shaking the moneytreetm q2 2014 update shaking the moneytree q2 201… · produce the moneytree...
TRANSCRIPT
Shaking the MoneyTreeTM
Q2 2014 Update
www.pwc.com
PricewaterhouseCoopers/National Venture Capital Association MoneyTreeTM Report based on data from Thomson Reuters
HJ Paik Director, Emerging Company Services [email protected] (213) 356-6110
About the report
2 Shaking the MoneyTreeTM
• PricewaterhouseCoopers and the National Venture Capital Association produce the MoneyTree Report™, based on data from Thomson Reuters
• ‘Core’ measure of equity investments in venture-backed companies in the United States
• Companies have received at least one round of financing, involving a professional VC firm or equivalent
• Captures: tranches, not term sheets, foreign VCs, qualified private placement
• Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc.
• MoneyTree™ Report in its 19th year
• Results online at www.pwcmoneytree.com and www.nvca.org
Q2 2014
MoneyTree total investments Annual venture capital investments 1995 – Q2 2014 YTD
3
Shaking the MoneyTreeTM
$8.0 $11.4
$15.1 $21.6
$54.9
$105.1
$40.9
$22.2 $19.6 $22.8 $23.5
$27.6 $32.0 $30.2
$20.3 $23.4
$29.8 $27.4 $29.7 $22.7
$0
$20
$40
$60
$80
$100
$120
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Q2
YTD
($ in billions)
# of deals
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q2
YTD
1,897 2,637 3,232 3,745 5,603 8,040 4,591 3,208 3,027 3,231 3,298 3,884 4,229 4,182 3,156 3,651 4,017 3,888 4,106 2,099
Q2 2014
MoneyTree total investments: Q1 2009 – Q2 2014
4
($ in billions)
Shaking the MoneyTreeTM
$3.9
$5.1
$6.5 $6.3 $6.1
$9.7
$5.1
$7.1
$8.2
$7.4 $7.2
$13.0
$5.4 $5.5
$7.6
$6.7
$8.0
$5.9 $5.7
$7.5 $7.0
$8.5
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
2009 2010 2011 2012 2013 2014Q1 Q2 Q3 Q4
2009 2010 2011 2012 2013 2014
# of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Deals 680 765 767 944 826 1,023 891 911 907 1,088 1,022 1,000 886 987 948 1,067 923 1,000 1,057 1,126 985 1,114
Q2 2014
MoneyTree total investments
Quarterly venture capital investments Q1 2010 – Q2 2014
5 Shaking the MoneyTreeTM
$5.1
$7.1
$5.5 $5.7 $6.5
$8.2 $7.6 $7.5
$6.3 $7.4
$6.7 $7.0 $6.1
$7.2 $8.0 $8.5
$9.7
$13.0
0
200
400
600
800
1000
1200
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14
# D
eals
Total amount invested ($B)
Average deal size ($M)
$6.2 $7.0
$6.2 $6.2 $7.2 $7.6 $7.4 $7.5 $7.1 $7.5 $7.0 $6.5 $6.6
$7.2 $7.5 $7.5
$9.9
$11.6
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14
Q2 2014
$0.4
$13
$29
$99
$135
$141
$151
$219
$247
$354
$364
$411
$497
$761
$1203
$1251
$7094
- $2000 $4000 $6000 $8000
AK/HI/PR
South Central
Upstate NY
Sacramento/N.Cal
North Central
Philadelphia Metro
Colorado
SouthWest
DC/Metroplex
Texas
Southeast
Northwest
Midwest
Southern California
NY Metro
New England
Silicon Valley
($ in millions)
Investments by region: Q2 2014
6 Shaking the MoneyTreeTM
Unknown region totals not included
Region # of Deals % Change $ from Q1’ 14
Silicon Valley 365 45%
New England 128 26%
NY Metro 122 28%
Southern California 94 -2%
Midwest 82 17%
Southeast 61 39%
DC/Metroplex 58 12%
Texas 47 2%
Northwest 40 74%
Philadelphia Metro 28 39%
North Central 21 25%
SouthWest 20 -16%
Colorado 20 34%
Upstate NY 14 1,181%
South Central 8 -28%
Sacramento/N.Cal 5 98,447%
AK/HI/PR 1 29%
Total 1,114 34%
