1
199
2
199
3
199
4
199
5
199
6
199
7
199
8
199
9
200
0
200
1
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2

0

Year

Figure 3.02
Venture Capital Investments in 2012
By Industry Group

All Investments
Industry Group
Information Technology
Medical/Health/Life Science
Non-High Technology
Total

# Companies
2,130
649
364
3,143

# Deals
2,480
818
425
3,723

Initial Investments
Investment
Amt ($Bil)
16.5
6.8
3.4
26.7

# Companies
870
148
156
1,174

# Deals
870
148
156
1,174

Investment
Amt ($Bil)
3.0
0.7
0.4
4.1

Figure 3.03
Venture Capital Investments
Top 5 States in 2012

State
California
Massachusetts
New York
Washington
Texas
Total*

# Companies
1,280
326
287
101
134
2,128

# Deals
1,532
414
331
117
159
2,553

Amt
Invested ($Bil)
14.1
3.1
1.9
0.9
0.9
20.9

*Total includes top 5 states only

Thomson Reuters

29
National Venture Capital Association
Figure 3.04
Venture Capital Investments in 2012
Industry Sector by Dollars Invested
Telecommunications 2%

Other
0.2%

Biotechnology
15%
Business Products
and Services 0.4%
Computers and
Peripherals 2%
Consumer Products
and Services 5%
Electronics/
Instrumentation 1%
Financial Services 1%
Healthcare Services 1%

Software 31%

Semiconductors
3%
Retailing/
Distribution 2%
Networking and
Equipment 1%
Medical Devices
and Equipment 9%

Industrial/Energy 10%

IT Services 7%

Media and
Entertainment 7%

Figure 3.05
Venture Capital Investments in 2012
Stage By Dollars Invested
Seed 3%

Later Stage 32%
Early Stage 30%

Expansion 35%

30

Thomson Reuters
2013 NVCA Yearbook
Figure 3.06
Amount of Capital Invested By State in 2012
($ Millions)

61
NH

932
574
WA
WA
6
15
MT
MT

124
101
OR
OR

15
15
ID
ID

7
NV

15
NV

14,129
CA

2
7
ND
ND
0
SD

WY
WY

95
WI

23

5
84
IA
IA

304
178
UT
UT

111
212
AZ
AZ

468
564
CO
CO

46
8
KS
KS

35
7
NM
NM

286
OH

84
IN

429 NJ

11
LA

931
TX

TX

18
9 DE
DE

169 NC

87 TN

10
0
MS
MS

85 RI
158 CT

15
VW 372 VA

23
KY

5
AR

3,068 MA

518
PA

AR

645
AK
AK

570
IL

21
24
MO
MO

34
OK

1,857
NY

232
MI

WI

11
NE
NE

13
ME

4
VT

243
263
MN
MN

302
265
GA
GA

23
43
AL
AL

277
280 MD
MD
6 DC

39
SC

203
FL

GU

17
HI
HI

PR
VI

Figure 3.07
Number of Companies Invested in By State in 2012

8
12
NH
NH

101
WA
3
1
MT
MT

24
OR

4
ID

1
2
ND
ND
1
SD

WY
WY

12
WI
WI
1
IA

5
NE

1,280
CA

37
31
UT
UT

13
AZ

85
56
CO
CO

9
15
KS
KS
7
OK

12
12
NM
NM

134
94
TX
TX

AK

8
12
MO

76
IL

41
MI

5
KY

3
2
MS
MS

6
8
AL
AL

44
38
GA
GA

12 RI
38 CT
49 NJ

2
WV

62
VA

5
6
DE

DE
57
50
MD
25
DC
MD

5
SC

31
FL
3
2
HI
HI

MA

154
PA

33 NC

30 TN

1
AR
AR
4
LA

51
44
OH
OH

14
IN

MO

250
326 MA

287
NY

9

NE

4
NV

5
ME

45
VT
VT

26
33
MN
MN

GU
1 PR
VI

Thomson Reuters

31
National Venture Capital Association
Figure 3.08
Venture Capital Investments in 1985 to 2012
By Region ($ Millions)

Region
Silicon Valley
NewEngland
NYMetro
LA/Orange County
Midwest
SanDiego
Northwest
Texas
Southeast
DC/Metroplex
Colorado
SouthWest
Philadelphia Metro
North Central
South Central
Upstate NY
Unknown
Sacramento/N.Cal
AK/HI/PR
Total

1985
758.8
435.4
221.2
196.5
157.5
99.6
142.2
249.0
166.4
99.1
77.0
40.1
52.6
37.0
13.7
14.2
16.0
2,776.4

1986
1,016.3
436.6
211.0
186.9
139.9
95.4
142.9
228.4
234.2
61.1
113.8
82.5
63.3
44.5
11.4
10.7
45.5
3,124.5

1987
849.9
525.1
273.9
276.9
198.4
107.8
153.3
211.0
271.0
111.8
111.4
57.5
79.2
73.6
19.8
10.2
0.5
32.0
3,363.6

1988
985.9
496.9
308.0
222.5
132.3
149.8
141.2
240.7
266.5
129.9
107.8
59.7
71.8
41.6
11.7
5.3
0.8
33.6
3,406.0

1989
916.5
404.7
360.4
242.1
183.2
145.5
118.0
228.3
224.4
139.5
157.8
50.7
65.3
51.2
14.5
7.3
6.1
4.2
3,319.6

1990 1991
914.1 780.5
425.0 287.0
190.1 181.5
174.7 119.4
155.9 181.4
113.3 115.7
88.2 59.9
141.0 161.4
145.9 109.4
96.9 51.3
93.7 54.2
30.3 49.0
105.9 34.7
92.2 44.9
11.6 4.2
11.1 3.4
13.0 0.2
19.5 15.7
- 0.3
2,822.4 2,254.0

1992 1993
1,119.5 903.2
417.0 358.4
239.0 222.3
179.4 176.4
165.2 276.9
111.2 133.0
252.1 118.4
149.6 240.7
346.6 405.8
65.8 384.1
129.7 135.0
98.4 49.7
168.9 108.3
89.1 109.6
6.5 8.6
9.1 5.7
30.8 0.8
8.5 19.1
0.0 1.0
3,586.3 3,656.8

1994
1,074.4
440.4
283.3
198.4
432.6
220.5
165.7
311.8
362.3
137.8
197.4
38.0
137.6
87.4
15.2
0.7
0.1
20.0
22.0
4,157.6

1995
1,807.8
796.6
509.7
1,004.1
470.3
276.8
379.7
479.2
876.6
420.2
325.1
113.1
220.9
223.8
45.2
35.5
0.3
20.0
7.8
8,012.6

1996 1997
3,417.7 4,632.3
1,159.4 1,606.7
743.2 1,289.4
702.9 875.2
743.3 919.6
485.2 516.0
557.6 564.4
553.4 908.7
1,165.0 1,366.1
586.3 515.1
321.2 405.0
184.6 303.1
349.9 534.2
208.5 341.6
81.1 67.4
22.7 90.3
2.2 4.4
28.6 21.4
28.7 14.0
11,341.5 14,974.9

1998
5,878.3
2,353.4
1,817.6
1,250.6
1,653.5
669.1
820.3
1,205.6
1,794.8
1,148.5
838.9
411.2
703.9
429.6
196.7
195.4
39.1
86.8
5.5
21,489.9

1999
17,801.6
5,641.6
4,532.3
3,596.9
2,729.2
1,429.5
2,877.6
3,162.7
4,831.0
2,395.1
1,845.8
843.1
1,732.6
770.0
360.1
212.4
2.4
119.1
17.4
54,900.3

2000
33,452.0
12,019.9
10,300.4
6,808.1
5,776.7
2,302.3
3,603.4
6,262.9
7,976.1
5,785.3
4,091.9
1,387.5
2,591.5
1,426.7
446.9
293.9
50.4
375.3
248.6
105,200.0

2001
12,599.3
5,431.2
3,512.8
2,285.8
2,182.4
1,579.1
1,426.8
3,104.3
2,684.7
2,103.1
1,244.4
515.1
1,073.3
669.4
110.4
159.1
14.3
203.0
69.8
40,968.3

2002
7,242.9
2,992.3
1,569.4
1,286.8
976.9
996.2
746.4
1,187.6
1,772.7
1,095.6
588.0
393.8
607.8
431.5
69.3
104.5
65.4
4.9
22,132.3

2003
6,755.6
2,990.4
1,422.0
1,069.4
913.6
825.8
643.5
1,221.0
1,117.9
794.6
644.8
220.5
555.1
268.5
65.5
122.7
32.2
17.9
19,681.1

2004
7,999.3
3,345.5
1,648.2
1,319.8
712.5
1,197.8
993.3
1,215.1
1,439.2
1,086.6
363.2
393.6
768.4
464.1
130.1
104.8
38.4
15.1
23,235.1

2005
8,116.3
2,967.1
1,998.5
1,506.1
918.0
1,203.9
1,011.3
1,189.4
1,101.3
1,220.4
653.4
524.8
597.8
367.0
96.1
60.1
37.7
43.3
23,612.5

2006
9,816.8
3,310.8
2,185.5
1,902.7
1,010.1
1,223.6
1,318.2
1,519.7
1,228.2
1,361.6
688.8
526.6
845.5
382.1
64.3
156.2
29.4
47.1
27,617.2

2007 2008
11,554.7 11,436.4
3,964.5 3,788.3
1,902.8 2,148.7
1,906.3 2,041.1
1,167.9 1,364.6
1,844.4 1,209.4
1,636.2 1,134.7
1,496.9 1,122.6
1,812.4 1,389.3
1,443.5 1,145.8
686.3 872.3
577.7 490.1
953.6 861.9
535.7 644.6
152.8 91.3
136.5 92.3
- 82.0 71.3
20.9 21.3
31,871.5 29,925.9

2009
8,220.5
2,577.6
1,737.3
1,060.1
952.8
949.0
678.7
665.5
1,045.0
678.4
623.2
277.5
433.7
400.3
25.0
26.9
0.5
18.8
7.4
20,378.3

2 01 0
9,302.8
2,604.3
1,886.2
1,704.5
1,340.0
896.9
774.9
1,070.9
1,109.4
967.2
447.9
263.8
444.7
343.3
77.7
44.8
22.5
14.0
23,315.7

2 011
11,656.8
3,318.1
2,859.8
2,080.4
1,769.2
926.6
796.6
1,580.2
1,210.2
987.2
615.7
543.1
458.9
392.5
106.2
106.7
88.3
0.6
29,497.2

2 01 2
10,907.4
3,237.4
2,334.6
2,067.2
1,386.7
1,116.7
1,076.0
930.5
796.2
727.4
564.2
558.4
399.0
355.8
95.7
48.7
29.5
20.1
0.7
26,652.4

2 01 1
1,248
448
415
311
233
211
162
167
167
119
113
107
84
70
21
58
8
3
1
3,946

2 01 2
1,160
452
396
300
264
171
163
159
154
118
101
100
77
50
24
22
5
4
3
3,723

Figure 3.08b
Venture Capital Investments in 1985 to 2012
By Region (Number of Deals)

Region
Silicon Valley
New England
NY Metro
Midwest
LA/Orange County
Southeast
DC/Metroplex
Texas
Northwest
Philadelphia Metro
San Diego
Colorado
SouthWest
North Central
Upstate NY
South Central
Sacramento/N.Cal
AK/HI/PR
Unknown
Total

32

1985
323
235
89
98
90
91
45
106
47
38
43
43
20
37
17
11
11
1
1,345

1986
340
214
100
116
101
117
45
93
49
35
35
58
30
50
10
10
18
1,421

1987
343
257
131
133
114
134
65
106
62
54
54
62
42
54
10
12
12
1
1,646

1988
362
231
108
101
106
115
59
105
70
44
56
63
26
52
10
6
10
2
1,526

1989
394
222
121
127
112
113
51
91
64
41
56
53
32
39
12
7
6
3
1,544

1990
398
217
90
103
97
130
62
85
48
48
47
49
22
44
6
5
10
1
1,462

1991
337
170
89
99
89
112
54
70
41
43
43
35
30
40
4
4
9
3
1
1,273

1992
421
159
81
93
97
108
48
70
50
65
46
53
34
39
9
5
9
3
2
1,392

1993
316
149
80
85
63
117
41
71
49
47
49
48
30
38
10
6
8
1
4
1,212

1994
336
146
85
83
55
112
47
69
50
46
61
53
29
37
5
9
10
2
2
1,237

1995
509
232
135
132
92
181
72
101
84
78
77
58
37
70
8
15
7
4
2
1,894

1996
771
333
158
192
134
226
113
135
112
91
109
83
55
69
9
22
9
9
7
2,637

1997
867
383
240
239
166
294
135
172
134
142
100
98
71
116
21
25
7
6
7
3,223

1998
1,043
469
274
250
217
308
162
197
132
138
123
127
88
106
31
27
17
5
14
3,728

1999
1,685
663
491
311
356
454
272
318
264
145
161
162
116
114
31
30
19
5
3
5,600

2000
2,159
904
818
515
518
665
510
484
329
231
236
222
146
151
36
50
36
15
16
8,041

2001
1,103
597
448
276
251
391
261
341
192
142
156
115
89
125
29
28
27
10
8
4,589

2002
817
457
232
243
164
270
199
173
140
102
114
91
68
75
24
24
7
3
3,203

2003
874
446
193
174
149
247
183
173
108
88
125
74
55
71
22
21
11
8
3,022

2 004
958
427
227
178
150
246
187
177
148
105
132
72
58
77
29
31
9
6
3,217

2005
1,006
440
192
181
178
198
222
181
160
97
143
93
84
67
28
11
11
8
3,300

2 006
1,236
458
294
230
219
238
220
201
184
116
128
110
93
73
39
26
8
14
3,887

2007
1,305
521
296
272
234
246
220
188
216
138
169
114
106
95
33
31
18
10
1
4,213

2 008
1,290
510
342
304
243
227
208
161
205
153
134
116
84
88
31
40
20
9
4,165

2 0 09
990
387
287
252
170
159
139
123
129
97
115
94
71
68
13
32
9
3
1
3,139

2 01 0
1,092
411
393
272
227
216
152
165
161
124
134
86
59
58
21
42
8
4
1
3,626

Thomson Reuters
2013 NVCA Yearbook
Figure 3.09
Venture Capital Investments
1985 to 2012 By Stage ($ Millions)

Stage
S SSeed
Early Stage
Expansion
LaterStage
Total

1985
526.2
517.8
1,245.7
486.8
2,776.4

1986
759.7
620.3
1,198.8
545.7
3,124.5

1987
623.4
750.5
1,495.1
494.6
3,363.6

1988
670.5
714.6
1,563.2
457.7
3,406.0

1989
558.4
737.6
1,595.8
427.8
3,319.6

1990
397.1
684.4
1,269.2
471.7
2,822.4

1991
241.8
548.7
1,100.2
363.3
2,254.0

1992
556.5
566.8
1,778.7
684.3
3,586.3

1993
629.6
575.8
1,866.0
585.4
3,656.8

1994
781.2
839.7
1,539.1
985.7
4,145.7

1995
1,272.9
1,733.4
3,564.2
1,442.2
8,012.6

1996
1,271.7
2,640.5
5,540.4
1,888.9
11,341.5

1997
1,374.2
3,420.5
7,588.6
2,591.6
14,974.9

1998
1,766.2
5,460.1
10,367.0
3,905.5
21,498.9

1999
3,666.2
11,360.2
29,406.8
10,467.0
54,900.3

2000
3,156.1
25,335.4
59,121.5
17,587.0
105,200.0

2001
800.7
8,606.3
22,911.7
8,649.6
40,968.3

2002
340.2
3,935.3
12,135.5
5,721.1
22,132.0

2003
365.7
3,608.5
9,805.5
5,901.4
19,681.1

2004
951.6
4,045.9
9,046.2
9,191.5
23,235.1

2005
1,006.3
4,056.3
8,607.9
9,942.0
23,612.5

2006
1,293.6
4,727.4
11,154.8
10,441.5
27,617.2

2007 2008
1,819.6 1,917.3
6,081.5 5,731.0
11,091.8 10,857.4
12,882.2 11,420.1
31,875.1 29,925.9

2009
1,870.7
4,906.9
6,824.2
6,776.5
20,378.3

2010
1,661.3
5,867.0
8,702.0
7,085.4
23,315.7

2011
2011
1,052.6
8,794.4
9,830.5
9,819.7
29,497.2

2012
2012
726.4
7,876.3
9,376.4
8,673.3
26,652.4

2004
234
899
1,201
883
3,217

2005
264
859
1,116
1,061
3,300

2006
396
1,001
1,380
1,110
3,887

2007
524
1,129
1,277
1,283
4,213

2008
537
1,137
1,242
1,249
4,165

2009
375
973
888
903
3,139

2010
409
1,271
1,074
872
3,626

2011
445
1,562
1,021
918
3,946

2012
280
1,647
962
834
3,723

1988-1Q
164.7
144.0
314.5
135.3
758.5

1988-2Q
150.0
216.6
497.1
105.0
968.6

1988
1988-3Q 1988-4Q 1988 Total
240.6 115.2 670.5
184.7 169.4 714.6
320.2 431.4 1,563.2
151.4 66.0
457.7
896.9 781.9 3,406.0

Figure 3.09b
Venture Capital Investments
1985 to 2012 By Stage (Number of Deals)

Stage
1985
Seed
357
Early Stage 290
Expansion 525
Later Stage 173
Total
1,345

1986
388
333
504
196
1,421

1987
387
412
616
231
1,646

1988
371
359
614
182
1,526

1989
355
338
664
187
1,544

1990
258
370
603
231
1,462

1991
193
278
544
258
1,273

1992
252
291
606
243
1,392

1993
290
184
515
223
1,212

1994
332
256
429
220
1,237

1995
431
519
706
238
1,894

1996
504
754
1,045
334
2,637

1997
542
896
1,402
383
3,223

1998
670
1,019
1,572
467
3,728

1999
811
1,735
2,445
609
5,600

2000
703
2,855
3,703
780
8,041

2001
279
1,299
2,392
619
4,589

2002
181
875
1,585
562
3,203

2003
216
799
1,355
652
3,022

Figure 3.09c-1
Quarterly Venture Capital Investments
1985 to 2012 By Stage ($ Millions)

1985
Stage
1985-1Q 1985-2Q 1985-3Q 1985-4Q 1985 Total
Seed
153.0 146.5 93.7 133.0 526.2
Early Stage 96.3 185.3 106.3 129.9 517.8
Expansion 219.5 319.6 312.8 393.7 1,245.7
Later Stage 154.4 89.4 164.4 78.5 486.8
Total
623.1 740.8 677.2 735.1 2,776.4

1986-1Q
185.6
129.6
270.0
125.3
710.5

1986
1986-2Q 1986-3Q
270.0 114.7
135.3 176.6
381.4 252.6
93.2 180.4
879.9 724.4

1986-4Q 1986 Total
189.4 759.7
178.7 620.3
294.8 1,198.8
146.7 545.7
809.6 3,124.5

1987-1Q
145.7
170.7
423.3
100.1
839.7

1987-2Q
199.4
183.9
354.2
164.9
902.4

1987
1987-3Q
142.0
205.1
402.5
118.9
868.5

1987-4Q 1987 Total
136.3 623.4
190.8 750.5
315.1 1,495.1
110.7 494.6
752.9 3,363.6

Figure 3.09c-2
Quarterly Venture Capital Investments
1985 to 2012 By Stage ($ Millions)

