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#CBI_Unicorns
The current global unicorn club
MARKET MAP, GEOGRAPHY, VALUATIONS,
FUNDING, MOST ACTIVE VCs
www.cbinsights.com 9
#CBI_Unicorns
13 MOST POPULATED
MARKET SEGMENTS
Largest share of unicorns
(18%) are in E-commerce/
Marketplace.
Followed by Internet
Software & Services
(14%), and Fintech (12%)
www.cbinsights.com 10
GLOBAL UNICORN CLUB: 185 PRIVATE COMPANIES VALUED
AT $1B+ MARKET MAPas of 2/1/2017
#CBI_Unicorns
24 COUNTRIES WITH 1+
UNICORN COMPANY
The United States is
home to over half (52%)
of the unicorn club
23% of the world’s
unicorns are based in
China
Followed by: India, the UK,
Germany, and South
Korea, respectively
No other country has 3+
unicorns
www.cbinsights.com 11
GLOBAL UNICORN CLUB: PRIVATE COMPANIES VALUED AT
$1B+ GEOGRAPHIC MAPas of 2/1/2017
#CBI_Unicorns
11 US STATES WITH 1+
UNICORN COMPANY
After California and New
York, Massachusetts,
Illinois, and Utah rank
fourth, and Florida comes
in fifth.
The top five most well-
funded are: Uber ($12.5B),
Airbnb ($3.9B), Infor
($2.6B), Snap ($2.6B), and
Palantir ($1.9B). Infor is
the only unicorn out of the
top 5 based outside
California; it is located in
New York.
www.cbinsights.com 12
THE UNITED STATES OF UNICORNS: PRIVATE COMPANIES
VALUED AT $1B+ as of 2/1/2017
#CBI_Unicorns
SOME COMPANIES
REACH $1B+ FAST
Magic Leap and Snap:
< 2 years
Stripe and Airbnb:
> 3 years
SpaceX and Tanium:
> 6 years
DocuSign and Intarcia:
> 9 years
www.cbinsights.com 13
TIME TO UNICORN VALUATION
Select US unicorns, first equity financing to $1B+ valuation
#CBI_Unicorns
LOTS OF $1B+
COMPANIES EMERGING
IN RECENT YEARS
Largest share (15%) of
the current club achieved
$1B+ valuation in Q3’15
3 unicorns added in
Q1’17: Zhihu, Zoom
Communications, and
URWork
www.cbinsights.com 14
THE INCREASINGLY CROWDED UNICORN CLUB: PRIVATE
COMPANIES VALUED AT $1B+ as of 2/1/2017
#CBI_Unicorns
Collectively valued at
$663 BILLION
with combined total funding of
$126 BILLION
www.cbinsights.com 15
#CBI_Unicorns
8% OF UNICORNS HAVE
51% OF THE VALUE
Top 15 unicorns:
(decacorns worth $10B+)
are worth more than the
next 170 combined
Top 5 unicorns account
for 30% of the value
www.cbinsights.com 16
THE POWER-LAW OF UNICORN VALUATIONS ($M) as of 2/1/2017
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
Uber
DidiChuxing
PalantirTechnologies
ChinaInternetPlus
WeWork
SpaceX
DJIInnovations
Infor
Spotify
Snapdeal
Homelink
Coupang
One97Communications
MeizuTechnology
MagicLeap
SocialFinance
YelloMobile
GarenaOnline
GreenSky
Tanium
Fanatics
Grab
RoyoleCorporation
Wish
BloomEnergy
Mozido
Houzz
HelloFresh
Domo
InMobi
SurveyMonkey
WeiyingTechnology
Avant
Sprinklr
CJGames
CureVac
BlaBlaCar
MongoDB
QuanergySystems
Zoox
GuahaoTechnologyCo.
ironSource
MuSigma
STXEntertainment
Hike
MuleSoft
DraftKings
Apttus
Automattic
Auto1Group
HumanLongevity
Infinidat
Okta
WarbyParker
Thumbtack
LIfeMiles
GlobalFashionGroup
OVH
TangoMe
UptakeTechnologies
Jiuxian
AfricaInternetGroup
23andMe
51Xinyongka
AgeofLearning
ApusGroup
BeiBei
Carbon3D
ChinaRapidFinance
Compass
Dada
Decolar
FanDuel
FundingCircle
Guazi
Hootsuite
Illumio
Kabbage
KikInteractive
Mercari
MindMaze
Mogujie
Panshi
Qualtrics
Shazam
Souq.com
TuJia
VoxMedia
Xuanyixia
ZhangYue
ZomatoMedia
Pluralsight
Eventbrite
Top 15 unicorns: $338B,
51% of collective value
Next 170 unicorns: $325B,
49% of collective value
#CBI_Unicorns
6% OF UNICORNS HAVE
37% OF THE FUNDING
Top 11 unicorns:
(all with $2B+ in funding)
account for nearly 1/3 of
unicorn funding
Top 5 most well-funded
account for 25% of the
funding
www.cbinsights.com 17
THE POWER-LAW OF UNICORN FUNDING ($M) as of 2/1/2017
$50
$1,050
$2,050
$3,050
$4,050
$5,050
$6,050
$7,050
$8,050
$9,050
$10,050
$11,050
$12,050
$13,050
Uber
AirBnB
Flipkart
Infor
Xiaomi
Spotify
Lyft
Snapdeal
Lu.com
SocialFinance
Coupang
MagicLeap
Moderna
Pinterest
SpaceX
Cloudera
IntarciaTherapeutics
ZhongAnInsurance
OVH
ViceMedia
OscarHealthInsuranceCo.
STXEntertainment
Stripe
Domo
GlobalFashionGroup
MofangGongyu
Go-JEK
SlackTechnologies
VANCL
CJGames
OxfordNanoporeTechnologies
51Xinyongka
CareemNetworks
ProteusDigitalHealth
GreenSky
AppNexus
CureVac
FundingCircle
HelloFresh
ProsperMarketplace
LIfeMiles
BlaBlaCar
Klarna
iTutorGroup
FlatironHealth
Aiwujiwu
HumanLongevity
Tanium
Lookout
Apttus
Adyen
Hike
Rong360
SMSAssist
Guazi
Jiuxian
RoyoleCorporation
Lakala
Anaplan
Carbon3D
Infinidat
Okta
ZocDoc
ZomatoMedia
Panshi
WarbyParker
Nextdoor
MuSigma
GlassDoor
Mogujie
iCarbonX
OfferUp
Compass
YelloMobile
CloudFlare
AgeofLearning
Docker
MarkLogic
Liepin
Gusto
Huochebang
ZoomCommunications
Ten-X
QuanergySystems
Shazam
MindMaze
TransferWise
KikInteractive
DJIInnovations
Auto1Group
ZhangYue
UptakeTechnologies
Top 11 unicorns: $47B,
37% of combined funding
Next 170 unicorns: $72B,
49% of collective funding
#CBI_Unicorns
UBER ON TOP
No unicorns outside the
United States and China
in the top five most
highly-valued
Last two years have not
seen a top five most
highly-valued unicorn
3/5 emerged in 2011
www.cbinsights.com 18
TOP 5 MOST HIGHLY-VALUED UNICORN COMPANIES
as of 2/1/2017
•Select Investors: Lowercase Capital, Benchmark Capital, Google Ventures
Uber (USA)
$68B – 8/23/2013
•Select Investors: Digital Sky Technologies, QiMing Venture Partners, Qualcomm
Ventures
Xiaomi (China)
$46B – 12/21/2011
•Select Investors: Matrix Partners, Tiger Global Management, Softbank Corp.
