MoneyTree Q42010 Full Year

8/6/2019 MoneyTree Q42010 Full Year

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The Q4 2010 MoneyTree™

results are in! This special,expanded report provides

detailed results of Q4 2010 aswell as comprehensive nd-ings for full-years 2009 and

2010. More detailed results,including historical data

back to 1995, can be foundon the MoneyTree™ website

at www.pwcmoneytree.com.

PricewaterhouseCoopers

National Venture Capital Association

MoneyTreeTM

ReportQ4 2010/Full-year 2010Data provide by Thomson Reuters

www.pwc.com



Venture capitalists invested $21.8 billion in 3,277 deals in

2010, an increase of 19 percent in dollars and a 12 percentrise in deals over the prior year. The rise in venture invest-

ments in 2010 represents the rst time the annual invest-ment level has increased since 2007. Investments in thefourth quarter of 2010 totaled $5.0 billion in 765 deals,

a 2 percent increase in dollars but a 3 percent decrease indeals from the third quarter of 2010 when $4.9 billion

went into 789 deals.

Double-digit increases in investments in 2010 were spread

across almost every industry, including the Clean Technol-ogy and Internet-Specic sectors. Investment dollars also

increased across every stage of development category, withthe exception of a 2 percent decrease in Seed stage invest-ments. First-time nancings rose in 2010 compared to the

prior year, however, fourth quarter investing did show adecline in both rst-time dollars and deals when compared

to Q3 2010.

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

(739) (837) (794) (831) (883) (978) (924) (969) (875) (1,067) (1,017) (1,076) (1,027) (1,072) (1,005) (921) (637) (710) (716) (864) (763) (960) (789) (765)

0

5

10

15

20

5,008

6,094

5,739

5,694

6,284

6,941

6,6446,142

7,142

7,207

7,761 7,791

7,807

7,3557,089

5,854

3,390

4,290

5,212 5,384

4,961

6,900

4,945

5,017

`05 `06 `07 `08 `09 `10$ in millions

Quarter

Number of deals

PwC2

Total equity investments into venture-backed companies



The Software industry recaptured its status as the single

largest investment sector for the year, rising 20 percent over2009 to $4.0 billion in 2010, which was invested into 835

deals; a 21 percent rise over the prior year. Biotechnology funding increased modestly in 2010 by 3 percent in dollarsand 8 percent in deals, with $3.7 billion going into 460 deals,

dropping it to the second largest investment sector for the year in terms of dollars and deals. The Medical Device

industry fell 9 percent in dollars and was at in terms of deals in 2010, nishing the year as the fourth largest sector

with $2.3 billion going into 324 deals. The Life Sciencessector (Biotech and Medical Devices combined) accountedfor 28 percent of all venture capital dollars invested in 2010

compared to 33 percent in 2009.

The Clean Technology sector experienced a signicant

increase in 2010 with $3.7 billion invested in 267 deals.This investment level represents a 76 percent increase indollars and a 37 percent increase in deal volume from 2009 when $2.1 billion went into 195 deals. These investment

levels remained below 2008 levels of $4.0 billion into 277

deals, which was an all-time high. With ve of the top ten

deals going to Clean Technology, funding in the sectoraccounted for 17 percent of all venture capital dollars in

2010 compared to 11 percent in 2009.

Internet-specic companies also saw an increase in

investing in 2010. The $3.78 billion going into 729 dealsrepresented a 28 percent increase in dollars and 14 percent

in deals from 2009 when $2.9 billion went into 638 deals.Internet-specic is a discrete classication assigned

to a company whose business model is fundamentally dependent on the Internet, regardless of the company’sprimary industry category. These companies accounted

for 17 percent of all venture capital dollars in 2010, upfrom 16 percent in 2009.

Industry sectors experiencing some of the biggest dollarincreases in 2010 included: IT Services (44 percent); Tele-

communications (77 percent); and Media & Entertainment(18 percent).