1989
Stage
1989-1Q 1989-2Q 1989-3Q 1989-4Q 1989 Total
Seed
138.1 174.6 115.4 130.3 558.4
Early Stage 255.9 127.7 163.1 190.9 737.6
Expansion 399.6 434.1 305.5 456.6 1,595.8
Later Stage 95.5 97.7 78.3 156.4 427.8
Total
889.1 834.1 662.2 934.2 3,319.6

Thomson Reuters

1990-1Q
81.9
139.7
307.2
123.1
651.9

1990
1990-2Q 1990-3Q
116.7 114.8
199.1 133.1
356.1 208.0
105.5 126.3
777.4 582.2

1990-4Q 1990 Total
83.8 397.1
212.5 684.4
397.9 1,269.2
116.7 471.7
810.9 2,822.4

1991-1Q
45.8
137.9
249.5
89.5
522.8

1991-2Q
84.6
130.3
276.2
115.8
606.9

1991
1991-3Q
53.4
140.4
262.9
57.9
514.5

1991-4Q 1991 Total
58.0 241.8
140.0 548.7
311.7 1,100.2
100.1 363.3
609.9 2,254.0

1992-1Q
67.6
123.0
496.3
203.2
890.2

1992-2Q
210.2
187.6
434.8
175.3
1,007.9

1992
1992-3Q
71.8
102.7
352.2
107.0
633.8

1992-4Q 1992 Total
206.8 556.5
153.4 566.8
495.4 1,778.7
198.8 684.3
1,054.5 3,586.3

33
National Venture Capital Association
Figure 3.09c-3
Quarterly Venture Capital Investments
1985 to 2012 By Stage ($ Millions)
1993
Stage
1993-1Q 1993-2Q 1993-3Q
Seed
139.7 144.1 164.3
Early Stage 164.3 136.8 106.6
Expansion 355.0 412.3 461.3
Later Stage 189.2 111.2 116.8
848.3 804.4 849.0
Total

1993-4Q 1993 Total
181.5 629.6
168.0 575.8
637.3 1,866.0
168.3 585.4
1,155.2 3,656.8

1994
1994-1Q 1994-2Q 1994-3Q 1994-4Q 1994 Total
190.0 225.8 160.2 205.1 781.2
177.6 196.4 157.8 307.9 839.7
325.3 390.5 344.2 479.1 1,539.1
186.6 190.5 262.0 346.6 985.7
879.5 1,003.3 924.2 1,338.7 4,145.7

1995
1995-2Q 1995-3Q 1995-4Q
396.6 229.9 329.8
393.6 366.8 564.1
1,328.2 800.4 815.7
428.0 308.7 361.1
2,546.4 1,705.8 2,070.6

1995-1Q
316.6
408.8
620.0
344.5
1,689.9

1996
1995 Total 1996-1Q 1996-2Q 1996-3Q
1,272.9 322.7 431.9 200.6
1,733.4 597.8 714.0 574.6
3,564.2 1,151.9 1,509.9 1,277.0
1,442.2 346.4 460.3 545.4
8,012.6 2,418.8 3,116.1 2,597.6

1996-4Q
316.5
754.1
1,601.6
536.8
3,208.9

1996 Total
1,271.7
2,640.5
5,540.4
1,888.9
11,341.5

Figure 3.09c-4
Quarterly Venture Capital Investments
1985 to 2012 By Stage ($ Millions)
Stage
Seed
Early Stage
Expansion
Later Stage
Total

1997-1Q
400.6
769.5
1,358.4
594.7
3,123.3

1997-2Q
330.8
846.8
1,958.5
531.6
3,667.8

1997
1997-3Q
323.3
760.1
1,970.6
669.3
3,723.3

1997-4Q 1997 Total
319.5 1,374.2
1,044.1 3,420.5
2,301.0 7,588.6
795.9 2,591.6
4,460.5 14,974.9

1998-1Q
402.6
1,164.7
1,753.9
854.6
4,175.7

1998-2Q
426.4
1,014.5
3,359.1
973.6
5,773.5

1998
1998-3Q
459.9
1,290.4
2,716.0
949.5
5,415.7

1998-4Q 1998 Total
477.3 1,766.2
1,990.6 5,460.1
2,538.0 10,367.0
1,127.9 3,905.5
6,133.9 21,498.9

1999-1Q
591.5
1,215.0
3,210.3
1,605.2
6,622.0

1999-2Q
840.4
1,993.7
5,498.5
2,999.2
11,331.8

1999
1999-3Q
989.7
2,661.8
7,348.1
2,597.5
13,597.1

1999-4Q
1,244.5
5,489.7
13,350.0
3,265.1
23,349.3

1999 Total
3,666.2
11,360.2
29,406.8
10,467.0
54,900.3

2000-1Q
807.0
7,138.2
16,113.3
4,382.9
28,441.3

2000-2Q
984.1
6,937.9
15,761.4
4,343.2
28,026.6

2000
2000-3Q
878.3
5,912.3
15,263.6
4,572.9
26,627.0

2000-4Q
486.8
5,347.0
11,983.2
4,288.1
22,105.1

2000 Total
3,156.1
25,335.4
59,121.5
17,587.0
105,200.0

Figure 3.09c-5
Quarterly Venture Capital Investments
1985 to 2012 By Stage ($ Millions)
Stage
Seed
Early Stage
Expansion
Later Stage
Total

2001-1Q
256.6
3,459.5
6,939.3
2,447.6
13,103.0

2001-2Q
265.3
2,102.1
6,622.1
2,513.1
11,502.5

2001
2001-3Q
128.5
1,712.2
4,563.8
1,802.4
8,206.9

2001-4Q
150.3
1,332.5
4,786.5
1,886.5
8,155.9

2001 Total
800.7
8,606.3
22,911.7
8,649.6
40,968.3

2002-1Q
76.4
1,182.2
3,804.8
1,927.7
6,991.1

2002-2Q
93.5
1,134.1
3,544.3
1,339.6
6,111.4

2002
2002-3Q
84.2
827.7
2,462.6
1,094.4
4,468.8

2002-4Q 2002 Total
86.1 340.2
791.4 3,935.3
2,323.8 12,135.5
1,359.4 5,721.1
4,560.7 22,132.0

2003-1Q
84.5
690.0
2,468.7
1,159.6
4,402.8

2003-2Q
95.2
1,015.7
2,513.9
1,368.7
4,993.4

2003
2003-3Q
100.3
806.8
2,202.5
1,520.5
4,630.1

2003 Total
365.7
3,608.5
9,805.5
5,901.4
19,681.1

2004-1Q
104.8
904.9
2,063.3
2,312.6
5,385.6

2004-2Q
124.3
1,030.3
2,680.0
2,481.9
6,316.6

2004
2004-3Q
168.0
1,028.6
2,043.1
1,856.6
5,096.3

2004-4Q 2004 Total
554.5
951.6
1,082.0 4,045.9
2,259.7 9,046.2
2,540.4 9,191.5
6,436.6 23,235.1

2007-4Q
556.0
1,780.0
2,986.9
3,093.8
8,416.7

2007 Total
1,819.6
6,081.5
11,091.8
12,882.2
31,875.1

2008-1Q
459.3
1,376.9
3,427.7
2,813.0
8,076.8

2008-2Q
535.3
1,524.3
2,697.9
3,272.5
8,030.0

2008
2008-3Q
557.9
1,372.6
2,556.8
3,137.7
7,625.0

2008-4Q 2008 Total
364.9
1,917.3
1,457.2 5,731.0
2,175.0 10,857.4
2,197.1 11,420.1
6,194.1 29,925.9

2011-4Q
192.4
2,458.5
2,608.9
2,135.5
7,395.3

2011 Total
1,052.6
8,794.4
9,830.5
9,819.7
29,497.2

2012-1Q
157.9
1,933.7
1,789.2
2,355.8
6,236.6

2012-2Q
230.6
2,190.2
2,715.7
2,187.7
7,324.2

2012
2012-3Q
181.0
1,824.0
2,614.1
1,983.2
6,602.3

2012-4Q 2012 Total
156.9
726.4
1,928.3 7,876.3
2,257.5 9,376.4
2,146.6 8,673.3
6,489.4 26,652.4

2003-4Q
85.8
1,096.0
2,620.3
1,852.6
5,654.7

Figure 3.09c-6
Quarterly Venture Capital Investments
1985 to 2012 By Stage ($ Millions)
2005
Stage
2005-1Q 2005-2Q 2005-3Q 2005-4Q 2005 Total 2006-1Q
Seed
148.5 530.5 165.0 162.2 1,006.3 246.7
Early Stage 867.8 1,001.6 1,192.0 994.8 4,056.3 930.1
Expansion 2,132.9 2,367.4 1,759.6 2,348.1 8,607.9 2,604.7
Later Stage 2,082.1 2,551.8 2,972.5 2,335.5 9,942.0 2,847.4
Total
5,231.3 6,451.3 6,089.1 5,840.7 23,612.5 6,629.0

2006-2Q
374.0
1,018.4
3,211.1
2,793.3
7,396.8

2006
2006-3Q
366.6
1,112.3
2,881.2
2,529.5
6,889.6

2006-4Q
306.2
1,666.6
2,457.7
2,271.4
6,701.9

2006 Total
1,293.6
4,727.4
11,154.8
10,441.5
27,617.2

2007-1Q
319.3
1,337.9
2,646.9
3,108.6
7,412.6

2007-2Q
489.2
1,700.5
2,353.2
3,289.9
7,832.8

2007
2007-3Q
455.0
1,263.1
3,104.8
3,389.9
8,213.0

Figure 3.09c-7
Quarterly Venture Capital Investments
1985 to 2012 By Stage ($ Millions)
2009
Stage
2009-1Q 2009-2Q 2009-3Q 2009-4Q 2009 Total
Seed
319.7 672.4 511.0 367.6 1,870.7
Early Stage 767.3 1,179.6 1,213.6 1,746.5 4,906.9
Expansion 1,223.8 1,770.3 1,824.4 2,005.7 6,824.2
Later Stage 1,531.5 1,606.8 1,844.7 1,793.6 6,776.5
Total
3,842.2 5,229.1 5,393.7 5,913.3 20,378.3

34

2010-1Q
407.9
1,147.8
1,788.9
1,723.4
5,067.9

2010-2Q
687.8
1,740.3
2,796.5
1,925.7
7,150.2

2010
2010-3Q
332.5
1,410.4
1,685.3
1,999.1
5,427.4

2010-4Q 2010 Total
233.1 1,661.3
1,568.5 5,867.0
2,431.3 8,702.0
1,437.1 7,085.4
5,670.2 23,315.7

2011-1Q
225.2
1,830.3
2,257.4
2,220.8
6,533.7

2011-2Q
413.4
2,272.4
2,418.9
3,037.1
8,141.7

2011
2011-3Q
221.7
2,233.2
2,545.3
2,426.3
7,426.5

Thomson Reuters
2013 NVCA Yearbook
Figure 3.09d-1
Quarterly Venture Capital Investments
1985 to 2012 By Stage (Number of Deals)
Stage
Seed
Early Stage
Expansion
Later Stage
Total

1985
1986
1987
1988
1985-1Q 1985-2Q 1985-3Q 1985-4Q 1985 Total 1986-1Q 1986-2Q 1986-3Q 1986-4Q 1986 Total 1987-1Q 1987-2Q 1987-3Q 1987-4Q 1987 Total 1988-1Q 1988-2Q 1988-3Q 1988-4Q 1988 Total
110
88
61
98
357
134
107
65
82
388
116
101
85
85
387
120
79
88
84
371
88
69
60
73
290
111
70
72
80
333
131
83
103
95
412
99
94
87
79
359
138
122
114
151
525
166
136
96
106
504
182
139
158
137
616 158
182
133
141
614
65
40
37
31
173
60
55
31
50
196
64
64
51
52
231
54
48
42
38
182
401
319
272
353
1,345
471 368 264
318
1,421
493 387
397
369
1,646
431 403 350
342
1,526

Figure 3.09d-2
Quarterly Venture Capital Investments
1985 to 2012 By Stage (Number of Deals)
1989
1990
1991
1992
Stage
1989-1Q 1989-2Q 1989-3Q 1989-4Q 1989 Total 1990-1Q 1990-2Q 1990-3Q 1990-4Q 1990 Total 1991-1Q 1991-2Q 1991-3Q 1991-4Q 1991 Total 1992-1Q 1992-2Q 1992-3Q 1992-4Q 1992 Total
Seed
106
100
77
72
355
60
69
59
70
258
51
49
42
51
193
49
68
49
86
252
Early Stage
101
65
84
88
338
87
97
73
113
370
79
69
60
70
278
73
86
52
80
291
Expansion
215
160
127
162
664
148
153
145
157
603
137
127
126
154
544
156 160
104
186
606
Later Stage
52
33
38
64
187
55
57
48
71
231
49
69
54
86
258
74
47
44
78
243
Total
474
358 326
386 1,544 350 376 325
411
1,462
316
314 282
361
1,273 352
361 249
430
1,392

Figure 3.09d-3
Quarterly Venture Capital Investments
1985 to 2012 By Stage (Number of Deals)
1993
1994
1995
1996
Stage
1993-1Q 1993-2Q 1993-3Q 1993-4Q 1993 Total 1994-1Q 1994-2Q 1994-3Q 1994-4Q 1994 Total 1995-1Q 1995-2Q 1995-3Q 1995-4Q 1995 Total 1996-1Q 1996-2Q 1996-3Q 1996-4Q 1996 Total
Seed
69
68
66
87
290
91
67
83
91
332
125
95
95
116
431
130
140
97
137
504
Early Stage
41
49
38
56
184
64
61
54
77
256 130
136
116
137
519
148 206
175
225
754
Expansion
145
121
116
133
515 105
111
98
115
429
187 179
164
176
706 235
247 245
318
1,045
Later Stage
67
53
52
51
223
50
69
43
58
220
61
55
58
64
238
71
82
85
96
334
Total
322
291
272
327
1,212
310 308 278
341
1,237 503 465
433
493 1,894 584 675 602
776 2,637

Figure 3.09d-4
Quarterly Venture Capital Investments
1985 to 2012 By Stage (Number of Deals)
Stage
Seed
Early Stage
Expansion
Later Stage
Total

1997
1998
1999
2000
1997-1Q 1997-2Q 1997-3Q 1997-4Q 1997 Total 1998-1Q 1998-2Q 1998-3Q 1998-4Q 1998 Total 1999-1Q 1999-2Q 1999-3Q 1999-4Q 1999 Total 2000-1Q 2000-2Q 2000-3Q 2000-4Q 2000 Total
163
120
120
139
542
152
162
164
192
670
166
211 249
185
811 196
197
172
138
703
662
1,735
763 793 680
619 2,855
201
208
228
259
896
242
221 243
313
1,019 245 380 448
900 2,445 1,009 981 899
814 3,703
310
361 320
411 1,402 366 407 405 394
1,572 383 567 595
174
150
145
609
192
172 207
209
780
100
87
90
106
383
108
121
114
124
467 140
774
776
758
915 3,223 868
911 926 1,023 3,728 934 1,332 1,442 1,892 5,600 2,160 2,143 1,958 1,780 8,041

Figure 3.09d-5
Quarterly Venture Capital Investments
1985 to 2012 By Stage (Number of Deals)
2001
2002
2003
2004
Stage
2001-1Q 2001-2Q 2001-3Q 2001-4Q 2001 Total 2002-1Q 2002-2Q 2002-3Q 2002-4Q 2002 Total 2003-1Q 2003-2Q 2003-3Q 2003-4Q 2003 Total 2004-1Q 2004-2Q 2004-3Q 2004-4Q 2004 Total
Seed
80
73
68
58
279
47
53
40
41
181
57
60
44
55
216
46
75
45
68
234
213
799 207 238 222
232
899
Early Stage
436
338
271
254
1,299 247
242
193
193
875
188
215 183
353
1,355 281 349
261
310
1,201
Expansion
650
670
543
529 2,392
410
447 348 380
1,585 346 320 336
192
652 205
216
194
268
883
Later Stage
155
156
148
160
619 160
136 128
138
562
132
160 168
731
813 3,022 739 878 722
878
3,217
Total
1,321 1,237 1,030 1,001 4,589 864 878 709 752
3,203
723 755

Thomson Reuters

35
National Venture Capital Association
Figure 3.09d-6
Quarterly Venture Capital Investments
1985 to 2012 By Stage (Number of Deals)
2005
2006
2007
2008
Stage
2005-1Q 2005-2Q 2005-3Q 2005-4Q 2005 Total 2006-1Q 2006-2Q 2006-3Q 2006-4Q 2006 Total 2007-1Q 2007-2Q 2007-3Q 2007-4Q 2007 Total 2008-1Q 2008-2Q 2008-3Q 2008-4Q 2008 Total
Seed
52
68
68
76
264
82
93
121
100
396
90
139
136
159
524
135
134
156
112
537
Early Stage
212
219
214
214
859 205
241 236
319
1,001 257 326 257
289
1,129 265
301 284
287
1,137
275
295
242
304
1,116 328 360 345
347
1,380
277 322
319
359
1,277 344
331 282
285 1,242
Expansion
Later Stage
223
280 286
272
1,061 290
314 253 253
1,110 282 326 336
339
1,283 310 338
323
278
1,249
Total
762
862
810
866 3,300 905 1,008 955 1,019 3,887 906 1,113 1,048 1,146
4,213 1,054 1,104 1,045
962 4,165

Figure 3.09d-7
Quarterly Venture Capital Investments
1985 to 2012 By Stage (Number of Deals)
2009
2010
2011
2012
Stage
2009-1Q 2009-2Q 2009-3Q 2009-4Q 2009 Total 2010-1Q 2010-2Q 2010-3Q 2010-4Q 2010 Total 2011-1Q 2011-2Q 2011-3Q 2011-4Q 2011 Total 2012-1Q 2012-2Q 2012-3Q 2012-4Q 2012 Total
Seed
70
87
99
119
375
93
119
99
98
409
94 128
114
109
445
61
78
73
68
280
Early Stage
195
213 244
321
973 268
361 308 334
1,271 344 392
401
425
1,562 350 433
411
453 1,647
Expansion
183
217
219
269
888 252 300 244 278
1,074 225 275
277
244
1,021
221 250 244
247
962
Later Stage
229
244
199
231
903 205 239 230 198
872 234
279
212
193
918 229
197
192
216
834
Total
677
761
761
940
3,139
818 1,019 881 908
3,626 897 1,074 1,004
971 3,946
861 958 920
984 3,723

Figure 3.10
Venture Capital Investments
1985 to 2012 By Industry ($ Millions)
Industry
SSoftware
Biotechnology
Industrial/Energy
Medical Devices and Equipment
IT Services
Media and Entertainment
Consumer Products and Services
Semiconductors
Telecommunications
Retailing/Distribution
Computers and Peripherals
Networking and Equipment
Healthcare Services
Financial Services
Electronics/Instrumentation
Business Products and Services
Other
Total