Didi Chuxing (China)
$33.8B -- 12/31/2014
•Select Investors: Morningside Group, GGV Capital, Banyan Capital
Airbnb (USA)
$30B – 7/26/2011
•Select Investors: RRE Ventures, Founders Fund, In-Q-Tel
Palantir Technologies (USA)
$20B – 5/5/2011
#CBI_Unicorns
UBER ON TOP AGAIN
Uber, Didi, Airbnb, and
Xiaomi among the most
highly valued and most
well-funded unicorns
www.cbinsights.com 19
MOST WELL-FUNDED PRIVATE COMPANIES VALUED AT $1B+
as of 2/1/2017
Rank
Company Disclosed
Funding
Valuation Select Investors
1 Uber $12.5B $68B Lowercase Capital, Benchmark Capital, Google Ventures
2 Didi Chuxing $8.6B $33.8B Matrix Partners, Tiger Global Mgmt., Softbank Corp.
3 Airbnb $3.9B $30B Morningside Group, GGV Capital, Banyan Capital
4 China Internet
Plus
$3.3B $18B Broadline Capital, UBS
5 Flipkart $3.2B $16B Accel Partners, Digital Sky Technologies, Iconiq Capital
6 Global Switch $2.9B $6B Essence Financial, Ping An Insurance
7 Infor $2.63B $10B Blackstone Group, Koch Industries
8 Snap $2.61 $18B capitalG, Benchmark Capital, Lightspeed Venture Partners
9 Xiaomi $2.4B $46B Digital Sky Technologies, QiMing Venture Partners, Qualcomm
10 Ele.me $2.3B $4.5B Sequoia Capital China, GSR Ventures, Horizons Ventures
#CBI_Unicorns
2,800
investors with a stake in the unicorn club
www.cbinsights.com 20
#CBI_Unicorns
VENTURE CAPITALISTS
ARE MOST ACTIVE
40% of unicorn investors
are VCs
Followed by:
corporations and their
venture capital arms
(16%), angel investors
(8%), and asset/
investment managers
(6%)
No other group accounts
for more than 5%
www.cbinsights.com 21
SHARE OF INVESTOR TYPES WITH STAKE IN THE GLOBAL
UNICORN CLUB as of 2/1/2017
#CBI_Unicorns
DIVERSITY OF
INVESTOR TYPES
SV Angel, Sequoia
Capital, and Tiger Global
tie for 1st
Fidelity, DST Global, and
A16Z tie for 4th
Wellington and KPCB tie
for 7th
Airbnb is the only unicorn
in all top 8 unicorn
hunters’ portfolios
www.cbinsights.com 22
UNICORN HUNTERS: INVESTORS RANKED BY # OF
PORTFOLIO COMPANIES IN THE GLOBAL UNICORN CLUB
as of 2/1/2017
#CBI_Unicorns
SV ANGEL ON TOP
Over half of SV Angel’s
unicorns were backed at
an early stage
Nearly half of Sequoia
Capital’s unicorns
backed at an early stage
www.cbinsights.com 23
EFFICIENCY OF TOP INVESTORS IN THE GLOBAL UNICORN CLUB
as of 2/1/2017
Rank Investor # of unicorns in
portfolio
Early-stage unicorn
deals
1 SV Angel 23 16
2 Sequoia Capital 22 10
3 Tiger Global Management 22 2
4 Fidelity Investments 20 0
5 DST Global 20 0
6 Andreessen Horowitz 20 7
7 Wellington Management 19 1
8 Kleiner Perkins Caufield Byers 19 4
9 Goldman Sachs 19 1
10 Tencent Holdings 17 2
#CBI_Unicorns
SV ANGEL ON TOP
WITH 16 EARLY-STAGE
DEALS
Sequoia Capital in 2nd
A16z, Khosla Ventures,
and YC tie for 3rd
Accel Partners and
Benchmark tie for 6th
General Catalyst, First
Round Capital, and
Qiming tie for 8th
www.cbinsights.com 24
UNICORN HUNTERS: INVESTORS RANKED BY # OF EARLY-
STAGE DEALS (SEED/SERIES A) IN THE GLOBAL UNICORN CLUB
as of 2/1/2017
#CBI_Unicorns
STALKING THE SMART MONEY
MOST ACTIVE INVESTORS & CO-
INVESTMENTS
www.cbinsights.com 25
#CBI_Unicorns
SEQUOIA CAPITAL ON
TOP
Sequoia and a16z are the
only smart money VCs
with 20+ unicorns
Of it’s unicorns, Sequoia
has participated in
follow-on rounds to
Stripe the most
A16Z has the most
cybersecurity unicorns
including: Okta, Illumio,
Tanium, and Lookout
www.cbinsights.com 26
MOST ACTIVE SMART MONEY INVESTORS IN THE GLOBAL UNICORN CLUB
as of 2/1/2017
Rank Investor Select Investments
1 Sequoia Capital Carbon3D, Zoom, Snap, Stripe
2 Andreessen Horowitz (a16z) Magic Leap, Pinterest, Illumio, Tanium
3 Kleiner Perkins Caufield & Byers Gusto, Instacart, Uber, Spotify
4 Accel Partners DJI, Illumio, Qualtrics, Funding Circle
5 New Enterprise Associates Uptake, Snap, Houzz, Mulesoft
5 Founders Fund Oscar, Compass, Domo, Wish
7 Khosla Ventures Instacart, Stripe, Okta, Lookout
8 General Catalyst Partners Datto, Oscar, Illumio, Gusto
9 Benchmark Capital Snap, WeWork, Nextdoor, Domo
9 Greylock Partners Airbnb, Lookout, Domo, Docker
10 Index Ventures Adyen, TransferWise, BlaBlaCar, FarFetch
#CBI_Unicorns
THE TOP 3 MOST
ACTIVE SMART MONEY
INVESTORS (2012 -2016)
All three firms have
backed: Instacart, Airbnb,
and Jawbone
www.cbinsights.com 27For our full list of 24 smart money investors, please see this post.
