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QUARTER SUMMARY 2
QUARTERLY TRENDS 3
SECTOR REVIEW 11
1 INTERNET 11
2 HEALTHCARE 18
3 GREEN / CLEAN TECH 25
GEOGRAPHIC REVIEW
1 CALIFORNIA 32
2 MASSACHUSETTS 38
3 NEW YORK 43
4 WASHINGTON 49
5 TEXAS 54
DEFINITIONS & DATA INTEGRITY 59
TABLE OF CONTENTS
2011, CB Insights. All rights reserved. For more information about CB Insights, please email [email protected].
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Q4 2010 This Quarter in Venture CapitalQuarter sees highest dealflow and funding of last eight quarters. Internet saw Year-over-Year deal count up 21%, Green Tech up 7% and Healthcare up 2%.
2
At $6.5B of venture capital funding over 735 deals, Q4 2010s venture capital stats have something for everyone. Forthose of you looking for a data point that suggests VC is back and on the road to recovery after 2009s tough sledding, theeight quarter high on deals and dollars gives you something to hang your hat on. For those of you who think VC isoverheated and were headed for a bubble, the eight quarter high on deals and dollars gives you something to hang yourhat on. Yesits all a matter of perspective.
Overall, 2010 saw $23.7B of funding into 2792 deals which represented 14% growth in funding and 13% growth in dealsover 2009s VC nadir.
Say Bye Bye Massachusetts NY is #2 for Tech VC
Over the last five quarters, NY has seen 208 tech dealsvs. 207 for Massachusetts. Funding to NY techcompanies came in at $1.22B vs. $1.21B forMassachusetts. The margin of victory for NY is ever so
slight, but most striking is the trend for both states whichare going in very different directions. (Trend can beseen here: http://bit.ly/dLmLYG)
Seed VC Retains Its Share | Early Stage Grows
Q3 2010 saw 11% of deals going to Seed VC deals andthat share stayed consistent in Q4 2010. The share ofSeries A deals increased over Q3 2010. Early stagedeal activity was nearly 50% of total deals representingthe highest level seen in five quarters.
VCs Connecting With Internet Deals Often
The growth in the quarter was driven largely by a red-hot internet sector which hit a five quarter high (by a lot)on both deals and dollars. Early stage activity remainedstrong as did NY on the internet deal and dollar front.
Green Tech / Clean Tech Investments Stay Flat
After two quarters of VC funding to Green Tech/CleanTech investments declining, the space saw deals anddollars hold vs. the prior quarter. On a year-over-yearbasis, investment funding was up 40%. Early stageinvestment on a deals basis into Green Tech fell to a
five-quarter low. Renewables and Energy Efficiencymaintained their positions as the top 2 areas for GreenTech investment and in aggregate, they garnered theirlargest share of deals of the last five quarters.
Healthcare VC A Mixed Bag
Deals in the Healthcare space were up modestly YoY funding was down almost 16%. The growth in fundingand deals seen over the last 2 quarters ceased as welMass and Cali took over 50% of Healthcare funding buMass share of Healthcare VC fell to a five-quarter lowEarly stage activity in Healthcare hit a five quarter high
Cali's Number of VC Deals Grows, Funding Down
California retained its belt as uncontested venture capheavyweight champion. Relative to 2009, California s3% growth in deals and a 2% drop in VC funding. Thestate saw 14% growth in deals on a sequential basis oQ3 2010. 60% of the state's funding went to Internet aHealthcare companies. Mobile also took its largest shof deals in the last five quarters.
Colorado - The New Green Tech Hub?
Three of the top 10 green tech deals in the quarter wein Colorado. The state which is usually 3-4% of greentech deals jumped to 10%.
Texas Gets the Early Stage Bug
In aggregate, Texas stayed within its recent historicalrange, but it did see growth in early-stage deals with 610 deals in the quarter being into early stage deals.
Washington At Five Quarter Low in VC Funding
Over 50% of Washington deals were in early-stagecompanies and almost 60% of deals were to Internetfirms. The smaller checks to less capital-hungry webcompanies helped to drive Washington to a five quartelow on VC funding.
It isworth noting what we included and what we didnt as this quarter had some mega-deals which can and did greatlyimpact results. For example, Groupons funding was included as there was VC participation although we only included the
portion of their funding that closed in 2010, i.e. $500M. Wed recommend you also review our definitions and methodology
on p. 59 for details on our approach to VC data.
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3
$3.9
$5.3
$6.1
$5.5$5.9 $5.9
$5.4
$6.5483
613678 687
730
612
715 735
Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Quarterly VC Investment and Deal Volume TrendQ1 '09 to Q4 '10
Funding ($B) # of Deals
$6.5B over 735 Deals Highest Totals of Last 8 QuartersContinued strength in seed VC funding led to a two-year high in number of deals.Total VC funding hit high on back of mega-deals which buoyed funding total.
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Cali Maintains, NY Gains and Mass Wanes in Deal ShareBig Three (NY, Mass, Cali) bounced back from Q3 2010 lows based on strength ofCali and NY. Mass and Washington share of deals dipped.