Q2 2014 Total Investments - $12,968.8 million in 1,114 deals
Q2 2014
41%
12% 10% 9%
3%
46%
11% 9% 9%
5%
39%
11% 13%
7% 4%
51%
10% 10% 8%
4%
55%
10% 9%
6% 4%
0%
10%
20%
30%
40%
50%
60%
Silicon Valley New England NY Metro Southern California Midwest
(% of total dollars) Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14
Investments by region – Quarterly percent of total U.S. investments
7 Shaking the MoneyTreeTM
Top 5 US regions : Q1 2013 – Q2 2014
Q2 2014
Investments by industry: Q2 2014
8 Shaking the MoneyTreeTM
Visit www.pwcmoneytree.com for Industry definitions
$0.1
$26
$36
$84
$125
$130
$165
$233
$270
$309
$553
$649
$718
$747
$1024
$1,062
$4,008
- $2000 $4000 $6000 $8000
Other
Business Products and Services
Telecommunications
Healthcare Services
Electronics/Instrumentation
Semiconductors
Networking and Equipment
Retailing/Distribution
Computers and Peripherals
Financial Services
Consumer Products and Services
Medical Devices and Equipment
Industrial/Energy
IT Services
Media and Entertainment
Biotechnology
Software
($ in millions)
Q2 2014 Total Investments - $12,968.8 million in 1,114 deals
Industry # 0f
Deals % Change in $
from Q1' 14
Software 454 50%
Media and Entertainment 124 40%
Biotechnology 122 69%
IT Services 97 -6%
Medical Devices and Equipment 73 8%
Industrial/Energy 68 36%
Consumer Products and Services 58 <1%
Semiconductors 21 -29%
Retailing/Distribution 18 -7%
Financial Services 17 <1%
Healthcare Services 12 6%
Business Products and Services 12 -69%
Electronics/Instrumentation 11 -30%
Computers and Peripherals 10 44%
Telecommunications 8 -43%
Networking and Equipment 7 702%
Other 2 -96%
Total 1,114 34%
NV = no value in prior quarter
Q2 2014
Investments by industry – Quarterly percent of total U.S. investments
9 Shaking the MoneyTreeTM
(% of Total Dollars)
Top 5 Industries : Q2 2013 – Q2 2014
32%
20%
9% 9%
5%
45%
12%
8% 5% 5%
35%
16% 14%
7% 7%
42%
11%
8% 8% 5%
47%
14%
8% 6% 6%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Software Biotechnology Media andEntertainment
IT Services Industrial/Energy
Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14
Q2 2014
Life science investments – Percent of total U.S. investments Life science sector – Q2 2013 – Q2 2014
10 Shaking the MoneyTreeTM
20%
7%
28%
12%
7%
19%
16%
5%
22%
11%
6%
17%
14%
5%
19%
0%
5%
10%
15%
20%
25%
30%
Biotechnology Medical Devices and Equipment Life Sciences
(% of total dollars)
Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14
Q2 2014
Internet-specific & Software investments
11 Shaking the MoneyTreeTM
Q1 2010 – Q2 2014
Internet-specific investments ($B)
$0.9 $1.1 $1.1 $1.2
$1.4
$2.3
$1.7 $1.7 $1.6
$2.0
$1.6 $1.5 $1.3
$1.8
$1.5
$2.4 $2.3
$2.7
0
50
100
150
200
250
300
350
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14
$ Invested
# of deals
Software investments ($B)
$1.0 $1.4 $1.3 $1.5 $1.5
$1.9 $2.3
$1.9 $1.8
$2.5 $2.0
$2.3 $2.4 $2.3
$3.6 $2.9
$4.1
$6.1
0
50
100
150
200
250
300
350
400
450
500
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14
$ Invested
# of deals
Q2 2014
Investments by stage of development: Q2 2014
12 Shaking the MoneyTreeTM
$2,546
$125
$2,885
$3,913
Seed Stage Early Stage
Expansion Stage Later Stage
Q2 2014 Total Investments - $12,969 million in 1,114 deals
Stage of Development # of
Deals
% Change in $ from Q1 2014