2012 – 2016
#CBI_Unicorns
Ra
nk
Investor Select Investments
1 Fidelity Investments Airbnb, Snap, Uber, SpaceX
2 Wellington Management Airbnb, Uber, SoFi, Magic Leap
3 Goldman Sachs Oscar, Compass, Uber, Xiaomi
4 Tiger Global Management GrabTaxi, Hike, Souq.com, Avant
5 T. Rowe Price Magic Leap, Snap, OfferUp, WeWork
6 Baillie Gifford & Co.
Auto1 Group, Souq.com, Flatiron Health, Funding
Circle
$198
$302
$1,103
$357
$75
$716
$913
$895
$3,075
$856
$6,043
$5,383
$8,068
$9,338
$4,726
$5,168
$2,226
$1,676
$774
$158
4 5
4
5
2
8
11
8
16
10
16
13
27
26
11
14
6
9 9
2
2012 2013 2014 2015 2016 2017
Disclosed…
$281
$757
$379
$735
$1,020
$850
$1,060
$1,003
$2,751
$4,479
$4,497
$7,988
$8,235
$10,170
$14,272
$7,312
$7,013
$11,527
$6,600
$8,799
$783
2
6
3 4
5 5
6 10
17
20
30 31 30
48
55
26
33
25
41
36
6
2012 2013 2014 2015 2016 2017
Disclosed Funding ($M) Deals
$8,851 $3,933 $19,714 $38,115 $33,874
15
26
98
155
133
2012 2013 2014 2015 2016
Disclosed Funding ($M)
Historical trends
How do unicorns fare in the private markets over time?
www.cbinsights.com 28
#CBI_Unicorns
FUNDING ACTIVITY
PEAKED IN 2015
9 unicorns obtained
$1B+ rounds in 2015:
Didi Chuxing, Uber, and
SpaceX, among others
7 unicorns obtained
$1B+ rounds in 2016:
Didi Chuxing, Uber, and
Snap, among others
www.cbinsights.com 29
ANNUAL UNICORN FINANCING HISTORY
2012 – 2016
$8,851 $3,933 $19,714 $38,115 $33,874
15
26
98
155
133
2012 2013 2014 2015 2016
Disclosed Funding ($M)
#CBI_Unicorns
Q3’15 MOST $/DEALS
$1B deals in Q3’15:
- Didi Chuxing ($2B Series F)
- Uber ($1B Series F)
- SoFi ($1B Series E)
6 unicorns funded in
2017: Zoom, Zhihu,
URWork,
Insidesales.com,
Homelink, and Funding
Circle
*This analysis excludes Uptake Technologies’
$40M Series C round (2/1/2017)
www.cbinsights.com 30
QUARTERLY UNICORN FINANCING HISTORY
2012 – 2017 YTD (1/30/2017)$281
$757
$379
$735
$1,020
$850
$1,060
$1,003
$2,751
$4,479
$4,497
$7,988
$8,235
$10,170
$14,272
$7,312
$7,013
$11,527
$6,600
$8,799
$783
2
6
3 4
5 5
6 10
17
20
30 31 30
48
55
26
33
25
41
36
6
2012 2013 2014 2015 2016 2017
Disclosed Funding ($M) Deals
#CBI_Unicorns
UPTAKE FASTEST TO
$1B+
Magic Leap, only other
startup to reach $1B+ in
under one year
All 11 of the fastest
unicorns achieved $1B+
in under two years
www.cbinsights.com 31
FASTEST $1B+ VALUATION FINANCINGS FOR US VC BACKED COMPANIES
2009 – 2017 YTD (2/1/2017)
714
640
626
624
601
600
508
463
372
258
236
Apttus
Oscar
Snap
Insidesales.com
Pluralsight
Square
JetSmarter
Jet.com
Zoox
Magic Leap
Uptake
Days From First Equity Financing To Billion Dollar Valuation Financing
#CBI_Unicorns
CROSSOVER PARTICIPATION
FUNDING ACTIVITY, ACTIVE CROSSOVERS
www.cbinsights.com 32
#CBI_Unicorns
2015 PEAK ACTIVITY
Q3’15 saw $1B deals with
crossover participation to:
Didi Chuxing, Uber, and
SoFi
2017 has seen two
unicorn financings with
crossover participation:
- URWork: $58M Series B
- Funding Circle: $100M
Series F
www.cbinsights.com 33
CROSSOVER PARTICIPATION QUARTERLY UNICORN FINANCING HISTORY
Q1’12 – 2017 QTD (2/1/2017)
$198
$302
$1,103
$357
$75
$716
$913
$895
$3,075
$856
$6,043
$5,383
$8,068
$9,338
$4,726
$5,168
$2,226
$1,676
$774
$158
4 5
4
5
2
8
11
8
16
10
16
13
27
26
11
14
6
9 9
2
2012 2013 2014 2015 2016 2017
Disclosed Funding ($M) Deals
#CBI_Unicorns
FIDELITY ON TOP
Fidelity, participated in
$1B+ funding rounds to
unicorns: Airbnb, Snap,
Uber, and SpaceX
Wellington, participated in
$1B+ funding rounds to
unicorns: Airbnb, Uber,
and SoFi
Goldman Sachs,
participated in $1B+
funding rounds to
unicorns: Uber and
Xiaomi
www.cbinsights.com 34
MOST ACTIVE CROSSOVER INVESTORS IN UNICORNS
2012 – 2017 YTD (2/1/2017)
Rank Investor Select Investments
1 Fidelity Investments Airbnb, Snap, Uber, SpaceX
2 Wellington Management Airbnb, Uber, SoFi, Magic Leap
3 Goldman Sachs Oscar, Compass, Uber, Xiaomi
4 Tiger Global Management GrabTaxi, Hike, Souq.com, Avant
5 T. Rowe Price Magic Leap, Snap, OfferUp, WeWork
6 Baillie Gifford & Co. Auto1 Group, Souq.com, Flatiron Health, Funding Circle
#CBI_Unicorns
CORPORATE PARTICIPATION
INVESTMENTS, ACTIVE CORPORATES
www.cbinsights.com 35
#CBI_Unicorns
Q3’15 MOST ACTIVE
Q3’15 saw corporates
participate in $1B+
funding rounds to: Didi
Chuxing, Uber, SoFi
2017 has seen 5 rounds
with corporate
participation: Zoom
($100M Series D), Zhihu
($100M Series D),
Homelink ($375M Other),
URWork ($58M Series B),
Insidesales.com ($50M
Series F)
www.cbinsights.com 36
CORPORATE PARTICIPATION QUARTERLY UNICORN FINANCING HISTORY
Q1’12 – 2017 QTD (2/1/2017)
$81
$214
$475
$300
$205
$405
$1,078
$314
$2,981
$2,328
$2,621
$3,218
$4,584
$4,893
$10,894
$3,546
$5,310
$5,072
$4,856
$5,296
$683
1
3 3 2 3 3
5
3
12
7
11
13
15
22
28
17
22
15 16
14
5
2012 2013 2014 2015 2016 2017
Disclosed Funding ($M) Deals
#CBI_Unicorns
CHINESE CORPS ON TOP
Tencent’s largest unicorn
rounds include: Didi
Chuxing, Homelink, STX
Entertainment
Alibaba’s largest unicorn
rounds include: Didi
Chuxing, Ele.me, Magic
Leap
www.cbinsights.com 37
MOST ACTIVE CORPORATE INVESTORS IN UNICORNS
2012 – 2017 YTD (2/1/2017)
Rank Investor Select Investments
1 Tencent Holdings iCarbonX, Huochebang, Didi Chuxing, STX Entertainment