1985 1986 1987 1988 1989 1990 1991 1992 1993
612 577
519 482
457
519 463
614
459
136
223 290 369
334
314
287
581
479
201 208
290 222
345
242
183
285
278
181
182
259
340
347
325
235
514 393
26
38
51
39
36
38
41
29
54
101
118
155
166
151
93
69
132
278
69
135
176
153
86
159
126
123
159
253
293
255
294
165
190
90
156
93
178
174
148
161
124
128
117 200
251
32
114 296
232
217
89
48
97
103
449
473
392
370
311
245
174
205
164
224
164
143
137
197
174
140
250
516
81
125
140
97
155
92
72
191
202
81
96
62 209
233
63
25
120
102
120
121
122
77
110
58
74
51
50
29
81
64
53
52
94
77
39
70
3
3
0
6
0
33
0
6
2,776 3,125 3,364 3,406 3,320 2,822 2,254 3,586 3,657

1994 1995 1996 1997 1998
1999 2000
2001 2002
671 1,186 2,350 3,462 4,721 10,690 25,251 10,820 5,509
585
832 1,186 1,368 1,551
2,101 4,270 3,480 3,312
294
527 498 704 1,260
1,464 2,627 1,250
826
439 668
618 1,026 1,256 1,577 2,403 2,046 1,863
119
175
442 640 1,093 4,323 8,890 2,475
978
275
944 1,154 1,056 1,873 7,408 10,598 2,370
784
176
534
510 742 680
2,718 3,220
702
256
157
214
340 597
631 1,380 3,806 2,474 1,654
463
937 1,323 1,562 3,024 8,032 16,468 5,179 2,168
103 303
269 326
769 2,810 3,209
368
139
178
316 363 394
383
939
1,628
693
457
250
372
631 962 1,446 4,658 11,730 5,791 2,671
202
460 734 939
959
1,495 1,386
543 380
123
181
323 385
843
2,215
4,131 1,238
331
65
151
211 307
202
274
797
400 309
40
176
369 434
706 2,590 4,726 1,085
478
6
37
21
71
102
225
60
55
17
4,146 8,013 11,341 14,975 21,499 54,900 105,200 40,968 22,132

2003
4,855
3,745
774
1,613
747
662
157
1,767
1,674
64
360
1,739
229
413
209
673
19,681

2004
5,483
4,388
847
1,905
748
1,410
334
2,166
1,854
217
538
1,559
389
530
395
460
14
23,235

2005
5,144
3,930
1,138
2,209
1,057
1,200
363
1,855
2,150
249
535
1,695
364
903
412
408
23,612

2006
5,449
4,816
1,996
2,778
1,482
1,888
424
2,307
2,414
189
388
1,252
416
528
703
586
27,617

2007
6,124
5,713
3,082
3,759
1,930
2,166
454
2,041
2,191
340
550
1,443
307
580
557
621
18
31,875

2008
6,069
4,970
4,631
3,603
2,108
1,796
418
1,595
1,514
222
470
756
159
464
646
475
30
29,926

2009
4,205
3,972
2,564
2,605
1,228
1,371
489
773
636
156
345
753
171
404
393
260
56
20,378

2010
5,116
3,903
3,465
2,341
1,661
1,572
571
1,046
792
165
408
678
272
408
422
491
4
23,316

2011
7,516
4,825
3,595
2,883
2,264
2,258
1,399
1,345
631
454
494
357
394
394
437
215
37
29,497

2012
8,293
4,115
2,792
2,511
1,993
1,976
1,208
926
582
498
453
316
309
284
244
97
53
26,652

Figure 3.10b
Venture Capital Investments
1985 to 2012 By Industry (Number of Deals)
Industry
SSoftware
Biotechnology
Media and Entertainment
Medical Devices and Equipment
IT Services
Industrial/Energy
Consumer Products and Services
Semiconductors
Telecommunications
Retailing/Distribution
Electronics/Instrumentation
Computers and Peripherals
Financial Services
Healthcare Services
Networking and Equipment
Business Products and Services
Other
Total

36

1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
321 323 307 280 296 302 287 296 243 253 435 686
73
98
138 153
138 145
138 164 136 140
176 236
56
68
92
75
71
58
54
79
82
97
138
191
128
117 166
151
185
191
161 188
148 128
179
212
23
25
33
24
27
31
30
22
19
33
62 127
122
138 162 140
144 157
125 132
102
101 128
155
43
51
72
59
52
67
48
51
54
66
114 132
84
72
92
91
80
78
51
60
45
38
64
74
86
77
94
80
81
63
67
64
73
73
141
211
18
32
71
81
73
46
38
34
35
28
54
70
77
68
70
57
60
50
47
38
27
37
49
47
157
148
131 138 135 104
78
84
65
66
93
95
22
28
36
43
44
25
24
24
31
31
47
61
33
56
56
46
55
41
38
46
52
45
73 139
80
76
73
69
71
74
65
83
65
77
82 123
20
42
51
38
32
28
20
25
32
22
50
69
2
2
2
1
2
2
2
3
2
9
9
1,345 1,421 1,646 1,526 1,544 1,462 1,273 1,392 1,212 1,237 1,894 2,637

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
820 980
1,411 2,165 1,298 1,005 965 949
955 1,027 1,073 1,098 815 1,035 1,178 1,277
242 274
260 355
337 326 357 400
405 483 526 530 458 493 466 463
219 266
701 944
372 167
127 140
209 329 399 400 266 345
441 395
272 294
288 295
257 234 248 280
286 358 399 402 345 349 370
319
162 207
456 687
324 170
147
151
172 236 281 286
221 303 362
315
213 186
205 254
204
131 142 158
154 225 306 365 255 307
311 243
162
163
287 285
119
72
47
67
78
79
110
103
86
114
137 162
116 120
148 256
209
169 214 258
218 266 224 206
132
137 136 108
268 340
529 858
481 275
214 232
236 309 279 230
131 120
124
95
91
121
230 282
83
49
31
38
40
40
41
42
38
33
68
59
54
56
53
76
59
63
55
72
84
96
93
94
63
67
58
51
115
91
104
133
81
59
57
61
65
60
70
61
54
56
61
48
91
115
190 334
137
76
64
68
63
90
85
68
54
74
60
45
152
155
159 165
105
70
70
64
64
51
57
51
40
45
47
43
140
211
279 481
335 232 186
193
186
137 146 106
101
63
49
38
94 139
279 459
177
102
97
83
83
99
113
119
72
75
61
35
12
10
21
12
11
3
1
3
2
2
11
4
8
10
17
27
3,223 3,728 5,600 8,041 4,589 3,203 3,022 3,217 3,300 3,887 4,213 4,165 3,139 3,626 3,946 3,723

Thomson Reuters
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013
NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013

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NVCA Yearbook 2013: US National Venture Capital Association's Yearbook 2013