44% 41% 43% 38% 42%
13%12%
14%
12%
11%
6%8%
8%7%
9%
6% 5%5%
5%5%
4%4%
4%
5%4%
28% 31% 26% 33% 29%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Venture Capital by State - Number of DealsFive Quarter Trend
California Massachusetts New York Texas Washington Other
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49% 49% 52% 49%40%
12% 15%12%
9%
10%
5%5% 6%
5%7%
4%4% 4%
7%5%
3%2% 4%
4%
2%
26% 23% 23% 27%36%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Venture Capital by State - Dollars of FundingFive Quarter Trend
California Massachusetts New York Texas Washington Other
The Big Threes Share of VC Funding Falls to 5 Quarter LowNY gained in terms of dollars as did Mass. Cali, Texas and Washington all fell. Impactof a mega-deal (Groupon) is clearly evident given the large Other category.
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$1.6
$1.9 $1.9
$2.3
$1.7
$2.0
$1.7 $1.6
$2.5
$2.1
$1.5
$1.8$1.7 $1.7
$3.2220
230 237 223
275
232
178190
244
298
205 212193
259283
Monthly VC Investment and Deal Volume TrendOctober 2009 to December 2010
Funding ($B) # of Deals
2010 Ends with a Bang VCs Scurry to Get Deals DoneQ4 2010 started flat but ended with a flurry of activity. December 2010 saw the 2ndhighest deal flow and the highest venture funding of the last 15 months.
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6% 6% 9% 11% 11%
31% 28%33% 33% 36%
28%27%
24% 24%22%
14% 19%18% 15% 18%
10% 9%12%
8%7%
11% 10%4%
10% 7%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Venture Capital by Series - Number of DealsFive Quarter Trend
Seed Series A Series B Series C Series D Series E +
0% 0% 1% 1% 1%
20%14% 17%
20%15%
26%34% 22%
30%
20%
21% 19% 32%
20%
28%
16% 15%
23%12%
20%
16% 19%
6%16% 16%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Venture Capital by Series - Dollars of FundingFive Quarter Trend
Seed Series A Series B Series C Series D Series E +
Seed VC Stays Strong. Early Stage Continues ClimbQ4 saw seed deals retain share of deals and also saw Series A deals climb. Laterstage deals garnered an increased share of venture funding.
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25% 24% 23% 26% 24%
33% 30%38% 33% 37%
4% 7%7% 6% 6%
10% 8%7% 8% 8%
4%3%
4% 4% 3%9%
8%8% 7%
10%
16% 20%14% 17% 13%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Venture Capital by Sector - Number of DealsFive Quarter Trend
Healthcare InternetEnergy & Utilities Software (non-internet/mobile)Computer Hardware & Services Mobile & TelecommunicationsOther
33%24% 28%
33%24%
27%
21%
28% 23% 39%
5%
15%
17%9%
8%9%
7%
6%8%
7%4%
4%
4%8%
3%7%
8%
6%5% 6%
14%22%
12% 15% 14%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Venture Capital by Sector - Dollars of FundingFive Quarter Trend
Healthcare InternetEnergy & Utilities Software (non-internet/mobile)Computer Hardware & Services Mobile & TelecommunicationsOther
Internet Climbs & Healthcare Dips; Energy VC Stays FlatPerennial top 2 sectors retain their positions with internet gaining. Mobile also seeshighest share of deals of last 5 quarters. Energy & utilities stagnant.
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Get Started for Free with CB InsightsBasic membership to CB Insights venture capital and angel investor database is free.Just visit http://www.cbinsights.com. And also connect with us via any of the following.
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INTERNET
Q4 2010 Venture Capital
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$1,483$1,265
$1,618
$1,253
$2,543224 221
233 233
272
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Internet VC Investment and Deal Volume Trend
$ Funding # of Deals
Last Five Quarters
Internet VC Hits 5 Quarter HighOptimism around internet deals didnt abate with both deals and dollars way up. VCdeals and funding even after excluding Groupon stands at 5 quarter high.
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Quarter Highlights
272 deals | $2,543M
Top Five Deals
Top Cities
Chicago, IL
7 deals | $540MSan Francisco, CA
36 deals | $398MNew York, NY
38 deals | $244MWashington, DC
3 deals | $204M
Austin, TX8 deals | $102MMountain View, CA
9 deals | $98MArlington Heights, IL
1 deals | $68MLos Angeles, CA
8 deals | $66MRedwood City, CA
5 deals | $62MSeattle, WA
9 deals | $49M
GrouponTwitterLivingSocialWhale Shark Media
FleetMatics
47%
3%
14%1%
8%
3%
6%
1%
2%
2%
13%
VC Deal Volume (#) in Internet by State, Q410
California
Illinois
New York
DC
Massachusetts
TexasWashington
North Carolina
Georgia
Maryland
All Other
39%
24%
10%
8%
5%
4% 2%
2% 1% 1%
4%
VC Investment ($) in Internet by State, Q410
California
Illinois
New York
DC
Massachusetts
Texas
Washington
North Carolina
Georgia
Maryland
All Other
NY Takes Hold of #2 Spot for Internet VC Deals and DollarsCalifornia continued to dominate internet VC followed by New York on deals.Excluding Groupon, NY would be #2 on funding as well.