2 Alibaba Group Didi Chuxing, Magic Leap, One97 Communications, Lyft
3 Google Ventures (GV) Carbon3D, Oscar, Flatiron Health, Gusto
4 capitalG Snap, Ten-X, Stripe, Thumbtack
5 Salesforce Ventures Gusto, Anaplan, Domo, Apttus
6 Comcast Ventures Instacart, Houzz, Vox Media, DocuSign
#CBI_Unicorns
CISCO SYSTEMS MOST
ACTIVE
Cisco Systems, acquired
two unicorns since 2016:
AppDynamics and Jasper
Technologies
Simplivity’s last private
market valuation before
the acquisition was $1.1B,
HP acquired the company
for $650M in a down exit
www.cbinsights.com 38
SELECT CORPORATE ACQUISITIONS OF UNICORNS
2016 – 2017 YTD (2/1/2017)
* AppDynamics deal is not finalized
#CBI_Unicorns
2X LAST PRIVATE
MARKET VALUATION
Last raise was $158M
Series F, valued at $1.88B
97% increase from 2016
valuation
10 years from $12M to
exiting for $3.7B
www.cbinsights.com 39
APPDYNAMICS VALUATION HISTORY ($M)
Q2’08 – 2017 YTD (1/24/2017)
*AppDynamics deal is not finalized
$12 $42
$180
$550
$1,118
$1,878
$3,700
Q2'08 2009 2010 2011 2012 2013 2014 2015 2016 2017
Q2'08
APPDYNAMICS VALUATION HISTORY
$Ms, Q2'08 - 2017 YTD (1/24/2017)
97%
#CBI_Unicorns
EXIT TRENDS
M&A & IPOs, TOP EXITS
www.cbinsights.com 40
#CBI_Unicorns
31 IPOS & 24 M&AS
SINCE 2012
2016 most active despite
low number of IPOs
United States and China
have the most exited
unicorns
Top 3 IPOs: Alibaba
Group (2014), Facebook
(2012), JD.com (2014)
www.cbinsights.com 41
ANNUAL UNICORN M&A/ IPO ACTIVITY
2012 – 2017 YTD (2/1/2017)
1 4 4 13 23
3
13 7
5
2012 2013 2014 2015 2016 2017 YTD
(1/27/2017M&A IPO
#CBI_Unicorns
M&A ACTIVITY RISING
63% of M&As since 2013,
occurred since 2016
Top 3 M&As: WhatsApp
(2014), Stemcentrx
(2016), Uber China (2016)
2017: Simplivity (acq. by
HP), AppDynamics (acq.
by Cisco)
www.cbinsights.com 42
UNICORN M&A TIMELINE
2013 – 2017 YTD (2/1/2017)
#CBI_Unicorns
SNAP INC. FILED FOR
IPO THAT COULD
VALUE THE COMPANY
NORTH OF $22B
Snap last valued at $18B
in private markets, just
behind: Uber, Airbnb,
Palantir, above WeWork
Snap’s IPO could be the
first in 2017, and would
be the first since Meitu
went public in December
2016, at a valuation of
$4.9B
www.cbinsights.com 43
VALUATION HISTORY OF THE TOP 5 US UNICORNS
Q3’13 – 2016 *Snap’s valuation is the mid-range estimate for its reported early 2017 IPO
#CBI_Unicorns
SNAP’S PRICE/USER
MULTIPLE IS 100X
Although investors may
be betting on future
Pinterest growth, it still
means that Snap is
cheaper on this basis
than Pinterest
That would also make
Snap roughly twice as
valuable as Twitter
Facebook dominates
www.cbinsights.com 44
SOCIAL MEDIA GIANT’S PRICE/USER MULTIPLE
*Snap’s valuation is the mid-range estimate for its reported early 2017 IPO
185x 110x 100x 47x 41x 39x 20x 14x 9x
Facebook Pinterest Snap Whatsapp Twitter Line Instagram Hike Viber
Price/Users
#CBI_Unicorns
ALIBABA BIGGEST EXIT
The last two years has
not seen a top six VC-
backed unicorn exit
3 of the top 6 exited with
IPO in 2014
1 acquisition in the top 6:
WhatsApp, acq. by
Facebook
www.cbinsights.com 45
TOP VC-BACKED UNICORN EXITS BY VALUATION
as of 2017 YTD (2/1/2017)
Rank Company Date Of Exit Valuation At Exit
1 Alibaba Group (IPO) 9/19/2014 $167B
2 Facebook (IPO) 5/18/2012 $104B
3 JD.com (IPO) 5/22/2014 $28B
4 WhatsApp (Acq.) 2/19/2014 $22B
5 Twitter (IPO) 11/7/2013 $14B
6 Groupon (IPO) 11/4/2011 $12B
#CBI_Unicorns
JD.COM ON TOP
7 of the 10 companies are
US based, and 3 are
Chinese companies:
JD.com, Dianping, Ucar
Group
www.cbinsights.com 46
MOST WELL-FUNDED VC BACKED UNICORNS BEFORE EXIT
as of 2017 YTD (2/1/2017)
Rank Company Total Disclosed Funding Date Of Exit
1 JD.com $2.8B (IPO) 5/22/2014
2 Facebook $2.5B (IPO) 5/18/2012
3 Rocket Internet $1.5B (IPO) 10/2/2014
4 Legendary Entertainment $1.5B (Acq.) 1/12/2016
5 Dianping $1.4B (Mrg.) 10/8/2015
6 Fisker Automotive $1.3B (Acq.) 2/24/2014
7 Ucar Group $1.3B (IPO) 7/22/2016
8 Groupon $1.1B (IPO) 11/4/2011
9 Sunrun $986M (IPO) 8/5/2015
10 LivingSocial $919M (Acq.) 10/26/2016
#CBI_Unicorns
UNICORN TRENDS TO WATCH
www.cbinsights.com 47
#CBI_Unicorns
THREE NEW UNICORNS
IN 2017 YTD (1/31/2017)
Zhihu is a Q&A website,
and URWork offers co-
working spaces, both are
based in China
Zoom offers a cloud-
based enterprise video
conferencing platform
www.cbinsights.com 48
NEWEST MEMBERS OF THE GLOBAL UNICORN CLUB
(Zhihu)
as of 2017 YTD (2/1/2017)
#CBI_Unicorns
NOT ALL UNICORNS
WILL THRIVE
GFG down $2.3B
Jawbone down $2B
Lianjia down $500M
www.cbinsights.com 49
WOUNDED UNICORNS: SELECT $1B+ COMPANIES’ DOWNROUNDS
$3.4B $1.1B
$3.2B $1.7B $1.2B
$6.2B $5.7B
(Homelink)
as of 2017 YTD (2/1/2017)
#CBI_Unicorns
SOME UNICORNS
WON’T SURVIVE
Mode Media shut down
without new investors or
an acquirer
Fisker Automotive
acquired in a bankruptcy
auction
Powa Technologies’ filed
for bankruptcy and had
its assets sold off
www.cbinsights.com 50
DEAD UNICORNS: PAST $1B+ COMPANIES OUT OF BUSINESS
#CBI_Unicorns
$1B+ ROUNDS ARE
SHOWING UP MORE
OFTEN
Late-stage private
companies that are
among the most valuable
in the world are staying
private longer
These companies are
also raising $1B+ rounds
of funding from large
institutional investors
www.cbinsights.com 51
SELECT $1B+ ROUNDS FOR LATE STAGE UNICORNS
