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2014 YEAR IN REVIEW

Growth Equity Valuation Report: B2B Software

.GrowthCap, LLC

www.growthcap.co

Special Edition: Annual Valuation Report

GrowthCap Insights January 2015

Copyright 2014 GrowthCap LLC.

All rights reserved.

Graybar Building | 420 Lexington Avenue, New York, NY, 10170

+1 (212) 537 0576

Contents Introduction & Methodology .....................................................................................................................................4

2014 B2B Software Growth Equity Valuations ...........................................................................................................5

a. 2014 B2B Software Growth Equity Valuations (by industry) .........................................................................5

b. 2014 B2B Software Growth Equity Valuations (by capital raised) .................................................................6

Valuation Increases Over Prior Rounds ......................................................................................................................7

a. Valuation Increases Over Prior Rounds (by industry).....................................................................................7

b. Valuation Increases Over Prior Rounds (by days since last funding) .............................................................8

c. Valuation Increases Over Prior Rounds (by capital raised) ............................................................................9

d. Valuation Increases Over Prior Rounds (by year founded) ......................................................................... 10

The Top Growth-Stage Investors and Companies of 2014 ...................................................................................... 11

a. Top Growth Equity Investors* (deal volume by pre-money valuation) ....................................................... 11

b. Top Investors* in the Fastest Growing Companies (based on valuation increase over prior round) .......... 12

c. The Fastest Growing Companies of 2014 (by valuation increase) .............................................................. 13

2014 B2B Software Growth Equity Transactions & Valuations ............................................................................... 14

a. Advertising Technology ............................................................................................................................... 14

b. Internet Infrastructure & Development ...................................................................................................... 19

c. Business Intelligence & Analytics ................................................................................................................ 24

d. Financial Technology & Planning ................................................................................................................. 27

g. IT Security .................................................................................................................................................... 30

h. Human Resources & Training Software ....................................................................................................... 33

i. Health Care Software .................................................................................................................................. 35

j. Customer Service & CRM Software ............................................................................................................. 37

k. Productivity & Workflow Management ...................................................................................................... 38

l. Communications Technology ...................................................................................................................... 39

m. Media & Content ........................................................................................................................................ 40

n. Utilities & Energy Management .................................................................................................................. 41

GrowthCap advises top performing growth-stage companies on

raising private capital from family offices and select institutions. Our

team includes seasoned investment banking and private equity

professionals who have deep experience transacting in the private

capital markets. We maintain long-standing relationships with

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Visit www.GrowthCap.co

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P a g e | 4

Introduction & Methodology

About GrowthCap

GrowthCap is an advisory firm which focuses exclusively on established private companies seeking to raise equity or debt capital. Its principals have deep experience and extensive relationships in the private capital markets having worked at top tier investment banks including Credit Suisse, Lazard, Lehman Brothers, and Merrill Lynch. They have completed over $5 billion in transactions and have worked across a range of sectors with heavy emphasis in software and services. GrowthCap's mission is to become the premier partner for private company CEOs seeking capital from the private markets.

Report Methodology

This report focuses on private company growth equity valuation and financing data, as well as the top investors and companies that participated in transactions throughout 2014 in the B2B software industry. Data provided represents a compilation of information from leading private company financial research firms, publicly available filings, and GrowthCap’s own analysis.

For purposes of this report, GrowthCap defined growth financings as 1) those that represented a company’s Series B round or later, 2) with a transaction size from $5 million to $40 million, and 3) a pre-money valuation of less than $200 million. Only transactions with available valuation data were included in our analysis which could lead to an incomplete picture of the industry as whole; this report represents an analysis of a total of 247 transactions with valuation data.

Key Highlights

Industries with the highest median valuations included IT Security, Advertising, and Customer Service & CRM Software as investors continue to see these sectors as large addressable markets

Valuation for companies in this report increased by a median of 77% over their previous round; this increase occurred over a median period of 16 months

The Advertising and Internet Infrastructure & Development industries led in overall deal volume, representing 45 and 43 transactions, respectively

Sources • S&P Capital IQ • Pitchbook

• Crunchbase • FormDs.com

• Dow Jones Venture Wire

Disclaimer: This report has been prepared by GrowthCap, LLC solely for information purposes from the above sources and other publicly available information. GrowthCap does not assume responsibility for, or make any representation or warranty (express or implied) with respect to, the accuracy or completeness of the information contained in this report. Nothing in this report is intended to be recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security.

P a g e | 5

2014 Growth Equity Valuation Report: B2B Software

2014 B2B Software Growth Equity Valuations

a. 2014 B2B Software Growth Equity Valuations (by industry)

Average Pre-Money Valuation By Industry ($ in millions)

Median Pre-Money Valuation By Industry ($ in millions)

63.4

82.5

74.2 74.171.0

63.059.8 58.3 57.8

55.3

46.2

32.7

17.2

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

52.7

70.866.2 65.4

63.2

52.348.3

46.2 45.6

40.0

31.2

23.2

17.6

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

P a g e | 6

b. 2014 B2B Software Growth Equity Valuations (by capital raised)

Average Pre-Money Valuation By Total Capital Raised Prior to Most Recent Round ($ in millions)

Median Pre-Money Valuation By Total Capital Raised Prior to Most Recent Round ($ in millions)

63.4

31.9 33.6

46.3

67.8

90.2

99.5

0.0

20.0

40.0

60.0

80.0

100.0

120.0

Total $0 to $2M $2M to $5M $5M to $10M $10M to $20M $20M to $40M $40M+

52.7

23.725.6

45.0

62.7

86.788.6

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

Total $0 to $2M $2M to $5M $5M to $10M $10M to $20M $20M to $40M $40M+

P a g e | 7


Valuation Increases Over Prior Rounds

a. Valuation Increases Over Prior Rounds (by industry)

Average Valuation Increase By Industry (current round pre-money vs. previous round post-money)

Median Valuation Increase By Industry (current round pre-money vs. previous round post-money)

101%

139% 138% 136%

121% 119% 116%

103%94%

87%82%

37%

22%

0%

20%

40%

60%

80%

100%

120%

140%

160%

77%

134% 132%

101% 98%93%

85%

73%65%

59% 57%

41%

6%

0%

20%

40%

60%

80%

100%

120%

140%

160%

P a g e | 8

b. Valuation Increases Over Prior Rounds (by days since last funding)

Average Valuation Increase By Days Since Last Funding

Median Valuation Increase By Days Since Last Funding

101%

150%

102%

124%

81%

65%

91%

0%

20%

40%

60%

80%

100%

120%

140%

160%

Total 0 to 6 Months 6 to 12 Months 12 to 18 Months 18 to 24 Months 2 to 3 Years 3+ Years

77%

93%

82%

108%

43%

25%

72%

0%

20%

40%

60%

80%

100%

120%

Total 0 to 6 Months 6 to 12 Months 12 to 18 Months 18 to 24 Months 2 to 3 Years 3+ Years

P a g e | 9


c. Valuation Increases Over Prior Rounds (by capital raised)

Average Valuation Increase By Total Capital Raised Prior to Most Recent Round

Median Valuation Increase By Total Capital Raised Prior to Most Recent Round

101%

207%

161%

132%

116%

49%

0%

50%

100%

150%

200%

250%

Total $0 to $2M $2M to $5M $5M to $10M $10M to $20M $20M to $40M

77%

226%

147%

105%

85%

48%

0%

50%

100%

150%

200%

250%

Total $0 to $2M $2M to $5M $5M to $10M $10M to $20M $20M to $40M

P a g e | 10

d. Valuation Increases Over Prior Rounds (by year founded)

Average Valuation Increase Over Prior Round By Years Since Founding

Median Valuation Increase Over Prior Round By Years Since Founding

101%

174%

113%

97%

33%

19%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

Total 0 to 3 Years 3 to 5 Years 5 to 7 Years 7 to 10 Years 10+ Years

77%

170%

93%86%

22%

14%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

Total 0 to 3 Years 3 to 5 Years 5 to 7 Years 7 to 10 Years 10+ Years

P a g e | 11


The Top Growth-Stage Investors and Companies of 2014

a. Top Growth Equity Investors* (deal volume by pre-money valuation) * Does not reflect pure play growth equity firms due to lack of publicly reported valuation data.

