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Transcript of MoneyTree Q1 - PwC Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Total quarterly...

  • PwC Israel I www.pwc.co.il Q1 2015 MoneyTreeTM Report

    Q 1 2 0 1 5 r e s u l t s IL

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    MoneyTreeTM Report

    VC investment up 34% compared to the parallel quarter last year Some $311 million invested in VC-backed hi-tech companies in the first quarter of 2015 Up from $232 million in the corresponding quarter

    Tel Aviv, Israel -- June 30, 2015 -- Venture capital-backed hi-tech companies (in which at least one investor in a funding round is a venture capital fund) raised $311 million in Israel during the first quarter of 2015, up from $232 million in the corresponding quarter last year and a 28% decrease from $433 million in the previous quarter, according the latest PwC Israel MoneyTree™ Report.

    The report also indicates that 31 Israeli high-tech companies raised VC funding in the first quarter of 2015, compared to 40 in the preceding quarter and 38 in the corresponding quarter of last year. The average investment per company in the quarter under review was $10 million, down from $10.8 million in the preceding quarter and up from $6.1 million in the corresponding quarter of last year.

    During the current quarter, $260 million, 84% of the total quarterly investment, was invested in 13 deals of over $10M, compared with $330 million (76%) invested in 10 deals in the previous quarter and $121 million (52%) in 7 deals in the first quarter of 2014.

    Rubi Suliman, Partner, co-leader of PwC Israel's high-tech practice, One of the most noticeable data in this report is the fact that 84% of the money invested goes to rounds of $10m or more. This directly continues Q4 2014 in which 76% was invested in over-$10M rounds. That result is a bulge in average investment per company in those two quarters.

    Those data are very characteristic of markets with very high liquidity levels, which allow growing companies to have much more significant capital rounds than previously and the preference of large funds to make more significant investment rounds in those companies in attempt to create unicorns. While it is clear that different times dictate different investment strategies, it seems that this strategy is in fact a return to the way in which venture capital funds.

    Rubi Suliman, PwC Israel's high-tech practice leader

    Q 1 2 0 1 5 r e s u l t s IL

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    Report

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    The PwC Israel MoneyTree™ Report for the first quarter of 2015

  • Q 1 2 0 1 5 r e s u l t s IL

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    MoneyTreeTM Report

    PwC Israel I www.pwc.com/il Q1 2015 MoneyTreeTM Report

    Total annual investment 2008 - 2015 (in millions $)

    Average investment per company (in millions $)

    427

    291

    393

    287

    194 162

    178 201

    170

    206

    253 256

    342 364

    198

    324

    165

    255

    171

    277

    196 174

    225

    300

    232 233 266

    433

    311

    92 69 78 81

    49 61 55 77 72 60 68

    74 83 76 44

    58 48 59 52 52 51 43 42 44 38 37 44 40 31

    Q 1-08

    Q 2-08

    Q 3-08

    Q 4-08

    Q 1-09

    Q 2-09

    Q 3-09

    Q 4-09

    Q 1-10

    Q 2-10

    Q 3-10

    Q 4-10

    Q 1-11

    Q 2-11

    Q 3-11

    Q 4-11

    Q 1-12

    Q 2-12

    Q 3-12

    Q 4-12

    Q 1-13

    Q 2-13

    Q 3-13

    Q 4-13

    Q 1-14

    Q 2-14

    Q 3-14

    Q 4-14

    Q 1-15

    4.6 4.2 5.0

    3.5 4.0

    2.7 3.2

    2.6 2.4 3.4 3.7 3.5

    4.1 4.8 4.5

    5.6

    3.4 4.3

    3.3

    5.3

    3.8 4.0

    5.4

    6.8 6.1 6.3 6.0

    10.8 10.0

    Q 1

    -0 8

    Q 2

    -0 8

    Q 3

    -0 8

    Q 4

    -0 8

    Q 1

    -0 9

    Q 2

    -0 9

    Q 3

    -0 9

    Q 4

    -0 9

    Q 1

    -1 0

    Q 2

    -1 0

    Q 3

    -1 0

    Q 4

    -1 0

    Q 1

    -1 1

    Q 2

    -1 1

    Q 3

    -1 1

    Q 4

    -1 1

    Q 1

    -1 2

    Q 2

    -1 2

    Q 3

    -1 2

    Q 4

    -1 2

    Q 1

    -1 3

    Q 2

    -1 3

    Q 3

    -1 3

    Q 4

    -1 3

    Q 1

    -1 4

    Q 2

    -1 4

    Q 3

    -1 4

    Q 4

    -1 4

    Q 1

    -1 5

    427

    291

    393

    287

    194 162

    178 201

    170

    206

    253 256

    342 364

    198

    324

    165

    255

    171

    277

    196 174

    225

    300

    232 233 266

    433

    311

    92 69 78 81

    49 61 55 77 72 60 68

    74 83 76 44

    58 48 59 52 52 51 43 42 44 38 37 44 40 31

    Q 108

    Q 208

    Q 308

    Q 408

    Q 109

    Q 209

    Q 309

    Q 409

    Q 110

    Q 210

    Q 310

    Q 410

    Q 111

    Q 211

    Q 311

    Q 411

    Q 112

    Q 212

    Q 312

    Q 412

    Q 113

    Q 213

    Q 313

    Q 413

    Q 114

    Q 214

    Q 314

    Q 414

    Q 115

    Total quarterly investment (in million $):