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46% 43% 47% 44% 47%
12% 13%15% 15% 14%
1% 1%2% 1%
3%10% 9%
10% 11%8%
5%5%
3% 6% 6%
26% 29% 24%23% 21%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Internet VC by State - Number of Deals
California New York Illinois Massachusetts Washington Other
Last Five Quarters
56% 52% 56% 50%39%
9% 16%15%
12%
10%
2% 1%
9%
0% 24%
7% 7%
7%
8%
5%4% 7%
1%
5%
21% 17%12%
25% 21%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Internet VC by State - Dollars of Funding
California New York Illinois Massachusetts Washington Other
Last Five Quarters
~70% of Internet Deals Go To Big Three StatesInternet VC deals maintained similar geographic pattern as prior quarters. Massinternet share dropped to five quarter low.
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11% 11% 12% 13% 13%
38% 33%40% 42% 38%
27%28%
23% 20%18%
13% 17%18% 15%
19%
8% 6%6% 5% 5%
4% 6% 1% 4% 7%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Internet VC by Series - Number of Deals
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
1% 1% 2% 1% 1%
22% 19% 20%31%
12%
28% 33% 19%
27%
16%
28% 24%40%
23%
19%
16%10%
19%7%
27%
5%13%
1%10%
25%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Internet VC by Series - Dollars of Funding
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
Early Stage Internet Investing Represented 50+% of DealsEarly stage (Seed / Series A) dealflow dipped slightly from last quarter but still over50%. Series C, D and E+ deals increased share of funding.
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2%
11%
12%
4%
4%
8%
3%
2%
1%1%
3%
2%
2%1%
44%
VC Deal Volume (#) in Internet by Sub-Industry, Q410Discount
Social
Advertising, Sales & Marketing
Bus. Intelligence, Analytics & Performance Mgmt
Video
Gaming
Data Storage
Data & Document Management
Health & Wellness
Conferencing & CommunicationInformation Providers & Portals
eCommerce enablement
Travel (internet)
Content Management
All Other
26%
24%
6%5%
3%
3%
3%2%
2%
2%2%
1%
2%
1%18%
VC Investment ($) in Internet by Sub -Industry, Q410Discount
Social
Advertising, Sales & Marketing
Bus. Intelligence, Analytics & Performance Mgmt
Video
Gaming
Data Storage
Data & Document Management
Health & Wellness
Conferencing & Communication
Information Providers & Portals
eCommerce enablement
Travel (internet)
Content Management
All Other
VC Internet Investment Remains Diverse Across IndustriesSocial and Advertising remained strong. Gaming made a come back from Q3 2010.
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$0.6
$2.4
$7.0
$9.0
$19.0$20.0
Seed Series A Series B Series C Series D Series E +
Internet Median Deal Size by Quarter($ Million)
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Early Stage Medians Fall. Late Stage Medians Up Big.Seed, Series A and Series C median deal sizes all were smaller. Series B up withSeries D and Series E+ were up big on back of many larger late stage web deals.
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HEALTHCARE
Q4 2010 Venture Capital
18
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$1,830
$1,405
$1,639$1,753
$1,541
169 173
138
184173
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Healthcare VC Investment and Deal Volume Trend
$ Funding # of Deals
Last Five Quarters
Healthcare Investment Dips After 2 Qtrs of Funding GrowthHealthcare deals were up modestly YoY but funding levels down almost 16% vs. yearago. Deals down vs. prior quarter and funding down over 12% qoq.
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Quarter Highlights
173 deals | $1,541M
Top Five Deals
Top Cities
33%
13%
6%7%
4%
4%
3%
3%
3%
1%
23%
VC Deal Volume (#) in Healthcare by State, Q410
California
Massachusetts
Pennsylvania
Texas
New Jersey
New YorkNorth Carolina
Colorado
Minnesota
Michigan
All Other
39%
16%
9%
6%
5%
4%
3%
3%2%
2%
11%
VC Investment ($) in Healthcare by State, Q410
California
Massachusetts
Pennsylvania
Texas
New Jersey
New York
North Carolina
Colorado
Minnesota
Michigan
All Other
Cambridge, MA9 deals | $143M
Redwood City, CA4 deals | $135M
San Diego, CA11 deals | $104M
Palo Alto, CA
3 deals | $70MSouth San Francisco, CA
2 deals | $67MWayne, PA
1 deals | $61MNew York, NY
5 deals | $59MMalvern, PA
2 deals | $48MWebster, TX
1 deals | $46MPleasanton, CA
2 deals | $34M
Pearl TherapeuticsMoksha8IDev TechnologiesSutro Biopharma
Genocea Biosciences
Mass and Cali Attract Over 50% of Healthcare VC FundingCali increased over Q3 2010 while Mass declined on # of deals basis. Pennsylvaniaand Texas continue to hold strong.
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32% 34% 33% 28% 33%
18% 17%23%
17% 13%
4% 6%5%
8% 6%4%
3%3%
4% 3%4% 3%
6%
5%2%
38% 36%30%
37% 42%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Healthcare VC by State - Number of Deals
California Massachusetts Pennsylvania New Jersey Washington Other
Last Five Quarters
35% 31%40% 42% 39%
18% 27%
23%13% 17%
4%4%
4%6%
10%8%5%
4%
4%5%4% 0%
7%
7%1%
31% 33%22%
29% 29%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Healthcare VC by State - Dollars of Funding
California Massachusetts Pennsylvania New Jersey Washington Other
Last Five Quarters
Cali Stays on Top. Mass Share of Deals Falls to 5 Qtr Low.Massachusetts share of deals continued downward trend. Healthcare sector is mostgeographically diverse with 4 of 10 deals occurring outside of top states.