  • 1. NATIONAL VENTURE CAPITAL ASSOCIATION YEARBOOK 2013 NATIONAL VENTURE CAPITAL ASSOCIATION YEARBOOK 2013 PREPARED BY 3 Times Square 18th Floor New York, NY 10036 www.thomsonreuters.com 1655 Fort Myer Drive Suite 850 Arlington, VA 22209 www.nvca.org INCLUDING STATISTICS FROM THE PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters
  • 2. March 2013 Dear Reader: These are interesting times characterized by economic and political uncertainty - and little forward motion. And yet in the entrepreneurial section of the economy, the opportunities to create great companies remain unabated. There is wide agreement among policy makers on the importance of entrepreneurial companies to economic growth and well-being. Venture capital is a major driver of that entrepreneurial economy. The nation continues to look to this sector for job creation, economic development, better healthcare, cleaner technology, and a faster, better, and more secure internet. The NVCA Yearbook 2013, prepared by Thomson Reuters, is the 16th iteration of a series launched in early 1998 by NVCA and what is now Thomson Reuters. Since then we have joined forces with PricewaterhouseCoopers to provide the best possible information on venture capital deals across all 50 states. This investment information is tracked and reported by the PricewaterhouseCoopers/NVCA MoneyTreeTM Report based on data from Thomson Reuters. On behalf of the National Venture Capital Association board of directors and staff, we are pleased to present you with the latest statistics that describe the activity of the venture capital industry in the United States. These statistics reflect strong survey participation by venture capital practitioners. This support has allowed us to bring appropriate transparency to a part of the economy that most people are aware of but few really understand. Your comments are always welcome at research@nvca.org. NVCA believes that it is more important than ever to effectively tell the story of venture capital, differentiate it from other forms of alternative assets, and explain what’s needed to continue creating great, leading-edge companies. We believe that a strong venture capital industry is essential to America’s future and our quality of life. NVCA is proud to be funding innovation and empowering entrepreneurs! Very truly yours Diana Frazier FLAG Capital Management NVCA Director & Chair, NVCA Research Committee Mark G. Heesen NVCA President John S. Taylor NVCA Head of Research
  • 3. NVCA BOARD OF DIRECTORS 2012-2013 Executive Committee Ray Rothrock Chair Venrock Associates Josh Green Chair-Elect Mohr, Davidow Ventures Michael Greeley Treasurer FlyBridge Capital Partners Jonathan Leff At-Large & Research Committee Deerfield Management Jason Mendelson At-Large Foundry Group Scott Sandell At-Large New Enterprise Associates Research Committee Diana Frazier Chair, Research Committee FLAG Capital Management, LLC Mike Elliott Noro-Moseley Partners Adam Grosser Silver Lake Kraftwerk Board Members At-Large Jonathan Callaghan True Ventures Maria Cirino .406 Ventures David Douglass Delphi Ventures Bruce Evans Summit Partners Claudia Fan Munce IBM Venture Capital Group Norm Fogelsong Institutional Venture Partners Venky Ganesan Menlo Ventures Robert Goodman Bessemer Venture Partners Mark Gorenberg Hummer Winblad Venture Partners Jason Green Emergence Capital Partners Ross Jaffe, MD Versant Ventures Ray Leach Jumpstart, Inc. Sherrill Neff Quaker BioVentures Robert Nelsen ARCH Venture Partners David Lincoln Element Partners James Marver VantagePoint Capital Partners Anne Rockhold Accel Partners 2 Thomson Reuters
  • 4. 2013 National Venture Capital Association Yearbook For the National Venture Capital Association Prepared by Thomson Reuters Copyright © 2013 Thomson Reuters The information presented in this report has been gathered with the utmost care from sources believed to be reliable, but is not guaranteed. Thomson Reuters disclaims any liability including incidental or consequential damages arising from errors or omissions in this report. Thomson Reuters 3
  • 5. National Venture Capital Association 2013 Yearbook National Venture Capital Association Thomson Reuters 1655 Fort Myer Drive, Suite 850 Arlington, Virginia 22209-3114 Telephone: 703-524-2549 Telephone: 703-524-3940 www.nvca.org 3 Times Square, 18th Floor New York, NY 10036 Telephone: 646-223-4431 Fax: 646-223-4470 www.thomsonreuters.com President Mark G. Heesen Head of Research John S. Taylor Senior Vice President Molly M. Myers Senior Vice President of Federal Policy & Political Advocacy Jennifer Connell Dowling Vice President of Communications Emily Mendell Vice President of Membership & Member Firm Liaison Janice Mawson Vice President of Federal Policy & Political Advocacy Emily A. Baker Chief Marketing Officer Jeanne Lazarus Metzger Vice President of Federal Life Science Policy Kelly Slone Membership and Database Manager Terry Samm Manager of Administration and Meetings Allyson Chappell Accounting Manager Beverley Badley Administrative Assistant Gwendolyn Taylor Global Head of Deals & Private Equity Stephen N. Case II Vice President, Deals and Private Equity Operations Shariq Kajiji Global Business Manager – Private Equity Jim Beecher Editor-in-Charge David Toll Global Private Equity Operations Manager Anna Aquino-Chavez Press Management Matthew Toole Product Manager Lori Ann Silva Content Specialist Paul Pantalla Data Specialist Francis Base Research Editor Eamon Beltran Senior Art Director David Cooke Sales Manager – Publications (Buyouts, VCJ, peHUB) Greg Winterton (646-223-6787) ThomsonONE.com Sales: Dave Sharma (646-223-4048) Research Lab Mavis Moulterd, Thea Shepherd 4 Thomson Reuters
  • 6. Table of Contents What is Venture Capital? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Industry Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 11 Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Exits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 15 Industry Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 17 Capital Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Investments.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Exits: IPOs and Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Appendix A: Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 Appendix B: MoneyTree Report Criteria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 Appendix C: MoneyTree Geographical Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 Appendix D: Industry Codes (VEICs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Appendix E: Industry Sector VEIC Ranges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 Appendix F: Stage Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 Appendix G: Data Sources and Resources. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 Appendix H: International Convergence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 Appendix I: US Accounting Rulemaking and Valuation Guidelines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105 Appendix J: Non-US Private Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 Thomson Reuters 5
  • 7. National Venture Capital Association This page is intentionally left blank. 6 Thomson Reuters
  • 8. What is Venture Capital? Venture capital has enabled the United States to support its entrepreneurial talent and appetite by turning ideas and basic science into products and services that are the envy of the world. Venture capital funds build companies from the simplest form – perhaps just the entrepreneur and an idea expressed as a business plan – to freestanding, mature organizations. Risk Capital for Business Venture capital firms are professional, institutional managers of risk capital that enables and supports the most innovative and promising companies. This money funds new ideas that could not be financed with traditional bank financing, that threaten established products and services in a corporation, and that typically require five to eight years to be launched. Venture capital is quite unique as an institutional investor asset class. When an investment is made in a company, it is an equity investment in a company whose stock is essentially illiquid and worthless until a company matures five to eight years down the road. Follow-on investment provides additional funding as the company grows. These “rounds,” typically occurring every year or two, are also equity investment, with the shares allocated among the investors and management team based on an agreed “valuation.” But, unless a company is acquired or goes public, there is little actual value. Venture capital is a long-term investment. More Than Money The U.S. venture industry provides the capital to create some of the most innovative and successful companies. But venture capital is more than money. Venture capital partners become actively engaged with a company, typically taking a board seat. With a startup, daily interaction with the management team is common. This limits the number of startups in which any one fund can invest. Few entrepreneurs approaching venture capital firms for money are aware that they essentially are asking for 1/6 of a person! Yet that active engagement is critical to the success of the fledgling company. Many one- and two-person Thomson Reuters Venture Capital Backed Companies Known for Innovative Business Models Employment at IPO and Now As Company The Home Depot Starbucks Corporation Staples Whole Foods Market, Inc. eBay of IPO 650 2,521 1,693 2,350 138 Current 331,000 160,000 89,019 69,500 31,500 # Change 330,350 157 ,479 87 ,326 67 ,150 31,362 Venture Capital Backed Companies Known for Innovative Technology and Products Employment at IPO and Now Company Microsoft Intel Corporation Medtronic, Inc. Apple Inc. Google JetBlue As of IPO 1,153 460 1,287 1,015 3,021 4,011 Current 94,000 100,100 45,000 76,100 53,861 12,070 # Change 92,847 99,640 43,713 75,085 50,840 8,059 Source: Global Insight; Updated from ThomsonOne 2/2013 companies have received funding but no one- or twoperson company has ever gone public! Along the way, talent must be recruited and the company scaled up. Ask any venture capitalist who has had an ultra-successful investment and he or she will tell you that the company that broke through the gravity evolved from the original business plan concept with the careful input of an experienced hand. Deal Flows — Where The Buys Are For every 100 business plans that come to a venture capital firm for funding, usually only 10 or so get a serious look, and only one ends up being funded. The venture capital firm looks at the management team, the concept, the marketplace, fit to the fund’s objectives, the value-added potential for the firm, and the capital needed to build a successful business. A busy venture capital professional’s most precious asset is time. These days, a business concept needs to address world markets, have superb scalability, be made successful in a reasonable timeframe, and be truly innovative. A concept that promises a 10 or 20 percent improvement on something that already exists is not likely to get a close look. 7
  • 9. National Venture Capital Association Many technologies currently under development by venture capital firms are truly disruptive technologies that do not lend themselves to being embraced by larger companies whose current products could be cannibalized by this. Also, with the increased emphasis on public company quarterly results, many larger organizations tend to reduce spending on research and development and product development when things get tight. Many talented teams have come to the venture capital process when their projects were turned down by their companies. The Exit Funnel Outcomes of the 11,686 Companies First Funded 1991 to 2000 Went/Going Public 14% Still Private or Unknown* 35% Acquired 33% Common Structure — Unique Results While the legal and economic structures used to create a venture capital fund are similar to those used by other alternative investment asset classes, venture capital itself is unique. Typically, a venture capital firm will create a Limited Partnership with the investors as LPs and the firm itself as the General Partner. Each “fund,” or portfolio, is a separate partnership. A new fund is established when the venture capital firm obtains necessary commitments from its investors, say $100 million. The money is taken from investors as the investments are made. Typically, an initial funding of a company will cause the venture fund to reserve three or four times that first investment for follow-on financing. Over the next three to eight or so years, the venture firm works with the founding entrepreneur to grow the company. The payoff comes after the company is acquired or goes public. Although the investor has high hopes for any company getting funded, only one in six ever goes public and one in three is acquired. Economic Alignment of all Stakeholders — An American Success Story Venture capital is rare among asset classes in that success is truly shared. It is not driven by quick returns or transaction fees. Economic success occurs when the stock price increases above the purchase price. When a company is successful and has a strong public stock offering, or is acquired, the stock price of the company reflects its success. The entrepreneur benefits from appreciated stock and stock options. The rank and file employees throughout the organization historically also do well with their stock options. The venture capital fund and its investors split the capital gains per a 8 Known Failed 18% *Of these, most have quietly failed pre-agreed formula. Many college endowments, pension funds, charities, individuals, and corporations have benefited far beyond the risk-adjusted returns of the public markets. Beyond the IPO Many of the most exciting venture capital backed companies left the venture portfolios after they went public. Far from being a destination, the IPO process provides needed growth capital for a growing company. A 2009 analysis by IHS Global Insight shows that more than 90% of the jobs at today’s venture backed public companies were created after it went public. That is, these companies on average are 10% of their mature size at the time they go public. What’s Ahead Much of venture capital’s success has come from the entrepreneurial spirit pervasive in the American culture, financial recognition of success, access to good science, and fair and open capital markets. It is dependent upon a good flow of science, motivated entrepreneurs, protection of intellectual property, and a skilled workforce. The nascent deployment of venture capital in other countries is gated by a country’s or region’s cultural fit, tolerance for failure, services infrastructure that supports developing companies, intellectual property protection, efficient capital markets, and the willingness of big business to purchase from small companies. Thomson Reuters
  • 10. Executive Summary During 2012, many of the metrics describing the venture capital industry in the United States were similar to those of the prior two years. The decline in the number of firms and capital managed was expected but not as large as some were anticipating. Venture investment focused on companies in the seed and early stages, with many later-stage companies continuing to await a helpful IPO environment. Investment in early-stage life science companies continues to soften. Fundraising remained very challenging for the majority of venture firms, largely because of a dearth of healthy exits that would distribute yet-unrealized returns to current fund investors. The number of initial public offerings in 2012 fell slightly from 2011 levels, but the proceeds and IPO valuation tally were both up significantly, largely as a result of one huge IPO and a handful of large ones. A healthy venture capital ecosystem requires its metrics to be in balance. And while the quality of new business opportunities, known as deal flow, remains very high and the best opportunities are getting funded, stresses remain. Introduction The National Venture Capital Association 2013 Yearbook provides a summary of venture capital activity in the United States. This ranges from investments into portfolio companies to capital managed by general partners to fundraising from limited partners to exits of the investments by either IPOs or mergers and acquisitions. The statistics for this publication were assembled primarily from the MoneyTree™ Report by PricewaterhouseCoopers and the National Venture Capital Association, based on data from Thomson Reuters and analyzed through Figure 1.0 Venture Capital Under Management Summary Statistics No. of VC Firms in Existence No. of VC Funds in Existence No. of Principals No. of First Time VC Funds Raised No. of VC Funds Raising Money This Year VC Capital Raised This Year ($B) VC Capital Under Management ($B) Avg VC Capital Under Mgt per Firm ($M) Avg VC Fund Size to Date ($M) Avg VC Fund Size Raised This Year ($M) Largest VC Fund Raised to Date ($M) Thomson Reuters 1992 2002 2012 358 1,089 841 616 2,119 1,269 4,996 14,541 5,887 13 25 43 78 176 162 4.9 15.7 20.1 28.7 272.1 199.2 80.2 249.9 236.9 39.1 94.4 110.6 62.8 89.2 124.1 1,775.0 6,300.0 6,300.0 the ThomsonONE.com (formerly VentureXpert) database of Thomson Reuters, which has been endorsed by the NVCA as the official industry activity database. Subscribers to ThomsonONE can recreate most of the charts in this publication and report individual deal detail and more granular statistics than provided herein. Industry Resources The activity level of the U.S. venture capital industry is roughly half of what it was at the 2000-era peak. For example, in 2000, 1053 firms each invested $5 million or more during the year. In 2012, the count was less than half that at 522. Venture capital under management in the United States by the end of 2012 decreased to $199.2 billion as calculated using the methodology described below. However, looking behind the numbers, we know that the industry continues to contract from the circa 2000 bubble high of $261.2 billion The slight downtick in number of firms and capital managed in 2012 perhaps understates a consolidating trend. The average venture capital firm shrunk to 7.0 principals per firm from 7.4 in 2011. The corresponding drop in headcount to under 6,000 principals is almost one-third lower than 2007 levels. This 9
