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Unicorn trends - 2017
As of February 1, 2017, there are 185 global unicorns valued at over $1 billion, primarily concentrated in e-commerce, internet software, and fintech sectors, with the U.S. housing 52% of them. The top five unicorns by valuation include Uber, Xiaomi, Didi Chuxing, Airbnb, and Palantir, which collectively represent a significant share of the total value of the unicorn club. The venture capital landscape shows that 40% of unicorn investors are VCs, with Sequoia Capital being one of the most active investors in early-stage unicorn deals.
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Unicorn trends - 2017
- 1. #CBI_Unicorns The current globalunicorn club MARKET MAP, GEOGRAPHY, VALUATIONS, FUNDING, MOST ACTIVE VCs www.cbinsights.com 9
- 2. #CBI_Unicorns 13 MOST POPULATED MARKETSEGMENTS 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 WITH1+ 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 STATESWITH 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+ COMPANIESEMERGING 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 $663BILLION with combined total funding of $126 BILLION www.cbinsights.com 15
- 8. #CBI_Unicorns 8% OF UNICORNSHAVE 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 UNICORNSHAVE 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 Nounicorns 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 TOPAGAIN 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 astake in the unicorn club www.cbinsights.com 20
- 13. #CBI_Unicorns VENTURE CAPITALISTS ARE MOSTACTIVE 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 SVAngel, 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 ONTOP 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 ONTOP 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 SMARTMONEY MOST ACTIVE INVESTORS & CO- INVESTMENTS www.cbinsights.com 25
- 18. #CBI_Unicorns SEQUOIA CAPITAL ON TOP Sequoiaand 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 3MOST 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 1Fidelity 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 IN2015 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 $1Bdeals 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+ MagicLeap, 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 Q3’15saw $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
- 27. #CBI_Unicorns CORPORATE PARTICIPATION INVESTMENTS, ACTIVECORPORATES www.cbinsights.com 35
- 28. #CBI_Unicorns Q3’15 MOST ACTIVE Q3’15saw 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 ONTOP 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 CiscoSystems, 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 MARKETVALUATION 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. FILEDFOR 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 IS100X 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 Thelast 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 7of 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 TOWATCH www.cbinsights.com 47
- 40. #CBI_Unicorns THREE NEW UNICORNS IN2017 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 WILLTHRIVE 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 ModeMedia 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 SHOWINGUP 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 SNAPCHATWILL UNLOCK IPO MARKET FOR TECH UNICORNS 11/16/2016 IPO CHATTER IS UP: SNAP COULD LEAD THE WAY www.cbinsights.com 52