Seed Stage 55 46%
Early Stage 522 17%
Expansion Stage
308 53%
Later Stage 229 25%
Total 1,114 34%
($) in millions
Q2 2014
US Investments by stage: Quarterly Q1 2012 – Q2 2014
13 Shaking the MoneyTreeTM
Amount Invested by Stage ($M)
$177 $281 $177 $194 $191 $238 $194 $347 $130 $189
$1,983 $2,197
$1,963 $2,325 $1,618
$2,606 $2,912 $2,995 $3,262 $3,826
$1,813
$2,786 $2,553 $2,228
$2,072
$2,190 $2,505
$2,939 $3,756
$5,745
$2,359
$2,164
$1,990 $2,240
$2,184
$2,136
$2,351
$2,216
$2,562
$3,209
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14
Later Stage
ExpansionStage
Early Stage
Seed Stage
Q2 2014
US Investments by stage: Quarterly Q1 2012 – Q2 2014
Number of Deals by Stage
14 Shaking the MoneyTreeTM
64 88 72 73 55 48 56 70 46 55
362
447 427
517
425 527
576 556
477 522
226
258 254
255
238
231
240 288
269
308 234
194 195
222
205
194
185
212
193
229
0
200
400
600
800
1,000
1,200
Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14
Later Stage
ExpansionStage
Early Stage
Seed Stage
Q2 2014
Investments by sequence of financing: Q2 2014
15
($) in millions
Shaking the MoneyTreeTM
$1,859
$11,109
First Sequence Follow-on
Financing # of Deals % Change in $ from Q1 2014
First Sequence 351 48%
Follow-on 763 31%
Total 1,114 34%
Q1 2014 Total Investments - $9,469 million in 951 deals
Q2 2014
First sequence financing Investment amount: Q1 2009 – Q2 2014
First sequence investments
16 Shaking the MoneyTreeTM
$0.7
$1.0
$1.2
$0.9 $0.9
$1.3
$0.8
$1.1
$1.6
$1.1 $1.2
$1.9
$0.8
$1.3 $1.3
$1.1
$1.3
$1.2
$0.9
$1.3 $1.2
$1.5
-
$0
$0
$1
$1
$1
$1
$1
$2
$2
$2
2009 2010 2011 2012 2013 2014
($ in billions) Q1 Q2 Q3 Q4
Q2 2014
First sequence financing Number of deals: Q1 2009 – Q2 2014
First sequence deals
17 Shaking the MoneyTreeTM
167
235
304
261
289 293
196
293
364
330 342 351
187
274
350
321
374
281 288
333
370 362
-
100
200
300
400
500
2009 2010 2011 2012 2013 2014
Q1 Q2 Q3 Q4
Q2 2014
Number of First-Time vs. Follow-On Deals US Venture Capital deals 2008 – Q2 2014 YTD
Number of Deals
18 Shaking the MoneyTreeTM
831 1,090
1,351 1,282 1,367
644
2,325
2,561
2,666 2,606
2,739
1,455
0
500
1000
1500
2000
2500
3000
3500
4000
4500
2009 2010 2011 2012 2013 2014 YTD
Follow on First sequence
Q2 2014
First sequence financing – Percent of total U.S. investments: 2009 – Q2 2014 YTD
19 Shaking the MoneyTreeTM
17% 16%
15%
20% 19%
16%
23%
16%
19%
20%
18% 17%
15% 15%
17% 18%
15% 17% 17% 17%
13% 14%
25%
26% 24%
30% 28% 29%
31% 32%
34% 33% 34%
33%
29%
33% 34% 35%
31%
34% 35%
32%
30% 32%
0%
5%
10%
15%
20%
25%
30%
35%
40%
% of Total Dollars % of Total Deals
Q2 2014
Quarterly percent of total first sequence dollars – Stage of development
20
Stage of Development – Q2 2013 – Q2 2014
Shaking the MoneyTreeTM
15%
70%
8% 7%
12%
63%
18%
7%
20%
53%
14% 13%
8%
71%
11% 10% 7%
50%
26%
17%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Seed Stage Early Stage Expansion Stage Later Stage
(% of first sequence dollars)
Q2 '13
Q3 '13
Q4 '13
Q1 '14
Q2 '14
Q2 2014
Quarterly percent of total first sequence deals – Stage of development
21
Stage of Development – Q2 2013 – Q2 2014
Shaking the MoneyTreeTM
12%
72%
10% 6%
13%
73%
10%
5%
15%
66%
13%
5%
13%
70%
11% 6%
11%
63%
15% 11%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Seed Stage Early Stage Expansion Stage Later Stage
(% of first sequence deals)
Q2 '13
Q3 '13