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3% 3% 6%9% 6%
30% 29%36% 27%
39%
30% 30%
24%26%
23%
13% 21%21%
16%
16%12%
9%7%
10%
10%11% 8%
6%13%
6%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Healthcare VC by Series - Number of Deals
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
0% 0% 0% 1% 1%
24% 22% 25% 17%24%
31% 36%
23% 30% 19%
15%19% 36%
22% 35%
19%11%
7%
14%
16%
10% 11% 9% 16%6%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Healthcare VC by Series - Dollars of Funding
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
Early Stage Healthcare Hits Five-Quarter HighSeed and Series A healthcare grew to 45% of total healthcare funding. Later stagehealthcare companies took 57% of total funding.
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37%
17%
14%
8%
11%
1%
2%2%
1%
7%
VC Deal Volume (#) in Healthcare by Industry, Q410
Medical Devices & Equipment
Pharmaceuticals / Drugs
Biotechnology
Drug Development
Medical Facilities & Services
Drug Manufacturing
Disease Diagnosis
Drug Discovery
NULL
All Other
37%
20%
14%
12%
5%
4%
2% 2% 2%2%
VC Investment ($) in Healthcare by Industry, Q410
Medical Devices & Equipment
Pharmaceuticals / Drugs
Biotechnology
Drug Development
Medical Facilities & Services
Drug Manufacturing
Disease Diagnosis
Drug Discovery
NULL
All Other
Medical Device Investment Remains StrongMedical Devices continued their dominance of the Healthcare sector followed byPharmaceuticals, Biotech, Medical Facilities & Services and Drug Development.
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$1.3$2.6
$7.3
$24.0
$16.0
$13.0
Seed Series A Series B Series C Series D Series E +
Healthcare Median Deal Size by Quarter($ Million)
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
More Small Series A Healthcare DealsThe increased # of Series A deals (p. 22) also saw smaller amounts of funding. SeedVC, Series C and D medians all climbed.
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GREEN & CLEAN TECH
Q4 2010 Venture Capital
25
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$565
$1,322
$1,046
$790 $790
55
85
5561 59
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Green VC Investment and Deal Volume Trend
$ Funding # of Deals
Last Five Quarters
Green Tech Performance In-Line with Last QuarterGreen Tech figures consistent with Q3 Funding steadied at $790M, while deal countfell slightly. Investment dollars were up 40% year-over-year.
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Quarter Highlights
59 deals | $790M
Top Five Deals
Top Cities
41%
10%13%
5%2%
5%
2%
2%3%
15%
VC Deal Volume (#) in Green by State, Q410
California
Colorado
Illinois
Massachusetts
Michigan
ArizonaNew York
Oregon
Ohio
Texas
All Other
39%
24%
13%
11%
5%
2%1%
1%1% 1%
2%
VC Investment ($) in Green by State, Q410
California
Colorado
Illinois
Massachusetts
Michigan
Arizona
New York
OregonOhio
Texas
All Other
Loveland, CO
1 deals | $110MBolingbrook, IL
1 deals | $100MSan Jose, CA
2 deals | $57MMilpitas, CA
2 deals | $43M
Cambridge, MA3 deals | $38M
Fremont, CA
2 deals | $37MLansing, MI
2 deals | $37MSouth San Francisco, CA
1 deals | $30MNorth Lexington, MA
2 deals | $26MWindsor, CO
1 deals | $24M
Abound SolarElevance Renewable ScienceSolopowerSoladigm
LS9
Colorado Shows Its Greener SideColorado emerged as a serious destination for Green Tech investment, taking 3 of thetop 10 Green deals in Q4. As usual, California was the overall leader.
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53% 55% 47% 46% 41%
9% 8%13%
8% 14%
7% 5% 7% 15%3%
4% 4% 2% 3%
10%
2%4% 2%
25% 28% 27% 28% 31%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Green VC by State - Number of Deals
California Massachusetts Texas Colorado Illinois Other
Last Five Quarters
64%79%
62% 59%
39%
4%
6%
10%4%
11%
5%
1%
9% 21%
1%
2%
1%1%
3%
24%
1%
4% 13%25%
13% 15% 12% 12%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Green VC by State - Dollars of Funding
California Massachusetts Texas Colorado Illinois Other
Last Five QuartersLast Five Quarters
California Loses Green Share for Fourth Straight QuarterThe downward trend for California continued, as Texas, Colorado, Massachusetts andIllinois ate into The Golden States Green Tech dominance.
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8%2% 3%
10%
32%33% 31%
27%
31%
32%
25% 29%
39%38%
18%
19%23%
10% 19%
3%12%
11% 7%10%
8% 9%3% 7% 2%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Green VC by Series - Number of Deals
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
19%8% 10%
16%8%
27% 44%27%
44%
29%
25% 14%
27%
12%
41%
3% 18%28%
22%19%26%
16%7% 6% 4%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Green VC by Series - Dollars of Funding
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
Green Tech Seed Investment Disappears in Q4 2010Early stage Green Tech investment share crept back to Q2 2010 levels. Investorsfavored Series C and later in Q4.