  • 11. 10 2 01 0 201 1 201 2 2 00 1 200 2 200 3 2 00 4 200 5 200 6 200 7 2 00 8 200 9 199 8 199 9 200 0 199 6 199 7 199 4 199 5 198 9 199 0 199 1 199 2 199 3 198 8 198 7 198 6 198 5 ($ Billions) 198 5 198 6 198 7 198 8 198 9 199 0 199 1 199 2 1993 199 4 199 5 199 6 1997 199 8 199 9 200 0 200 1 200 2 200 3 200 4 200 5 200 6 200 7 200 8 200 9 201 0 201 1 201 2 ($ Billions) National Venture Capital Association Figure 2.0 Capital Under Management U.S. Venture Funds ($ Billions) 1985 to 2012 350 300 250 200 150 100 50 0 Year Figure 3.0 Capital Commitments to U.S. Venture Funds ($ Billions) 1985 to 2012 120 100 80 60 40 20 0 Year Thomson Reuters
  • 12. 2013 NVCA Yearbook Figure 4.0 Investments in Portfolio Companies ($ Billions) 1985 to 2012 120 100 ($ Billions) 80 60 40 200 1 200 2 200 3 2 00 4 200 5 200 6 200 7 200 8 200 9 201 0 201 1 201 2 199 7 199 8 199 9 200 0 199 4 199 5 199 6 198 7 198 8 198 9 199 0 199 1 199 2 199 3 0 198 5 198 6 20 Year Figure 5.0 Venture Capital Investments in 2012 By Industry Group All Investments Industry Group Information Technology Medical/Health/Life Science Non-High Technology Total # Companies 2,130 649 364 3,143 # Deals 2,480 818 425 3,723 meant that there was an increase in the average amount of capital managed by each principal. It is possible going forward, that the number of principals per firm will increase as the number of firms decreases. This is because the bulk of the money being raised today is being raised by larger, specialty, and boutique firms. Commitments New commitments to venture capital funds in the United States increased for the second year in a row, which follows four years of declines. In 2012, commitments totaling $20.1 billion were made to 183 funds. This is roughly two-thirds of the annual levels Thomson Reuters Initial Investments Investment Amt ($Bil) 16.5 6.8 3.4 26.7 # Companies 870 148 156 1,174 # Deals 870 148 156 1,174 Investment Amt ($Bil) 3.0 0.7 0.4 4.1 seen in 2005-2007 and approximately one-fifth of the annual amount raised at the bubble peak. When you look behind the 2012 capital commitments at the specific funds being raised, the 10 largest funds represent 48% of the capital raised, with 173 funds raising the other 52%. This is the sixth consecutive year in which more money was invested by the industry than raised in new commitments. That has been the case in 11 of the past 13 years. While this is not a true apples-toapples comparison, it does explain the industry’s strong interest in raising additional funds in 2013 and beyond. The narrow success of recent IPO and 11
  • 13. National Venture Capital Association Figure 6.0 Venture Capital Investments in 2012 Stage by Dollars Invested Seed 3% Later Stage 32% Early Stage 30% Expansion 35% Figure 7.0 Venture Capital Investments in 2012 Industry Sector by Dollars Invested Telecommunications 2% Other 0.2% Biotechnology 15% Business Products and Services 0.4% Computers and Peripherals 2% Consumer Products and Services 5% Electronics/ Instrumentation 1% Financial Services 1% Healthcare Services 1% Software 31% Semiconductors 3% Retailing/ Distribution 2% Networking and Equipment 1% Medical Devices and Equipment 9% 12 Industrial/Energy 10% IT Services 7% Media and Entertainment 7% Thomson Reuters
  • 14. 2013 NVCA Yearbook acquisition markets has not enabled most firms to pay out sufficient distributions to their investors to begin raising another fund. For the vast majority of firms, raising additional capital right now is very difficult. Investments Measuring industry activity with the total dollars invested in a given year shows that the industry has remained generally in the $20 billion to $30 billion range since 2002. In 2012, $26.7 billion was invested in 3,143 companies. This is less than 2011 totals and greater than 2010 totals. The number of first-time fundings likewise was less than 2011 and greater than 2010. Further parsing the data shows an increasing portion of the investment dollars going to California companies. Software was the leading sector in 2012, receiving 31% of the total dollars. The second largest sector was Biotechnology which fell to roughly half that amount at 15.4% of total investment The continued interest in Clean Technology investing brought the Figure 8.0 2012 Investments By State State California Massachusetts New York Washington Texas Illinois Colorado Pennsylvania New Jersey Virginia All Others Total Number of Companies 1,280 326 287 101 134 76 85 154 49 62 589 3,143 Pct of Total 41% 10% 9% 3% 4% 2% 3% 5% 2% 2% 19% Investment ($ Millions) 14,128.8 3,067.9 1,856.7 931.5 930.5 570.4 564.2 517.8 429.3 372.3 3,282.8 26,652.4 Pct of Total 53% 12% 7% 3% 3% 2% 2% 2% 2% 1% 12% Figure 9.0 Venture-Backed IPOs Year 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Num of IPOs 48 104 86 43 42 47 120 150 175 140 184 256 141 79 280 238 37 24 26 82 59 68 92 7 13 68 51 49 Thomson Reuters Offer Amount ($Mil) 763 2,414 2,125 769 873 1,108 3,726 5,431 6,141 4,004 7,859 12,666 5,831 4,221 24,005 27,443 4,130 2,333 2,024 10,032 5,113 7,127 12,365 765 1,980 7,609 10,690 21,451 Med Offer Amt ($Mil) 13 14 17 15 16 20 27 24 24 24 36 35 33 43 70 83 80 89 71 70 68 85 97 83 123 93 106 89 Mean Offer Post Offer Med Post Mean Post Median Age Amt ($Mil) Value ($Mil) Value ($Mil) Value ($Mil) @ IPO (yrs) 16 1,991 32 47 3 23 166,260 53 1889 4 25 10,790 46 150 4 18 20,523 51 555 3 21 5,479 51 166 4 24 5,886 60 178 4 31 14,151 78 168 5 36 15,759 68 147 5 35 14,430 75 129 5 29 9,854 67 91 5 43 17,046 103 136 4 49 40,360 111 191 3 41 17,784 99 146 3 53 9,649 149 214 3 86 86,669 294 425 3 115 63,610 336 464 3 112 15,545 304 576 4 97 8,322 266 347 3 78 7,412 252 285 5 122 50,268 254 613 6 87 39,702 202 673 5 105 71,467 293 1067 5 134 68,282 361 742 6 109 3,645 278 521 7 152 9,192 548 707 6 112 111,386 431 1662 5 210 94,987 606 1862 6 438 122,264 371 2495 7 Mean Age @ IPO (yrs) 4 4 4 4 4 4 5 5 6 5 5 4 6 3 3 4 4 5 6 6 5 6 6 7 7 6 7 8 13
  • 15. National Venture Capital Association Industrial/Energy sector to 10.5% of the total. Medical Devices rounded out the top four sectors at 9.4%. The life sciences share of the venture capital investment dollars decreased in 2012 to its lowest level since 2002. In 2012, 15.4% of the money went into Biotechnology, 9.4% into Medical Devices, and 1.2% into Healthcare Services, totaling 26.0%. This is down from the 33.1% combined share in 2009. As has been the case for several years, attention has been focused on the two ends of the spectrum. Looking at deal counts, 2012 actually saw the highest percentage of seed- and early-stage deals since at least 1985 (51.8% of total deals). This certainly would challenge the suggestion that the industry’s attention is single-focused on later-stage companies. That said, the 22.4% of deals going to later-stage companies is also toward the top end of the historical range. There remains a record number of companies in portfolios in the later stage of development that in most other positions in the business cycle would have already gone public or otherwise been acquired. With the rule of thumb that a healthy venture capital industry invests in 1,000-1,300 new companies each year, the 1,174 first fundings in 2012 is very much in that range. Not surprisingly, 81% of those first round investments were made at the seed- and early-stage levels. The year 2012 provided an interesting contrast in geographic dispersion. While 53% of all the investment dollars went to California-based portfolio companies, a record for MoneyTree™, companies in 48 states and DC received financing, also a MoneyTree™ record high. Figure 10.0 Venture-Backed M&A Exits Year 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 14 Number Total 6 8 10 17 20 19 16 69 59 82 92 107 143 189 227 379 384 363 323 402 443 485 488 416 350 521 488 449 Number Known 3 1 4 9 10 7 4 43 36 56 58 76 99 113 154 245 175 165 134 199 198 207 200 134 108 149 169 121 ($ Millions) Price Average 300.2 100.1 63.4 9.1 667.2 111.2 920.7 115.1 746.9 74.7 120.3 10.0 190.5 15.9 2,119.1 81.5 1,332.9 58.0 3,207.1 123.4 3,801.8 111.8 8,230.8 265.5 7,743.6 176.0 8,002.0 105.3 38,688.0 530.0 79,996.4 597.0 25,115.6 120.2 11,913.2 60.2 8,240.8 43.6 28,846.1 142.1 19,600.2 80.0 24,288.5 87.4 30,745.5 106.8 16,236.9 57.6 12,364.9 51.1 17,700.3 47.6 24,093.2 75.5 21,516.2 65.6 Thomson Reuters
  • 16. 2013 NVCA Yearbook Exits ing or seeking to go public were not able to do so. Once successful portfolio companies mature, venture funds generally exit their positions in those companies by taking them public through an initial public offering (IPO) or by selling them to presumably larger organizations (acquisition, or trade sale). This then lets the venture fund distribute the proceeds to investors, raise a new fund for future investment, and invest in the next generation of companies. This chapter considers each type of exit separately. On the market valuation placed on these IPOs at the offer price, 2012 was a very good year. The 49 IPOs had a valuation of $122.3 billion. This is the highest amount since 1986. What is quite striking (Fig 5.03), is the huge gap between median and mean (average) valuation of almost seven times! This suggests a huge outlier effect created by the very large IPOs that succeeded. IPOs in 2012 were a mixed bag at best. On the one hand, the number of venture-backed companies going public actually fell from 2011 from 51 to 49. But the dollars raised in those initial public offerings more than doubled from $10.7 billion to $21.5 billion. But looking behind the numbers, we see that Facebook itself raised $16.0 billion of that $21.5 billion, with a few other high-profile IPOs looming large in the remainder. This meant that many companies attempt- Thomson Reuters In 2012, the acquisition market weakened. There was a slight decrease in the number of acquisitions, or trade sales, of venture-backed companies. We tracked 449 acquisitions, of which we had disclosed deal amounts for 121 of them. The sum of the disclosed values was also down at $21.5 billion. Just over onefifth of them were acquired at 10 times or greater than the cumulative venture capital investment in those companies. We tracked four acquisitions at more than $1 billion. 15
  • 17. National Venture Capital Association This page is intentionally left blank. 16 Thomson Reuters
  • 18. Industry Resources The activity level of the U.S. venture capital industry is roughly half of what it was at the 2000-era peak. For example, in 2000, 1053 firms each invested $5 million or more during the year. In 2012, the count was less than half that at 522. Venture capital under management in the United States by the end of 2012 decreased to $199.2 billion as calculated using the methodology described below. However, looking behind the numbers, we know that the industry continues to contract from the circa 2000 bubble high of $261.2 billion The slight downtick in firms and capital managed in 2012 perhaps understates a consolidating trend. The average venture capital firm shrunk to 7.0 principals per firm from 7.4 in 2011. The corresponding drop in headcount to under 6,000 principals is almost one-third lower than 2007 levels. This meant that there was an increase in the average amount of capital managed by each principal. It is possible going forward, that the number of principals per firm will increase as the number of firms decreases. This is because the bulk of the money being raised today is being raised by larger, specialty, and boutique firms. For our purposes here, we define a principal to be someone who goes to portfolio company board meetings. That is, deal partners would be included and firm CFOs would not be included. Geographic location of the largest venture firms is quite concentrated. California domiciled firms manage 47.1% of the industry’s capital although these firms may be actively investing in other states and countries. This concentration has been consistent for several years and may increase going forward, given the movement of some east coast funds westward. Taken together, the top five states (California, Massachusetts, New York, Connecticut, and Illinois) hold 81.4% of total venture capital in this country. METHODOLOGY Historically we have calculated industry size using a “rolling eight years of fundraising” proxy for capital managed, number of funds, number of firms, etc. The number of firms in existence will vary on a rolling eight-year basis as firms raise new funds or do not raise funds for more than eight years. Currently, we know the industry is consolidating, but the eight- year model now includes fund vintage years 2005-2012. However, through 2012, the rolling eight year methodology belies this contraction because the very slow fundraising years of 2002-2004 were rolling out of the calculation. Under this methodology, we estimate that there are currently 841 firms with limited partnerships “in existence.” To clarify, this is actually stating that there are 841 firms that have raised a venture capital fund in the last eight years. In reality, fewer firms are actually making new investments in 2012. added a column to the table to report the number of independent and corporate venture groups actually investing $5 million or more in a given year. These 522 firms are less than half the level of 2000. We expect this statistic to fall further going forward. For this publication, we are primarily counting the number of firms with limited partnerships and are excluding other types of investment vehicles. From that description, it may appear that the statistics for total industry resources may be underestimated. However, this must be balanced with the fact that capital under management by captive and evergreen funds is difficult to compare equitably to typical limited partnerships with fixed lives. For this analysis only, the firms counted for capital under management include firms with fixed-life partnerships and venture capital funds they raised. If a firm raised both buyout and venture capital funds, only the venture funds would be counted in the calculation of venture capital under management. To better report the actual number of active firms, we Thomson Reuters 17
  • 19. National Venture Capital Association Venture capital under management can be a complex statistic to estimate. Indeed, capital under management reported by firms can differ from firm to firm as there’s not one singular definition. For example, some firms include only cumulative committed capital, others may include committed capital plus capital gains, and still other firms define it as committed capital after subtracting liquidations. To complicate matters, it is difficult to compare these totals to European private equity firms, which include capital gains as part of their capital under management measurements. have completed their life cycle. Typically, venture capital firms have a stated 10-year fixed life span, except for life science funds, which are often established as 12-year funds. Figure 1.08 shows the reality of fund life. Thomson Reuters calculates capital under management as the cumulative amount committed to funds on a rolling eight-year basis. Current capital under management is calculated by taking the capital under management calculation from the previous year, adding in the current year’s funds’ commitments, and subtracting the capital raised eight years prior. For purposes of the analysis in this publication, we have tried to clarify the industry definition of capital under management as the cumulative total of committed capital less liquidated funds or those funds that For this analysis, Thomson Reuters classifies venture capital firms using four distinct types: private independent firms, financial institutions, corporations, and other entities. ‘Private independent’ firms are Figure 1.01 Capital Under Management U.S. Venture Funds ($ Billions) 1985 to 2012 350 300 ($ Billions) 250 200 150 100 50 198 5 198 6 198 7 198 8 198 9 199 0 199 1 1992 1993 199 4 199 5 199 6 1997 199 8 199 9 200 0 200 1 200 2 200 3 200 4 200 5 200 6 200 7 200 8 200 9 201 0 201 1 201 2 0 Year 18 Thomson Reuters
  • 20. 2013 NVCA Yearbook made up of independent private and public firms including both institutionally and non-institutionally funded firms and family groups. ‘Financial institutions’ refers to firms that are affiliates and/or subsidiaries of investment banks and non-investment bank financial entities, including commercial banks and insurance companies. The ‘corporations’ classification includes venture capital subsidiaries and affiliates of industrial corporations. In 2013, we will modify the methodology to reflect virtually all direct corporate investment because many of the corporate venture investors do not operate out of a separate fund or group. The capital under management statistics reported in this section consist primarily of venture capital firms investing through limited partnerships with fixed commitment levels and fixed lives and do not include non-vintage “evergreen funds” or true captive corporate industrial investment groups without fixed commitment levels. The term ‘evergreen funds’ refers to funds that have a continuous infusion of capital from a parent organization, as opposed to the fixed life and commitment level of a closed-end venture capital fund. Figure 1.02 Total Capital Under Management By Firm Type 1985 to 2012 ($ Millions) 1985 1986 1987 1988 P vate Independent 11,636 14,574 17,299 18,607 Pri Financial Institutions 3,368 3,508 3,442 3,178 Corporations 1,739 1,709 2,062 2,148 Other 857 909 897 867 Total 1989 1990 22,112 2,714 2,095 779 22,632 2,802 2,142 725 1991 1992 1993 1994 1995 1996 1997 1998 21,805 22,557 25,199 28,528 33,417 2,392 2,220 2,484 2,924 3,758 2,086 2,211 1,526 1,573 1,345 618 313 191 275 380 40,235 5,123 2,032 409 51,877 7,209 2,348 665 76,398 10,382 3,245 3 875 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 120,221 15,466 6,797 1,116 187,475 23,454 11,604 1,467 221,105 24,975 12,787 2,134 221,634 225,208 233,976 242,466 24,453 23,558 22,277 21,634 12,766 12,717 12,245 12,044 2,347 2,317 2,302 2,055 255,714 238,766 18,991 14,384 11,964 8,828 2,031 1,822 194,698 6,263 4,171 1,469 171,713 4,865 2,979 843 175,980 5,266 3,458 3,997 2011 2012 183,482 180,936 9,541 9,670 4,483 4,497 3,995 4,098 17,600 20,700 23,700 24,800 27,700 28,300 26,900 27,300 29,400 33,300 38,900 47,800 62,100 90,900 143,600 224,000 261,000 261,200 263,800 270,800 278,200 288,700 263,800 206,600 180,400 188,700 201,500 199,200 Figure 1.03 Distribution of Firms By Capital Managed 2012 155 160 139 125 140 112 111 120 91 100 80 60 47 60 40 20 10 00 + 50 010 00 25 050 0 10 025 0 -10 0 50 25 -5 0 10 -2 5 010 0 Capital Under Management ($ Millions) This chart shows capital committed to U.S. venture firms in active funds. While much of the capital is managed by larger firms, of the 841 firms at the end of 2012, roughly 60% of them (504) managed $100 million or less. By comparison, just 47 firms managed active funds totaling more than $1 billion. Thomson Reuters 19