Q4 '13
Q1 '14
Q2 '14
Q2 2014
First sequence deals in seed & early stage companies 1995 – Q2 2014 YTD
22 Shaking the MoneyTreeTM
53
7 711
818
96
1
1,7
78
2,5
00
913
59
6
58
9 715
74
9
89
3 1,0
15
93
7
612
82
5
1,0
65
1,0
47
1,13
3
50
5
60% 62% 63%
67% 72%
74% 74% 70%
76% 73%
70% 70% 71% 72% 74% 76%
79%
82%
83% 78%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0
1000
2000
3000
Seq 1 Deals in Seed/Early Stage
% of Total Seq 1 DealsSeed stage
Early stage
Q2 2014
Median deal size vs. mean deal size – Quarterly total U.S. investments: Q1 2009 – Q2 2014
23
($ in millions)
Shaking the MoneyTreeTM
$3.0 $2.5
$3.1
$2.4
$2.9 $3.0 $2.7
$2.8 $2.5
$3.0 $3.0
$2.5 $3.0 $3.0
$2.3 $2.2 $2.3 $2.5 $2.6 $2.7
$3.3 $3.5
$5.7
$6.6 $7.1
$6.3 $6.2
$7.0
$6.2 $6.2 $7.2
$7.6 $7.4 $7.5
$7.1 $7.5
$7.0 $6.5 $6.6
$7.2 $7.5
$7.5
$9.9
$11.6
-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
Median Deal Size Mean Deal Size
Q2 2014
SoCal MoneyTree total investments: 2009 – Q2 2014
24 Shaking the MoneyTreeTM
($ in millions)
Q2 2014
# of
Deals
2009 2010 2011 2012 2013 2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
63 74 80 75 88 106 80 84 77 98 91 80 95 99 83 101 91 84 93 91 92 94
$3
81.
0
$6
39
.3
$5
97
.5
$9
59
.6
$5
71.
1
$7
76
.1
$5
76
.6
$8
87
.7
$8
77
.9
$8
95
.2
$6
16.8
$7
61.
1
$4
79
.9
$4
48
.2
$6
63
.1
$7
24
.9
$7
08
.1
$5
89
.8
$5
58
.2
$8
31.
9
$7
12.8
$6
11.5
$0.0
$200.0
$400.0
$600.0
$800.0
$1,000.0
$1,200.0
2009 2010 2011 2012 2013 2014
Q1 Q2 Q3 Q4
$0.1
$0.2
$1.0
$3.1
$10.0
$11.6
$14.4
$26.2
$33.3
$39.7
$51.3
$101.8
$167.0
$301.5
$0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0
Business Products and Services
Retailing/Distribution
Financial Services
Telecommunications
Computers and Peripherals
Electronics/Instrumentation
Semiconductors
Industrial/Energy
Networking & Equipment
Medical Devices and Equipment
Media and Entertainment
Consumer Products and Services
IT Services
Biotechnology
Software
($ in millions)
Southern California investments by industry: Q2 2014
25 Shaking the MoneyTreeTM
Industry # of Deals
% Change since Q1
2014
Software 39 21%
IT Services 11 161%
Biotechnology 10 6%
Media and Entertainment 9 -33%
Consumer Products and Services 6 183%
Medical Devices and Equipment 4 -64%
Semiconductors 3 -71%
Networking and Equipment 2 NV
Industrial/Energy 2 -59%
Computers and Peripherals 2 NV
Retailing/Distribution 2 -99%
Telecommunications 1 -95%
Financial Services 1 -99%
Electronics/Instrumentation 1 21%
Business Products and Services 1 NV
Total 94 -2%
Q2 2014
Q2 2014 Total: $761.1
NM
NV - no value in prior quarter NM - not meaningful
NM
NM
$0.1
$0.2
$1.0
$10.0
$12.5
$14.4
$20.3
$21.1
$38.5
$96.6
$0.0 $50.0 $100.0 $150.0 $200.0
Business Products and Services
Retailing/Distribution
Medical Devices and Equipment
Financial Services
Telecommunications
Electronics/Instrumentation
Networking and Equipment
Industrial/Energy
Consumer Products and Services
Biotechnology
Media and Entertainment
IT Services
Software
($ in millions)
Los Angeles investments by industry: Q2 2014
26 Shaking the MoneyTreeTM
Q1 2014 Total: $472.2
Industry # of Deals
% Change $ from Q1
2014
Software 24 80%
IT Services 10 167%
Media and Entertainment 6 -13%
Consumer Products and Services 4 1,168%
Biotechnology 2 7,159%
Industrial/Energy 2 -54%
Networking and Equipment 1 NV