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44% 40%
49%
39% 46%
4% 6%
2%
3%
2% 2%4%
7% 3%5% 7%
11%11% 15%4%
5%
5%8%
7%
42% 40%29% 31% 29%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Green VC by Industry - Number of Deals
Renewables Automobile Manufacturing
Green/Environmental Software Energy Efficiency
Energy Storage Other
Last Five Quarters
38%
55%68%
42%49%
1%
19%3%
1%18%
15%
3%
2% 6%
7%
7%
3%
4% 7%
6%
5%
37%
19%13%
28%38%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of Green VC by Industry - Dollars of Funding
Renewables Automobile Manufacturing
Green/Environmental Software Energy Efficiency
Energy Storage Other
Last Five Quarters
Renewables and Energy Efficiency See an Uptick in ShareGreen Tech Software yielded to Renewable and Energy Efficiency investments.Energy Storage investments held steady.
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$0.0$2.8
$7.4
$24.0$26.0
$21.5
$6.2
Seed Series A Series B Series C Series D Series E + Overall
Green Median Deal Size by Quarter($ Million)
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Late Stage Green Tech Deals See Uptick in SizeWith investment share shifting from Green Tech Software to Renewables, late stagemedian deal values climbed higher. Overall median stayed flat at $6.2 million.
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CALIFORNIA
Q4 2010 Venture Capital
32
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$2,685
$2,929$3,062
$2,607 $2,630
300 297
264 271
310
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
California VC Investment and Deal Volume Trend
$ Funding # of Deals
Last Five Quarters
California Deal Volume Experiences Five Quarter HighFunding levels in California remained relatively flat from last quarter, but deal countsaw a 14% uptick from Q3, and 3% year-over-year growth.
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Quarter Highlights
310 deals | $2,630M
Top Sector# of Deals Internet$ of Funding Internet
Top Five Deals
Top Cities
San Francisco
64 deals | $517MRedwood City
13 deals | $237M
Mountain View19 deals | $216M
San Diego20 deals | $185M
San Jose13 deals | $152M
Palo Alto21 deals | $141M
Sunnyvale11 deals | $106M
Los Angeles
14 deals | $97MSouth San Francisco
3 deals | $97MSan Mateo
9 deals | $67M
TwitterPearl TherapeuticsSolopowerSpace Exploration TechnologiFallbrook Technologies
18%
41%5%
8%
3%
12%
3%
4% 0% 2%
4%
VC Deal Volume (#) in California by Sector, Q410
Healthcare
Internet
Energy & Utilities
Software (non-internet/mobile)
Computer Hardware & Services
Mobile & Telecommunications
Industrial
Electronics
Business Products & Services
Consumer Products & Services
All Other
23%
38%9%
7%
2%
9%
3%
2%0%
1%
6%
VC Investment ($) in California by Sector, Q410
Healthcare
Internet
Energy & Utilities
Software (non-internet/mobile)
Computer Hardware & Services
Mobile & Telecommunications
Industrial
Electronics
Business Products & Services
Consumer Products & Services
All Other
Internet & Healthcare Continue Dominance in CaliInternet and Healthcare combined for more than 60% of overall VC investment inCalifornia; Mobile continued its growth.
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18% 20% 17% 19% 18%
34% 32%41% 38% 41%
5% 8%7% 7% 5%9% 4%6% 7% 8%
6%5%
5% 5% 3%
27% 30%23% 24% 24%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in California by Sector - Number of Deals
Healthcare Internet
Energy & Utilities Software (non-internet/mobile)
Com uter Hardware & Services Other
Last Five Quarters
24%15%
21%28% 23%
31%
23%
30%24% 38%
6%
20%
19%11%
9%10%
3%
6%9%
7%7%
6%
5%8% 2%
22%34%
19% 21% 21%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in California by Sector - Dollars of Funding
Healthcare Internet
Energy & Utilities Software (non-internet/mobile)
Computer Hardware & Services Other
Last Five Quarters
Internet Investment Expands in CaliforniaInternet saw its most dominant position of the last 5 quarters and grew its share ofinvestment by 14% versus Q3. Healthcare and Energy lost ground.
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7% 4% 8%11% 12%
25%22%
28% 27%31%
25%28%
23% 24%23%
16% 23%23% 18%
21%15% 13%
14%10%
8%11% 9%
4%11% 6%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in California by Series - Number of Deals
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
0% 0% 1% 1% 1%
13% 11% 13%16% 15%
20%33%
21%
31%
21%
28%
22%32%
21%35%
24%20%
29%16% 12%
14% 13%4%
14% 17%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in California by Series - Dollars of Funding
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
Early Stage Deal Volume Remains Strong in CaliforniaEarly stage deal volume increased share by 5% as Seed and Series A both continuedtheir upward trend in California. Series C took larger portion of investment dollars.