Top Growth Equity Investors Segmented by Deal Pre-Money Valuation

Investor < $25M $25M to $50M $50M to $100M $100M to $150M $150M to $200M Total

Bessemer Venture Partners - 3 2 3 4 12

Lightspeed Venture Partners 1 1 5 2 2 11

New Enterprise Associates 2 2 6 1 - 11

Andreessen Horowitz - 2 3 3 2 10

Menlo Ventures - 1 3 2 3 9

Accel Partners - 1 3 4 1 9

First Round Capital 1 3 4 1 - 9

Bain Capital Ventures 1 3 3 - 1 8

Social+Capital Partnership 2 3 2 1 - 8

Khosla Ventures 1 2 1 4 - 8

Norwest Venture Partners 1 3 2 - 1 7

North Bridge Venture Partners - 2 4 1 - 7

Tenaya Capital - - 1 3 2 6

Redpoint Ventures - 2 3 - 1 6

Battery Ventures 1 2 3 - - 6

DCM 1 - 3 2 - 6

Intel Capital 1 2 2 1 - 6

Kleiner Perkins Caufield & Byers - 2 2 2 - 6

Google Ventures 1 1 3 1 - 6

Sequoia Capital - 1 5 - - 6

Trinity Ventures 2 1 1 2 - 6

August Capital - 2 - 2 1 5

Comcast Ventures 1 2 1 - 1 5

Draper Fisher Jurvetson 1 - 2 1 1 5

US Venture Partners - 1 3 - 1 5

Matrix Partners 1 1 1 1 1 5

Triangle Peak Partners 1 - 3 - 1 5

Fairhaven Capital Partners - 3 2 - - 5

General Catalyst Partners - 1 4 - - 5

JAFCO Ventures - 1 4 - - 5

Mayfield Fund - 1 3 1 - 5

Rembrandt Venture Partners 2 1 2 - - 5

Shasta Ventures - 3 1 1 - 5

InterWest Partners - 2 1 2 - 5

True Ventures 2 2 - 1 - 5

Sapphire Ventures - 1 3 1 - 5

Greylock Partners - - - 3 1 4

StarVest Partners - 2 - 1 1 4

Atlas Venture 2 - 1 1 - 4

Edison Partners 3 1 - - - 4

Elevation Partners - 2 2 - - 4

Flybridge Capital Partners 1 1 2 - - 4

Formation 8 1 1 2 - - 4

Mohr Davidow Ventures 1 3 - - - 4

Northgate Capital 1 1 2 - - 4

Ignition Venture Partners - - 3 1 - 4

FLOODGATE Fund - 2 2 - - 4

Trident Capital - 1 1 2 - 4

Scale Venture Partners 1 1 2 - - 4

ONSET Ventures - - 2 2 - 4

Storm Ventures - 2 2 - - 4

Silver Creek Ventures - 2 2 - - 4

Raven Venture Partners - - 2 2 - 4

P a g e | 12

b. Top Investors* in the Fastest Growing Companies (based on valuation

increase over prior round) * Does not reflect pure play growth equity firms due to lack of publicly reported valuation data.

Top 10 Investors in the Fastest Growing Companies of 2014

(by # of deals with valuation increases over 100% since previous round)

# Investor Deals

Highest

Increase (%)

Highest

Increase (Company)

1 New Enterprise Associates 7 457% Captora

2 Accel Partners 6 249% Krux Digital

3 Lightspeed Venture Partners 6 283% Comprehend Systems

4 Andreessen Horowitz 5 420% Quantifind

5 Bessemer Venture Partners 5 354% PagerDuty

6 First Round Capital 5 261% Remind

7 Social+Capital Partnership 5 261% Remind

8 Intel Capital 4 467% Nexmo

9 Khosla Ventures 4 321% ClearStory Data

10 Sequoia Capital 4 311% Clari

P a g e | 13


c. The Fastest Growing Companies of 2014 (by valuation increase)

Deal Date Company Capital

Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round

Description Investors

1/21 Nexmo 17.9 80.9 3.3 467% 334 Developer of an

international messaging

platform.

21Vianet Group, Intel

Capital, NHN

Investment

Corporation, Sorenson

Capital

4/24 WellCentive 12.0 80.7 6.5 462% 278 Provider of population

health management and

data analytics services

with a national footprint.

Harbert Venture

Partners, Noro-Moseley

Partners, Summit

Partners

5/20 Captora 22.0 81.9 5.2 457% 424 Developer of cloud-based

software products for

marketing campaigns.

Bain Capital Ventures,

New Enterprise

Associates

7/22 Quantifind 12.0 72.4 11.0 420% 966 Developer of

technologies to extract

information from

business intelligence

data.

AME Cloud Ventures,

Andreessen Horowitz,

Comcast Ventures, Iris

Capital Management,

Redpoint Ventures, US

Venture Partners

9/22 HoneyBook 9.0 20.5 1.0 358% 531 Developer of event

planning platform.

Aleph, Ben Narasin,

Evan Williams, HillsVen

Capital, Michael Birch,

Naval Ravikant, Ooga

Labs, Rick Marini,

Upwest Labs

7/31 PagerDuty 27.2 179.9 12.7 354% 559 Provider of an alarm

dispatching service for

system administrators

and support teams.


Baseline Ventures,

Bessemer Venture

Partners, Harrison

Metal Capital

4/30 Renewable Funding 13.5 50.6 17.2 353% 28 Provider of district

legislation financing and

on line application

processing for property

assessed clean energy

(PACE) programs in the

United States.

Angeleno Group, Apollo

Investment, Claremont

Creek Ventures, NGEN

Partners, Prelude

Ventures

2/25 ClearStory Data 20.1 120.3 11.4 321% 447 Developer of tools for

users to conduct self

driven big data

exploration.


Duff Ackerman &

Goodrich, Google

Ventures, Khosla

Ventures, Kleiner

Perkins Caufield &

Byers

6/17 Clari 20.0 63.5 6.0 311% 76 Operator of an enterprise

mobile application

platform for sales teams.


Northgate Capital,

Sequoia Capital

2/24 NuoDB 14.2 88.4 12.1 283% 686 Provider of client/cloud

relational database

technology.

Dassault Systemes,

Hummer Winblad

Venture Partners,

Longworth Venture

Partners, Morgenthaler

P a g e | 14

2014 B2B Software Growth Equity Transactions & Valuations

a. Advertising Technology


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


6/2 RichRelevance 20.0 188.9 57.8 17% 657 Provider of

personalization and

product recommendation

tools for electronic

commerce sites.

Centerview Capital,

Crosslink Capital,

Draper Fisher

Jurvetson, Greylock

Partners, J.F. Shea &

Company

8/22 Delivery Agent 8.0 183.5 120.8 27% 568 Provider of shopping

enabled entertainment

for television shows,

movies, magazines,

sports and music videos.

N/A

7/21 Intent Media 22.7 164.5 28.3 26% 986 Provider of an advertising

platform.

Insight Venture

Partners, Matrix

Partners, Redpoint

Ventures

7/30 Dstillery 24.3 161.6 31.7 55% 1,223 Provider of internet

advertising services.

Menlo Ventures,

NewSpring Capital, US

Venture Partners,

Venrock

10/8 Urban Airship 12.1 143.8 58.7 1% 609 Provider of mobile push

messaging that builds

relationships with

connected consumers.

N/A

1/3 Spredfast 32.5 139.5 33.7 65% 332 Provider of social-

marketing software.

Austin Ventures,

InterWest Partners,

Lead Edge Capital,

OpenView Venture

Partners

6/25 Sprout Social 8.0 126.9 11.0 142% 1,218 Provider of support to

businesses to manage

customer relations across

social networking tools.

Lightbank, New

Enterprise Associates

1/2 Integral Ad Science 30.0 118.0 20.3 171% 624 Provider of online

advertising brand

protection and risk

management services.

Atlas Venture, August

Capital, Pelion Venture

Partners

2/26 Lattice Engines 5.0 105.4 37.9 6% 468 Developer of a platform

designed to help sales

and marketing processes.

N/A

P a g e | 15


a. Advertising Technology (continued)


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


6/11 Krux Digital 35.0 101.0 13.5 249% 993 Provider of cloud-based

data management

platform.

Accel Partners, IDG

Ventures USA, Sapphire

Ventures, Temasek

Holdings, The

Entrepreneurs Fund III,

Time Warner

Investments, 9/30 Sharethrough 10.0 98.4 27.9 74% 251 Provider of a social video

advertising and

distribution platform.

