Shaking the MoneyTreeTM Q2 2014 Update Shaking the MoneyTree Q2 201… · produce the MoneyTree...

Shaking the MoneyTreeTM

Q2 2014 Update

www.pwc.com

PricewaterhouseCoopers/National Venture Capital Association MoneyTreeTM Report based on data from Thomson Reuters

HJ Paik Director, Emerging Company Services [email protected] (213) 356-6110

About the report

2 Shaking the MoneyTreeTM

• PricewaterhouseCoopers and the National Venture Capital Association produce the MoneyTree Report™, based on data from Thomson Reuters

• ‘Core’ measure of equity investments in venture-backed companies in the United States

• Companies have received at least one round of financing, involving a professional VC firm or equivalent

• Captures: tranches, not term sheets, foreign VCs, qualified private placement

• Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc.

• MoneyTree™ Report in its 19th year

• Results online at www.pwcmoneytree.com and www.nvca.org

Q2 2014

MoneyTree total investments Annual venture capital investments 1995 – Q2 2014 YTD

3


$8.0 $11.4

$15.1 $21.6

$54.9

$105.1

$40.9

$22.2 $19.6 $22.8 $23.5

$27.6 $32.0 $30.2

$20.3 $23.4

$29.8 $27.4 $29.7 $22.7

$0

$20

$40

$60

$80

$100

$120

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Q2

YTD

($ in billions)

# of deals

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q2

YTD

1,897 2,637 3,232 3,745 5,603 8,040 4,591 3,208 3,027 3,231 3,298 3,884 4,229 4,182 3,156 3,651 4,017 3,888 4,106 2,099

Q2 2014

MoneyTree total investments: Q1 2009 – Q2 2014

4

($ in billions)


$3.9

$5.1

$6.5 $6.3 $6.1

$9.7

$5.1

$7.1

$8.2

$7.4 $7.2

$13.0

$5.4 $5.5

$7.6

$6.7

$8.0

$5.9 $5.7

$7.5 $7.0

$8.5

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

2009 2010 2011 2012 2013 2014Q1 Q2 Q3 Q4

2009 2010 2011 2012 2013 2014

# of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Deals 680 765 767 944 826 1,023 891 911 907 1,088 1,022 1,000 886 987 948 1,067 923 1,000 1,057 1,126 985 1,114

Q2 2014

MoneyTree total investments

Quarterly venture capital investments Q1 2010 – Q2 2014


$5.1

$7.1

$5.5 $5.7 $6.5

$8.2 $7.6 $7.5

$6.3 $7.4

$6.7 $7.0 $6.1

$7.2 $8.0 $8.5

$9.7

$13.0

0

200

400

600

800

1000

1200

Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14

# D

eals

Total amount invested ($B)

Average deal size ($M)

$6.2 $7.0

$6.2 $6.2 $7.2 $7.6 $7.4 $7.5 $7.1 $7.5 $7.0 $6.5 $6.6

$7.2 $7.5 $7.5

$9.9

$11.6


Q2 2014

$0.4

$13

$29

$99

$135

$141

$151

$219

$247

$354

$364

$411

$497

$761

$1203

$1251

$7094

- $2000 $4000 $6000 $8000

AK/HI/PR

South Central

Upstate NY

Sacramento/N.Cal

North Central

Philadelphia Metro

Colorado

SouthWest

DC/Metroplex

Texas

Southeast

Northwest

Midwest

Southern California

NY Metro

New England

Silicon Valley

($ in millions)