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MASSACHUSETTS
Q4 2010 Venture Capital
38
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$653
$898
$689
$466
$630
88 8784
87
78
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Massachusetts VC Investment and Deal Volume Trend
$ Funding # of Deals
Last Five Quarters
Massachusetts Recovers, but Levels Still Down Versus Q2VC funding in Massachusetts jumped 35% versus Q3, but still was down 4% year-over-year. Mass deal count hit its lowest point in five quarters.
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Quarter Highlights
78 deals | $630M
Top Sector# of Deals Healthcare /
Internet (tie)$ of Funding - Healthcare
Top Five Deals
Top Cities
Cambridge18 deals | $258M
Waltham8 deals | $45M
Newton3 deals | $44M
Boston11 deals | $41M
North Lexington2 deals | $26M
Burlington
2 deals | $22MNorthborough
1 deals | $22MWoburn
4 deals | $19MBeverly
3 deals | $17MBoxborough
1 deals | $16M
Genocea BiosciencesNinePoint MedicalRive TechnologyCerulean PharmaAspen Aerogels
29%
29%
9%
6%
10%
0%6%
4%1%
4%
VC Deal Volume (#) in Massachusetts by Sector, Q410
Healthcare
Internet
Software (non-internet/mobile)
Energy & Utilities
Mobile & TelecommunicationsComputer Hardware & Services
Industrial
Business Products & Services
Electronics
All Other
41%
20%
8%
6%
6%
0%
12%
4%
2% 2%
VC Investment ($) in Massachusetts by Sector, Q410
Healthcare
Internet
Software (non-internet/mobile)
Energy & Utilities
Mobile & Telecommunications
Computer Hardware & Services
Industrial
Business Products & Services
Electronics
All Other
Healthcare & Internet Remain Atop the Rest in MassHealthcare and Internet combined for 68% of investment dollars and 61% of dealvolume. Mobile doubled its share in terms of deals and investment dollars versus Q3.
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Healthcare Investment Share Down SharplyShare of investment in Internet held steady in terms of both deals and dollars.Healthcare retained top spot, but lost share to Industrial and Mobile investments.
41
34% 33% 38% 37% 29%
26%22%
27% 29%29%
10%11%
10% 10%
9%
5% 10%5% 3%
6%3%
6% 4%8%
6%
22% 17% 17%13%
19%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in Massachusetts by Sector - Number of Deals
Healthcare Internet
Software (non-internet/mobile) Energy & Uti li ties
Industrial Other
Last Five Quarters
51%42%
56% 49%41%
16%
10%
16%21%
20%
11%
22%
5% 9%
8%
2% 12%14% 4%
6%
2%1%
2%3%
12%
17%12% 8% 13% 14%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in Massachusetts by Sector - Dollars of Funding
Healthcare Internet
Software (non-internet/mobile) Energy & Utilities
Industrial Other
Last Five Quarters
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Seed Share Balloons in Mass, but Early Stage Down OverallSeed deal volume grew its share in Mass threefold versus last quarter, but early stageinvesting (Seed + Series A) lost significant ground overall.
42
7% 4% 7% 3%9%
33%27%
36% 38% 25%
28%
28%
28% 36%
33%
15%
19%
16%16%
15%
6%9%
11%5%
7%
11% 13%2% 2%
11%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in Massachusetts by Series - Number of Deals
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
1% 0% 0% 0% 1%
31%
18%24%
33%23%
29%
31% 24%
46%
35%
12%
9%
30%
15%
19%5%
9%
11%
4%
10%23%
33%
10%2%
13%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in Massachusetts by Series - Dollars of Funding
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
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NEW YORK
Q4 2010 Venture Capital
43
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New York VC Activity Explodes Deals and Dollars Way UpNew York saw a 5-quarter high in terms of both investment and deal volume up 90%and 29%, respectively, since last quarter; funding was up 63% year-over-year.
44
$286 $319
$355
$245
$46641
5548 51
66
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
New York VC Investment and Deal Volume Trend
$ Funding # of Deals
Last Five Quarters
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Internet Still Dominates the Empire StateInternets dominance of NY continued as 60% of VC funding went to web companies.Healthcare and Mobile combined for over 20% of deal volume.
46
Quarter Highlights
66 deals | $466M
Top Sector# of Deals Internet$ of Funding - Internet
Top Five Deals
Top Cities
New York63 deals | $457M
Brooklyn1 deal | $7M
Long Island City
1 deal | $2MSea Cliff
1 deal |
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Internet and Mobile Capture 70% of NY Deal VolumeInternet share dropped while Mobile and Healthcare held their ground. For the secondquarter in a row, Computer Hardware & Services took a double digit share of dollars.
47
63%53%
73% 71%59%
10%
11%
8% 8%
9%
2%
5%5%
5% 2%5%9%
13% 14%11%
20% 22%
6% 6%12%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in New York by Sector - Number of Deals
Internet Healthcare
Financial Computer Hardware & Services
Mobile & Telecommunications Other
Last Five Quarters
48%
63%70%
63%53%
7%
19%15%
8%
13%18%
8%
6%4%
16% 12%
2% 9% 9%3%
24%
9% 6% 5% 13%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in New York by Sector - Dollars of Funding
Internet Healthcare
Financial Computer Hardware & Services
Mobile & Telecommunications Other
Last Five Quarters
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Its Not All About Early Stage in New YorkShare of early stage investing dropped in terms of deals and dollars on back of sizableSeries C and Series D deals. Seed VC retained strong presence overall.