British Sky Broadcasting

Group, Elevation

Partners, FLOODGATE

Fund, North Bridge

Venture Partners, Silver

Creek Ventures11/24 Zealot Networks 5.3 94.7 24.7 N/A N/A Provider of a digital

media platform.

N/A

5/22 true[x] media 26.0 92.8 23.9 72% 1,472 Operator of an online

advertising network.

JAFCO Ventures,

Norwest Venture

Partners, Pinnacle

Ventures, Redpoint

Ventures

6/10 The Mobile Majority 8.0 92.5 13.4 N/A N/A Provider of mobile

engagement services.

3G Capital, Grind

Games

2/6 eDo Interactive 7.5 91.3 57.3 2% 266 Provider of online

advertising software

platform.

N/A

8/25 Dynamic Signal 12.0 91.3 21.3 14% 770 Provider of a technology

platform for brand

marketers to use in social

marketing.

Cox Enterprises,

Rembrandt Venture

Partners, Time Warner

Investments, Trinity

Ventures, Venrock

4/14 AgilOne 25.0 90.5 16.3 77% 502 Provider of an online

retail marketing platform.

Four Rivers Group,

Mayfield Fund, Next

World Capital, Sequoia

Capital, Tenaya Capital

5/5 UberMedia 8.0 87.8 51.6 -33% 1,068 Developer of a cross-

screen mobile advertising

platform.

Blue Chip Venture,

Gordon Crawford

5/20 Captora 22.0 81.9 5.2 457% 424 Developer of cloud-based

software products for

marketing campaigns.


New Enterprise

Associates

P a g e | 16



Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


6/20 OwnerIQ 11.0 76.0 28.4 18% 718 Provider of a platform to

help consumers find and

store self-supportive

product information.

Individual Investor

10/21 YieldMo 10.0 74.0 12.0 179% 321 Provider of a platform for

mobile advertising.

Dace Ventures,

Genacast Ventures,

Google Ventures,

Rhodium, Time Warner 3/7 Invoca 21.8 67.1 10.7 102% 487 Provider of pay-per-call

platform for the

performance marketing

industry.

Accel Partners, Rincon

Venture Partners,

Salesforce.com,

Upfront Ventures9/11 Ifbyphone 30.0 66.2 34.0 28% 247 Provider of a voice based

marketing platform.

Apex Venture Partners,

BlueCrest Capital

Management, Chicago

Ventures, NewSpring

Capital, Origin

Ventures, River Cities

Capital Funds, Second

Century Ventures,

Spring Mill Venture

Partners, SSM Partners

6/6 Curalate 8.6 60.5 3.7 249% 506 Provider of visual

analytics and marketing

platform.

First Round Capital,

MentorTech Ventures,

New Enterprise

Associates, Vayner RSE

6/5 Yieldbot 18.0 57.0 8.4 90% 356 Provider of an online

advertising platform.

City National Bank,

CommonAngels, New

Atlantic Ventures, RRE

Ventures, SJF Ventures

2/4 Char Software 15.9 54.6 8.7 98% 512 Provider of an analytics

and marketing platform

for mobile and web

applications.

Foundation Capital,

Polaris Partners

11/17 Eyeviewdigital 15.0 51.4 20.5 54% 481 Developer of technology

platform to create

personalized online video

advertisements.

Marker

3/20 Crowdtap 5.0 50.4 10.0 166% 997 Provider of a social

influence marketing

platform.

Alta Communications,

Foundry Group, The

Mustang Group,

Tribeca Venture

Partners

1/22 Sharethrough 17.0 49.5 10.9 61% 468 Provider of a social video

advertising and


Elevation Partners,

FLOODGATE Fund,

North Bridge Venture

Partners, Patrick Keane,

Silver Creek Ventures

P a g e | 17




Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


11/18 Boost Media 19.0 49.3 11.0 76% 438 Provider of a platform for

optimizing ad creative at

scale across search,

social, display & mobile.

Battery Ventures,

Javelin Venture

Partners, Pinnacle

Ventures, Webb

Investment Network

10/2 Appboy 15.0 44.2 7.6 114% 330 Provider of a marketing

automation platform.

Blumberg Capital, IDG

Ventures USA,

InterWest Partners,

Rally Ventures, T5

Capital

7/23 SmartZip Analytics 12.0 42.0 11.1 176% 1,302 Provider of investment

ratings, research and

analysis for residential

real estate properties.

Claremont Creek

Ventures, Crest Capital

Ventures, Intel Capital

1/14 Main Street Hub 14.0 42.0 6.0 51% 229 Provider of a multi-

channel marketing

platform for small retail

businesses.

Bessemer Venture

Partners, Harrison

Metal Capital

12/8 Extole 14.0 37.7 34.9 82% 372 Provider of a social

advocacy platform for

brands and agencies to

drive results through

word of mouth

marketing.

Norwest Venture

Partners, Redpoint

Ventures, Scale Venture

Partners, Shasta

Ventures, Trident

Capital

9/29 Datorama 15.0 36.0 3.8 268% 425 Provider of a cross-

channel marketing

analytics platform.

Cedar Fund, Innovation

Endeavors, Marker

6/26 CrowdTwist 9.0 34.5 11.0 N/A N/A Developer of loyalty

software services for fan

clubs.

Bertelsmann Digital

Media Investments,

Fairhaven Capital

Partners, kbs+

Ventures, SoftBank

Capital, StarVest

Partners, TechStars

10/23 Visible Measures 7.0 34.0 63.1 -84% 800 Provider of measurement

platform for internet

video publishers, viral

marketing

professionals,and

advertisers.

Advance Publications,

Commonfund Capital,

Duff Ackerman &

Goodrich, General

Catalyst Partners, Mohr

Davidow Ventures,

Northgate Capital

7/28 ChoiceStream 7.5 28.4 92.7 N/A N/A Provider of

personalization services

to electronic retail,

entertainment services

and television and mobile

providers.

Fred Alger Management

P a g e | 18



Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


1/7 Medialets 5.0 28.4 28.4 -38% 426 Developer of media

advertising and an

analytics platform for

mobile applications.

Gotham Ventures

2/4 Jivox 5.8 23.7 25.6 N/A N/A Provider of interactive

advertising technology.

Diaz Nesamoney,

Fortisure Ventures,

Helion Venture

Partners, Opus Capital,

Shah Capital Partners

5/19 Autopilot 7.0 20.1 5.9 N/A N/A Developer of marketing

and digital advertising

tools for small and

medium-sized

businesses.

Blackbird Ventures,

Rembrandt Venture

Partners, Southern

Cross Venture Partners

8/26 Bizible 8.0 18.7 2.5 149% 161 Provider of an online tool

to help local businesses

with online marketing.

Investment Group of

Santa Barbara,

Madrona Venture

Group, MHS Capital,

Rob Glaser, Scale

Venture Partners, Tim

Kopp

9/17 Windsor Circle 6.3 18.0 2.4 113% 307 Provider of a retention

marketing platform.

Comcast Ventures,

IDEA Fund Partners,

Origin Ventures,

Triangle Angel Partners

2/20 Smarter Remarketer 7.0 15.0 3.3 N/A N/A Provider of an e-mail

marketing automation

and analysis suite.

Battery Ventures

5/1 PunchTab 6.3 8.6 5.3 -68% 905 Developer of social

loyalty and reward

platform.

Mohr Davidow

Ventures

P a g e | 19


b. Internet Infrastructure & Development


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


12/2 SendGrid 20.7 183.7 27.3 133% 1,047 Provider of an e-mail

delivery platform.


Bessemer Venture

Partners, Foundry

Group

7/31 PagerDuty 27.2 179.9 12.7 354% 559 Provider of an alarm

dispatching service for

system administrators

and support teams.


Baseline Ventures,

Bessemer Venture

Partners, Harrison

Metal Capital

7/10 Avere Systems 20.0 165.6 52.0 13% 735 Developer of demand-

driven storage services.

Lightspeed Venture

Partners, Menlo

Ventures, Norwest

Venture Partners,

Tenaya Capital,

Western Digital

7/30 Dstillery 24.3 161.6 31.7 55% 1,223 Provider of internet

advertising services.

Menlo Ventures,

NewSpring Capital, US

Venture Partners,

Venrock

10/30 Capriza 27.0 161.1 23.3 64% 811 Developer of mobile-

enterprise software.