as of 2017 YTD (2/1/2017)
#CBI_Unicorns
INVESTORS HOPE SNAPCHAT WILL UNLOCK
IPO MARKET FOR TECH UNICORNS
11/16/2016
IPO CHATTER IS UP: SNAP COULD LEAD THE WAY
www.cbinsights.com 52

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Unicorn trends - 2017

  • 1. #CBI_Unicorns The current global unicorn club MARKET MAP, GEOGRAPHY, VALUATIONS, FUNDING, MOST ACTIVE VCs www.cbinsights.com 9
  • 2. #CBI_Unicorns 13 MOST POPULATED MARKET SEGMENTS Largest share of unicorns (18%) are in E-commerce/ Marketplace. Followed by Internet Software & Services (14%), and Fintech (12%) www.cbinsights.com 10 GLOBAL UNICORN CLUB: 185 PRIVATE COMPANIES VALUED AT $1B+ MARKET MAPas of 2/1/2017
  • 3. #CBI_Unicorns 24 COUNTRIES WITH 1+ UNICORN COMPANY The United States is home to over half (52%) of the unicorn club 23% of the world’s unicorns are based in China Followed by: India, the UK, Germany, and South Korea, respectively No other country has 3+ unicorns www.cbinsights.com 11 GLOBAL UNICORN CLUB: PRIVATE COMPANIES VALUED AT $1B+ GEOGRAPHIC MAPas of 2/1/2017
  • 4. #CBI_Unicorns 11 US STATES WITH 1+ UNICORN COMPANY After California and New York, Massachusetts, Illinois, and Utah rank fourth, and Florida comes in fifth. The top five most well- funded are: Uber ($12.5B), Airbnb ($3.9B), Infor ($2.6B), Snap ($2.6B), and Palantir ($1.9B). Infor is the only unicorn out of the top 5 based outside California; it is located in New York. www.cbinsights.com 12 THE UNITED STATES OF UNICORNS: PRIVATE COMPANIES VALUED AT $1B+ as of 2/1/2017
  • 5. #CBI_Unicorns SOME COMPANIES REACH $1B+ FAST Magic Leap and Snap: < 2 years Stripe and Airbnb: > 3 years SpaceX and Tanium: > 6 years DocuSign and Intarcia: > 9 years www.cbinsights.com 13 TIME TO UNICORN VALUATION Select US unicorns, first equity financing to $1B+ valuation
  • 6. #CBI_Unicorns LOTS OF $1B+ COMPANIES EMERGING IN RECENT YEARS Largest share (15%) of the current club achieved $1B+ valuation in Q3’15 3 unicorns added in Q1’17: Zhihu, Zoom Communications, and URWork www.cbinsights.com 14 THE INCREASINGLY CROWDED UNICORN CLUB: PRIVATE COMPANIES VALUED AT $1B+ as of 2/1/2017
  • 7. #CBI_Unicorns Collectively valued at $663 BILLION with combined total funding of $126 BILLION www.cbinsights.com 15
  • 8. #CBI_Unicorns 8% OF UNICORNS HAVE 51% OF THE VALUE Top 15 unicorns: (decacorns worth $10B+) are worth more than the next 170 combined Top 5 unicorns account for 30% of the value www.cbinsights.com 16 THE POWER-LAW OF UNICORN VALUATIONS ($M) as of 2/1/2017 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 Uber DidiChuxing PalantirTechnologies ChinaInternetPlus WeWork SpaceX DJIInnovations Infor Spotify Snapdeal Homelink Coupang One97Communications MeizuTechnology MagicLeap SocialFinance YelloMobile GarenaOnline GreenSky Tanium Fanatics Grab RoyoleCorporation Wish BloomEnergy Mozido Houzz HelloFresh Domo InMobi SurveyMonkey WeiyingTechnology Avant Sprinklr CJGames CureVac BlaBlaCar MongoDB QuanergySystems Zoox GuahaoTechnologyCo. ironSource MuSigma STXEntertainment Hike MuleSoft DraftKings Apttus Automattic Auto1Group HumanLongevity Infinidat Okta WarbyParker Thumbtack LIfeMiles GlobalFashionGroup OVH TangoMe UptakeTechnologies Jiuxian AfricaInternetGroup 23andMe 51Xinyongka AgeofLearning ApusGroup BeiBei Carbon3D ChinaRapidFinance Compass Dada Decolar FanDuel FundingCircle Guazi Hootsuite Illumio Kabbage KikInteractive Mercari MindMaze Mogujie Panshi Qualtrics Shazam Souq.com TuJia VoxMedia Xuanyixia ZhangYue ZomatoMedia Pluralsight Eventbrite Top 15 unicorns: $338B, 51% of collective value Next 170 unicorns: $325B, 49% of collective value
  • 9. #CBI_Unicorns 6% OF UNICORNS HAVE 37% OF THE FUNDING Top 11 unicorns: (all with $2B+ in funding) account for nearly 1/3 of unicorn funding Top 5 most well-funded account for 25% of the funding www.cbinsights.com 17 THE POWER-LAW OF UNICORN FUNDING ($M) as of 2/1/2017 $50 $1,050 $2,050 $3,050 $4,050 $5,050 $6,050 $7,050 $8,050 $9,050 $10,050 $11,050 $12,050 $13,050 Uber AirBnB Flipkart Infor Xiaomi Spotify Lyft Snapdeal Lu.com SocialFinance Coupang MagicLeap Moderna Pinterest SpaceX Cloudera IntarciaTherapeutics ZhongAnInsurance OVH ViceMedia OscarHealthInsuranceCo. STXEntertainment Stripe Domo GlobalFashionGroup MofangGongyu Go-JEK SlackTechnologies VANCL CJGames OxfordNanoporeTechnologies 51Xinyongka CareemNetworks ProteusDigitalHealth GreenSky AppNexus CureVac FundingCircle HelloFresh ProsperMarketplace LIfeMiles BlaBlaCar Klarna iTutorGroup FlatironHealth Aiwujiwu HumanLongevity Tanium Lookout Apttus Adyen Hike Rong360 SMSAssist Guazi Jiuxian RoyoleCorporation Lakala Anaplan Carbon3D Infinidat Okta ZocDoc ZomatoMedia Panshi WarbyParker Nextdoor MuSigma GlassDoor Mogujie iCarbonX OfferUp Compass YelloMobile CloudFlare AgeofLearning Docker MarkLogic Liepin Gusto Huochebang ZoomCommunications Ten-X QuanergySystems Shazam MindMaze TransferWise KikInteractive DJIInnovations Auto1Group ZhangYue UptakeTechnologies Top 11 unicorns: $47B, 37% of combined funding Next 170 unicorns: $72B, 49% of collective funding