Grand Total

0 1,000 2,000 3,000 4,000# of

Deals

0 20,000 30,000

($ in millions) All results rounded


10,000

2009

2010

$21,823

$18,276

692835

426460

234277

323324

218272

252292

126124

132136

10564

84104

5270

5770

8290

6165

3842

2926

1626

2,9273,277

$3,299$3,964

$3,566$3,686

$2,418$3,358

$2,540$2,316

$1,160$1,668

$1,202$1,422

$792

$518

$807$666

$361$529

$371$528

$388$517

$262

$448

$300$375

$136

$273

$146$177

$9$26

Software

Biotechnology

Industrial/Energy

Medical Devices and Equipment

IT Services

Media and Entertainment

Semiconductors

Telecommunications

Networking and Equipment

Consumer Products and Services

Financial Services

Computers and Peripherals

Business Products and Services

Electronics/Instrumentation

Healthcare Services

Retailing/Distribution

Other

$952

$919

Investments by industry 2009 to 2010

Denitions of the Industry categories can be found on the MoneyTree™ web site at www.pwcmoneytree.com

3 MoneyTreeTM

Report



Software investing also increased in the fourth quarter of

2010 to the highest quarterly dollar level since Q3 2007 with $1.1 billion going into 218 deals. Software was the

number one sector for dollars invested and total number of deals in the fourth quarter and was the only industry sectorto receive more than $1 billion in the fourth quarter. For the

fourth quarter, Biotechnology funding declined 24 percentin dollars and fell 15 percent in the number of deals from

the third quarter with $685 million going into 94 rounds.

For the fourth quarter, Medical Devices saw a drop of 31percent in dollars and 15 percent in deals from Q3 2010 with $400 million going into 71 deals. In the fourth quar-

ter, venture capitalists invested $765 million into 57 Clean

Technology deals. Four of the top 10 deals in the fourthquarter fell into the Clean Technology category. Clean

Technology crosses traditional MoneyTree industriesand comprises alternative energy, pollution and recycling,power supplies and conservation.

Fourth quarter Internet-specic investment increased 65

percent in dollars and 19 percent in deals with $1.2 billiongoing into 190 deals compared to $745 million going into

160 deals in the third quarter of 2010.

Software

Industrial/Energy

Biotechnology

Media and Entertainment

IT Services

Medical Devices and Equipment

Computers and Peripherals

Networking and Equipment

Consumer Products and Services

Telecommunications

Semiconductors

Electronics/Instrumentation

Business Products and Services

Financial Services

Healthcare Services

Retailing/Distribution

Other

Grand Total

Q4 10

Q3 10

Q4 09

215201218

# ofDeals

864789765

735972

11611094

806070

566865

938371

151420

241413

251827

463829

433423

181711

182516

181912

8169

965

7710

$1,041

$254

$236

$5,017

$5,384

0

0 1,000

250 400 600 1,000800 1,200

2,000 3,000 4,000 6,0005,000

# ofDeals



$621

$853

$1,106$903

$685

$426

$533

$481$435

$400

$92$91

$149

$143$118

$135

$117$112

$134

$357$126

$248$236

$125

$60$79$77

$72$73$77

$151$90

$72

$28$139

$59

$72

$54$24

$7$7

$3

$418

$1,126$972

$775$578

$175

$4,945

Industry Q4 2009, Q3 2010 and Q4 2010

Denitions of the Industry categories can be found on the MoneyTree™ web site at www.pwcmoneytree.com

PwC4



Investments into Seed Stage companies decreased 2 percent

in terms of dollars but increased 4 percent in terms of deals with $1.7 billion going into 363 companies in 2010. Seed

Stage companies attracted 8 percent of dollars and 11 percentof deals in 2010 compared to 10 percent of dollars and 12percent of deals in 2009. Early Stage investments experienced

double-digit increases, rising 15 percent in terms of dollarsand 25 percent in terms of deals in 2010 to $5.3 billion in

1,147 deals. Early Stage companies attracted 24 percentof dollars and 35 percent of deals in 2010 compared to

25 percent of dollars and 31 percent of deals in 2009.