Allen & Company,


Charles River Ventures,

Harmony Partners,

Tenaya Capital

11/13 Axcient 10.0 152.6 53.5 2% 682 Provider of on-demand

data protection services

for small and medium

sized businesses.

N/A

1/22 MemSQL 10.6 147.4 36.6 50% 79 Developer of technology

for Big Data analytics.

Accel Partners, First

Round Capital, Khosla

Ventures, The Data

Collective

5/7 Maxta 25.0 128.4 10.0 228% 1,027 Provider of enterprise

storage platform.


Intel Capital, Tenaya

Capital

6/24 Phunware 30.7 122.8 29.8 47% 419 Provider of consumer

mobile experiences and

infrastructure.

Central Texas Angels

Cisco Investments,

Firsthand Technology,

Fraser McCombs

Capital, Maxima

Ventures, Samsung

Venture, Wild Basin

Investments

5/13 Instart Logic 26.0 122.6 26.0 104% 391 Provider of a cloud-based

service to reduce

network congestion.


Greylock Partners,

Kleiner Perkins Caufield

& Byers, Sutter Hill

Ventures, Tenaya

Capital

P a g e | 20

b. Internet Infrastructure & Development (continued)


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


12/9 Nok Nok Labs 8.3 109.0 35.9 58% 285 Provider of

authentication

infrastructure services to

enterprise customers.

DCM, DDS, Lenovo,

ONSET Ventures, Raven

Venture Partners

4/3 Boundary 22.0 90.9 19.0 43% 643 Provider of platforms for

visualizing, exploring and

troubleshooting data

networks.

Adams Street Partners,

Lightspeed Venture

Partners, Scale Venture

Partners, Triangle Peak

Partners

10/21 SnapLogic 22.3 89.4 42.4 3% 204 Provider of an open-

source, data-integration

framework.


H. Barton Asset

Management, Ignition

Venture Partners,

Netapp, Pharus Capital

Management, Tresoro

Ventures, Triangle Peak

Partners

2/24 NuoDB 14.2 88.4 12.1 283% 686 Provider of client/cloud

relational database

technology.

Dassault Systemes,

Hummer Winblad

Venture Partners,

Longworth Venture

Partners, Morgenthaler

3/31 SnapLogic 5.5 81.3 36.9 0% 558 Provider of an open-

source, data-integration

framework.


Ignition Venture

Partners

5/7 Metacloud 15.0 79.3 10.0 205% 315 Provider of openstack-

based private cloud

services for the

enterprise.

AME Cloud Ventures,

Canaan Partners, Pelion

Venture Partners,

Silicon Valley Bank,

Storm Ventures, UMC

Capital

12/9 Altiscale 30.0 76.3 12.0 112% 544 Provider of a data

management platform.

General Catalyst

Partners, Northgate

Capital, Sequoia Capital

4/22 Electric Cloud 12.0 75.7 29.3 N/A N/A Provider of technology

that automates and

accelerates the software

delivery process.

Mayfield Fund,

Rembrandt Venture

Partners, RRE Ventures,

Siemens Venture

Capital, US Venture

Partners

9/19 Hazelcast 11.0 68.2 2.8 98% 409 Provider of an open

source clustering data



Earlybird Venture

Capital

11/3 LeadPages 6.0 67.8 5.0 239% 403 Provider of a platform to

create mobile responsive

landing pages, and other

Web pages focused on

customer interaction.

N/A

P a g e | 21




Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


8/6 InVisionApp 21.1 66.5 13.1 60% 278 Developer of a user

interface prototyping

tool.

FirstMark Capital, Tiger

Global Management

8/26 Black Duck Software 20.0 65.1 58.1 -46% 1,048 Provider of products and

services for accelerating

software development

using open source.

Flagship Ventures,

Focus Ventures,

General Catalyst

Partners, Intel Capital,

Red Hat, Sapphire

Ventures, Split Rock

Partners, Volition

Capital

12/9 ThousandEyes 20.0 63.2 5.5 265% 538 Developer of an

information technology

performance

management platform

for SaaS and cloud

applications.

Salesforce.com,

Sequoia Capital, Sutter

Hill Ventures

2/21 Unidesk 10.3 61.9 29.7 3% 646 Developer of virtual

desktop management

software.

Dell Ventures, Ignition

Venture Partners,

Matrix Partners, North

Bridge Venture

Partners, Tresoro

Ventures

6/24 CloudPhysics 15.1 56.9 12.5 58% 315 Provider of a platform to

focus on virtualization

and cloud infrastructure.

JAFCO Ventures, Kleiner

Perkins Caufield &

Byers, Mayfield Fund

11/5 Gravitant 25.0 52.9 15.3 54% 281 Provider of cloud

computing services.

Cielo Private Equity, S3

Ventures

8/1 VeloCloud Networks 15.0 50.8 5.4 231% 499 Provider of cloud

networking services.

21Vianet Group, New

Enterprise Associates,

Venrock

6/24 Aerospike 20.0 39.4 10.1 128% 666 Provider of a data

storage and management

system.

Alsop Louie Partners,

Columbus Nova

Technology Partners,

New Enterprise

Associates, Regis

McKenna

8/6 Splice Machine 18.0 35.5 4.3 125% 698 Provider of a SQL-

compliant database for

data applications.

Correlation Ventures,

InterWest Partners,

Mohr Davidow

Ventures, Roger

Bamford, Roger J. Sippl

7/15 SpaceCurve 10.0 35.4 23.8 N/A N/A Provider of a parallel

analytical database

platform for join-oriented

semantic, spatial and

relational applications.

Triage Ventures

P a g e | 22



Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


1/6 Blue Box Group 14.0 34.0 5.8 N/A N/A Provider of cloud hosting

and managed services.

Founder Collective,

Voyager Capital

11/4 Prelert 7.6 31.1 4.3 165% 1,519 Provider of machine

intelligence-based

predictive analytics.

Fairhaven Capital

Partners, Intel Capital,

Sierra Ventures

4/30 Ayla Networks 14.6 30.7 5.6 100% 453 Provider of a cloud-based

connectivity platform.

Cisco Investments,

Crosslink Capital,

International Finance

Corporation, Linear

Venture, SAIF Partners,

SJF Ventures, Voyager

Capital

12/10 Canvas Solutions 9.0 29.2 8.1 28% 316 Publisher of data

collection applications on

wireless smart phones

and other mobile devices,

such as laptops, tablets,

bar code scanning

devices and net books for

businesses and mobile

professionals.

Camber Creek, Osage

Partners, River Cities

Capital Funds

10/23 SwiftStack 16.0 29.0 7.6 62% 591 Provider of a platform to

deploy and manage

private cloud-storage

systems.

Mayfield Fund,

OpenView Venture

Partners, Storm

Ventures, UMC Capital

3/14 VoltDB 8.0 28.7 16.1 N/A N/A Provider of distributed

structured query

language database for

transactional (OLTP)

applications.

Kepha Partners, Sigma

Partners

7/1 PLUMgrid 16.3 26.1 12.7 11% 785 Provider of a network

infrastructure software

vendor.

Hummer Winblad

Venture Partners,

Longworth Venture

Partners, Qualcomm

Ventures, Swisscom

Ventures, US Venture

Partners

1/30 Piston Cloud Computing6.4 25.4 13.0 7% 360 Provider of commercial

OpenStack software for

businesses.

Hummer Winblad

Venture Partners

10/14 Loggly 15.0 25.0 21.0 12% 406 Provider of a cloud based

log management service.

Cisco Investments,

Harmony Partners,

Matrix Partners, The

Data Collective, Trinity

Ventures, True

Ventures

P a g e | 23




Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


8/14 Luminal 10.0 23.0 6.2 42% 168 Developer of security and

infrastructure software.

Core Capital Partners,

Maryland Venture

Fund, New Enterprise

Associates

7/2 Racemi 9.9 20.8 15.4 N/A N/A Provider of an image-

based provisioning

software for data center

consolidation and

disaster recovery.

Harbert Venture

Partners, Milestone

Venture Partners,

Paladin Capital Group

6/2 Concurrent 10.0 16.1 4.9 57% 507 Provider of a platform to

create and manage data

applications.


Rembrandt Venture

Partners, True Ventures

4/18 Placester 8.2 10.6 3.6 N/A N/A Provider of a publishing

platform for real estate

websites.