  • 10. #CBI_Unicorns UBER ON TOP No unicorns outside the United States and China in the top five most highly-valued Last two years have not seen a top five most highly-valued unicorn 3/5 emerged in 2011 www.cbinsights.com 18 TOP 5 MOST HIGHLY-VALUED UNICORN COMPANIES as of 2/1/2017 •Select Investors: Lowercase Capital, Benchmark Capital, Google Ventures Uber (USA) $68B – 8/23/2013 •Select Investors: Digital Sky Technologies, QiMing Venture Partners, Qualcomm Ventures Xiaomi (China) $46B – 12/21/2011 •Select Investors: Matrix Partners, Tiger Global Management, Softbank Corp. Didi Chuxing (China) $33.8B -- 12/31/2014 •Select Investors: Morningside Group, GGV Capital, Banyan Capital Airbnb (USA) $30B – 7/26/2011 •Select Investors: RRE Ventures, Founders Fund, In-Q-Tel Palantir Technologies (USA) $20B – 5/5/2011
  • 11. #CBI_Unicorns UBER ON TOP AGAIN Uber, Didi, Airbnb, and Xiaomi among the most highly valued and most well-funded unicorns www.cbinsights.com 19 MOST WELL-FUNDED PRIVATE COMPANIES VALUED AT $1B+ as of 2/1/2017 Rank Company Disclosed Funding Valuation Select Investors 1 Uber $12.5B $68B Lowercase Capital, Benchmark Capital, Google Ventures 2 Didi Chuxing $8.6B $33.8B Matrix Partners, Tiger Global Mgmt., Softbank Corp. 3 Airbnb $3.9B $30B Morningside Group, GGV Capital, Banyan Capital 4 China Internet Plus $3.3B $18B Broadline Capital, UBS 5 Flipkart $3.2B $16B Accel Partners, Digital Sky Technologies, Iconiq Capital 6 Global Switch $2.9B $6B Essence Financial, Ping An Insurance 7 Infor $2.63B $10B Blackstone Group, Koch Industries 8 Snap $2.61 $18B capitalG, Benchmark Capital, Lightspeed Venture Partners 9 Xiaomi $2.4B $46B Digital Sky Technologies, QiMing Venture Partners, Qualcomm 10 Ele.me $2.3B $4.5B Sequoia Capital China, GSR Ventures, Horizons Ventures
  • 12. #CBI_Unicorns 2,800 investors with a stake in the unicorn club www.cbinsights.com 20
  • 13. #CBI_Unicorns VENTURE CAPITALISTS ARE MOST ACTIVE 40% of unicorn investors are VCs Followed by: corporations and their venture capital arms (16%), angel investors (8%), and asset/ investment managers (6%) No other group accounts for more than 5% www.cbinsights.com 21 SHARE OF INVESTOR TYPES WITH STAKE IN THE GLOBAL UNICORN CLUB as of 2/1/2017
  • 14. #CBI_Unicorns DIVERSITY OF INVESTOR TYPES SV Angel, Sequoia Capital, and Tiger Global tie for 1st Fidelity, DST Global, and A16Z tie for 4th Wellington and KPCB tie for 7th Airbnb is the only unicorn in all top 8 unicorn hunters’ portfolios www.cbinsights.com 22 UNICORN HUNTERS: INVESTORS RANKED BY # OF PORTFOLIO COMPANIES IN THE GLOBAL UNICORN CLUB as of 2/1/2017
  • 15. #CBI_Unicorns SV ANGEL ON TOP Over half of SV Angel’s unicorns were backed at an early stage Nearly half of Sequoia Capital’s unicorns backed at an early stage www.cbinsights.com 23 EFFICIENCY OF TOP INVESTORS IN THE GLOBAL UNICORN CLUB as of 2/1/2017 Rank Investor # of unicorns in portfolio Early-stage unicorn deals 1 SV Angel 23 16 2 Sequoia Capital 22 10 3 Tiger Global Management 22 2 4 Fidelity Investments 20 0 5 DST Global 20 0 6 Andreessen Horowitz 20 7 7 Wellington Management 19 1 8 Kleiner Perkins Caufield Byers 19 4 9 Goldman Sachs 19 1 10 Tencent Holdings 17 2
  • 16. #CBI_Unicorns SV ANGEL ON TOP WITH 16 EARLY-STAGE DEALS Sequoia Capital in 2nd A16z, Khosla Ventures, and YC tie for 3rd Accel Partners and Benchmark tie for 6th General Catalyst, First Round Capital, and Qiming tie for 8th www.cbinsights.com 24 UNICORN HUNTERS: INVESTORS RANKED BY # OF EARLY- STAGE DEALS (SEED/SERIES A) IN THE GLOBAL UNICORN CLUB as of 2/1/2017
  • 17. #CBI_Unicorns STALKING THE SMART MONEY MOST ACTIVE INVESTORS & CO- INVESTMENTS www.cbinsights.com 25
  • 18. #CBI_Unicorns SEQUOIA CAPITAL ON TOP Sequoia and a16z are the only smart money VCs with 20+ unicorns Of it’s unicorns, Sequoia has participated in follow-on rounds to Stripe the most A16Z has the most cybersecurity unicorns including: Okta, Illumio, Tanium, and Lookout www.cbinsights.com 26 MOST ACTIVE SMART MONEY INVESTORS IN THE GLOBAL UNICORN CLUB as of 2/1/2017 Rank Investor Select Investments 1 Sequoia Capital Carbon3D, Zoom, Snap, Stripe 2 Andreessen Horowitz (a16z) Magic Leap, Pinterest, Illumio, Tanium 3 Kleiner Perkins Caufield & Byers Gusto, Instacart, Uber, Spotify 4 Accel Partners DJI, Illumio, Qualtrics, Funding Circle 5 New Enterprise Associates Uptake, Snap, Houzz, Mulesoft 5 Founders Fund Oscar, Compass, Domo, Wish 7 Khosla Ventures Instacart, Stripe, Okta, Lookout 8 General Catalyst Partners Datto, Oscar, Illumio, Gusto 9 Benchmark Capital Snap, WeWork, Nextdoor, Domo 9 Greylock Partners Airbnb, Lookout, Domo, Docker 10 Index Ventures Adyen, TransferWise, BlaBlaCar, FarFetch
  • 19. #CBI_Unicorns THE TOP 3 MOST ACTIVE SMART MONEY INVESTORS (2012 -2016) All three firms have backed: Instacart, Airbnb, and Jawbone www.cbinsights.com 27For our full list of 24 smart money investors, please see this post. 2012 – 2016