  • 21. National Venture Capital Association Figure 1.04 Fund and Firm Analysis Fund Vintage Year 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Total Cumulative Funds 631 707 810 887 979 1,037 1,075 1,147 1,244 1,342 1,497 1,647 1,859 2,096 2,433 2,849 3,092 3,174 3,282 3,447 3,622 3,805 4,019 4,205 4,313 4,439 4,599 4,716 Total Cumulative Firms 323 353 388 406 435 451 458 478 509 542 607 668 760 839 966 1,109 1,191 1,208 1,260 1,328 1,398 1,474 1,558 1,621 1,664 1,725 1,787 1,828 Total Cumulative Capital ($B) 20 23.4 27.4 30.8 35.8 38.3 40.5 44.1 49.4 56.7 66.2 78.6 97.9 129.2 184.1 268.2 310.4 318 330 349.4 376.2 417.9 447.9 474.8 490.7 506.7 531.5 548.6 Existing Funds 532 590 670 700 727 716 639 601 613 635 687 760 880 1,059 1,358 1,702 1,848 1,832 1,785 1,800 1,763 1,709 1,586 1,356 1,221 1,265 1,317 1,269 Firms That Raised Funds in the Last 8 Vintage Years 294 324 353 365 380 383 360 352 370 385 424 469 541 613 733 864 920 918 948 984 1009 1019 1010 879 818 844 868 841 Capital Managed ($B) 17.6 20.7 23.7 24.8 27.7 28.3 26.9 27.3 29.4 33.3 38.9 47.8 62.1 90.9 143.6 224 261 261.2 263.8 270.8 278.2 288.7 263.8 206.6 180.4 188.7 201.5 199.2 Avg Fund Size ($M) 33.1 35.1 35.4 35.4 38.1 39.5 42.1 45.4 48.0 52.4 56.6 62.9 70.6 85.8 105.7 131.6 141.2 142.6 147.8 150.4 157.8 168.9 166.3 152.4 147.7 149.2 153.0 157.0 Avg Firm Size ($M) 59.9 63.9 67.1 67.9 72.9 73.9 74.7 77.6 79.5 86.5 91.7 101.9 114.8 148.3 195.9 259.3 283.7 284.5 278.3 275.2 275.7 283.3 261.2 235 220.5 223.6 232.1 236.9 Firms Actively Investing 92 113 112 118 115 100 80 104 93 110 185 249 342 408 713 1053 759 534 505 575 558 570 627 603 462 509 545 522 The correct interpretation of this chart is that since the beginning of the industry to the end of 2012, 1,828 firms had been founded and 4,716 funds had been raised. Those funds totaled $548.6 billion. At the end of 2012, 841 firms as calculated using our eight-year methodology managed 1,269 individual funds, with each fund typically being a separate limited partnership. Capital under management, again calculated using a rolling eight years of fundraising, by those firms at the end of 2012 was $199.2 billion. However, only 522 independent and corporate venture groups invested at least $5 million in MoneyTree™ deals in 2012. Figure 1.05 Principals Information Year 2007 2008 2009 2010 2011 2012 No. Principals Per Firm 8.7 8.5 8.6 8.0 7.4 7.0 Estimated Industry Principals 8,665 7,293 6,760 6,328 6,231 5,887 Figure 1.06 Top 5 States By Capital Under Management 2012 Avg Mgt Per Principal ($M) 30.0 28.3 26.4 25.7 28.6 33.8 State CA MA NY CT IL Total* ($ Millions) 93,814.8 34,482.3 21,378.0 8,051.2 4,369.0 162,095.4 *Total includes above 5 states states only *Total includes above 5 only The correct interpretation of this chart is that at year end 2012, there were 5,887 principals (people who go to board meetings) in the industry. A principal on average manages $33.8 million and the average firm is made up of 7.0 principals, down from 7.4 principals a year earlier. 20 Thomson Reuters
  • 22. 2013 NVCA Yearbook Figure 1.07 Capital Under Management By State 1985 to 2012 ($ Millions) N O W S N M P W R N W A M U A T State 1985 1986 1987 1988 1989 CA 4,875 5,836 6,493 6,727 7,987 MA 2,331 2,646 3,533 3,886 4,292 NY 3,382 4,421 4,369 4,158 5,589 CT 1,285 1,432 1,917 1,979 1,821 IL 470 490 720 848 804 PA 444 518 548 562 731 DC 3 4 4 3 4 TX 454 488 722 720 792 NJ 610 707 746 734 730 MD 93 97 123 116 158 WA 313 406 384 422 395 VA 72 78 78 84 104 MN 198 294 338 672 743 NC 34 54 87 89 124 CO 361 428 396 513 613 MO 557 581 614 591 599 UT 9 19 19 15 15 MI 111 119 125 122 123 FL 124 131 172 192 194 TN 102 127 191 183 215 GA 88 94 175 257 261 DE 39 40 40 38 47 OH 852 889 969 831 254 AL 125 131 131 127 134 IN 45 55 56 77 96 AZ 40 43 43 73 74 LA 7 7 7 7 7 KY 15 16 16 16 0 WI 181 99 98 95 104 NM 71 100 135 132 168 ID 0 0 0 0 0 ME 1 1 20 25 26 OK 1 29 29 28 37 SD 0 0 0 0 0 HI 2 2 2 2 2 IA 49 51 104 101 80 OR 168 176 203 239 242 VT 0 0 0 0 0 NH 24 25 25 49 50 ND 0 0 0 0 0 KS 0 0 0 0 0 SC 1 1 1 1 15 NE 0 0 0 1 1 MS 0 0 0 0 0 PR 0 0 0 0 0 WY 0 0 0 0 0 RI 15 16 16 36 36 NV 0 0 0 0 0 WV 0 0 0 0 0 AR 2 2 2 2 2 MT 0 1 1 1 1 UN 46 48 48 46 31 AK 0 0 0 0 0 Total 17,600 20,700 23,700 24,800 27,700 Thomson Reuters 1990 7,620 4,414 5,810 1,984 818 772 4 835 950 163 383 91 882 113 572 655 16 38 132 259 275 41 257 136 88 75 5 0 104 255 0 26 38 0 2 82 246 0 51 0 13 15 1 0 9 0 37 0 0 2 1 31 0 28,300 1991 7,732 4,070 5,460 1,840 783 774 4 773 880 98 198 56 810 109 554 653 15 14 110 276 262 41 273 136 80 75 2 0 78 243 0 26 37 0 2 61 228 0 50 0 13 15 1 0 9 0 36 0 0 2 1 21 0 26,900 1992 7,728 4,944 5,314 1,937 886 770 1 805 546 115 241 42 764 110 528 642 10 14 97 270 262 14 303 137 96 34 11 0 78 230 0 28 37 0 0 62 116 0 50 0 13 15 1 0 9 0 36 0 0 0 1 0 0 27,300 1993 8,562 5,136 5,911 2,268 1,148 570 20 936 512 374 227 35 842 108 617 107 10 13 151 200 434 41 427 6 99 44 22 0 81 205 0 29 38 0 0 54 74 0 27 0 14 15 11 0 9 0 22 0 0 0 1 0 0 29,400 1994 9,315 5,645 6,977 2,430 1,220 739 20 1,143 695 784 178 32 896 146 566 137 25 10 223 292 432 51 470 6 109 43 31 7 163 179 0 98 9 0 0 55 74 0 27 0 14 15 11 0 9 0 22 0 0 0 0 0 0 33,300 1995 11,524 6,881 8,268 2,282 1,361 822 123 1,145 958 914 299 48 877 128 475 119 31 41 321 306 434 100 447 6 111 44 49 21 168 154 0 89 10 0 2 5 77 0 47 0 37 29 105 11 9 0 23 0 0 0 0 0 0 38,900 1996 14,797 7,339 9,952 2,397 1,312 1,324 1,670 1,225 1,480 1,514 460 73 511 298 549 124 31 41 303 453 359 121 375 6 192 10 89 21 195 151 0 86 32 10 2 5 30 0 19 0 37 52 136 11 9 0 0 0 0 0 0 0 0 47,800 1997 19,349 10,436 10,286 3,677 1,989 1,743 2,325 1,681 1,557 2,004 677 251 616 618 863 147 94 66 378 463 762 114 689 5 176 9 275 21 180 120 0 88 23 10 2 16 30 0 66 0 56 37 138 11 49 0 2 0 0 0 0 0 0 62,100 1998 26,799 15,737 19,646 4,684 2,245 2,100 2,450 2,994 2,171 2,642 1,078 506 713 804 1,162 111 96 76 688 743 1,074 116 764 24 191 38 366 21 204 12 0 89 67 85 2 17 40 0 67 0 43 37 141 11 40 0 2 0 0 0 0 0 0 90,900 2000 83,652 38,137 38,221 8,913 4,393 3 6,233 3,847 6,871 3,628 3 5,112 2,799 2,520 2,235 1,007 1,365 4,775 307 268 587 1,782 1,235 2,308 113 1,847 107 662 101 476 21 1 245 12 014 202 140 178 1 11 16 100 016 65 00 42 36 175 11 39 0 117 22 223 021 1 19 00 00 00 224,00 2001 102,032 47,762 39,225 11,878 4,805 6,338 4,122 7,994 4,311 5,378 3,684 2,636 2,187 1,36 1,446 5,288 449 475 591 1,749 1,280 2,158 80 1,872 107 662 104 651 21 245 12 1 14 290 139 177 11 60 100 1 43 65 00 42 37 164 39 68 1 117 226 23 221 19 00 00 00 261,300 2002 102,065 49,004 37,658 11,710 5,258 6,231 4,686 7,922 4,226 5,159 3,687 2,649 2,363 1,577 5,432 417 448 589 1,682 1,161 2,151 69 1,873 107 650 145 648 14 152 12 14 218 139 177 11 60 112 43 84 00 42 71 164 39 68 117 226 32 21 19 00 00 00 261,200 2003 105,008 48,678 37,086 11,682 5,616 6,523 4,584 7,799 4,440 5,043 3,566 2,819 2,357 1,776 5,412 407 559 631 1,591 1,150 2,075 28 1,853 155 683 180 631 14 152 33 14 219 139 177 9 55 83 43 65 00 19 58 71 28 68 117 35 32 21 19 00 00 00 263,800 2004 110,920 49,187 36,655 13,333 5,690 6,100 3,373 8,259 4,083 4,811 4,630 2,868 2,361 1,618 5,229 504 589 859 1,577 1,043 2,109 15 1,986 173 593 180 663 14 133 35 14 214 117 175 16 65 85 43 65 00 19 35 38 28 68 117 35 33 21 19 00 00 00 270,800 2005 116,533 50,675 36,182 13,525 5,168 6,506 3,582 8,448 4,073 4,762 4,591 3,338 2,441 1,447 4,882 1,232 546 912 1,802 1,089 1,835 15 1,805 225 595 199 502 18 105 69 14 215 117 175 16 53 85 43 19 00 0 41 38 28 29 118 33 33 21 19 00 00 00 278,200 2006 125,205 55,598 29,295 14,879 5,289 7,033 4,640 8,203 5,159 4,743 4,597 3,367 2,593 1,657 4,663 1,293 651 946 1,525 840 1,697 15 1,721 224 608 171 430 216 205 74 84 276 111 103 16 60 76 43 30 00 0 41 38 29 29 118 33 33 21 19 00 00 00 288,700 2007 2008 2009 2010 113,611 97,099 85,072 88,085 52,312 38,586 32,397 32,001 25,621 14,104 13,156 18,116 13,251 12,165 8,498 9,263 4,235 3,590 3,278 3,060 7,063 4,564 4,399 4,408 5,046 4,835 4,631 4,043 6,550 5,431 4,203 4,061 5,021 4,137 3,916 3,959 4,432 2,936 3,005 2,912 5,173 4,627 3,720 3,684 3,013 1,802 2,225 2,267 2,472 1,640 1,657 1,317 1,542 1,190 1,216 1,696 3,010 1,604 974 1,137 1,384 1,318 1,182 1,187 1,251 1,328 1,136 1,199 685 919 976 1,051 1,283 558 801 864 669 576 565 775 1,686 558 530 533 251 256 394 396 1,329 714 565 521 216 357 361 362 617 136 342 343 173 130 118 263 353 336 196 263 218 223 225 226 213 141 143 170 77 79 80 114 85 72 73 73 160 164 73 73 121 47 47 47 113 32 32 48 7 14 14 43 67 69 39 39 78 34 40 29 57 41 14 19 30 31 31 11 00 013 1 13 14 0 0 0 8 41 42 41 5 38 0 0 2 30 30 1 1 30 31 1 1 119 0 0 0 33 34 10 10 9 10 10 0 21 0 0 0 0 0 0 0 00 00 00 00 00 00 00 00 00 00 00 00 263,800 206,600 180,400 188,700 2011 93,952 31,836 22,380 10,076 4,564 4,123 4,510 4,164 3,554 2,891 3,693 2,073 1,763 1,614 1,144 1,188 1,314 1,244 819 802 646 445 570 387 308 260 279 212 194 84 73 69 47 48 43 39 29 19 11 14 8 5 2 1 1 0 0 0 0 0 00 00 00 201,500 2012 93,815 34,482 21,378 8,051 4,369 4,183 4,165 3,838 3,355 3,010 2,749 1,999 1,862 1,633 1,399 1,315 1,296 1,022 818 763 605 544 439 369 335 309 214 212 199 82 73 69 48 40 36 29 27 19 16 14 8 5 3 1 1 0 0 0 0 0 00 00 00 199,200 21 0 0 0
  • 23. National Venture Capital Association Figure 1.08 Life of IT Funds in Years Life of IT Funds In Years <= 10 11-12 13-14 15-16 17-18 >=19 % of Funds 7% 20% 27% 22% 14% 10% Source: Adams Street Partners, based on 2010 analysis of dissolved funds. This chart tracks the year in which a 10-year fund is, in fact, dissolved. These later periods are referred to as “out years.” Historically, after the 10th year, only a few companies remain in the portfolios that typically do not have huge upside potential. But the slow pace of exits in recent years has resulted in a number of good, mature companies remaining in portfolios well past the nominal 10-year mark. Life science funds tend to have lives two years longer than typical technology funds. In preparing this chart, partial years are rounded to the nearest whole year. So 10.4 years would round to 10 years, and 10.5 years would round up to 11 years. The median life span of a fund in this analysis is 14.17 years. 22 Thomson Reuters
  • 24. Capital Commitments New commitments to venture capital funds in the United States increased for the second year in a row, which follows four years of declines. In 2012, commitments totaling $20.1 billion were made to 183 funds. This is roughly two-thirds of the annual levels seen in 2005-2007 and approximately one-fifth of the annual amount raised at the bubble peak. When you look behind the 2012 capital commitments at the specific funds being raised, the 10 largest funds represent 48% of the capital raised, with 173 funds raising the other 52%. This is the sixth consecutive year in which more money was invested by the industry than raised in new commitments. That has been the case in 11 of the past 13 years. While this is not a true apples-to-apples comparison, it does explain the industry’s strong interest in raising additional funds in 2013 and beyond. The narrow success of recent IPO and acquisition markets has not enabled most firms to pay out sufficient distributions to their investors to begin raising another fund. For the vast majority of firms, raising additional capital right now is very difficult. For the seventh year in a row, the top fundraising states were California and Massachusetts. This year, Connecticut replaces New York in the third position. California, with its venture firms raising $13.7 billion, holds the top spot for the tenth year in a row. Firms domiciled in the top five fundraising states in 2012 gathered 88% of the dollars, compared with 91% in 2011, 88% in 2010 and 82% in 2009. Please note that the state of fund domicile matters less than has been true historically. Much of the money is managed by large, national funds that tend to be domiciled in any of several states with a broad geographic investing footprint. Readers should not interpret capital available to entrepreneurs in a given state as being limited to the capital raised in that state. Venture capital fundraising typically makes up 20-25% of private equity fundraising. But in 2012, it represented 16% of total, down from 22% in 2011. Methodology figure 1.04). The data in this chapter is by calendar year and incrementally measures how much in new commitments funds raised during the calendar year. As defined by Thomson Reuters, capital commitments, also known as fundraising, are firm capital commitments to private equity/venture capital limited partnerships by outside investors. For purposes of these statistics, the terms “capital commitments,” “fundraising,” and “fund closes” are used interchangeably. There are three data sources for tracking capital commitments: (1) SEC filings that are regularly monitored by our research staff, (2) surveys of the industry routinely conducted by Thomson Reuters, and (3) verified industry press and press releases from venture firms. Consider, for example, a venture capital firm that announces a $200 million fund in late 2010, raises $75 million in 2011, and subsequently raises the remaining $125 million in 2012. In this chapter, nothing would be reflected in 2010, $75 million would be counted in 2011, and $125 million would be counted in 2012. Assuming it started investing and made its first capital call in 2012, the entire fund would then be considered to be a 2012 vintage year fund. Capital commitments are stated on either (1) a calendar-year basis when committed (for example, throughout this chapter) or (2) a vintage-year basis which is designated once the fund starts investing (for example, Note that fund commitments presented in this publication do not include those corporate captive venture capital funds that are funded by a corporate parent, which do not typically raise capital from outside investors. Thomson Reuters 23
  • 25. National Venture Capital Association Figure 2.01 Capital Commitments To U.S. Venture Funds ($ Billions) 1985 to 2012 120 100 ($ Billions) 80 60 40 20 2 01 0 201 1 201 2 2 00 1 200 2 200 3 2 00 4 200 5 200 6 200 7 2 00 8 200 9 199 8 199 9 200 0 199 6 199 7 199 4 199 5 198 6 198 7 198 8 198 9 199 0 199 1 199 2 199 3 198 5 0 Year Figure 2.02 Capital Commitments To Private Equity Funds 1985-2012 Venture Capital Year 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 24 Sum ($Mil) 3,727.9 3,584.5 4,379.1 4,209.7 4,918.8 3,222.7 1,900.3 5,223.1 4,489.2 7,636.7 9,387.3 11,550.0 17,741.9 30,641.7 53,597.8 101,417.9 38,923.4 11,867.3 10,586.7 18,137.1 30,627.3 31,371.7 29,378.1 25,577.2 16,194.4 13,519.8 19,296.2 20,065.9 % of Total PE 56% 42% 21% 28% 29% 27% 31% 33% 21% 27% 26% 26% 29% 33% 50% 56% 43% 25% 23% 23% 22% 17% 11% 12% 25% 21% 22% 16% Buyouts and Mezzanine Capital No. Funds 116 101 116 104 106 86 40 80 93 136 161 168 242 290 430 634 324 202 161 212 234 236 235 215 162 175 188 183 Sum ($Mil) 2,971.8 5,043.7 16,234.6 10,946.4 12,068.5 8,831.5 4,242.1 10,752.5 16,961.7 20,457.0 27,040.7 32,981.4 42,803.0 62,023.7 53,720.7 80,614.8 52,523.0 35,076.8 35,913.4 59,878.5 108,249.8 152,566.2 243,264.2 180,923.9 49,871.5 51,674.8 70,103.5 106,249.9 No. Funds 21 32 47 54 78 64 27 58 81 100 108 104 136 173 166 171 137 124 121 158 205 216 264 231 148 173 207 217 Total Private Equity Sum ($Mil) 6,699.7 8,628.2 20,613.6 15,156.1 16,987.3 12,054.3 6,142.4 15,975.6 21,451.0 28,093.7 36,428.0 44,531.3 60,544.9 92,665.4 107,318.5 182,032.7 91,446.4 46,944.0 46,500.1 78,015.6 138,877.1 183,937.9 272,642.3 206,501.1 66,065.9 65,194.6 89,399.6 126,315.7 No. Funds 137 133 163 158 184 150 67 138 174 236 269 272 378 463 596 805 461 326 282 370 439 452 499 446 310 348 395 400 Thomson Reuters
  • 26. 2013 NVCA Yearbook Figure 2.03 Venture Capital Fund Commitments 1985 to 2012 ($ Millions) State CA C MA CT NY NC WA CO TN T FL PA UT MO MN IL NJ AZ VA WI IN OH TX MI MD AL GA NH NE N DE D ND OK O AR A DC D HI H IID IIA KS K KY K LLA ME M MS M NV N NM N OR O PR P RI R SC S SD S VT V WV W WY W Total T 1985 1986 1987 1,250 969 1,159 534 356 973 282 156 420 202 1,460 547 7 7 31 25 126 37 32 71 32 20 23 73 10 0 36 54 73 55 0 11 1 644 0 33 14 110 51 51 47 325 254 61 120 0 0 0 0 4 10 0 0 0 0 10 0 3 0 87 37 33 231 5 0 7 4 7 24 150 0 0 0 0 15 49 0 0 0 0 0 39 0 0 0 0 0 0 32 0 0 0 0 0 0 0 0 0 0 0 0 0 11 0 60 0 0 0 0 0 0 0 0 0 0 0 22 0 0 0 0 0 0 36 28 0 0 0 30 0 0 0 17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,728 3,584 4,379 1988 936 582 352 279 23 60 70 0 11 12 0 0 418 158 0 37 13 0 27 75 41 33 0 0 65 40 0 5 0 0 0 0 0 0 0 0 0 0 948 0 0 2 0 0 25 0 0 0 0 0 4,210 Thomson Reuters 1989 1,519 339 66 2,260 38 0 80 34 29 118 0 0 20 26 125 0 15 0 16 0 161 0 49 0 0 0 0 0 0 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13 0 0 0 0 4,919 1990 831 675 290 490 1 0 0 0 0 45 0 53 162 57 243 0 2 0 5 30 143 0 14 0 14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 155 0 10 0 5 0 0 0 0 3,223 1991 549 180 150 474 0 5 0 0 35 167 0 0 16 94 75 0 0 0 0 0 50 0 50 0 0 15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 40 0 0 0 0 0 0 0 0 1,900 1992 1,311 1,051 300 494 0 48 0 40 0 30 0 0 946 247 110 0 17 0 49 67 381 0 0 0 0 0 0 0 0 0 0 0 0 0 56 0 0 11 2 0 0 0 0 0 0 0 0 0 0 0 5,161 1993 1,333 368 473 940 0 40 114 0 59 110 0 64 66 278 177 10 5 0 0 4 137 3 225 0 56 0 0 0 0 0 0 0 0 0 0 0 14 14 0 0 0 0 0 0 0 0 0 0 0 0 4,489 1994 1,764 1,158 388 1,860 63 37 0 116 105 182 27 0 164 183 401 0 0 40 20 86 283 14 479 0 0 0 0 0 0 0 0 25 0 0 0 0 7 169 59 0 0 6 0 0 0 0 0 0 0 0 7,637 1995 3,107 1,955 260 2,364 10 129 19 84 106 114 0 11 7 230 213 0 7 0 0 10 179 0 67 0 74 20 111 130 0 0 0 31 3 0 5 0 15 18 0 12 50 2 32 0 0 14 0 0 0 0 9,387 1996 3,724 1,871 425 1,516 184 239 216 149 0 264 0 6 36 295 606 0 20 31 116 0 326 26 439 0 34 0 36 820 0 24 0 65 0 0 0 0 0 24 22 0 25 0 0 0 0 0 11 0 0 0 11,550 1997 5,463 2,602 1,324 3,609 349 180 253 109 78 784 17 45 208 575 118 0 165 30 0 358 394 11 145 5 41 50 0 668 0 0 0 0 0 0 11 20 42 88 0 0 0 0 0 0 0 0 0 0 0 0 17,742 1998 8,456 5,176 1,068 9,346 174 409 433 266 250 177 50 25 217 466 1,002 0 226 0 13 58 1,330 0 768 30 181 0 0 392 0 45 0 0 0 0 2 0 0 51 0 0 0 0 10 0 0 0 22 0 0 0 30,642 1999 21,891 7,659 2,843 8,945 180 640 1,942 267 326 1,241 62 80 107 1,304 570 29 884 17 20 659 1,803 321 840 0 30 0 0 360 0 0 0 28 10 0 5 0 0 373 127 0 25 0 0 0 0 0 14 0 0 0 53,598 2000 43,485 16,692 2,313 15,400 613 1,175 2,414 262 955 2,751 126 65 1,827 964 1,041 60 2,212 66 103 662 3,615 241 1,990 137 918 0 41 778 0 110 20 0 0 15 21 0 0 70 0 30 0 0 65 0 0 0 131 20 6 26 101,418 2001 13,452 9,783 4 4,164 2,986 105 888 513 82 26 537 232 286 17 1,10 1,103 6 652 21 1 119 14 0 330 2,232 8 340 16 19 0 0 622 0 0 0 0 0 27 26 0 1 135 27 76 0 0 0 0 3 31 2 25 0 1 25 4 0 38,923 2002 154 1,397 24 7,704 55 43 118 22 8 54 0 0 276 478 392 43 37 0 10 102 106 0 381 11 0 1 11 0 315 0 0 0 22 3 0 0 0 8 8 16 0 10 0 14 0 0 3 35 0 0 1 13 0 11,867 2003 4,830 1,597 165 1,233 237 1 94 101 56 388 34 0 26 657 561 41 196 0 36 5 76 65 105 49 0 9 0 0 0 0 0 0 0 0 0 0 2 0 3 0 0 1 18 0 0 0 2 0 0 0 0 10,587 2004 8,645 1,485 1,926 2,149 17 955 84 16 1 451 40 80 50 432 197 0 72 11 17 210 589 63 162 19 55 0 0 299 0 0 0 10 8 0 10 0 0 73 0 0 0 4 2 0 0 0 5 0 0 0 18,137 2005 12,869 9,151 1,143 1,736 108 281 69 84 313 688 24 829 295 80 204 19 419 0 6 558 570 122 433 70 104 0 0 393 0 1 12 0 0 0 0 0 0 5 4 0 0 0 34 0 0 0 6 0 0 0 0 30,627 2006 13,621 4,366 3,136 2,512 401 563 132 62 10 794 170 40 473 422 1,812 0 555 78 24 152 314 23 472 19 103 5 0 896 0 38 0 0 0 0 43 0 65 12 46 1 0 5 0 0 0 0 3 0 0 0 31,372 2007 12,016 5,122 904 4,310 185 1,376 358 100 109 746 213 210 275 545 235 0 582 102 1 81 316 49 783 0 203 7 0 315 0 11 0 0 0 75 0 1 10 98 0 19 0 0 7 2 1 0 0 0 11 0 0 29,378 2008 14,053 2,486 766 1,826 103 492 221 134 25 963 569 54 325 258 53 20 105 15 29 83 1,038 256 369 118 19 0 0 1,123 1 13 0 0 0 6 0 0 20 12 0 0 0 0 0 5 0 0 0 14 3 0 0 25,577 2009 8,635 3,574 158 1,652 5 5 3 89 32 233 33 0 22 216 504 0 14 9 1 4 78 84 484 101 31 0 0 204 0 0 0 0 0 0 15 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 16,194 2010 6,337 2,779 1,035 1,259 456 0 262 42 75 205 16 72 0 238 112 0 121 27 28 30 83 177 68 2 31 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 35 12 0 0 0 16 0 0 0 13,520 2011 2012 9,790 13,665 2,503 1,410 149 1,388 4,096 758 130 472 0 399 6 280 161 278 2 268 126 183 160 159 0 155 0 150 215 120 100 63 222 54 36 45 0 40 0 39 79 32 210 31 192 20 544 19 58 19 26 13 0 5 0 1 475 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 0 0 0 0 0 6 0 0 0 0 0 1 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 19,296 20,066 25