Angel Street Capital,

Romulus Capital

8/29 CENTRI Technology 6.3 7.5 19.7 N/A N/A Provider of mobile data

optimization and

bandwidth management

solutions.

N/A

P a g e | 24

c. Business Intelligence & Analytics


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


7/8 RetailNext 30.0 153.6 29.0 132% 434 Developer of in-store


services for the retail

industry.

Activant Capital Group,

American Express

Ventures, August

Capital, Commerce

Ventures, Nokia

Growth Partners,

Qualcomm Ventures,

StarVest Partners, Tyco

Capital

3/18 Simply Measured 20.0 144.1 8.9 226% 420 Provider of social media

analytics.

Bessemer Venture

Partners, Founder's Co-

Op, Four Rivers Group,

MHS Capital, Social

Leverage, Trinity

Ventures

2/25 ClearStory Data 20.1 120.3 11.4 321% 447 Developer of tools for

users to conduct self

driven big data

exploration.


Duff Ackerman &

Goodrich, Google

Ventures, Khosla

Ventures, Kleiner

Perkins Caufield &

Byers

6/18 ThoughtSpot 30.0 110.5 10.7 258% 747 Provider of platform to

access and analyze

enterprise data.

Khosla Ventures,

Lightspeed Venture

Partners

5/29 Trifacta 25.0 108.4 16.3 93% 175 Provider of productivity

platforms for data

analysis.

Accel Partners,

Greylock Partners,

Ignition Venture

Partners

5/28 MATRIXX Software 18.5 84.4 24.1 120% 785 Provider of online

charging and policy

management services for

communications service

providers.

Telstra Applications and

Ventures Group

1/29 Origami Logic 15.0 84.0 9.3 161% 441 Developer of platform for

visual, self-service

analytics specifically

geared for marketers.

Accel Partners, JAFCO

Ventures, Lightspeed

Venture Partners

4/29 WellAware Holdings 24.7 80.0 8.7 204% 116 Developer and provider

of machine-to-machine

data networks.

N/A

9/25 Context Relevant 13.6 76.4 30.9 76% 128 Developer of a predictive

data analytics software.

Bloomberg, BofA Merrill

Lynch, Formation 8,

Goldman Sachs,

GoldPoint Partners

11/28 Narrative Science 10.0 74.1 22.0 42% 444 Developer of automated

business analytics and

natural language

communication

technology.

Battery Ventures, Jump

Capital, Sapphire

Ventures, USAA Life

Insurance Company

P a g e | 25


c. Business Intelligence & Analytics (continued)


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


1/9 Radius Intelligence 13.0 72.5 19.4 N/A N/A Provider of sales and

marketing intelligence.

BlueRun Ventures,

Darian Shirazi,

Formation 8, Kevin

Colleran

7/22 Quantifind 12.0 72.4 11.0 420% 966 Developer of

technologies to extract

information from


data.

AME Cloud Ventures,


Comcast Ventures, Iris

Capital Management,

Redpoint Ventures, US

Venture Partners

11/17 InsightSquared 13.5 71.9 13.5 68% 546 Provider of a data

intelligence software for

small to medium sized

businesses.

Atlas Venture, Draper

Fisher Jurvetson,

NextView Ventures,

Two Sigma Investments

7/15 Netbase Solutions 15.2 70.1 48.7 N/A N/A Provider of content

intelligence services.

Altos Ventures, SAIF

Partners, Thomvest

Ventures, WestSummit

Capital

3/12 L2 16.5 55.1 0.0 N/A N/A Provider of subscription-

based business

intelligence service.

General Catalyst

Partners

6/17 Wayin 13.1 52.7 21.1 -54% 841 Provider of mobile-

engagement services.

US Venture Partners,

WS Investments

12/9 TrackMaven 14.0 51.9 7.8 95% 308 Provider of intelligence

platform for enterprise

marketers.

Bowery Capital, New

Enterprise Associates

2/3 Allegiance Software 19.8 50.8 30.5 19% 382 Provider of a cloud based

voice of customer and

enterprise feedback


N/A

6/17 OpenGov 19.1 48.8 7.2 N/A N/A Developer of a cloud-

based financial

application.

Accelerate-IT Ventures

Management,


Formation 8, SG VC,

Thrive Capital

9/15 RJMetrics 16.5 47.7 7.7 113% 487 Developer of business

intelligence software

delivered as a service

over the Internet.

August Capital,

SoftTech VC, Trinity

Ventures

9/24 Numerify 15.0 47.6 8.3 81% 357 Provider of cloud-based

business intelligence.

Lightspeed Venture

Partners, Sequoia

Capital

P a g e | 26

c. Business Intelligence & Analytics (continued)


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


9/19 SellPoints 5.2 39.2 18.2 N/A N/A Provider of online retail

video product tour and

brand store.

N/A

3/13 Premise Data 11.0 38.8 5.5 N/A N/A Developer of a platform

that provides real-time

data for a streaming

global economy.


Bowery Capital, Google

Ventures, Harrison

Metal Capital,

Social+Capital

Partnership

5/9 Zettics 10.2 37.7 N/A -35% 336 Provider of mobile

analytic and

measurement

applications.

N/A

10/6 Zoomdata 17.0 35.1 5.2 187% 452 Provider of a data

analytics and

visualization platform for

real-time and historical

Big Data.

Accel Partners, B7

Ventures, Columbus

Nova Technology

Partners, New


Razor's Edge Ventures

4/14 Brickstream 8.7 35.0 36.6 N/A N/A Provider of real time

customer behavior

analytics and in store

monitoring technology.

N/A

12/10 Qubole 13.0 32.0 7.0 36% 596 Developer of a cloud data

platform.

Norwest Venture

Partners

3/12 Omniata 5.2 26.0 1.6 260% 107 Provider of a data


Creandum, Sigma West

4/29 newBrandAnalytics 5.0 18.6 30.0 -37% 357 Provider of a social media

intelligence platform.

New Enterprise

Associates

6/30 Automated Insights 5.5 17.8 5.3 69% 1,022 Provider of a platform

that provides

personalized narrative

content from Big Data.

Court Square Ventures,

IDEA Fund Partners,

OCA Ventures, Osage

Partners, Samsung

Venture Investment,

Steve Case

8/27 InContext Solutions 12.0 16.8 8.8 11% 210 Provider of market

research services to

consumer package goods

companies and retailers.

Beringea, Hyde Park

Venture Partners,

Plymouth Management

Company

P a g e | 27


d. Financial Technology & Planning


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


12/8 Revionics 30.0 152.3 32.0 N/A N/A Provider of price and

promotion optimization

systems for retailers.

Goldman Sachs

9/25 Taulia 40.0 138.1 35.7 33% 395 Provider of cloud-based

invoice, payment and

discounting management

service for large buying

organizations.

Duff Ackerman &

Goodrich, Lakestar,

Matrix Partners,

QuestMark Partners,

TELUS Ventures, Trinity

Ventures

3/5 Payoneer 25.0 130.8 14.0 N/A N/A Provider of online

payment distribution

platform and services.

Carmel Ventures,

Greylock Partners,

Landmark Ventures,

New York Angels,

Susquehanna Growth

Equity, Vintage

Ventures Management

2/6 PayNearMe 20.0 130.3 34.5 34% 364 Provider of a cash

transaction network.

August Capital, GSV

Capital, Khosla

Ventures, Maveron,

True Ventures

11/24 Host Analytics 25.0 114.2 64.3 41% 453 Provider of business

performance

management software.

Advanced Technology

Ventures, Centerview

Capital, Next World

Capital, StarVest

Partners, Trident

Capital

4/24 ShopKeep.com 25.0 93.5 15.2 166% 505 Provider of a cloud-based

mobile point-of-sale

system.

Canaan Partners,

Contour Venture

Partners, Matt Coffin,

Thayer Street Partners,

Tribeca Venture

Partners, TTV Capital

10/30 Alkami Technology 17.0 86.7 22.9 151% 252 Provider of electronic

banking service to the

financial services

industry.

N/A

6/3 MX 5.0 85.0 16.5 31% 340 Provider of financial


Commerce Ventures,

North Hill Ventures,

Peak Ventures, TTV

Capital

5/28 MATRIXX Software 18.5 84.4 24.1 120% 785 Provider of online

charging and policy

management services for

communications service

providers.

Telstra Applications and

Ventures Group

5/29 Swipely 20.0 71.1 20.5 114% 373 Provider of an online

payment platform.