Investments by region: Q2 2014


Unknown region totals not included

Region # of Deals % Change $ from Q1’ 14

Silicon Valley 365 45%

New England 128 26%

NY Metro 122 28%

Southern California 94 -2%

Midwest 82 17%

Southeast 61 39%

DC/Metroplex 58 12%

Texas 47 2%

Northwest 40 74%

Philadelphia Metro 28 39%

North Central 21 25%

SouthWest 20 -16%

Colorado 20 34%

Upstate NY 14 1,181%

South Central 8 -28%

Sacramento/N.Cal 5 98,447%

AK/HI/PR 1 29%

Total 1,114 34%

Q2 2014 Total Investments - $12,968.8 million in 1,114 deals

Q2 2014

41%

12% 10% 9%

3%

46%

11% 9% 9%

5%

39%

11% 13%

7% 4%

51%

10% 10% 8%

4%

55%

10% 9%

6% 4%

0%

10%

20%

30%

40%

50%

60%

Silicon Valley New England NY Metro Southern California Midwest

(% of total dollars) Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14

Investments by region – Quarterly percent of total U.S. investments


Top 5 US regions : Q1 2013 – Q2 2014

Q2 2014

Investments by industry: Q2 2014


Visit www.pwcmoneytree.com for Industry definitions

$0.1

$26

$36

$84

$125

$130

$165

$233

$270

$309

$553

$649

$718

$747

$1024

$1,062

$4,008

- $2000 $4000 $6000 $8000

Other

Business Products and Services

Telecommunications

Healthcare Services

Electronics/Instrumentation

Semiconductors

Networking and Equipment

Retailing/Distribution

Computers and Peripherals

Financial Services

Consumer Products and Services

Medical Devices and Equipment

Industrial/Energy

IT Services

Media and Entertainment

Biotechnology

Software

($ in millions)

Q2 2014 Total Investments - $12,968.8 million in 1,114 deals

Industry # 0f

Deals % Change in $

from Q1' 14

Software 454 50%

Media and Entertainment 124 40%

Biotechnology 122 69%

IT Services 97 -6%

Medical Devices and Equipment 73 8%

Industrial/Energy 68 36%

Consumer Products and Services 58 <1%

Semiconductors 21 -29%

Retailing/Distribution 18 -7%

Financial Services 17 <1%

Healthcare Services 12 6%

Business Products and Services 12 -69%

Electronics/Instrumentation 11 -30%

Computers and Peripherals 10 44%

Telecommunications 8 -43%

Networking and Equipment 7 702%

Other 2 -96%

Total 1,114 34%

NV = no value in prior quarter

Q2 2014

Investments by industry – Quarterly percent of total U.S. investments


(% of Total Dollars)

Top 5 Industries : Q2 2013 – Q2 2014

32%

20%

9% 9%

5%

45%

12%

8% 5% 5%

35%

16% 14%

7% 7%

42%

11%

8% 8% 5%

47%

14%

8% 6% 6%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Software Biotechnology Media andEntertainment

IT Services Industrial/Energy

Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14

Q2 2014

Life science investments – Percent of total U.S. investments Life science sector – Q2 2013 – Q2 2014


20%

7%

28%

12%

7%

19%

16%

5%

22%

11%

6%

17%

14%

5%

19%

0%

5%

10%

15%

20%

25%

30%

Biotechnology Medical Devices and Equipment Life Sciences

(% of total dollars)

Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14

Q2 2014

Internet-specific & Software investments


Q1 2010 – Q2 2014

Internet-specific investments ($B)

$0.9 $1.1 $1.1 $1.2

$1.4

$2.3

$1.7 $1.7 $1.6

$2.0

$1.6 $1.5 $1.3

$1.8

$1.5

$2.4 $2.3

$2.7

0

50

100

150

200

250

300

350


$ Invested

# of deals

Software investments ($B)

$1.0 $1.4 $1.3 $1.5 $1.5

$1.9 $2.3

$1.9 $1.8

$2.5 $2.0

$2.3 $2.4 $2.3

$3.6 $2.9

$4.1

$6.1

0

50

100

150

200

250

300

350

400

450

500


$ Invested

# of deals

Q2 2014

Investments by stage of development: Q2 2014


$2,546

$125

$2,885

$3,913

Seed Stage Early Stage

Expansion Stage Later Stage

Q2 2014 Total Investments - $12,969 million in 1,114 deals

Stage of Development # of

Deals

% Change in $ from Q1 2014

Seed Stage 55 46%

Early Stage 522 17%

Expansion Stage

308 53%

Later Stage 229 25%

Total 1,114 34%

($) in millions

Q2 2014

US Investments by stage: Quarterly Q1 2012 – Q2 2014


Amount Invested by Stage ($M)