48
6% 7%16% 17% 13%
30%39%
45% 46%
39%
30%
30%
20%24%
13%
15%
14%11%
5%
25%
6%5%
5% 5%4%
12% 7%2% 2% 7%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in New York by Series - Number of Deals
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
0% 0% 1% 2% 2%15% 15%
30%
41%
13%
31%
51% 23%
34%
12%
24%
12%25%
10%
44%
2%
6%17% 3%
13%
28%16%
4%9%
16%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in New York by Series - Dollars of Funding
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
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WASHINGTON
Q4 2010 Venture Capital
49
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Washington Venture Funding Sees Five-Quarter LowWashingtons venture resurgence stalled with investment dollars falling 46% from lastquarter and down 28% year-over-year. Deal volume also saw weakness.
50
$165$138
$211 $222
$119
2629
25
34
28
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Washington VC Investment and Deal Volume Trend
$ Funding # of Deals
Last Five Quarters
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Internet Swallows Over 50% of Washington Deal VolumeInternet owned the Washington investment scene commanding 57% and 46% of dealsand dollars, respectively. Healthcare and Software rounded out the top 3.
51
Quarter Highlights
28 deals | $119M
Top Sector# of Deals Internet$ of Funding - Internet
Top Five Deals
Top CitiesSeattle
12 deals | $69MRedmond
3 deals | $16MBellevue
4 deals | $10MKirkland2 deals | $7M
Tukwila1 deals | $5M
Gig Harbor1 deals | $4M
14%
57%
0%
7%
11%
3%4%
4%
0%
VC Deal Volume (#) in Washington by Sector, Q410
Healthcare
Internet
Energy & Utilities
Mobile & Telecommunications
Software (non-internet/mobile)Computer Hardware & Services
Environmental Services & Equipment
Business Products & Services
All Other
18%
46%
0%
1%
20%
8%
2%
4%
0%VC Investment ($) in Washington by Sector, Q410
Healthcare
Internet
Energy & Utilities
Mobile & Telecommunications
Software (non-internet/mobile)
Computer Hardware & Services
Environmental Services & Equipment
Business Products & Services
All Other
DocusignXenon ArcCoronado BiosciencesSkytapCardiac Dimensions
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Internet Eclipses Healthcare in VC ShareHealthcare lost share to both Web and Software in Q4..
52
27%21%
32% 29%
14%
42%41%
28% 38%57%
8%
7% 12%6%
15%
3%8% 6% 7%
8%
14%6% 11%
14%20% 15%
11%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in Washington by Sector - Number of Deals
Healthcare Internet
Energy & Utilities Mobile & Telecommunications
Software (non -in ternet/mobile) Other
Last Five Quarters
41%
4%
51% 56%
18%
36%
66%
9%
26%
46%
4%10%
18%
5%16%
1% 9%
1%
3%
7%6%
20%
12% 13%7%
15%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in Washington by Sector - Dollars of Funding
Healthcare Internet
Energy & Utilities Mobile & Telecommunications
Software (non-internet/mobile) Other
Last Five Quarters
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Trend of Early Stage Investment Emerges in WashingtonOverall investment was down in Wash, but absolute figures dont tell the whole storyFor the third straight quarter, share of early stage (Seed + A) volume was up.
53
0% 0% 4%8% 11%
50%
25%
35%36% 42%
20%
40%
43%24%
21%
10% 20%
9%
16%16%5%
10%9%
4%5%15%
5%12%
5%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in Washington by Series - Number of Deals
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
0% 0% 0% 0% 1%
60%
13%
30%
17%27%
12%
22%
40%
32% 18%
1%
48%
22%
23%
47%
7%
13%
7%
1%
6%
20%
4%
27%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in Washington by Series - Dollars of Funding
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
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TEXAS
Q4 2010 Venture Capital
54
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VC Funding in Texas Falls, but Remains Strong OverallTexas funding fell 16% versus last quarter while deal volume was up. Funding wasstill up 27% year-over-year.
55
$238
$264
$212
$357
$300
39 38
33 3336
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Texas VC Investment and Deal Volume Trend
$ Funding # of Deals
Last Five Quarters
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Internet and Healthcare Win Top Honors in TexasWeb took over one-third of overall investment in the Lone Star State, with Healthcarenot far behind. Mobile & Telecom also were strong in Q4.
56
Quarter Highlights
36 deals | $300M
Top Sector# of Deals Healthcare$ of Funding - Internet
Top Five Deals
Top Cities
Austin20 deals | $186M
Webster1 deals | $46M
Dallas
3 deals | $27M
Houston4 deals | $12M
San Antonio
3 deals | $10MRichardson
1 deals | $10MAddison
2 deals | $6MAllen
1 deals | $3M
33%
8%
25%
14%
0% 6%
6%
0%
8%
VC Deal Volume (#) in Texas by Sector, Q410
Healthcare
Energy & Utilities
Internet
Mobile & Telecommunications
Computer Hardware & Services
Software (non-internet/mobile)
Business Products & Services
Automotive & Transportation
All Other
30%
4%36%
5%0%
3%
16%
0%
6%
VC Investment ($) in Texas by Sector, Q410
Healthcare
Energy & Utilities
Internet
Mobile & Telecommunications
Computer Hardware & Services
Software (non-internet/mobile)
Business Products & Services
Automotive & Transportation
All Other
Whale Shark MediaIDev TechnologiesDachis GroupNew Century HospiceSilverback Acquisitions
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Energy Loses Ground to Healthcare and InternetEnergy, which is a mainstay of the Texas venture scene, fell on both deals and dollars.Energys lost share was reaped by Web and Healthcare companies.