  • 27. National Venture Capital Association Figure 2.04 Top 5 States By Venture Capital Committed 2012 No. of Funds State California Massachusetts Connecticut New York North Carolina Sub-Total Remaining States Total 64 17 4 21 5 111 72 183 Committed ($Mil) 13,665.3 1,409.7 1,388.0 757.7 472.0 17,692.7 2,373.1 20,065.9 280 260 240 220 200 180 160 140 120 100 80 60 40 20 - Venture Capital Buyout and Mezzannine Capital 198 5 198 6 198 7 198 8 198 9 199 0 199 1 199 2 199 3 199 4 199 5 199 6 199 7 199 8 199 9 200 0 200 1 200 2 200 3 200 4 200 5 200 6 200 7 200 8 200 9 201 0 201 1 201 2 ($ Billions) Figure 2.05 Private Equity Annual Commitment ($ Billions) 1985 to 2012 Year 26 Thomson Reuters
  • 28. Investments Measuring industry activity with the total dollars invested in a given year shows that the industry has remained generally in the $20 billion to $30 billion range since 2002. In 2012, $26.7 billion was invested in 3,143 companies. This is less than 2011 totals and greater than 2010 totals. The number of first-time fundings likewise was less than 2011 and greater than 2010. Further parsing the data shows an increasing portion of the investment dollars going to California companies. Sectors Software was the leading sector in 2012, receiving 31% of the total dollars. The second largest sector was Biotechnology which fell to roughly half that amount at 15.4% of total investment The continued interest in Clean Technology investing brought the Industrial/Energy sector to 10.5% of the total. Medical Devices rounded out the top four sectors at 9.4%. The life sciences share of the venture capital investment dollars decreased in 2012 to its lowest level since 2002. In 2012, 15.4% of the money went into Biotechnology, 9.4% into Medical Devices, and 1.2% into Healthcare Services, totaling 26.0%. This is down from the 33.1% combined share in 2009. This recent downward life sciences trend is very visible when just looking at first fundings. In 2012, only 149 life science (the three sectors combined) companies received first funding. This is 12.7% of the total. As recently as 2006, the 294 first fundings of life science companies made up 23.0% of total first fundings. Among first fundings, Software led the way with 441 companies getting their initial venture capital rounds. This is more than one-third of the total number of first fundings. The nearest sector to Software was Media and Entertainment with 174 first fundings. Stages and First-Time Fundings Seed stage companies received 3% of total dollars in 2012, with early stage, expansion, and later stage companies roughly splitting the remaining share. More than one-third of the capital went to expansionstage companies. But it is worth looking more closely at those statistics. Thomson Reuters As has been the case for several years, attention has been focused on the two ends of the spectrum. Looking at deal counts, 2012 actually saw the highest percentage of seed- and early-stage deals since at least 1985 (51.8% of total deals). This certainly would challenge the suggestion that the industry’s attention is single-focused on later-stage companies. That said, the 22.4% of deals going to later-stage companies is also toward the top end of the historical range. There remains a record number of companies in portfolios in the later stage of development that in most other positions in the business cycle would have already gone public or otherwise been acquired. With the rule of thumb that a healthy venture capital industry invests in 1,000-1,300 new companies each year, the 1,174 first fundings in 2012 is very much in that range. Not surprisingly, 81% of those first round investments were made at the seed and early stage. Geographical Spread Across the United States The year 2012 provided an interesting contrast in geographic dispersion. While 53% of all the investment dollars went to California-based portfolio companies, a record for MoneyTree™, companies in 48 states and DC received financing, also a MoneyTree™ record high. That said, the five largest states (California, Massachusetts, New York, Washington and Texas) received 78% of all the dollars invested nationally. This compares to 2011, when California companies received a then-record 51.2% of the dollars. That year, companies in a record 47 states and DC received venture capital funding. Together, the top five states (California, Massachusetts, New York, Texas, and Illinois) received 77% of the total dollars. 27
  • 29. National Venture Capital Association California-domiciled venture capital firms made investments in 39 states in 2012. Approximately 49% of all the money invested in California came from California-domiciled firms. Conversely, Californiabased firms concentrated 71% of their investment power within the state. Corporate Venture Group Involvement The number and reach of corporate venture capital groups increased in 2012. These groups provided 8.2% of the venture capital invested by all venture groups. They were involved in 15.2% of the deals the highest level in four years. Going forward, all signs suggest that these groups are becoming more involved alongside traditional venture firms in deals, as well as initiating corporate venture group syndicates to do deals in lieu of, or in advance of, investment rounds by traditional venture firms. 28 Methodology As calculated by Thomson Reuters, venture capital investment data are derived from several sources. Primarily, survey information is obtained from the quarterly survey that drives the MoneyTree Report™ from PricewaterhouseCoopers and the National Venture Capital Association based on data from Thomson Reuters. This is the official industry database of venture capital investment. Secondly, Thomson Reuters obtains data from SEC filings that are regularly monitored by our research staff. Finally, publicly available sources such as press releases and trade publications are used. For detailed information on which transactions qualify as MoneyTree deals and are therefore counted in this chapter, please refer to Appendix B. Thomson Reuters
  • 30. 2013 NVCA Yearbook Figure 3.01 Venture Capital Investments ($ Billions) 1985 to 2012 120 ($ Billions) 100 80 60 40 20 198 5 198 6 198 7 198 8 198 9 199 0 199 1 199 2 199 3 199 4 199 5 199 6 199 7 199 8 199 9 200 0 200 1 200 2 200 3 200 4 200 5 200 6 200 7 200 8 200 9 201 0 201 1 201 2 0 Year Figure 3.02 Venture Capital Investments in 2012 By Industry Group All Investments Industry Group Information Technology Medical/Health/Life Science Non-High Technology Total # Companies 2,130 649 364 3,143 # Deals 2,480 818 425 3,723 Initial Investments Investment Amt ($Bil) 16.5 6.8 3.4 26.7 # Companies 870 148 156 1,174 # Deals 870 148 156 1,174 Investment Amt ($Bil) 3.0 0.7 0.4 4.1 Figure 3.03 Venture Capital Investments Top 5 States in 2012 State California Massachusetts New York Washington Texas Total* # Companies 1,280 326 287 101 134 2,128 # Deals 1,532 414 331 117 159 2,553 Amt Invested ($Bil) 14.1 3.1 1.9 0.9 0.9 20.9 *Total includes top 5 states only Thomson Reuters 29
  • 31. National Venture Capital Association Figure 3.04 Venture Capital Investments in 2012 Industry Sector by Dollars Invested Telecommunications 2% Other 0.2% Biotechnology 15% Business Products and Services 0.4% Computers and Peripherals 2% Consumer Products and Services 5% Electronics/ Instrumentation 1% Financial Services 1% Healthcare Services 1% Software 31% Semiconductors 3% Retailing/ Distribution 2% Networking and Equipment 1% Medical Devices and Equipment 9% Industrial/Energy 10% IT Services 7% Media and Entertainment 7% Figure 3.05 Venture Capital Investments in 2012 Stage By Dollars Invested Seed 3% Later Stage 32% Early Stage 30% Expansion 35% 30 Thomson Reuters
  • 32. 2013 NVCA Yearbook Figure 3.06 Amount of Capital Invested By State in 2012 ($ Millions) 61 NH 932 574 WA WA 6 15 MT MT 124 101 OR OR 15 15 ID ID 7 NV 15 NV 14,129 CA 2 7 ND ND 0 SD WY WY 95 WI 23 5 84 IA IA 304 178 UT UT 111 212 AZ AZ 468 564 CO CO 46 8 KS KS 35 7 NM NM 286 OH 84 IN 429 NJ 11 LA 931 TX TX 18 9 DE DE 169 NC 87 TN 10 0 MS MS 85 RI 158 CT 15 VW 372 VA 23 KY 5 AR 3,068 MA 518 PA AR 645 AK AK 570 IL 21 24 MO MO 34 OK 1,857 NY 232 MI WI 11 NE NE 13 ME 4 VT 243 263 MN MN 302 265 GA GA 23 43 AL AL 277 280 MD MD 6 DC 39 SC 203 FL GU 17 HI HI PR VI Figure 3.07 Number of Companies Invested in By State in 2012 8 12 NH NH 101 WA 3 1 MT MT 24 OR 4 ID 1 2 ND ND 1 SD WY WY 12 WI WI 1 IA 5 NE 1,280 CA 37 31 UT UT 13 AZ 85 56 CO CO 9 15 KS KS 7 OK 12 12 NM NM 134 94 TX TX AK 8 12 MO 76 IL 41 MI 5 KY 3 2 MS MS 6 8 AL AL 44 38 GA GA 12 RI 38 CT 49 NJ 2 WV 62 VA 5 6 DE DE 57 50 MD 25 DC MD 5 SC 31 FL 3 2 HI HI MA 154 PA 33 NC 30 TN 1 AR AR 4 LA 51 44 OH OH 14 IN MO 250 326 MA 287 NY 9 NE 4 NV 5 ME 45 VT VT 26 33 MN MN GU 1 PR VI Thomson Reuters 31
  • 33. National Venture Capital Association Figure 3.08 Venture Capital Investments in 1985 to 2012 By Region ($ Millions) Region Silicon Valley NewEngland NYMetro LA/Orange County Midwest SanDiego Northwest Texas Southeast DC/Metroplex Colorado SouthWest Philadelphia Metro North Central South Central Upstate NY Unknown Sacramento/N.Cal AK/HI/PR Total 1985 758.8 435.4 221.2 196.5 157.5 99.6 142.2 249.0 166.4 99.1 77.0 40.1 52.6 37.0 13.7 14.2 16.0 2,776.4 1986 1,016.3 436.6 211.0 186.9 139.9 95.4 142.9 228.4 234.2 61.1 113.8 82.5 63.3 44.5 11.4 10.7 45.5 3,124.5 1987 849.9 525.1 273.9 276.9 198.4 107.8 153.3 211.0 271.0 111.8 111.4 57.5 79.2 73.6 19.8 10.2 0.5 32.0 3,363.6 1988 985.9 496.9 308.0 222.5 132.3 149.8 141.2 240.7 266.5 129.9 107.8 59.7 71.8 41.6 11.7 5.3 0.8 33.6 3,406.0 1989 916.5 404.7 360.4 242.1 183.2 145.5 118.0 228.3 224.4 139.5 157.8 50.7 65.3 51.2 14.5 7.3 6.1 4.2 3,319.6 1990 1991 914.1 780.5 425.0 287.0 190.1 181.5 174.7 119.4 155.9 181.4 113.3 115.7 88.2 59.9 141.0 161.4 145.9 109.4 96.9 51.3 93.7 54.2 30.3 49.0 105.9 34.7 92.2 44.9 11.6 4.2 11.1 3.4 13.0 0.2 19.5 15.7 - 0.3 2,822.4 2,254.0 1992 1993 1,119.5 903.2 417.0 358.4 239.0 222.3 179.4 176.4 165.2 276.9 111.2 133.0 252.1 118.4 149.6 240.7 346.6 405.8 65.8 384.1 129.7 135.0 98.4 49.7 168.9 108.3 89.1 109.6 6.5 8.6 9.1 5.7 30.8 0.8 8.5 19.1 0.0 1.0 3,586.3 3,656.8 1994 1,074.4 440.4 283.3 198.4 432.6 220.5 165.7 311.8 362.3 137.8 197.4 38.0 137.6 87.4 15.2 0.7 0.1 20.0 22.0 4,157.6 1995 1,807.8 796.6 509.7 1,004.1 470.3 276.8 379.7 479.2 876.6 420.2 325.1 113.1 220.9 223.8 45.2 35.5 0.3 20.0 7.8 8,012.6 1996 1997 3,417.7 4,632.3 1,159.4 1,606.7 743.2 1,289.4 702.9 875.2 743.3 919.6 485.2 516.0 557.6 564.4 553.4 908.7 1,165.0 1,366.1 586.3 515.1 321.2 405.0 184.6 303.1 349.9 534.2 208.5 341.6 81.1 67.4 22.7 90.3 2.2 4.4 28.6 21.4 28.7 14.0 11,341.5 14,974.9 1998 5,878.3 2,353.4 1,817.6 1,250.6 1,653.5 669.1 820.3 1,205.6 1,794.8 1,148.5 838.9 411.2 703.9 429.6 196.7 195.4 39.1 86.8 5.5 21,489.9 1999 17,801.6 5,641.6 4,532.3 3,596.9 2,729.2 1,429.5 2,877.6 3,162.7 4,831.0 2,395.1 1,845.8 843.1 1,732.6 770.0 360.1 212.4 2.4 119.1 17.4 54,900.3 2000 33,452.0 12,019.9 10,300.4 6,808.1 5,776.7 2,302.3 3,603.4 6,262.9 7,976.1 5,785.3 4,091.9 1,387.5 2,591.5 1,426.7 446.9 293.9 50.4 375.3 248.6 105,200.0 2001 12,599.3 5,431.2 3,512.8 2,285.8 2,182.4 1,579.1 1,426.8 3,104.3 2,684.7 2,103.1 1,244.4 515.1 1,073.3 669.4 110.4 159.1 14.3 203.0 69.8 40,968.3 2002 7,242.9 2,992.3 1,569.4 1,286.8 976.9 996.2 746.4 1,187.6 1,772.7 1,095.6 588.0 393.8 607.8 431.5 69.3 104.5 65.4 4.9 22,132.3 2003 6,755.6 2,990.4 1,422.0 1,069.4 913.6 825.8 643.5 1,221.0 1,117.9 794.6 644.8 220.5 555.1 268.5 65.5 122.7 32.2 17.9 19,681.1 2004 7,999.3 3,345.5 1,648.2 1,319.8 712.5 1,197.8 993.3 1,215.1 1,439.2 1,086.6 363.2 393.6 768.4 464.1 130.1 104.8 38.4 15.1 23,235.1 2005 8,116.3 2,967.1 1,998.5 1,506.1 918.0 1,203.9 1,011.3 1,189.4 1,101.3 1,220.4 653.4 524.8 597.8 367.0 96.1 60.1 37.7 43.3 23,612.5 2006 9,816.8 3,310.8 2,185.5 1,902.7 1,010.1 1,223.6 1,318.2 1,519.7 1,228.2 1,361.6 688.8 526.6 845.5 382.1 64.3 156.2 29.4 47.1 27,617.2 2007 2008 11,554.7 11,436.4 3,964.5 3,788.3 1,902.8 2,148.7 1,906.3 2,041.1 1,167.9 1,364.6 1,844.4 1,209.4 1,636.2 1,134.7 1,496.9 1,122.6 1,812.4 1,389.3 1,443.5 1,145.8 686.3 872.3 577.7 490.1 953.6 861.9 535.7 644.6 152.8 91.3 136.5 92.3 - 82.0 71.3 20.9 21.3 31,871.5 29,925.9 2009 8,220.5 2,577.6 1,737.3 1,060.1 952.8 949.0 678.7 665.5 1,045.0 678.4 623.2 277.5 433.7 400.3 25.0 26.9 0.5 18.8 7.4 20,378.3 2 01 0 9,302.8 2,604.3 1,886.2 1,704.5 1,340.0 896.9 774.9 1,070.9 1,109.4 967.2 447.9 263.8 444.7 343.3 77.7 44.8 22.5 14.0 23,315.7 2 011 11,656.8 3,318.1 2,859.8 2,080.4 1,769.2 926.6 796.6 1,580.2 1,210.2 987.2 615.7 543.1 458.9 392.5 106.2 106.7 88.3 0.6 29,497.2 2 01 2 10,907.4 3,237.4 2,334.6 2,067.2 1,386.7 1,116.7 1,076.0 930.5 796.2 727.4 564.2 558.4 399.0 355.8 95.7 48.7 29.5 20.1 0.7 26,652.4 2 01 1 1,248 448 415 311 233 211 162 167 167 119 113 107 84 70 21 58 8 3 1 3,946 2 01 2 1,160 452 396 300 264 171 163 159 154 118 101 100 77 50 24 22 5 4 3 3,723 Figure 3.08b Venture Capital Investments in 1985 to 2012 By Region (Number of Deals) Region Silicon Valley New England NY Metro Midwest LA/Orange County Southeast DC/Metroplex Texas Northwest Philadelphia Metro San Diego Colorado SouthWest North Central Upstate NY South Central Sacramento/N.Cal AK/HI/PR Unknown Total 32 1985 323 235 89 98 90 91 45 106 47 38 43 43 20 37 17 11 11 1 1,345 1986 340 214 100 116 101 117 45 93 49 35 35 58 30 50 10 10 18 1,421 1987 343 257 131 133 114 134 65 106 62 54 54 62 42 54 10 12 12 1 1,646 1988 362 231 108 101 106 115 59 105 70 44 56 63 26 52 10 6 10 2 1,526 1989 394 222 121 127 112 113 51 91 64 41 56 53 32 39 12 7 6 3 1,544 1990 398 217 90 103 97 130 62 85 48 48 47 49 22 44 6 5 10 1 1,462 1991 337 170 89 99 89 112 54 70 41 43 43 35 30 40 4 4 9 3 1 1,273 1992 421 159 81 93 97 108 48 70 50 65 46 53 34 39 9 5 9 3 2 1,392 1993 316 149 80 85 63 117 41 71 49 47 49 48 30 38 10 6 8 1 4 1,212 1994 336 146 85 83 55 112 47 69 50 46 61 53 29 37 5 9 10 2 2 1,237 1995 509 232 135 132 92 181 72 101 84 78 77 58 37 70 8 15 7 4 2 1,894 1996 771 333 158 192 134 226 113 135 112 91 109 83 55 69 9 22 9 9 7 2,637 1997 867 383 240 239 166 294 135 172 134 142 100 98 71 116 21 25 7 6 7 3,223 1998 1,043 469 274 250 217 308 162 197 132 138 123 127 88 106 31 27 17 5 14 3,728 1999 1,685 663 491 311 356 454 272 318 264 145 161 162 116 114 31 30 19 5 3 5,600 2000 2,159 904 818 515 518 665 510 484 329 231 236 222 146 151 36 50 36 15 16 8,041 2001 1,103 597 448 276 251 391 261 341 192 142 156 115 89 125 29 28 27 10 8 4,589 2002 817 457 232 243 164 270 199 173 140 102 114 91 68 75 24 24 7 3 3,203 2003 874 446 193 174 149 247 183 173 108 88 125 74 55 71 22 21 11 8 3,022 2 004 958 427 227 178 150 246 187 177 148 105 132 72 58 77 29 31 9 6 3,217 2005 1,006 440 192 181 178 198 222 181 160 97 143 93 84 67 28 11 11 8 3,300 2 006 1,236 458 294 230 219 238 220 201 184 116 128 110 93 73 39 26 8 14 3,887 2007 1,305 521 296 272 234 246 220 188 216 138 169 114 106 95 33 31 18 10 1 4,213 2 008 1,290 510 342 304 243 227 208 161 205 153 134 116 84 88 31 40 20 9 4,165 2 0 09 990 387 287 252 170 159 139 123 129 97 115 94 71 68 13 32 9 3 1 3,139 2 01 0 1,092 411 393 272 227 216 152 165 161 124 134 86 59 58 21 42 8 4 1 3,626 Thomson Reuters