$177 $281 $177 $194 $191 $238 $194 $347 $130 $189

$1,983 $2,197

$1,963 $2,325 $1,618

$2,606 $2,912 $2,995 $3,262 $3,826

$1,813

$2,786 $2,553 $2,228

$2,072

$2,190 $2,505

$2,939 $3,756

$5,745

$2,359

$2,164

$1,990 $2,240

$2,184

$2,136

$2,351

$2,216

$2,562

$3,209

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14

Later Stage

ExpansionStage

Early Stage

Seed Stage

Q2 2014

US Investments by stage: Quarterly Q1 2012 – Q2 2014

Number of Deals by Stage


64 88 72 73 55 48 56 70 46 55

362

447 427

517

425 527

576 556

477 522

226

258 254

255

238

231

240 288

269

308 234

194 195

222

205

194

185

212

193

229

0

200

400

600

800

1,000

1,200

Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14

Later Stage

ExpansionStage

Early Stage

Seed Stage

Q2 2014

Investments by sequence of financing: Q2 2014

15

($) in millions


$1,859

$11,109

First Sequence Follow-on

Financing # of Deals % Change in $ from Q1 2014

First Sequence 351 48%

Follow-on 763 31%

Total 1,114 34%

Q1 2014 Total Investments - $9,469 million in 951 deals

Q2 2014

First sequence financing Investment amount: Q1 2009 – Q2 2014

First sequence investments


$0.7

$1.0

$1.2

$0.9 $0.9

$1.3

$0.8

$1.1

$1.6

$1.1 $1.2

$1.9

$0.8

$1.3 $1.3

$1.1

$1.3

$1.2

$0.9

$1.3 $1.2

$1.5

-

$0

$0

$1

$1

$1

$1

$1

$2

$2

$2

2009 2010 2011 2012 2013 2014

($ in billions) Q1 Q2 Q3 Q4

Q2 2014

First sequence financing Number of deals: Q1 2009 – Q2 2014

First sequence deals


167

235

304

261

289 293

196

293

364

330 342 351

187

274

350

321

374

281 288

333

370 362

-

100

200

300

400

500

2009 2010 2011 2012 2013 2014

Q1 Q2 Q3 Q4

Q2 2014

Number of First-Time vs. Follow-On Deals US Venture Capital deals 2008 – Q2 2014 YTD

Number of Deals


831 1,090

1,351 1,282 1,367

644

2,325

2,561

2,666 2,606

2,739

1,455

0

500

1000

1500

2000

2500

3000

3500

4000

4500

2009 2010 2011 2012 2013 2014 YTD

Follow on First sequence

Q2 2014

First sequence financing – Percent of total U.S. investments: 2009 – Q2 2014 YTD


17% 16%

15%

20% 19%

16%

23%

16%

19%

20%

18% 17%

15% 15%

17% 18%

15% 17% 17% 17%

13% 14%

25%

26% 24%

30% 28% 29%

31% 32%

34% 33% 34%

33%

29%

33% 34% 35%

31%

34% 35%

32%

30% 32%

0%

5%

10%

15%

20%

25%

30%

35%

40%

% of Total Dollars % of Total Deals

Q2 2014

Quarterly percent of total first sequence dollars – Stage of development

20

Stage of Development – Q2 2013 – Q2 2014


15%

70%

8% 7%

12%

63%

18%

7%

20%

53%

14% 13%

8%

71%

11% 10% 7%

50%

26%

17%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Seed Stage Early Stage Expansion Stage Later Stage

(% of first sequence dollars)

Q2 '13

Q3 '13

Q4 '13

Q1 '14

Q2 '14

Q2 2014

Quarterly percent of total first sequence deals – Stage of development

21

Stage of Development – Q2 2013 – Q2 2014


12%

72%

10% 6%

13%

73%

10%

5%

15%

66%

13%

5%

13%

70%

11% 6%

11%

63%

15% 11%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Seed Stage Early Stage Expansion Stage Later Stage