Electronics/Instrumentation 1 21%
Telecommunications 1 -95%
Financial Services 1 -97%
Medical Devices and Equipment 1 NV
Retailing/Distribution 1 NM
Business Products and Services 1 NV
Total 55 55%
NV - no value in prior quarter NM – not meaningful
Q2 2014
$0.5
$2.5
$8.0
$12.5
$17.1
$26.0
$0.0 $10.0 $20.0 $30.0 $40.0 $50.0
Media and Entertainment
Computers and Peripherals
Semiconductors
Medical Devices and Equipment
Software
Consumer Products and Services
($ in millions)
NV - no value in prior quarter
Orange County investments by industry: Q2 2014
27 Shaking the MoneyTreeTM
Q2 2014 Total: $66.5
Industry # of Deals
% Change $ from Q1 2014
Software 6 -82%
Medical Devices and Equipment 2 -87%
Media and Entertainment 2 -76%
Consumer Products and Services 1 NV
Semiconductors 1 NV
Computers and Peripherals 1 NV
Total 13 -68%
Q2 2014
$0.1
$0.6
$0.7
$3.6
$5.0
$5.2
$13.6
$20.7
$27.0
$146.0
$0.0 $50.0 $100.0 $150.0 $200.0 $250.0
Retailing/Distribution
Computers and Peripherals
Media and Entertainment
Semiconductors
Consumer Products and Services
IT Services
Networking and Equipment
Medical Devices and Equipment
Software
Biotechnology
($ in millions)
Industry # of Deals
% Change $ from Q1
2014
Software 9 145%
Biotechnology 8 -7%
Semiconductors 2 -91%
Medical Devices and Equipment 1 NV
Networking and Equipment 1 NV
IT Services 1 NV
Consumer Products and Services 1 -70%
Media and Entertainment 1 -95%
Computers and Peripherals 1 NV
Retailing/Distribution 1 -96%
Total 26 -15%
San Diego investments by industry: Q2 2014
28 Shaking the MoneyTreeTM
Q2 2014 Total: $222.4
NV - no value in prior quarter NM - not meaningful
Q2 2014
SoCal venture capital firms: Q2 2014 investments
29 Shaking the MoneyTreeTM Q2 2014
Venture capital firm Location Investments
Tech Coast Angels Los Angeles 11
Avalon Ventures, LLC La Jolla 8
Correlation Ventures San Diego 8
Upfront Ventures Los Angeles 7
Pasadena Angels, Inc. Altadena 5
Qualcomm Ventures San Diego 5
Creative Artists Agency Inc Los Angeles 4
Angeleno Group Investors LLC Los Angeles 3
J. F. Shea Co Inc Walnut 2
TVC Capital LLC San Diego 2
Steamboat Ventures Burbank 2
Roth Capital Partners LLC Newport Beach 2
RINCON VENTURE PARTNERS L P Santa Barbara 2
NGEN Partners LLC Santa Barbara 2
24 Other Firms 1 each
Venture capital firms: Q2 2014 investments in SoCal
30 Shaking the MoneyTreeTM Q2 2014
Venture capital firm Location Investments
Tech Coast Angels CA,Los Angeles 8
Pasadena Angels, Inc. CA,Altadena 5
Kleiner Perkins Caufield & Byers LLC CA,Menlo Park 4
Avalon Ventures, LLC CA,La Jolla 4
Upfront Ventures CA,Los Angeles 4
True Ventures CA,Palo Alto 3
Redpoint Ventures CA,Menlo Park 3
Greycroft Partners LLC NY,New York 2
Versant Ventures, Inc. CA,Menlo Park 2
Canaan Partners CA,Menlo Park 2
SV Angel II Q LP CA,San Francisco 2
OReilly AlphaTech Ventures LLC CA,San Francisco 2
Shasta Ventures L P CA,Menlo Park 2
RINCON VENTURE PARTNERS L P CA,Santa Barbara 2
Sequoia Capital CA,Menlo Park 2
Sanderling Ventures CA,San Mateo 2
Sherpa Ventures LLC CA,San Francisco 2
Benchmark Capital Management Gesellschaft MBH In Liqu CA,Redwood City 2
95 Other Firms 1 each
Q2 2014 – Most active U.S. venture investors
31 Shaking the MoneyTreeTM
VC Firm Location Number of Deals New Enterprise Associates, Inc. Menlo Park, California 32