  • 34. 2013 NVCA Yearbook Figure 3.09 Venture Capital Investments 1985 to 2012 By Stage ($ Millions) Stage S SSeed Early Stage Expansion LaterStage Total 1985 526.2 517.8 1,245.7 486.8 2,776.4 1986 759.7 620.3 1,198.8 545.7 3,124.5 1987 623.4 750.5 1,495.1 494.6 3,363.6 1988 670.5 714.6 1,563.2 457.7 3,406.0 1989 558.4 737.6 1,595.8 427.8 3,319.6 1990 397.1 684.4 1,269.2 471.7 2,822.4 1991 241.8 548.7 1,100.2 363.3 2,254.0 1992 556.5 566.8 1,778.7 684.3 3,586.3 1993 629.6 575.8 1,866.0 585.4 3,656.8 1994 781.2 839.7 1,539.1 985.7 4,145.7 1995 1,272.9 1,733.4 3,564.2 1,442.2 8,012.6 1996 1,271.7 2,640.5 5,540.4 1,888.9 11,341.5 1997 1,374.2 3,420.5 7,588.6 2,591.6 14,974.9 1998 1,766.2 5,460.1 10,367.0 3,905.5 21,498.9 1999 3,666.2 11,360.2 29,406.8 10,467.0 54,900.3 2000 3,156.1 25,335.4 59,121.5 17,587.0 105,200.0 2001 800.7 8,606.3 22,911.7 8,649.6 40,968.3 2002 340.2 3,935.3 12,135.5 5,721.1 22,132.0 2003 365.7 3,608.5 9,805.5 5,901.4 19,681.1 2004 951.6 4,045.9 9,046.2 9,191.5 23,235.1 2005 1,006.3 4,056.3 8,607.9 9,942.0 23,612.5 2006 1,293.6 4,727.4 11,154.8 10,441.5 27,617.2 2007 2008 1,819.6 1,917.3 6,081.5 5,731.0 11,091.8 10,857.4 12,882.2 11,420.1 31,875.1 29,925.9 2009 1,870.7 4,906.9 6,824.2 6,776.5 20,378.3 2010 1,661.3 5,867.0 8,702.0 7,085.4 23,315.7 2011 2011 1,052.6 8,794.4 9,830.5 9,819.7 29,497.2 2012 2012 726.4 7,876.3 9,376.4 8,673.3 26,652.4 2004 234 899 1,201 883 3,217 2005 264 859 1,116 1,061 3,300 2006 396 1,001 1,380 1,110 3,887 2007 524 1,129 1,277 1,283 4,213 2008 537 1,137 1,242 1,249 4,165 2009 375 973 888 903 3,139 2010 409 1,271 1,074 872 3,626 2011 445 1,562 1,021 918 3,946 2012 280 1,647 962 834 3,723 1988-1Q 164.7 144.0 314.5 135.3 758.5 1988-2Q 150.0 216.6 497.1 105.0 968.6 1988 1988-3Q 1988-4Q 1988 Total 240.6 115.2 670.5 184.7 169.4 714.6 320.2 431.4 1,563.2 151.4 66.0 457.7 896.9 781.9 3,406.0 Figure 3.09b Venture Capital Investments 1985 to 2012 By Stage (Number of Deals) Stage 1985 Seed 357 Early Stage 290 Expansion 525 Later Stage 173 Total 1,345 1986 388 333 504 196 1,421 1987 387 412 616 231 1,646 1988 371 359 614 182 1,526 1989 355 338 664 187 1,544 1990 258 370 603 231 1,462 1991 193 278 544 258 1,273 1992 252 291 606 243 1,392 1993 290 184 515 223 1,212 1994 332 256 429 220 1,237 1995 431 519 706 238 1,894 1996 504 754 1,045 334 2,637 1997 542 896 1,402 383 3,223 1998 670 1,019 1,572 467 3,728 1999 811 1,735 2,445 609 5,600 2000 703 2,855 3,703 780 8,041 2001 279 1,299 2,392 619 4,589 2002 181 875 1,585 562 3,203 2003 216 799 1,355 652 3,022 Figure 3.09c-1 Quarterly Venture Capital Investments 1985 to 2012 By Stage ($ Millions) 1985 Stage 1985-1Q 1985-2Q 1985-3Q 1985-4Q 1985 Total Seed 153.0 146.5 93.7 133.0 526.2 Early Stage 96.3 185.3 106.3 129.9 517.8 Expansion 219.5 319.6 312.8 393.7 1,245.7 Later Stage 154.4 89.4 164.4 78.5 486.8 Total 623.1 740.8 677.2 735.1 2,776.4 1986-1Q 185.6 129.6 270.0 125.3 710.5 1986 1986-2Q 1986-3Q 270.0 114.7 135.3 176.6 381.4 252.6 93.2 180.4 879.9 724.4 1986-4Q 1986 Total 189.4 759.7 178.7 620.3 294.8 1,198.8 146.7 545.7 809.6 3,124.5 1987-1Q 145.7 170.7 423.3 100.1 839.7 1987-2Q 199.4 183.9 354.2 164.9 902.4 1987 1987-3Q 142.0 205.1 402.5 118.9 868.5 1987-4Q 1987 Total 136.3 623.4 190.8 750.5 315.1 1,495.1 110.7 494.6 752.9 3,363.6 Figure 3.09c-2 Quarterly Venture Capital Investments 1985 to 2012 By Stage ($ Millions) 1989 Stage 1989-1Q 1989-2Q 1989-3Q 1989-4Q 1989 Total Seed 138.1 174.6 115.4 130.3 558.4 Early Stage 255.9 127.7 163.1 190.9 737.6 Expansion 399.6 434.1 305.5 456.6 1,595.8 Later Stage 95.5 97.7 78.3 156.4 427.8 Total 889.1 834.1 662.2 934.2 3,319.6 Thomson Reuters 1990-1Q 81.9 139.7 307.2 123.1 651.9 1990 1990-2Q 1990-3Q 116.7 114.8 199.1 133.1 356.1 208.0 105.5 126.3 777.4 582.2 1990-4Q 1990 Total 83.8 397.1 212.5 684.4 397.9 1,269.2 116.7 471.7 810.9 2,822.4 1991-1Q 45.8 137.9 249.5 89.5 522.8 1991-2Q 84.6 130.3 276.2 115.8 606.9 1991 1991-3Q 53.4 140.4 262.9 57.9 514.5 1991-4Q 1991 Total 58.0 241.8 140.0 548.7 311.7 1,100.2 100.1 363.3 609.9 2,254.0 1992-1Q 67.6 123.0 496.3 203.2 890.2 1992-2Q 210.2 187.6 434.8 175.3 1,007.9 1992 1992-3Q 71.8 102.7 352.2 107.0 633.8 1992-4Q 1992 Total 206.8 556.5 153.4 566.8 495.4 1,778.7 198.8 684.3 1,054.5 3,586.3 33
  • 35. National Venture Capital Association Figure 3.09c-3 Quarterly Venture Capital Investments 1985 to 2012 By Stage ($ Millions) 1993 Stage 1993-1Q 1993-2Q 1993-3Q Seed 139.7 144.1 164.3 Early Stage 164.3 136.8 106.6 Expansion 355.0 412.3 461.3 Later Stage 189.2 111.2 116.8 848.3 804.4 849.0 Total 1993-4Q 1993 Total 181.5 629.6 168.0 575.8 637.3 1,866.0 168.3 585.4 1,155.2 3,656.8 1994 1994-1Q 1994-2Q 1994-3Q 1994-4Q 1994 Total 190.0 225.8 160.2 205.1 781.2 177.6 196.4 157.8 307.9 839.7 325.3 390.5 344.2 479.1 1,539.1 186.6 190.5 262.0 346.6 985.7 879.5 1,003.3 924.2 1,338.7 4,145.7 1995 1995-2Q 1995-3Q 1995-4Q 396.6 229.9 329.8 393.6 366.8 564.1 1,328.2 800.4 815.7 428.0 308.7 361.1 2,546.4 1,705.8 2,070.6 1995-1Q 316.6 408.8 620.0 344.5 1,689.9 1996 1995 Total 1996-1Q 1996-2Q 1996-3Q 1,272.9 322.7 431.9 200.6 1,733.4 597.8 714.0 574.6 3,564.2 1,151.9 1,509.9 1,277.0 1,442.2 346.4 460.3 545.4 8,012.6 2,418.8 3,116.1 2,597.6 1996-4Q 316.5 754.1 1,601.6 536.8 3,208.9 1996 Total 1,271.7 2,640.5 5,540.4 1,888.9 11,341.5 Figure 3.09c-4 Quarterly Venture Capital Investments 1985 to 2012 By Stage ($ Millions) Stage Seed Early Stage Expansion Later Stage Total 1997-1Q 400.6 769.5 1,358.4 594.7 3,123.3 1997-2Q 330.8 846.8 1,958.5 531.6 3,667.8 1997 1997-3Q 323.3 760.1 1,970.6 669.3 3,723.3 1997-4Q 1997 Total 319.5 1,374.2 1,044.1 3,420.5 2,301.0 7,588.6 795.9 2,591.6 4,460.5 14,974.9 1998-1Q 402.6 1,164.7 1,753.9 854.6 4,175.7 1998-2Q 426.4 1,014.5 3,359.1 973.6 5,773.5 1998 1998-3Q 459.9 1,290.4 2,716.0 949.5 5,415.7 1998-4Q 1998 Total 477.3 1,766.2 1,990.6 5,460.1 2,538.0 10,367.0 1,127.9 3,905.5 6,133.9 21,498.9 1999-1Q 591.5 1,215.0 3,210.3 1,605.2 6,622.0 1999-2Q 840.4 1,993.7 5,498.5 2,999.2 11,331.8 1999 1999-3Q 989.7 2,661.8 7,348.1 2,597.5 13,597.1 1999-4Q 1,244.5 5,489.7 13,350.0 3,265.1 23,349.3 1999 Total 3,666.2 11,360.2 29,406.8 10,467.0 54,900.3 2000-1Q 807.0 7,138.2 16,113.3 4,382.9 28,441.3 2000-2Q 984.1 6,937.9 15,761.4 4,343.2 28,026.6 2000 2000-3Q 878.3 5,912.3 15,263.6 4,572.9 26,627.0 2000-4Q 486.8 5,347.0 11,983.2 4,288.1 22,105.1 2000 Total 3,156.1 25,335.4 59,121.5 17,587.0 105,200.0 Figure 3.09c-5 Quarterly Venture Capital Investments 1985 to 2012 By Stage ($ Millions) Stage Seed Early Stage Expansion Later Stage Total 2001-1Q 256.6 3,459.5 6,939.3 2,447.6 13,103.0 2001-2Q 265.3 2,102.1 6,622.1 2,513.1 11,502.5 2001 2001-3Q 128.5 1,712.2 4,563.8 1,802.4 8,206.9 2001-4Q 150.3 1,332.5 4,786.5 1,886.5 8,155.9 2001 Total 800.7 8,606.3 22,911.7 8,649.6 40,968.3 2002-1Q 76.4 1,182.2 3,804.8 1,927.7 6,991.1 2002-2Q 93.5 1,134.1 3,544.3 1,339.6 6,111.4 2002 2002-3Q 84.2 827.7 2,462.6 1,094.4 4,468.8 2002-4Q 2002 Total 86.1 340.2 791.4 3,935.3 2,323.8 12,135.5 1,359.4 5,721.1 4,560.7 22,132.0 2003-1Q 84.5 690.0 2,468.7 1,159.6 4,402.8 2003-2Q 95.2 1,015.7 2,513.9 1,368.7 4,993.4 2003 2003-3Q 100.3 806.8 2,202.5 1,520.5 4,630.1 2003 Total 365.7 3,608.5 9,805.5 5,901.4 19,681.1 2004-1Q 104.8 904.9 2,063.3 2,312.6 5,385.6 2004-2Q 124.3 1,030.3 2,680.0 2,481.9 6,316.6 2004 2004-3Q 168.0 1,028.6 2,043.1 1,856.6 5,096.3 2004-4Q 2004 Total 554.5 951.6 1,082.0 4,045.9 2,259.7 9,046.2 2,540.4 9,191.5 6,436.6 23,235.1 2007-4Q 556.0 1,780.0 2,986.9 3,093.8 8,416.7 2007 Total 1,819.6 6,081.5 11,091.8 12,882.2 31,875.1 2008-1Q 459.3 1,376.9 3,427.7 2,813.0 8,076.8 2008-2Q 535.3 1,524.3 2,697.9 3,272.5 8,030.0 2008 2008-3Q 557.9 1,372.6 2,556.8 3,137.7 7,625.0 2008-4Q 2008 Total 364.9 1,917.3 1,457.2 5,731.0 2,175.0 10,857.4 2,197.1 11,420.1 6,194.1 29,925.9 2011-4Q 192.4 2,458.5 2,608.9 2,135.5 7,395.3 2011 Total 1,052.6 8,794.4 9,830.5 9,819.7 29,497.2 2012-1Q 157.9 1,933.7 1,789.2 2,355.8 6,236.6 2012-2Q 230.6 2,190.2 2,715.7 2,187.7 7,324.2 2012 2012-3Q 181.0 1,824.0 2,614.1 1,983.2 6,602.3 2012-4Q 2012 Total 156.9 726.4 1,928.3 7,876.3 2,257.5 9,376.4 2,146.6 8,673.3 6,489.4 26,652.4 2003-4Q 85.8 1,096.0 2,620.3 1,852.6 5,654.7 Figure 3.09c-6 Quarterly Venture Capital Investments 1985 to 2012 By Stage ($ Millions) 2005 Stage 2005-1Q 2005-2Q 2005-3Q 2005-4Q 2005 Total 2006-1Q Seed 148.5 530.5 165.0 162.2 1,006.3 246.7 Early Stage 867.8 1,001.6 1,192.0 994.8 4,056.3 930.1 Expansion 2,132.9 2,367.4 1,759.6 2,348.1 8,607.9 2,604.7 Later Stage 2,082.1 2,551.8 2,972.5 2,335.5 9,942.0 2,847.4 Total 5,231.3 6,451.3 6,089.1 5,840.7 23,612.5 6,629.0 2006-2Q 374.0 1,018.4 3,211.1 2,793.3 7,396.8 2006 2006-3Q 366.6 1,112.3 2,881.2 2,529.5 6,889.6 2006-4Q 306.2 1,666.6 2,457.7 2,271.4 6,701.9 2006 Total 1,293.6 4,727.4 11,154.8 10,441.5 27,617.2 2007-1Q 319.3 1,337.9 2,646.9 3,108.6 7,412.6 2007-2Q 489.2 1,700.5 2,353.2 3,289.9 7,832.8 2007 2007-3Q 455.0 1,263.1 3,104.8 3,389.9 8,213.0 Figure 3.09c-7 Quarterly Venture Capital Investments 1985 to 2012 By Stage ($ Millions) 2009 Stage 2009-1Q 2009-2Q 2009-3Q 2009-4Q 2009 Total Seed 319.7 672.4 511.0 367.6 1,870.7 Early Stage 767.3 1,179.6 1,213.6 1,746.5 4,906.9 Expansion 1,223.8 1,770.3 1,824.4 2,005.7 6,824.2 Later Stage 1,531.5 1,606.8 1,844.7 1,793.6 6,776.5 Total 3,842.2 5,229.1 5,393.7 5,913.3 20,378.3 34 2010-1Q 407.9 1,147.8 1,788.9 1,723.4 5,067.9 2010-2Q 687.8 1,740.3 2,796.5 1,925.7 7,150.2 2010 2010-3Q 332.5 1,410.4 1,685.3 1,999.1 5,427.4 2010-4Q 2010 Total 233.1 1,661.3 1,568.5 5,867.0 2,431.3 8,702.0 1,437.1 7,085.4 5,670.2 23,315.7 2011-1Q 225.2 1,830.3 2,257.4 2,220.8 6,533.7 2011-2Q 413.4 2,272.4 2,418.9 3,037.1 8,141.7 2011 2011-3Q 221.7 2,233.2 2,545.3 2,426.3 7,426.5 Thomson Reuters
  • 36. 2013 NVCA Yearbook Figure 3.09d-1 Quarterly Venture Capital Investments 1985 to 2012 By Stage (Number of Deals) Stage Seed Early Stage Expansion Later Stage Total 1985 1986 1987 1988 1985-1Q 1985-2Q 1985-3Q 1985-4Q 1985 Total 1986-1Q 1986-2Q 1986-3Q 1986-4Q 1986 Total 1987-1Q 1987-2Q 1987-3Q 1987-4Q 1987 Total 1988-1Q 1988-2Q 1988-3Q 1988-4Q 1988 Total 110 88 61 98 357 134 107 65 82 388 116 101 85 85 387 120 79 88 84 371 88 69 60 73 290 111 70 72 80 333 131 83 103 95 412 99 94 87 79 359 138 122 114 151 525 166 136 96 106 504 182 139 158 137 616 158 182 133 141 614 65 40 37 31 173 60 55 31 50 196 64 64 51 52 231 54 48 42 38 182 401 319 272 353 1,345 471 368 264 318 1,421 493 387 397 369 1,646 431 403 350 342 1,526 Figure 3.09d-2 Quarterly Venture Capital Investments 1985 to 2012 By Stage (Number of Deals) 1989 1990 1991 1992 Stage 1989-1Q 1989-2Q 1989-3Q 1989-4Q 1989 Total 1990-1Q 1990-2Q 1990-3Q 1990-4Q 1990 Total 1991-1Q 1991-2Q 1991-3Q 1991-4Q 1991 Total 1992-1Q 1992-2Q 1992-3Q 1992-4Q 1992 Total Seed 106 100 77 72 355 60 69 59 70 258 51 49 42 51 193 49 68 49 86 252 Early Stage 101 65 84 88 338 87 97 73 113 370 79 69 60 70 278 73 86 52 80 291 Expansion 215 160 127 162 664 148 153 145 157 603 137 127 126 154 544 156 160 104 186 606 Later Stage 52 33 38 64 187 55 57 48 71 231 49 69 54 86 258 74 47 44 78 243 Total 474 358 326 386 1,544 350 376 325 411 1,462 316 314 282 361 1,273 352 361 249 430 1,392 Figure 3.09d-3 Quarterly Venture Capital Investments 1985 to 2012 By Stage (Number of Deals) 1993 1994 1995 1996 Stage 1993-1Q 1993-2Q 1993-3Q 1993-4Q 1993 Total 1994-1Q 1994-2Q 1994-3Q 1994-4Q 1994 Total 1995-1Q 1995-2Q 1995-3Q 1995-4Q 1995 Total 1996-1Q 1996-2Q 1996-3Q 1996-4Q 1996 Total Seed 69 68 66 87 290 91 67 83 91 332 125 95 95 116 431 130 140 97 137 504 Early Stage 41 49 38 56 184 64 61 54 77 256 130 136 116 137 519 148 206 175 225 754 Expansion 145 121 116 133 515 105 111 98 115 429 187 179 164 176 706 235 247 245 318 1,045 Later Stage 67 53 52 51 223 50 69 43 58 220 61 55 58 64 238 71 82 85 96 334 Total 322 291 272 327 1,212 310 308 278 341 1,237 503 465 433 493 1,894 584 675 602 776 2,637 Figure 3.09d-4 Quarterly Venture Capital Investments 1985 to 2012 By Stage (Number of Deals) Stage Seed Early Stage Expansion Later Stage Total 1997 1998 1999 2000 1997-1Q 1997-2Q 1997-3Q 1997-4Q 1997 Total 1998-1Q 1998-2Q 1998-3Q 1998-4Q 1998 Total 1999-1Q 1999-2Q 1999-3Q 1999-4Q 1999 Total 2000-1Q 2000-2Q 2000-3Q 2000-4Q 2000 Total 163 120 120 139 542 152 162 164 192 670 166 211 249 185 811 196 197 172 138 703 662 1,735 763 793 680 619 2,855 201 208 228 259 896 242 221 243 313 1,019 245 380 448 900 2,445 1,009 981 899 814 3,703 310 361 320 411 1,402 366 407 405 394 1,572 383 567 595 174 150 145 609 192 172 207 209 780 100 87 90 106 383 108 121 114 124 467 140 774 776 758 915 3,223 868 911 926 1,023 3,728 934 1,332 1,442 1,892 5,600 2,160 2,143 1,958 1,780 8,041 Figure 3.09d-5 Quarterly Venture Capital Investments 1985 to 2012 By Stage (Number of Deals) 2001 2002 2003 2004 Stage 2001-1Q 2001-2Q 2001-3Q 2001-4Q 2001 Total 2002-1Q 2002-2Q 2002-3Q 2002-4Q 2002 Total 2003-1Q 2003-2Q 2003-3Q 2003-4Q 2003 Total 2004-1Q 2004-2Q 2004-3Q 2004-4Q 2004 Total Seed 80 73 68 58 279 47 53 40 41 181 57 60 44 55 216 46 75 45 68 234 213 799 207 238 222 232 899 Early Stage 436 338 271 254 1,299 247 242 193 193 875 188 215 183 353 1,355 281 349 261 310 1,201 Expansion 650 670 543 529 2,392 410 447 348 380 1,585 346 320 336 192 652 205 216 194 268 883 Later Stage 155 156 148 160 619 160 136 128 138 562 132 160 168 731 813 3,022 739 878 722 878 3,217 Total 1,321 1,237 1,030 1,001 4,589 864 878 709 752 3,203 723 755 Thomson Reuters 35
  • 37. National Venture Capital Association Figure 3.09d-6 Quarterly Venture Capital Investments 1985 to 2012 By Stage (Number of Deals) 2005 2006 2007 2008 Stage 2005-1Q 2005-2Q 2005-3Q 2005-4Q 2005 Total 2006-1Q 2006-2Q 2006-3Q 2006-4Q 2006 Total 2007-1Q 2007-2Q 2007-3Q 2007-4Q 2007 Total 2008-1Q 2008-2Q 2008-3Q 2008-4Q 2008 Total Seed 52 68 68 76 264 82 93 121 100 396 90 139 136 159 524 135 134 156 112 537 Early Stage 212 219 214 214 859 205 241 236 319 1,001 257 326 257 289 1,129 265 301 284 287 1,137 275 295 242 304 1,116 328 360 345 347 1,380 277 322 319 359 1,277 344 331 282 285 1,242 Expansion Later Stage 223 280 286 272 1,061 290 314 253 253 1,110 282 326 336 339 1,283 310 338 323 278 1,249 Total 762 862 810 866 3,300 905 1,008 955 1,019 3,887 906 1,113 1,048 1,146 4,213 1,054 1,104 1,045 962 4,165 Figure 3.09d-7 Quarterly Venture Capital Investments 1985 to 2012 By Stage (Number of Deals) 2009 2010 2011 2012 Stage 2009-1Q 2009-2Q 2009-3Q 2009-4Q 2009 Total 2010-1Q 2010-2Q 2010-3Q 2010-4Q 2010 Total 2011-1Q 2011-2Q 2011-3Q 2011-4Q 2011 Total 2012-1Q 2012-2Q 2012-3Q 2012-4Q 2012 Total Seed 70 87 99 119 375 93 119 99 98 409 94 128 114 109 445 61 78 73 68 280 Early Stage 195 213 244 321 973 268 361 308 334 1,271 344 392 401 425 1,562 350 433 411 453 1,647 Expansion 183 217 219 269 888 252 300 244 278 1,074 225 275 277 244 1,021 221 250 244 247 962 Later Stage 229 244 199 231 903 205 239 230 198 872 234 279 212 193 918 229 197 192 216 834 Total 677 761 761 940 3,139 818 1,019 881 908 3,626 897 1,074 1,004 971 3,946 861 958 920 984 3,723 Figure 3.10 Venture Capital Investments 1985 to 2012 By Industry ($ Millions) Industry SSoftware Biotechnology Industrial/Energy Medical Devices and Equipment IT Services Media and Entertainment Consumer Products and Services Semiconductors Telecommunications Retailing/Distribution Computers and Peripherals Networking and Equipment Healthcare Services Financial Services Electronics/Instrumentation Business Products and Services Other Total 1985 1986 1987 1988 1989 1990 1991 1992 1993 612 577 519 482 457 519 463 614 459 136 223 290 369 334 314 287 581 479 201 208 290 222 345 242 183 285 278 181 182 259 340 347 325 235 514 393 26 38 51 39 36 38 41 29 54 101 118 155 166 151 93 69 132 278 69 135 176 153 86 159 126 123 159 253 293 255 294 165 190 90 156 93 178 174 148 161 124 128 117 200 251 32 114 296 232 217 89 48 97 103 449 473 392 370 311 245 174 205 164 224 164 143 137 197 174 140 250 516 81 125 140 97 155 92 72 191 202 81 96 62 209 233 63 25 120 102 120 121 122 77 110 58 74 51 50 29 81 64 53 52 94 77 39 70 3 3 0 6 0 33 0 6 2,776 3,125 3,364 3,406 3,320 2,822 2,254 3,586 3,657 1994 1995 1996 1997 1998 1999 2000 2001 2002 671 1,186 2,350 3,462 4,721 10,690 25,251 10,820 5,509 585 832 1,186 1,368 1,551 2,101 4,270 3,480 3,312 294 527 498 704 1,260 1,464 2,627 1,250 826 439 668 618 1,026 1,256 1,577 2,403 2,046 1,863 119 175 442 640 1,093 4,323 8,890 2,475 978 275 944 1,154 1,056 1,873 7,408 10,598 2,370 784 176 534 510 742 680 2,718 3,220 702 256 157 214 340 597 631 1,380 3,806 2,474 1,654 463 937 1,323 1,562 3,024 8,032 16,468 5,179 2,168 103 303 269 326 769 2,810 3,209 368 139 178 316 363 394 383 939 1,628 693 457 250 372 631 962 1,446 4,658 11,730 5,791 2,671 202 460 734 939 959 1,495 1,386 543 380 123 181 323 385 843 2,215 4,131 1,238 331 65 151 211 307 202 274 797 400 309 40 176 369 434 706 2,590 4,726 1,085 478 6 37 21 71 102 225 60 55 17 4,146 8,013 11,341 14,975 21,499 54,900 105,200 40,968 22,132 2003 4,855 3,745 774 1,613 747 662 157 1,767 1,674 64 360 1,739 229 413 209 673 19,681 2004 5,483 4,388 847 1,905 748 1,410 334 2,166 1,854 217 538 1,559 389 530 395 460 14 23,235 2005 5,144 3,930 1,138 2,209 1,057 1,200 363 1,855 2,150 249 535 1,695 364 903 412 408 23,612 2006 5,449 4,816 1,996 2,778 1,482 1,888 424 2,307 2,414 189 388 1,252 416 528 703 586 27,617 2007 6,124 5,713 3,082 3,759 1,930 2,166 454 2,041 2,191 340 550 1,443 307 580 557 621 18 31,875 2008 6,069 4,970 4,631 3,603 2,108 1,796 418 1,595 1,514 222 470 756 159 464 646 475 30 29,926 2009 4,205 3,972 2,564 2,605 1,228 1,371 489 773 636 156 345 753 171 404 393 260 56 20,378 2010 5,116 3,903 3,465 2,341 1,661 1,572 571 1,046 792 165 408 678 272 408 422 491 4 23,316 2011 7,516 4,825 3,595 2,883 2,264 2,258 1,399 1,345 631 454 494 357 394 394 437 215 37 29,497 2012 8,293 4,115 2,792 2,511 1,993 1,976 1,208 926 582 498 453 316 309 284 244 97 53 26,652 Figure 3.10b Venture Capital Investments 1985 to 2012 By Industry (Number of Deals) Industry SSoftware Biotechnology Media and Entertainment Medical Devices and Equipment IT Services Industrial/Energy Consumer Products and Services Semiconductors Telecommunications Retailing/Distribution Electronics/Instrumentation Computers and Peripherals Financial Services Healthcare Services Networking and Equipment Business Products and Services Other Total 36 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 321 323 307 280 296 302 287 296 243 253 435 686 73 98 138 153 138 145 138 164 136 140 176 236 56 68 92 75 71 58 54 79 82 97 138 191 128 117 166 151 185 191 161 188 148 128 179 212 23 25 33 24 27 31 30 22 19 33 62 127 122 138 162 140 144 157 125 132 102 101 128 155 43 51 72 59 52 67 48 51 54 66 114 132 84 72 92 91 80 78 51 60 45 38 64 74 86 77 94 80 81 63 67 64 73 73 141 211 18 32 71 81 73 46 38 34 35 28 54 70 77 68 70 57 60 50 47 38 27 37 49 47 157 148 131 138 135 104 78 84 65 66 93 95 22 28 36 43 44 25 24 24 31 31 47 61 33 56 56 46 55 41 38 46 52 45 73 139 80 76 73 69 71 74 65 83 65 77 82 123 20 42 51 38 32 28 20 25 32 22 50 69 2 2 2 1 2 2 2 3 2 9 9 1,345 1,421 1,646 1,526 1,544 1,462 1,273 1,392 1,212 1,237 1,894 2,637 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 820 980 1,411 2,165 1,298 1,005 965 949 955 1,027 1,073 1,098 815 1,035 1,178 1,277 242 274 260 355 337 326 357 400 405 483 526 530 458 493 466 463 219 266 701 944 372 167 127 140 209 329 399 400 266 345 441 395 272 294 288 295 257 234 248 280 286 358 399 402 345 349 370 319 162 207 456 687 324 170 147 151 172 236 281 286 221 303 362 315 213 186 205 254 204 131 142 158 154 225 306 365 255 307 311 243 162 163 287 285 119 72 47 67 78 79 110 103 86 114 137 162 116 120 148 256 209 169 214 258 218 266 224 206 132 137 136 108 268 340 529 858 481 275 214 232 236 309 279 230 131 120 124 95 91 121 230 282 83 49 31 38 40 40 41 42 38 33 68 59 54 56 53 76 59 63 55 72 84 96 93 94 63 67 58 51 115 91 104 133 81 59 57 61 65 60 70 61 54 56 61 48 91 115 190 334 137 76 64 68 63 90 85 68 54 74 60 45 152 155 159 165 105 70 70 64 64 51 57 51 40 45 47 43 140 211 279 481 335 232 186 193 186 137 146 106 101 63 49 38 94 139 279 459 177 102 97 83 83 99 113 119 72 75 61 35 12 10 21 12 11 3 1 3 2 2 11 4 8 10 17 27 3,223 3,728 5,600 8,041 4,589 3,203 3,022 3,217 3,300 3,887 4,213 4,165 3,139 3,626 3,946 3,723 Thomson Reuters