(% of first sequence deals)

Q2 '13

Q3 '13

Q4 '13

Q1 '14

Q2 '14

Q2 2014

First sequence deals in seed & early stage companies 1995 – Q2 2014 YTD


53

7 711

818

96

1

1,7

78

2,5

00

913

59

6

58

9 715

74

9

89

3 1,0

15

93

7

612

82

5

1,0

65

1,0

47

1,13

3

50

5

60% 62% 63%

67% 72%

74% 74% 70%

76% 73%

70% 70% 71% 72% 74% 76%

79%

82%

83% 78%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

1000

2000

3000

Seq 1 Deals in Seed/Early Stage

% of Total Seq 1 DealsSeed stage

Early stage

Q2 2014

Median deal size vs. mean deal size – Quarterly total U.S. investments: Q1 2009 – Q2 2014

23

($ in millions)


$3.0 $2.5

$3.1

$2.4

$2.9 $3.0 $2.7

$2.8 $2.5

$3.0 $3.0

$2.5 $3.0 $3.0

$2.3 $2.2 $2.3 $2.5 $2.6 $2.7

$3.3 $3.5

$5.7

$6.6 $7.1

$6.3 $6.2

$7.0

$6.2 $6.2 $7.2

$7.6 $7.4 $7.5

$7.1 $7.5

$7.0 $6.5 $6.6

$7.2 $7.5

$7.5

$9.9

$11.6

-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

Median Deal Size Mean Deal Size

Q2 2014

SoCal MoneyTree total investments: 2009 – Q2 2014


($ in millions)

Q2 2014

# of

Deals

2009 2010 2011 2012 2013 2014

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

63 74 80 75 88 106 80 84 77 98 91 80 95 99 83 101 91 84 93 91 92 94

$3

81.

0

$6

39

.3

$5

97

.5

$9

59

.6

$5

71.

1

$7

76

.1

$5

76

.6

$8

87

.7

$8

77

.9

$8

95

.2

$6

16.8

$7

61.

1

$4

79

.9

$4

48

.2

$6

63

.1

$7

24

.9

$7

08

.1

$5

89

.8

$5

58

.2

$8

31.

9

$7

12.8

$6

11.5

$0.0

$200.0

$400.0

$600.0

$800.0

$1,000.0

$1,200.0

2009 2010 2011 2012 2013 2014

Q1 Q2 Q3 Q4

$0.1

$0.2

$1.0

$3.1

$10.0

$11.6

$14.4

$26.2

$33.3

$39.7

$51.3

$101.8

$167.0

$301.5

$0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0



Financial Services

Telecommunications



Semiconductors

Industrial/Energy

Networking & Equipment




IT Services

Biotechnology

Software

($ in millions)

Southern California investments by industry: Q2 2014


Industry # of Deals

% Change since Q1

2014

Software 39 21%

IT Services 11 161%

Biotechnology 10 6%

Media and Entertainment 9 -33%

Consumer Products and Services 6 183%

Medical Devices and Equipment 4 -64%


Networking and Equipment 2 NV

Industrial/Energy 2 -59%

Computers and Peripherals 2 NV



Financial Services 1 -99%

Electronics/Instrumentation 1 21%

Business Products and Services 1 NV

Total 94 -2%

Q2 2014

Q2 2014 Total: $761.1

NM

NV - no value in prior quarter NM - not meaningful

NM

NM

$0.1

$0.2

$1.0

$10.0

$12.5

$14.4

$20.3

$21.1

$38.5

$96.6

$0.0 $50.0 $100.0 $150.0 $200.0




Financial Services

Telecommunications



Industrial/Energy


Biotechnology


IT Services

Software

($ in millions)