Index Ventures,

Pritzker Group Venture

Capital, Shasta

Ventures

P a g e | 28

f. Financial Technology & Planning (continued)


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


10/27 I-Matchative 20.0 55.7 7.3 N/A N/A Provider of data analytics

platform and

marketplace.

Control Empresarial de

Capitales, David

Bonderman, Wells

Fargo & Company

7/9 Duetto Research 21.0 54.1 12.2 41% 576 Provider of hotel profit

optimization services.

Accel Partners,

Altimeter Capital

Management, Battery

Ventures, Leland

Pillsbury, Marc Benioff

4/30 Renewable Funding 13.5 50.6 17.2 353% 28 Provider of district

legislation financing and

on line application

processing for property

assessed clean energy

(PACE) programs in the

United States.

Angeleno Group, Apollo

Investment, Claremont

Creek Ventures, NGEN

Partners, Prelude

Ventures

10/22 Flint Mobile 9.4 45.7 11.1 74% 316 Provider of mobile

payment applications for

small businesses.

Digicel Group,

Peninsula Ventures,

Storm Ventures, True

Ventures, Verizon

Communications

10/20 Recurly 12.0 45.5 7.8 136% 999 Provider of subscription

billing management as a

service for companies

and small businesses.

Devonshire Investors,

e.ventures, Greycroft

Partners, Polaris

Partners

8/12 Axial 11.0 35.3 9.0 24% 819 Provider of technology-

powered applications and

services for private

capital markets.

Comcast Ventures, First

Round Capital, Redpoint

Ventures

7/16 Redline Trading Solutions5.0 34.9 7.5 118% 1,538 Provider of software

products for latency and

throughput-sensitive

trading applications.

Individual Investor

8/21 Transactis 10.9 34.5 31.4 -29% 646 Provides electronic bill

presentment and

payment services.

Safeguard Scientifics,

StarVest Partners

10/24 D3 Banking 7.0 34.4 5.0 N/A N/A Provider of finance


Route 66 Ventures

10/16 Motionsoft 10.0 28.1 17.6 14% 748 Provider of payment

processing services and

member relationship

management software

for the health and

wellness industry.

Edison Partners,

Maryland Venture

Fund, Route 66

Ventures

P a g e | 29


f. Financial Technology & Planning (continued)


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


7/25 Decision Lens 6.5 26.5 0.0 N/A N/A Provider of strategic

prioritization and

resource optimization

software services.

Vision Thinkers

11/12 SimplyTapp 6.0 20.2 1.4 226% 334 Developer of cloud-based

payment technologies.

Blue Sky Capital,

Lightspeed Venture

Partners

1/8 Compliance Science 8.3 19.5 0.0 N/A N/A Provider of web based,

regulatory compliance

technology and services

to the financial services

community.

Edison Partners

7/15 Plastiq 10.0 16.9 8.2 -6% 502 Provider of an e-

commerce payment

platform.

Atlas Venture, Flybridge

Capital Partners, Khosla

Ventures

8/21 Continuity Engine 10.0 13.8 8.5 33% 62 Provider of software as a

service (SaaS) operations

and governance platform

for community financial

institutions.

BancVue, Connecticut

Innovations, River Cities

Capital Funds, Thomas

J. Watson

6/13 LogFire 8.3 12.5 0.0 N/A N/A Provider of multi-tenant,

cloud-based warehousing

and in-store inventory

platform.

Edison Partners,

Fulcrum Equity Partners

9/24 Centage 9.5 8.8 0.0 N/A N/A Developer of financial

software.

Northgate Capital, TVC

Capital

8/19 Clinverse 9.1 8.3 8.6 -39% 328 Provider of an online

clinical trial payment

network to electronically

connect sponsors.

Edison Partners,

Hatteras Venture

Partners

P a g e | 30

g. IT Security


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


1/5 iSIGHT Partners 30.0 153.1 19.3 N/A N/A Provider of cyber security

risk-management

services.

Bessemer Venture

Partners

5/15 Netskope 35.0 145.4 22.5 109% 224 Provider of cloud-

analytics and policy

services.

Accel Partners,

Lightspeed Venture

Partners, Social+Capital

Partnership

7/10 Malwarebytes 30.0 135.8 0.0 N/A N/A Developer of software to

protect people and

businesses from

advanced online threats.

Highland Capital

Partners

2/18 Invincea 17.3 113.3 13.5 54% 456 Developer of

cybersecurity software.

Aeris Capital, CIT GAP

Funds, Dell Ventures,

Grotech Ventures,

Harbert Venture

Partners, New Atlantic

Ventures

11/20 CloudLock 6.7 111.5 28.7 62% 119 Provider of cloud-data

security services.

Ascent Venture

Partners, Bessemer

Venture Partners,

Cedar Fund

8/20 vArmour Networks 21.0 101.4 23.0 41% 194 Developer of software

defined security (SDSec)

for virtualized data

centers.

Citi Ventures, Columbus

Nova Technology

Partners, Work-Bench

2/13 CloudPassage 25.5 101.2 28.1 N/A N/A Provider of security

software as a service for

securing cloud servers.

Benchmark Capital,

Meritech Capital

Partners, Musea

Ventures, Shasta

Ventures, Stephen J.

Luczo, Tenaya Capital

8/12 Lastline 10.0 93.2 16.9 113% 410 Provider of active

malware protection for

networks against

targeted attacks.

Dell Ventures,

e.ventures, Presidio

Ventures, Redpoint

Ventures

4/16 BetterCloud 8.6 91.2 13.0 52% 203 Provider of enterprise

class management and

security tools specifically

built to integrate with

Google Application

domains.

Ashish H. Mistry,

Flybridge Capital

Partners

3/19 Digital Guardian 12.0 82.9 42.8 13% 1,076 Provider of information

protection services.

Brookline Venture

Partners, Fairhaven

Capital Partners,

General Electric Pension

Trust

P a g e | 31


g. IT Security (continued)


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


2/20 Cylance 20.0 78.4 15.0 125% 372 Developer of security

software and services.

Fairhaven Capital

Partners, Khosla

Ventures, The

Blackstone Group

2/20 Ionic Security 25.6 74.4 11.4 85% 304 Provider of data security

platform.

ff Venture Capital,

Google Ventures,


Perkins Caufield &

Byers, Webb

Investment Network

4/22 Damballa 13.0 72.5 44.5 0% 582 Developer of firewall and

internet security

software.

Adams Street Partners,

Blumberg Capital, GRA

Ventures, Imlay

Investments, InterWest

Partners, Mubadala

Development, Noro-

Moseley Partners,

Paladin Capital, Palomar

Ventures

12/4 ThreatStream 22.5 69.1 4.3 246% 287 Provider of a SaaS-based

cyber security intelligence

platform.

General Catalyst

Partners, Google

Ventures, Institutional

Venture Partners,

Paladin Capital Group

6/27 Elastica 18.3 63.6 6.8 213% 666 Provider of cloud security

software.

N/A

8/5 Bitglass 25.0 62.7 10.0 162% 516 Developer of enterprise

security software.

New Enterprise

Associates, Norwest

Venture Partners,

SingTel Innov8

5/14 Sift Science 18.1 62.2 5.6 209% 421 Provider of a platform

that monitors website

traffic to alert clients of

fraudulent activity.


Max Levchin, Spark

Capital, Union Square

Ventures

2/7 vArmour Networks 15.0 56.8 8.0 221% 388 Developer of software

defined security (SDSec)

for virtualized data

centers.

Draper Nexus, Menlo

Ventures

9/23 Agari Data 15.0 55.0 8.0 166% 575 Provider of e-mail

authentication and online

communication


Alloy Ventures, Battery

Ventures, First Round

Capital, Scale Venture

Partners

2/27 Nok Nok Labs 16.5 52.6 19.4 50% 1,153 Provider of

authentication

infrastructure services to

enterprise customers.

DCM, Lenovo, ONSET

Ventures

P a g e | 32

g. IT Security (continued)


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


5/19 Dashlane 22.0 35.1 8.6 96% 598 Provider of identity


Bernard Liautaud,

Bessemer Venture

Partners, FirstMark

Capital, Rho Ventures

12/9 DB Networks 17.0 28.7 6.8 71% 679 Provider of database

security software.

Citi Ventures, Grotech

Ventures, Khosla

Ventures

6/16 CounterTack 20.0 25.9 20.2 8% 486 Provider of cyber-threat

detection services.