57
31%
11% 12%21%
33%
15%
16%
33% 12%
25%3%
8%
12%24%
8%
5%
16%
18%9%
14%
13%
5%
9%
6%
33%45%
15%27%
19%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in Texas by Sector - Number of Deals
Healthcare Internet
Energy & Utilities Mobile & Telecommunications
Computer Hardware & Services Other
Last Five Quarters
36%
6%14%
32% 30%
10%
10%
16%
2%
36%1%
10%
48%32%
4%
6%
13%
14%
11% 5%
16%
11%
4%
13%32%
50%
4% 10%
25%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in Texas by Sector - Dollars of Funding
Healthcare Internet
Energy & Utilities Mobile & Telecommunications
Computer Hardware & Services Other
Last Five Quarters
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Texas Continues to be a Destination for Early Stage DealsSeed fell off the map, but early stage deals still commanded over 60% of overall dealvolume in Texas. Early stage investment dollars also held their ground.
58
0% 0%6%
18%
0%
20%33%
39%
47%
63%
35%
33% 11%
12%7%20%
10%
17%
12%
4%5%
10% 22%
6%
11%
20%14%
6% 6%15%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in Texas by Series - Number of Deals
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
0% 0% 1% 1% 1%
13% 11% 13%16% 15%
20%33%
21%
31%
21%
28%
22%32%
21%35%
24%20%
29%16% 12%
14% 13%4%
14% 17%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Share of VC in Texas by Series - Dollars of Funding
Seed Series A Series B Series C Series D Series E +
Last Five Quarters
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Definitions Ensuring Data IntegrityWhats Included in our Quarterly Venture Capital Numbers? What is not?
59
Given the importance of venture capital in spurring innovation and entrepreneurship, measuring venture capital activityaccurately is important. We encourage you to review the methodology and definitions employed by us to betterunderstand the numbers presented in this report. If you have any questions about our definitions or methodologicalprinciples, we encourage you to reach out to us directly.
Equity financings into emerging companies.Funding must come from venture capital f irms includingcorporate venture groups.
Fundings of only private companies. Publiccompanies of any kind on any exchange (including PinkSheets) are excluded from our numbers even if theyreceived investment by a venture firm(s)
Companies must be headquartered in the USA. Ourgeographic data is based on the city and state where thecompany receiving investment is headquartered. If acompany has a satellite office/presence in multiple citiesor was founded in a particular city but has moved its HQ,our results reflect only this HQ address.
Only include the investment made in the quarter fortranched investments. If a company does a secondclosing of its Series B round for $5M and previously hadclosed $2M in a prior quarter, only the $5M is reflectedin our results.
Round #s reflect what has closed not what is
intended. If a company indicates the closing of $5M outof a desired raise of $15M, our numbers reflect only theamount which has closed.
Only verifiable fundings are included. Fundings areverified via (1) various federal & state regulatory filings(2) direct confirmation with firm or investor or (3) pressrelease.
Funding close date matters. Fundings are providedbased on funding close date and not on announcementdate.
Angel investment. These are not included innumbers unless an investment round included Angelsinvesting alongside a venture capital firm or corporateventure group.
No contingent funding. If a company receives acommitment for $20M subject to hitting certainmilestones but first gets $8M, only the $8M is includedin our data.
No business development/R&D arrangementswhether transferable into equity now, later ornever. If a company signs a $300M R&D partnershipwith a larger corporation, this is not equity financingnor is it from venture capital firms. As a result, it is notincluded.
Buyouts, Consolidations and Recapitalizations.All three of these of transaction types are commonlyemployed by private equity firms and are tracked byCB Insights. However, they are excluded for thepurposes of this report. Private equity investments into
companies which may have received venture capitalinvestment prior are also not included.
Private placements. These investments also knownas PIPEs (Private Investment in Public Equities) evenif made by a venture capital firm(s) are not included.
Debt/loans of any kind. Venture debt or any kind ofdebt/loan issued to emerging, startup companies evenif included as an additional part of an equity financingis not included. If a company receives $3M with $2Mfrom venture investors and $1M in debt, only the $2Mis included in these statistics.
Government funding. Grants, loans, equityfinancings by the federal government, state agencies
or public-private partnerships to emerging, startupcompanies are not included. Strictly venture orcorporate venture outfits.
Incubator investments. Investments of money asequity or debt and/or services by incubators are notincluded.
Strategic corporate investments. Corporationsmaking strategic investments in companies but not aspart of a specific organized venture group are notincluded.
What is included? What is excluded?
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Downloadable reports and analyticswhich allow you to manipulate datawhen and how you want to.
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