Los Angeles investments by industry: Q2 2014


Q1 2014 Total: $472.2

Industry # of Deals

% Change $ from Q1

2014

Software 24 80%

IT Services 10 167%


Consumer Products and Services 4 1,168%

Biotechnology 2 7,159%

Industrial/Energy 2 -54%


Electronics/Instrumentation 1 21%


Financial Services 1 -97%

Medical Devices and Equipment 1 NV

Retailing/Distribution 1 NM

Business Products and Services 1 NV

Total 55 55%

NV - no value in prior quarter NM – not meaningful

Q2 2014

$0.5

$2.5

$8.0

$12.5

$17.1

$26.0

$0.0 $10.0 $20.0 $30.0 $40.0 $50.0



Semiconductors


Software


($ in millions)

NV - no value in prior quarter

Orange County investments by industry: Q2 2014


Q2 2014 Total: $66.5

Industry # of Deals

% Change $ from Q1 2014

Software 6 -82%

Medical Devices and Equipment 2 -87%


Consumer Products and Services 1 NV

Semiconductors 1 NV


Total 13 -68%

Q2 2014

$0.1

$0.6

$0.7

$3.6

$5.0

$5.2

$13.6

$20.7

$27.0

$146.0

$0.0 $50.0 $100.0 $150.0 $200.0 $250.0




Semiconductors


IT Services



Software

Biotechnology

($ in millions)

Industry # of Deals

% Change $ from Q1

2014

Software 9 145%

Biotechnology 8 -7%


Medical Devices and Equipment 1 NV


IT Services 1 NV

Consumer Products and Services 1 -70%




Total 26 -15%

San Diego investments by industry: Q2 2014


Q2 2014 Total: $222.4

NV - no value in prior quarter NM - not meaningful

Q2 2014

SoCal venture capital firms: Q2 2014 investments

29 Shaking the MoneyTreeTM Q2 2014

Venture capital firm Location Investments

Tech Coast Angels Los Angeles 11

Avalon Ventures, LLC La Jolla 8

Correlation Ventures San Diego 8

Upfront Ventures Los Angeles 7

Pasadena Angels, Inc. Altadena 5

Qualcomm Ventures San Diego 5

Creative Artists Agency Inc Los Angeles 4

Angeleno Group Investors LLC Los Angeles 3

J. F. Shea Co Inc Walnut 2

TVC Capital LLC San Diego 2

Steamboat Ventures Burbank 2

Roth Capital Partners LLC Newport Beach 2

RINCON VENTURE PARTNERS L P Santa Barbara 2

NGEN Partners LLC Santa Barbara 2

24 Other Firms 1 each

Venture capital firms: Q2 2014 investments in SoCal

30 Shaking the MoneyTreeTM Q2 2014

Venture capital firm Location Investments

Tech Coast Angels CA,Los Angeles 8

Pasadena Angels, Inc. CA,Altadena 5

Kleiner Perkins Caufield & Byers LLC CA,Menlo Park 4

Avalon Ventures, LLC CA,La Jolla 4

Upfront Ventures CA,Los Angeles 4

True Ventures CA,Palo Alto 3

Redpoint Ventures CA,Menlo Park 3

Greycroft Partners LLC NY,New York 2

Versant Ventures, Inc. CA,Menlo Park 2

Canaan Partners CA,Menlo Park 2

SV Angel II Q LP CA,San Francisco 2

OReilly AlphaTech Ventures LLC CA,San Francisco 2

Shasta Ventures L P CA,Menlo Park 2

RINCON VENTURE PARTNERS L P CA,Santa Barbara 2

Sequoia Capital CA,Menlo Park 2

Sanderling Ventures CA,San Mateo 2

Sherpa Ventures LLC CA,San Francisco 2

Benchmark Capital Management Gesellschaft MBH In Liqu CA,Redwood City 2

95 Other Firms 1 each

Q2 2014 – Most active U.S. venture investors


VC Firm Location Number of Deals New Enterprise Associates, Inc. Menlo Park, California 32