Alcatel-Lucent, Arsenal

Venture Partners,

Fairhaven Capital,

Goldman Sachs, Razor's

Edge Ventures, Siemens

Venture

7/9 Wombat Security Technologies6.7 23.2 0.8 63% 503 Provider of cyber security

training and filtering

systems.

BlueTree Allied Angels,

Innovation Works,

Level Equity

6/9 Exabeam 10.0 21.8 3.0 190% 369 Developer of security

analytics technologies.

Aspect Venture

Partners, Norwest

Venture Partners,

Shlomo Kramer

7/31 Confident Technologies5.6 16.0 3.9 16% 1,249 Provider of image-based

authentication and

verification solutions.

N/A

P a g e | 33


h. Human Resources & Training Software


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


12/9 Hired 15.0 188.5 18.0 253% 260 Provider of a marketplace

for recruiting software

engineers.

Comcast Ventures,

Crosslink Capital, Lumia

Capital,

SherpaVentures, Sierra

Ventures, Silicon Valley

Bank, SoftTech VC

9/1 Jobvite 30.0 119.3 30.7 37% 1,203 Provider of a recruitment

application that allows to

collaborate on hiring

people.

ATA Ventures, Catalyst

Investors, CMEA

Capital, Trident Capital

3/5 GuideSpark 15.0 90.1 4.0 N/A N/A Provider of digital

employee communication

technology.

IDG Ventures USA, New


Philip Sanderson, Storm

Ventures

5/20 Jibe 20.0 79.3 21.9 132% 470 Provider of browser-

based technology for

personnel recruiting.

Draper Fisher

Jurvetson, Gotham

Ventures, Longworth

Venture Partners,

Polaris Partners,

Sapphire Ventures,

Thrive Capital

4/29 WorkFusion 15.1 47.3 7.0 128% 294 Provider of infrastructure

applications for data

analysis.

Greycroft Partners,

iNovia Capital, Mohr

Davidow Ventures, RTP

Ventures

6/12 HackerRank 9.2 45.0 3.2 237% 1,002 Provider of an online

platform to connect

corporate professionals

with students.

Battery Ventures, Dan

Rubinstein, Greg

Badros, Khosla

Ventures, Peeyush

Ranjan

2/13 RiseSmart 11.0 41.0 13.9 106% 743 Provider of enterprise

career management

services.

Accel-KKR, Norwest

Venture Partners

6/4 Gild 13.5 40.0 12.4 135% 481 Provider of human

resource and recruiting

software.

Baseline Ventures,

Correlation Ventures,

Drive Capital,

Globespan Capital

Partners, Mark

Kvamme, Menlo

Ventures, Sapphire

Ventures

11/4 Namely 12.0 32.9 8.3 64% 139 Developer of a cloud-

based human capital


Bullpen Capital, Lerer

Hippeau Ventures,

Matrix Partners, True

Ventures

P a g e | 34

h. Human Resources & Training Software (continued)


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


10/13 VoloMetrix 12.0 31.0 4.9 158% 537 Developer of applications

for tracking

communications and

performance for

employees of an

organization.

Shasta Ventures, Split

Rock Partners

8/12 Hireology 10.0 30.0 2.7 97% 189 Provider of a selection

management platform

for hiring employees.

Bain Capital Ventures

8/14 Greenhouse Software 7.5 26.4 2.7 138% 273 Provider of a

comprehensive recruiting

performance

improvement system.

Felicis Ventures,

Resolute Ventures,

Social+Capital

Partnership

8/19 The Resumator 15.0 24.7 3.0 114% 659 Provider of applicant

tracking, social recruiting

and job marketing

platform.

Birchmere Ventures,

Blue Cloud Ventures,

Innovation Works,

Rincon Venture

Partners, Volition

Capital

6/16 SmashFly Technologies 9.0 18.1 0.0 N/A N/A Provider of a recruitment

marketing platform.

OpenView Venture

Partners

2/13 Hoopla Software 8.0 15.8 2.8 165% 729 Provider of sales

gamification application.

Illuminate Ventures,


Trinity Ventures

P a g e | 35


i. Health Care Software


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


11/19 Valence Health 15.0 129.4 30.0 21% 883 Provider of clinical

integration and data


Foundation Medical

Partners, GE Ventures,

Heritage Group, North

Bridge Venture Partners

4/24 WellCentive 12.0 80.7 6.5 462% 278 Provider of population

health management and

data analytics services

with a national footprint.

Harbert Venture

Partners, Noro-Moseley

Partners, Summit

Partners

2/21 Voalte 36.0 76.6 12.0 N/A N/A Developer of hospital

point-of-care

communications

software technology.

Bedford Funding Capital

Management

12/3 Comprehend Systems 21.0 71.5 11.2 283% 511 Provider of cloud-based

clinical data insights

tools.

Lightspeed Venture

Partners, Sequoia

Capital

7/14 Remedy Partners 35.2 58.3 0.3 N/A N/A Operator of a health

information and

technology company.

Amedisys, New York

Digital Health

Accelerator

6/26 Truveris 12.8 45.6 13.8 31% 854 Provider of management

tools to sponsors of

prescription benefit plans

and payers of claims

under these plans.

Canaan Partners, First

Round Capital, New

Atlantic Ventures, New

Leaf Venture Partners,

Tribeca Venture

Partners

12/1 Predilytics 10.0 32.7 10.6 250% 431 Provider of predictive-

analytics services for the

healthcare industry.

Flybridge Capital

Partners, Foundation

Medical Partners,

Highland Capital

Partners, Qualcomm

Ventures

5/12 Apixio 13.5 29.7 9.1 37% 633 Provider of clinical data. Bain Capital Ventures

P a g e | 36

i. Health Care Software (continued)


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


1/8 Zephyr Health 15.0 29.6 1.0 N/A N/A Provider of services that

turns data into

information for Fortune

100 human health

companies.


Perkins Caufield &

Byers, Susa Ventures

1/29 OnShift 7.1 28.4 5.9 75% 727 Provider of staff

scheduling and shift

management software

for the healthcare

industry.

Draper Triangle

Ventures, Early Stage

Partners, Fifth Third

Bank, Glengary, HLM

Venture Partners, West

Capital

3/4 Clinicient 15.0 18.7 13.7 126% 441 Provider of web-based

software programs.

Catalyst Investors

1/3 DNAnexus 15.0 16.0 16.7 -46% 814 Developer of software to

analyze DNA-sequencing

data.

Claremont Creek

Ventures, First Round

Capital, Google

Ventures, TPG Biotech

7/15 SA Ignite 5.4 15.2 1.6 142% 685 Developer of software

products to automate

healthcare data collection

and analytics.

N/A

7/8 Syapse 10.0 14.3 4.5 N/A N/A Developer of software

applications to accelerate

biology-based research

and product


Social+Capital

Partnership

P a g e | 37


j. Customer Service & CRM Software


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


10/10 Gainsight 25.6 165.0 31.4 93% 200 Provider of customer

success management

services.

Bessemer Venture

Partners, Lightspeed

Venture Partners

6/12 Freshdesk 31.0 151.0 13.1 120% 203 Provider of on-demand,

customer-support

software.

Accel Partners, Google

Capital, Tiger Global

Management

8/21 DoubleDutch 19.1 104.4 18.5 79% 248 Provider of mobile

customer-relationship

management (CRM)

applications.

Bessemer Venture

Partners, Bullpen

Capital, Enspire Capital,

Index Ventures, Mithril

Capital Management

9/25 FiveStars 25.0 87.8 20.0 68% 783 Provider of customer

loyalty card and web

platform that people can

use at multiple different

retail locations.

DCM, Lightspeed

Venture Partners,

Menlo Ventures, Rogers

Communications

5/5 Evariant 18.3 79.5 7.9 258% 705 Provider of SaaS-based

Customer Relationship

Management (CRM) and

marketing automation

software.

Dignity Health, Health

Enterprise Partners,

Lightspeed Venture

Partners,

Salesforce.com

1/22 Intercom 22.8 65.4 7.8 203% 217 Provider of a customer

relationship management

and messaging tool for

web businesses.

Bessemer Venture

Partners, Social+Capital

Partnership

6/17 Clari 20.0 63.5 6.0 311% 76 Operator of an enterprise

mobile application

platform for sales teams.