  • 20. #CBI_Unicorns Ra nk Investor Select Investments 1 Fidelity Investments Airbnb, Snap, Uber, SpaceX 2 Wellington Management Airbnb, Uber, SoFi, Magic Leap 3 Goldman Sachs Oscar, Compass, Uber, Xiaomi 4 Tiger Global Management GrabTaxi, Hike, Souq.com, Avant 5 T. Rowe Price Magic Leap, Snap, OfferUp, WeWork 6 Baillie Gifford & Co. Auto1 Group, Souq.com, Flatiron Health, Funding Circle $198 $302 $1,103 $357 $75 $716 $913 $895 $3,075 $856 $6,043 $5,383 $8,068 $9,338 $4,726 $5,168 $2,226 $1,676 $774 $158 4 5 4 5 2 8 11 8 16 10 16 13 27 26 11 14 6 9 9 2 2012 2013 2014 2015 2016 2017 Disclosed… $281 $757 $379 $735 $1,020 $850 $1,060 $1,003 $2,751 $4,479 $4,497 $7,988 $8,235 $10,170 $14,272 $7,312 $7,013 $11,527 $6,600 $8,799 $783 2 6 3 4 5 5 6 10 17 20 30 31 30 48 55 26 33 25 41 36 6 2012 2013 2014 2015 2016 2017 Disclosed Funding ($M) Deals $8,851 $3,933 $19,714 $38,115 $33,874 15 26 98 155 133 2012 2013 2014 2015 2016 Disclosed Funding ($M) Historical trends How do unicorns fare in the private markets over time? www.cbinsights.com 28
  • 21. #CBI_Unicorns FUNDING ACTIVITY PEAKED IN 2015 9 unicorns obtained $1B+ rounds in 2015: Didi Chuxing, Uber, and SpaceX, among others 7 unicorns obtained $1B+ rounds in 2016: Didi Chuxing, Uber, and Snap, among others www.cbinsights.com 29 ANNUAL UNICORN FINANCING HISTORY 2012 – 2016 $8,851 $3,933 $19,714 $38,115 $33,874 15 26 98 155 133 2012 2013 2014 2015 2016 Disclosed Funding ($M)
  • 22. #CBI_Unicorns Q3’15 MOST $/DEALS $1B deals in Q3’15: - Didi Chuxing ($2B Series F) - Uber ($1B Series F) - SoFi ($1B Series E) 6 unicorns funded in 2017: Zoom, Zhihu, URWork, Insidesales.com, Homelink, and Funding Circle *This analysis excludes Uptake Technologies’ $40M Series C round (2/1/2017) www.cbinsights.com 30 QUARTERLY UNICORN FINANCING HISTORY 2012 – 2017 YTD (1/30/2017)$281 $757 $379 $735 $1,020 $850 $1,060 $1,003 $2,751 $4,479 $4,497 $7,988 $8,235 $10,170 $14,272 $7,312 $7,013 $11,527 $6,600 $8,799 $783 2 6 3 4 5 5 6 10 17 20 30 31 30 48 55 26 33 25 41 36 6 2012 2013 2014 2015 2016 2017 Disclosed Funding ($M) Deals
  • 23. #CBI_Unicorns UPTAKE FASTEST TO $1B+ Magic Leap, only other startup to reach $1B+ in under one year All 11 of the fastest unicorns achieved $1B+ in under two years www.cbinsights.com 31 FASTEST $1B+ VALUATION FINANCINGS FOR US VC BACKED COMPANIES 2009 – 2017 YTD (2/1/2017) 714 640 626 624 601 600 508 463 372 258 236 Apttus Oscar Snap Insidesales.com Pluralsight Square JetSmarter Jet.com Zoox Magic Leap Uptake Days From First Equity Financing To Billion Dollar Valuation Financing
  • 24. #CBI_Unicorns CROSSOVER PARTICIPATION FUNDING ACTIVITY, ACTIVE CROSSOVERS www.cbinsights.com 32
  • 25. #CBI_Unicorns 2015 PEAK ACTIVITY Q3’15 saw $1B deals with crossover participation to: Didi Chuxing, Uber, and SoFi 2017 has seen two unicorn financings with crossover participation: - URWork: $58M Series B - Funding Circle: $100M Series F www.cbinsights.com 33 CROSSOVER PARTICIPATION QUARTERLY UNICORN FINANCING HISTORY Q1’12 – 2017 QTD (2/1/2017) $198 $302 $1,103 $357 $75 $716 $913 $895 $3,075 $856 $6,043 $5,383 $8,068 $9,338 $4,726 $5,168 $2,226 $1,676 $774 $158 4 5 4 5 2 8 11 8 16 10 16 13 27 26 11 14 6 9 9 2 2012 2013 2014 2015 2016 2017 Disclosed Funding ($M) Deals
  • 26. #CBI_Unicorns FIDELITY ON TOP Fidelity, participated in $1B+ funding rounds to unicorns: Airbnb, Snap, Uber, and SpaceX Wellington, participated in $1B+ funding rounds to unicorns: Airbnb, Uber, and SoFi Goldman Sachs, participated in $1B+ funding rounds to unicorns: Uber and Xiaomi www.cbinsights.com 34 MOST ACTIVE CROSSOVER INVESTORS IN UNICORNS 2012 – 2017 YTD (2/1/2017) Rank Investor Select Investments 1 Fidelity Investments Airbnb, Snap, Uber, SpaceX 2 Wellington Management Airbnb, Uber, SoFi, Magic Leap 3 Goldman Sachs Oscar, Compass, Uber, Xiaomi 4 Tiger Global Management GrabTaxi, Hike, Souq.com, Avant 5 T. Rowe Price Magic Leap, Snap, OfferUp, WeWork 6 Baillie Gifford & Co. Auto1 Group, Souq.com, Flatiron Health, Funding Circle
  • 28. #CBI_Unicorns Q3’15 MOST ACTIVE Q3’15 saw corporates participate in $1B+ funding rounds to: Didi Chuxing, Uber, SoFi 2017 has seen 5 rounds with corporate participation: Zoom ($100M Series D), Zhihu ($100M Series D), Homelink ($375M Other), URWork ($58M Series B), Insidesales.com ($50M Series F) www.cbinsights.com 36 CORPORATE PARTICIPATION QUARTERLY UNICORN FINANCING HISTORY Q1’12 – 2017 QTD (2/1/2017) $81 $214 $475 $300 $205 $405 $1,078 $314 $2,981 $2,328 $2,621 $3,218 $4,584 $4,893 $10,894 $3,546 $5,310 $5,072 $4,856 $5,296 $683 1 3 3 2 3 3 5 3 12 7 11 13 15 22 28 17 22 15 16 14 5 2012 2013 2014 2015 2016 2017 Disclosed Funding ($M) Deals
  • 29. #CBI_Unicorns CHINESE CORPS ON TOP Tencent’s largest unicorn rounds include: Didi Chuxing, Homelink, STX Entertainment Alibaba’s largest unicorn rounds include: Didi Chuxing, Ele.me, Magic Leap www.cbinsights.com 37 MOST ACTIVE CORPORATE INVESTORS IN UNICORNS 2012 – 2017 YTD (2/1/2017) Rank Investor Select Investments 1 Tencent Holdings iCarbonX, Huochebang, Didi Chuxing, STX Entertainment 2 Alibaba Group Didi Chuxing, Magic Leap, One97 Communications, Lyft 3 Google Ventures (GV) Carbon3D, Oscar, Flatiron Health, Gusto 4 capitalG Snap, Ten-X, Stripe, Thumbtack 5 Salesforce Ventures Gusto, Anaplan, Domo, Apttus 6 Comcast Ventures Instacart, Houzz, Vox Media, DocuSign