    Number of investments

    4.6 4.2

    5.0

    3.5 4.0

    2.7 3.2

    2.6 2.4

    3.4 3.7 3.5 4.1

    4.8 4.5

    5.6

    3.4 4.3

    3.3

    5.3

    3.8 4.0

    5.4

    6.8 6.1 6.3 6.0

    10.8 10.0

    Q 1

    0 8

    Q 2

    0 8

    Q 3

    0 8

    Q 4

    0 8

    Q 1

    0 9

    Q 2

    0 9

    Q 3

    0 9

    Q 4

    0 9

    Q 1

    1 0

    Q 2

    1 0

    Q 3

    1 0

    Q 4

    1 0

    Q 1

    1 1

    Q 2

    1 1

    Q 3

    1 1

    Q 4

    1 1

    Q 1

    1 2

    Q 2

    1 2

    Q 3

    1 2

    Q 4

    1 2

    Q 1

    1 3

    Q 2

    1 3

    Q 3

    1 3

    Q 4

    1 3

    Q 1

    1 4

    Q 2

    1 4

    Q 3

    1 4

    Q 4

    1 4

    Q 1

    1 5

    Average investment per company (in million $):

  • Q 1 2 0 1 5 r e s u l t s IL

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    MoneyTreeTM Report

    PwC Israel I www.pwc.com/il Q1 2015 MoneyTreeTM Report

    % of funds making no investment

    Analysis by Geographic Location of Company Registration

    In addition to investment in high-tech companies with operations in Israel, local venture capital funds also invested approximately $80 million in 2 overseas high-tech companies that are not engaged in operations in Israel.

    Companies Receiving Grants from the Office of the Israel Chief Scientist

    3 companies, representing 7% of all companies raising VC capital in the first quarter of 2015, are supported by the Office of the Israel Chief Scientist. Some $25 million (8%) of total investment funds went to these companies.

    Investments made during corresponding quarter (in millions $)

    24%

    35%

    26% 30% 30% 29%

    34% 32% 36%

    42% 46% 46%

    43% 39%

    34%

    41%

    52%

    32%

    46% 45%

    51%

    42% 38%

    32% 36%

    31% 34%

    45% 41%

    Q 1-08

    Q 2-08

    Q 3-08

    Q 4-08

    Q 1-09

    Q 2-09

    Q 3-09

    Q 4-09

    Q 1-10

    Q 2-10

    Q 3-10

    Q 4-10

    Q 1-11

    Q 2-11

    Q 3-11

    Q 4-11

    Q 1-12

    Q 2-12

    Q 3-12

    Q 4-12

    Q 1-13

    Q 2-13

    Q 3-13

    Q 4-13

    Q 1-14

    Q 2-14

    Q 3-14

    Q 4-14

    Q 1-15

    Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015

    Total quarterly investment (in million $):

    427 194 170 342 165 196 232 311

    Number of investments 92 49 72 83 48 51 38 31

    -

    50

    100

    150

    200

    250

    300

    350

    400

    450

    24%

    35%

    26% 30% 30% 29%

    34% 32%

    36%

    42% 46% 46%

    43% 39%

    34%

    41%

    52%

    32%

    46% 45%

    51%

    42% 38%

    32% 36%

    31% 34%

    45% 41%

    Q 108

    Q 208

    Q 308

    Q 408

    Q 109

    Q 209

    Q 309

    Q 409

    Q 110

    Q 210

    Q 310

    Q 410

    Q 111

    Q 211

    Q 311

    Q 411

    Q 112

    Q 212

    Q 312

    Q 412

    Q 113

    Q 213

    Q 313

    Q 413

    Q 114

    Q 214

    Q 314

    Q 414

    Q 115

    % of funds making no investment

    Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015

    Total quarterly investment (in million $):

    427 194 170 342 165 196 232 311

    Number of investments 92 49 72 83 48 51 38 31

    -

    50

    100

    150

    200

    250

    300

    350

    400

    450

    Total quarterly investment (in million $):

    Number of investments

  • Q 1 2 0 1 5 r e s u l t s IL

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    MoneyTreeTM Report

    PwC Israel I www.pwc.com/il Q1 2015 MoneyTreeTM Report

    Companies Receiving Grants from the office of the Israel Chief Scientist 2011-2015 (in millions $)

    Investments made during corresponding quarters:

    61 31