Andreessen Horowitz LLC Menlo Park, California 32
First Round Capital Philadelphia, Pennsylvania 27
Kleiner Perkins Caufield & Byers LLC Menlo Park, California 25
SV Angel II Q LP San Francisco, California 23
True Ventures Palo Alto, California 22
Sequoia Capital Menlo Park, California 20
Canaan Partners Menlo Park, California 19
Polaris Partners Waltham, Massachusetts 17
Accel Partners & Co Inc Palo Alto, California 16
Atlas Venture Advisors Inc Cambridge, Massachusetts 16
Khosla Ventures LLC Menlo Park, California 14
Google Ventures Mountain View, California 14
DreamIt Ventures Bryn Mawr, Pennsylvania 14
Greylock Partners Menlo Park, California 14
Redpoint Ventures Menlo Park, California 14
Innovation Works Inc Pittsburgh, Pennsylvania 14
Lerer Ventures New York, New York 14
Foundry Group LLC Boulder, Colorado 12
Venrock, Inc. Palo Alto, California 12
InterWest Partners LLC Menlo Park, California 12
General Catalyst Partners LLC Cambridge, Massachusetts 12
Tech Coast Angels Los Angeles, California 11
Foundation Capital Menlo Park, California 11
Draper Fisher Jurvetson International Inc Menlo Park, California 11
Bessemer Venture Partners, L.P. Larchmont, New York 11
500 Startups, L.P. Mountain View, California 10
Connecticut Innovations Inc Rocky Hill, Connecticut 10
OrbiMed Advisors LLC New York, New York 10
Lightspeed Venture Partners X LP Menlo Park, California 10
Battery Ventures LP Boston, Massachusetts 10
Norwest Venture Partners Palo Alto, California 10
Versant Ventures, Inc. Menlo Park, California 10
Q2 2014
Analysis of venture-backed IPO and M&A activity
32 Shaking the MoneyTreeTM
Source: Thomson Reuters and National Venture Capital Association *Only accounts for deals with disclosed values **Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile
Date Total M&A Deals
Average M&A deal size ($M)*
Number of IPOs**
Total Offer Amount ($M)
Average IPO Offer
Amount ($M)
2009 360 113.4 13 1,979.8 152.3
2010 545 118.0 66 7,409.5 112.3
Q1 2011 139 117.0 14 1,526.9 109.1
Q2 2011 94 167.6 20 5,635.1 281.8
Q3 2011 142 161.3 5 475.9 95.2
Q4 2011 123 131.3 11 2,803.2 254.8
2011 498 142.6 50 10,441.1 208.8
Q1 2012 114 131.1 19 1,682.8 88.6
Q2 2012 124 185.4 12 17,227.9 1,435.7
Q3 2012 124 228.6 10 1,140.7 114.1
Q4 2012 127 126.0 8 1,408.4 176.1
2012 489 171.9 49 21,459.9 438.0
Q1 2013 86 92.7 8 716.9 89.6
Q2 2013 96 218.6 22 2,249.9 102.3
Q3 2013 115 161.9 27 2,781.4 103.0
Q4 2013 94 190.4 24 5,320.1 221.7
2013 391 176.2 81 11,068.2 136.6
Q1 2014 111 251.7 37 3,400.1 91.9
Q2 2014 97 98.6 28 4,926.4 175.9
2014 208 350.3 65 8,330.9 267.9
Q2 2014
Venture capital fundraising
33 Shaking the MoneyTreeTM
Year First Time Funds
Follow-On Funds Total Number of Funds
VC Raised ($M)
2010 53 122 175 13,272.0
2011 61 128 189 19,022.7
2012 75 141 216 19,798.2
2013 57 140 197 17,086.3
2014 Q2 YTD 44 90 134 16,471.1
Quarter
Q1 ‘13 10 37 48 4,387.5
Q2 ‘13 19 36 55 3,328.6
Q3 ‘13 18 46 64 4,430.7
Q4 ‘13 17 37 54 4,939.5
Q1 ‘14 27 36 63 9,076.2
Q2 ‘14 20 58 78 7,394.9
Source: Thomson Reuters & National Venture Capital Association Data current as of July 15, 2014
Q2 2014
© 2014 PricewaterhouseCoopers LLP. All rights reserved. "PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate legal entity.
HJ Paik
Director, Emerging Company Services (213) 356-6110 [email protected]
www.pwcmoneytree.com