Northgate Capital,

Sequoia Capital

2/27 Base CRM 15.0 57.1 8.0 98% 659 Developer of customer

relationship management

(CRM) and sales

software.

Chicago Ventures, Hyde

Park Venture Partners,

Index Ventures, OCA

Ventures, RRE

Ventures, Social+Capital

Partnership

4/1 Buzz Points 19.0 46.0 23.6 -15% 187 Developer of social media

& marketing tools for

financial institutions.

Discover Financial

Services, KEC Ventures,

Lead Edge Capital

11/5 MediaRadar 6.7 45.0 16.1 0% 1,071 Provider of information

services that help

websites, magazines and

newspaper publishers to

improve client

management.


Mousse Partners

5/22 Needle 7.0 42.8 12.5 121% 689 Provider of guided

shopping platform and

sales chat platform for

web, social and mobile

commerce.

Rembrandt Venture

Partners

P a g e | 38

k. Productivity & Workflow Management


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


11/12 VersionOne 20.0 60.0 6.5 N/A N/A Provider of project and

life cycle management

tools.

LLR Partners

1/16 FirstBest 7.8 58.5 26.0 22% 653 Provider of software for

property and casualty,

and worker's

compensation insurers.

Flybridge Capital

Partners

6/11 Procore Technologies 16.2 57.8 5.3 N/A N/A Provider of an online tool

for construction project

management.

Bessemer Venture

Partners, TenOneTen

Ventures

7/15 NetDocuments 25.0 43.8 1.1 N/A N/A Provider of an online

portal to store, share and

access documents.

Frontier Capital

11/20 CS Disco 10.5 30.0 2.0 230% 309 Provider of a document

review software.

Bessemer Venture

Partners, LiveOak

Venture Partners

5/12 NoWait 10.0 23.2 4.2 145% 218 Provider of a mobile

seating management

service.

Birchmere Ventures,

Drive Capital,

Innovation Works

8/27 Etouches 12.5 23.1 12.1 -11% 736 Provider of web-based

event software

management.

Connecticut

Innovations

7/15 Captricity 11.3 21.8 4.5 134% 412 Provider data capture

technology that turns

paper information into

digital data.

Atlas Venture,

Social+Capital

Partnership

9/22 HoneyBook 9.0 20.5 1.0 358% 531 Developer of event

planning platform.

Aleph, Ben Narasin,

Evan Williams, HillsVen

Capital, Michael Birch,

Naval Ravikant, Ooga

Labs, Rick Marini,

Upwest Labs

5/8 LiquidPlanner 8.0 16.3 5.2 N/A N/A Developer of online

project management

software.

TVC Capital

6/27 Knoa Software 5.1 5.2 17.6 -66% 571 Provider of

performance/end-user

experience management

software.

Advantage Capital

Partners, Ascent

Venture Partners,

Gefinor Capital, Rand

Capital

P a g e | 39


l. Communications Technology


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


7/11 Vidyo 20.0 164.2 119.0 N/A N/A Provider of an internet

based video conferencing

tool.

Four Rivers Group,

Juniper Networks,

Menlo Ventures, Orr

Partners, QuestMark

Partners, Rho Ventures,

Saints Capital, Sevin

Rosen Funds, Triangle

Peak Partners

1/21 Nexmo 17.9 80.9 3.3 467% 334 Developer of an

international messaging

platform.

21Vianet Group, Intel

Capital, NHN

Investment

Corporation, Sorenson

Capital

10/6 Kaazing 6.9 60.5 39.9 65% 536 Provider of web

communication software

for living web

applications.

N/A

10/21 Benu Networks 27.7 47.9 43.2 8% 406 Developer of a software

platform for mobile

operators.

Arris Group, Comcast

Ventures, Liberty Global

Ventures, Spark Capital,

Sutter Hill Ventures

1/28 CoTap 10.0 44.4 5.5 110% 244 Provider of an enterprise

mobile-messaging

service.

Charles River Ventures,

Emergence Capital

Partners

2/4 Remind 15.0 34.7 4.5 261% 139 Creator of a mobile-

communication platform

for classrooms.


Kleiner Perkins Caufield

& Byers, Social+Capital

Partnership

1/27 TigerText 21.0 28.1 12.1 39% 725 Provider of enterprise-

grade messaging

services.

Easton Capital

Investment Group, New

Leaf Venture Partners,

New Science Ventures,

OrbiMed Advisors,

Reed Elsevier Ventures,

Shasta Ventures, TELUS

Ventures

4/17 Altia Systems 10.7 17.4 3.2 23% 520 Developer of a video-

collaboration platform.

Intel Capital, Naya

Ventures

P a g e | 40

m. Media & Content


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


10/6 ShareThis 29.9 138.6 46.0 N/A N/A Provider of an online

sharing platform that

enables individuals and

advertisers to distribute

online content to their

profiles, blogs, friends

and contacts.

Blue Chip Venture, DFJ,

Harbourton Capital

Group, Hercules

Technology,

IllinoisVENTURES, Jump

Capital, Pritzker

Company, Mercury

Fund, RPM Ventures

1/23 NewsCred 25.0 116.5 19.8 83% 310 Operator of a content

marketing and

syndication platform.

FirstMark Capital, IA

Ventures, InterWest

Partners, Mayfield Fund

6/2 Movik Networks 21.0 64.2 41.7 0% 1,148 Provider of customized

content and application

awareness solutions for

mobile networks in the

United States.

North Bridge Venture

Partners

10/15 Thismoment 17.6 54.8 39.7 -51% 804 Provider of social media

content management

software.

Sierra Ventures, Trident

Capital, UMC Capital

8/21 Netpulse 18.6 41.8 23.8 57% 752 Provider of an interactive

digital media platform for

fitness centers.

August Capital, DFJ

Frontier Fund, Docomo

Capital, Javelin Venture

Partners, Nokia Growth

Partners

9/11 Mediamorph 10.0 20.7 17.5 N/A N/A Provider of cross

platform media tracking

and business


Liberty Global Ventures,

Smedvig Capital

11/20 Cognitive Media Networks 14.7 18.9 6.0 97% 513 Provider of content

recognition services to

internet television

applications.

DCM, Hearst Ventures,

Rogers Venture

Partners

4/2 GTxcel 8.8 7.3 6.2 N/A N/A Developer of digital

publishing technology.

N/A

P a g e | 41


n. Utilities & Energy Management


Raise

($M)

Pre-money

Valuation

($M)

Raised

Prior

to Round

Valuation

Increase

(%)

Days Since

Last Round


2/27 Noesis Energy 6.0 27.0 15.1 0% 570 Provider of energy


Austin Ventures, Black

Coral Capital

1/27 AutoGrid 12.8 24.8 11.1 N/A N/A Provider of big data

analytics and cloud-

computing technology for

the energy industry.

ClearSky Power &

Technology Fund, E.ON,

Foundation Capital,

Voyager Capital

6/9 Lucid Design Group 8.2 24.2 1.5 168% 1,616 Provider of cloud-based

information feedback

technology to save

energy and water in

buildings.

Formation 8, Zetta

Venture Partners

1/27 Simple Energy 6.0 19.5 2.9 N/A N/A Provider of a customer

engagement and an e-

commerce platform.

Bullet Time GP, The

Westly Group, Vision

Ridge Partners

7/1 EnergySavvy 8.3 15.8 4.9 11% 698 Provider of cloud-based

demand-side

management software

for the utility industry.

El Dorado Investment,

EnerTech Capital

Partners, Pivotal

Investments, Prelude

Ventures

5/20 Powerhouse Dynamics 6.0 13.9 5.9 N/A N/A Provider of electric

energy monitoring

systems for home and

office.

Highbridge Principal

Strategies,

Massachusetts Clean

Energy, Point Judith

Capital, SOSventures,

Vision Ridge

7/2 Veros Systems 11.0 7.6 1.9 N/A N/A Provider of software to

monitor the reliability and

energy efficiency of

electrically powered

rotating machines.

Austin Ventures,

Chevron Technology

Ventures, LiveOak

Venture Partners, Shell

Technology Ventures

4/1 SCIenergy 12.0 4.6 50.3 -90% 466 Provider of cloud-based

energy management

system.

Blue Hill Investment,

Braemar Energy

Ventures, DFJ Growth,

Draper Fisher

Jurvetson, Edison

Energy, Mitsui & Co.,

The Westly Group,

Triangle Peak Partners