Andreessen Horowitz LLC Menlo Park, California 32

First Round Capital Philadelphia, Pennsylvania 27

Kleiner Perkins Caufield & Byers LLC Menlo Park, California 25

SV Angel II Q LP San Francisco, California 23

True Ventures Palo Alto, California 22

Sequoia Capital Menlo Park, California 20

Canaan Partners Menlo Park, California 19

Polaris Partners Waltham, Massachusetts 17

Accel Partners & Co Inc Palo Alto, California 16

Atlas Venture Advisors Inc Cambridge, Massachusetts 16

Khosla Ventures LLC Menlo Park, California 14

Google Ventures Mountain View, California 14

DreamIt Ventures Bryn Mawr, Pennsylvania 14

Greylock Partners Menlo Park, California 14

Redpoint Ventures Menlo Park, California 14

Innovation Works Inc Pittsburgh, Pennsylvania 14

Lerer Ventures New York, New York 14

Foundry Group LLC Boulder, Colorado 12

Venrock, Inc. Palo Alto, California 12

InterWest Partners LLC Menlo Park, California 12

General Catalyst Partners LLC Cambridge, Massachusetts 12

Tech Coast Angels Los Angeles, California 11

Foundation Capital Menlo Park, California 11

Draper Fisher Jurvetson International Inc Menlo Park, California 11

Bessemer Venture Partners, L.P. Larchmont, New York 11

500 Startups, L.P. Mountain View, California 10

Connecticut Innovations Inc Rocky Hill, Connecticut 10

OrbiMed Advisors LLC New York, New York 10

Lightspeed Venture Partners X LP Menlo Park, California 10

Battery Ventures LP Boston, Massachusetts 10

Norwest Venture Partners Palo Alto, California 10

Versant Ventures, Inc. Menlo Park, California 10

Q2 2014

Analysis of venture-backed IPO and M&A activity


Source: Thomson Reuters and National Venture Capital Association *Only accounts for deals with disclosed values **Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile

Date Total M&A Deals

Average M&A deal size ($M)*

Number of IPOs**

Total Offer Amount ($M)

Average IPO Offer

Amount ($M)

2009 360 113.4 13 1,979.8 152.3

2010 545 118.0 66 7,409.5 112.3

Q1 2011 139 117.0 14 1,526.9 109.1

Q2 2011 94 167.6 20 5,635.1 281.8

Q3 2011 142 161.3 5 475.9 95.2

Q4 2011 123 131.3 11 2,803.2 254.8

2011 498 142.6 50 10,441.1 208.8

Q1 2012 114 131.1 19 1,682.8 88.6

Q2 2012 124 185.4 12 17,227.9 1,435.7

Q3 2012 124 228.6 10 1,140.7 114.1

Q4 2012 127 126.0 8 1,408.4 176.1

2012 489 171.9 49 21,459.9 438.0

Q1 2013 86 92.7 8 716.9 89.6

Q2 2013 96 218.6 22 2,249.9 102.3

Q3 2013 115 161.9 27 2,781.4 103.0

Q4 2013 94 190.4 24 5,320.1 221.7

2013 391 176.2 81 11,068.2 136.6

Q1 2014 111 251.7 37 3,400.1 91.9

Q2 2014 97 98.6 28 4,926.4 175.9

2014 208 350.3 65 8,330.9 267.9

Q2 2014

Venture capital fundraising


Year First Time Funds

Follow-On Funds Total Number of Funds

VC Raised ($M)

2010 53 122 175 13,272.0

2011 61 128 189 19,022.7

2012 75 141 216 19,798.2

2013 57 140 197 17,086.3

2014 Q2 YTD 44 90 134 16,471.1

Quarter

Q1 ‘13 10 37 48 4,387.5

Q2 ‘13 19 36 55 3,328.6

Q3 ‘13 18 46 64 4,430.7

Q4 ‘13 17 37 54 4,939.5

Q1 ‘14 27 36 63 9,076.2

Q2 ‘14 20 58 78 7,394.9

Source: Thomson Reuters & National Venture Capital Association Data current as of July 15, 2014

Q2 2014

© 2014 PricewaterhouseCoopers LLP. All rights reserved. "PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate legal entity.

HJ Paik

Director, Emerging Company Services (213) 356-6110 [email protected]

www.pwcmoneytree.com

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