  • 30. #CBI_Unicorns CISCO SYSTEMS MOST ACTIVE Cisco Systems, acquired two unicorns since 2016: AppDynamics and Jasper Technologies Simplivity’s last private market valuation before the acquisition was $1.1B, HP acquired the company for $650M in a down exit www.cbinsights.com 38 SELECT CORPORATE ACQUISITIONS OF UNICORNS 2016 – 2017 YTD (2/1/2017) * AppDynamics deal is not finalized
  • 31. #CBI_Unicorns 2X LAST PRIVATE MARKET VALUATION Last raise was $158M Series F, valued at $1.88B 97% increase from 2016 valuation 10 years from $12M to exiting for $3.7B www.cbinsights.com 39 APPDYNAMICS VALUATION HISTORY ($M) Q2’08 – 2017 YTD (1/24/2017) *AppDynamics deal is not finalized $12 $42 $180 $550 $1,118 $1,878 $3,700 Q2'08 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q2'08 APPDYNAMICS VALUATION HISTORY $Ms, Q2'08 - 2017 YTD (1/24/2017) 97%
  • 32. #CBI_Unicorns EXIT TRENDS M&A & IPOs, TOP EXITS www.cbinsights.com 40
  • 33. #CBI_Unicorns 31 IPOS & 24 M&AS SINCE 2012 2016 most active despite low number of IPOs United States and China have the most exited unicorns Top 3 IPOs: Alibaba Group (2014), Facebook (2012), JD.com (2014) www.cbinsights.com 41 ANNUAL UNICORN M&A/ IPO ACTIVITY 2012 – 2017 YTD (2/1/2017) 1 4 4 13 23 3 13 7 5 2012 2013 2014 2015 2016 2017 YTD (1/27/2017M&A IPO
  • 34. #CBI_Unicorns M&A ACTIVITY RISING 63% of M&As since 2013, occurred since 2016 Top 3 M&As: WhatsApp (2014), Stemcentrx (2016), Uber China (2016) 2017: Simplivity (acq. by HP), AppDynamics (acq. by Cisco) www.cbinsights.com 42 UNICORN M&A TIMELINE 2013 – 2017 YTD (2/1/2017)
  • 35. #CBI_Unicorns SNAP INC. FILED FOR IPO THAT COULD VALUE THE COMPANY NORTH OF $22B Snap last valued at $18B in private markets, just behind: Uber, Airbnb, Palantir, above WeWork Snap’s IPO could be the first in 2017, and would be the first since Meitu went public in December 2016, at a valuation of $4.9B www.cbinsights.com 43 VALUATION HISTORY OF THE TOP 5 US UNICORNS Q3’13 – 2016 *Snap’s valuation is the mid-range estimate for its reported early 2017 IPO
  • 36. #CBI_Unicorns SNAP’S PRICE/USER MULTIPLE IS 100X Although investors may be betting on future Pinterest growth, it still means that Snap is cheaper on this basis than Pinterest That would also make Snap roughly twice as valuable as Twitter Facebook dominates www.cbinsights.com 44 SOCIAL MEDIA GIANT’S PRICE/USER MULTIPLE *Snap’s valuation is the mid-range estimate for its reported early 2017 IPO 185x 110x 100x 47x 41x 39x 20x 14x 9x Facebook Pinterest Snap Whatsapp Twitter Line Instagram Hike Viber Price/Users
  • 37. #CBI_Unicorns ALIBABA BIGGEST EXIT The last two years has not seen a top six VC- backed unicorn exit 3 of the top 6 exited with IPO in 2014 1 acquisition in the top 6: WhatsApp, acq. by Facebook www.cbinsights.com 45 TOP VC-BACKED UNICORN EXITS BY VALUATION as of 2017 YTD (2/1/2017) Rank Company Date Of Exit Valuation At Exit 1 Alibaba Group (IPO) 9/19/2014 $167B 2 Facebook (IPO) 5/18/2012 $104B 3 JD.com (IPO) 5/22/2014 $28B 4 WhatsApp (Acq.) 2/19/2014 $22B 5 Twitter (IPO) 11/7/2013 $14B 6 Groupon (IPO) 11/4/2011 $12B
  • 38. #CBI_Unicorns JD.COM ON TOP 7 of the 10 companies are US based, and 3 are Chinese companies: JD.com, Dianping, Ucar Group www.cbinsights.com 46 MOST WELL-FUNDED VC BACKED UNICORNS BEFORE EXIT as of 2017 YTD (2/1/2017) Rank Company Total Disclosed Funding Date Of Exit 1 JD.com $2.8B (IPO) 5/22/2014 2 Facebook $2.5B (IPO) 5/18/2012 3 Rocket Internet $1.5B (IPO) 10/2/2014 4 Legendary Entertainment $1.5B (Acq.) 1/12/2016 5 Dianping $1.4B (Mrg.) 10/8/2015 6 Fisker Automotive $1.3B (Acq.) 2/24/2014 7 Ucar Group $1.3B (IPO) 7/22/2016 8 Groupon $1.1B (IPO) 11/4/2011 9 Sunrun $986M (IPO) 8/5/2015 10 LivingSocial $919M (Acq.) 10/26/2016
  • 39. #CBI_Unicorns UNICORN TRENDS TO WATCH www.cbinsights.com 47
  • 40. #CBI_Unicorns THREE NEW UNICORNS IN 2017 YTD (1/31/2017) Zhihu is a Q&A website, and URWork offers co- working spaces, both are based in China Zoom offers a cloud- based enterprise video conferencing platform www.cbinsights.com 48 NEWEST MEMBERS OF THE GLOBAL UNICORN CLUB (Zhihu) as of 2017 YTD (2/1/2017)
  • 41. #CBI_Unicorns NOT ALL UNICORNS WILL THRIVE GFG down $2.3B Jawbone down $2B Lianjia down $500M www.cbinsights.com 49 WOUNDED UNICORNS: SELECT $1B+ COMPANIES’ DOWNROUNDS $3.4B $1.1B $3.2B $1.7B $1.2B $6.2B $5.7B (Homelink) as of 2017 YTD (2/1/2017)
  • 42. #CBI_Unicorns SOME UNICORNS WON’T SURVIVE Mode Media shut down without new investors or an acquirer Fisker Automotive acquired in a bankruptcy auction Powa Technologies’ filed for bankruptcy and had its assets sold off www.cbinsights.com 50 DEAD UNICORNS: PAST $1B+ COMPANIES OUT OF BUSINESS
  • 43. #CBI_Unicorns $1B+ ROUNDS ARE SHOWING UP MORE OFTEN Late-stage private companies that are among the most valuable in the world are staying private longer These companies are also raising $1B+ rounds of funding from large institutional investors www.cbinsights.com 51 SELECT $1B+ ROUNDS FOR LATE STAGE UNICORNS as of 2017 YTD (2/1/2017)
  • 44. #CBI_Unicorns INVESTORS HOPE SNAPCHAT WILL UNLOCK IPO MARKET FOR TECH UNICORNS 11/16/2016 IPO CHATTER IS UP: SNAP COULD LEAD THE WAY www.cbinsights.com 52