Expansion Stage investments increased in 2010 by 47 percent

in dollars and 21 percent in deals with $8.5 billion goinginto 1,021 deals. Expansion Stage companies attracted 39

percent of dollars and 31 percent of deals in 2010 comparedto 32 percent of dollars and 29 percent of deals in 2009. In2010, $6.3 billion was invested into 746 Later Stage deals, a

3 percent increase in dollars and a 9 percent decrease in dealsfor the year. Later Stage companies attracted 29 percent of

dollars and 23 percent of deals in 2010 compared to34 percent of dollars and 28 percent of deals in 2009.

# ofDeals

820746

8431,021

9151,147

349363

Later Stage

Expansion

Early Stage

Startup/Seed

0 5,000 10,000 15,000 20,000 25,000# of

Deals

2,9273,277

$18,276

$6,161$6,315

$5,772

$4,603$5,304

$8,493

$21,823


Grand Total


2009

2010

$1,712$1,739

0 1,000 2,000 3,000 4,000 5,000 7,000 8,0006,000 9,000

Investments by stage of development2009 to 2010

Denitions of the Stage of Development categories can be found on MoneyTree™ web site at www.pwcmoneytree.com

5 MoneyTreeTM

Report



For the fourth quarter, venture capitalists invested $243

million into 80 seed stage companies, a 14 percent decreasein dollars and a 7 percent decline in deals compared to

the third quarter of the year. Fourth quarter Early Stagedeals increased with $1.4 billion going into 285 deals, a7 percent increase in dollars and 4 percent increase in

deals from Q3.

Expansion funding rose in the fourth quarter, increasing

32 percent from the prior quarter to $2.2 billion. The num-ber of deals also increased during the quarter, improving

7 percent to 245. Fourth quarter Later Stage fundingdecreased 29 percent in terms of dollars and a 22 percentin terms of deals from the third quarter of 2010.

# ofDeals


203198155

255230245

305275285

1018680

Later Stage

Expansion

Early Stage

Startup/Seed

$1,648$1,721

$1,701

$2,162$1,635

$1,641$1,307

$1,393

0 1,000 2,000 3,000 4,000 6,0005,000# of

Deals864789765

$5,384

$5,017


Grand Total

$394$282

$243

0 500 1,000 2,000 2,500

Q4 10

Q3 10

Q4 09

$4,945

$1,219

Investments by stage of developmentQ4 2009, Q3 2010 and Q4 2010

Denitions of the Stage of Development categories can be found on MoneyTree™ web site at www.pwcmoneytree.com

PwC6



First-time nancings in 2010 jumped 29 percent both in

terms of dollars and deals from the prior year, rising to$4.3 billion going into 999 companies. Industries receiving

the most dollars in rst-time nancings in 2010 wereSoftware, Biotechnology, and Industrial/Energy. Industries with the most rst-time deals in 2010 were Software,

Biotechnology, and Media/Entertainment.

Fifty-one percent of rst-time deals in 2010 were in the

Early Stage of development followed by the Seed Stageof development at 24 percent, Expansion Stage companies

at 17 percent and Later Stage companies at 8 percent.

# ofDeals

774999

1,0031,005

736807

414466

First

Second & Third

Fourth, Fifth, & Sixth

Seventh & Beyond

0 5,000 10,000 15,000 20,000 25,000# of

Deals

2,9273,277

$18,276

$3,327$4,283

$5,645

$6,074

$3,229

$6,908

$7,035

$21,823


Grand Total


2009

2010

$3,598

0 1,000 2,000 3,000 4,000 5,000 7,0006,000 8,000

Investments by sequence of nancing 2009 to 2010

7 MoneyTreeTM

Report



In contrast to 2010 investment trends, the dollar level and

number of companies receiving venture capital for the rsttime decreased in the fourth quarter by 32 and 8 percent,

respectively, over the third quarter, dropping to $836million into 235 companies. The fourth quarter of 2010 was the rst time since the third quarter of 2007 in which

rst-time nancings did not exceed one billion dollars.

# ofDeals


255255235

295233249

194187183

120114

98

First

Second & Third

Fourth, Fifth, & Sixth

Seventh & Beyond

$1,112$1,224

0 1,000 2,000 3,000 4,000 6,0005,000# of

Deals864789765

$5,384


Grand Total

Q4 10

Q3 10

Q4 09

0 500 1,000 1,500 2,000

$4,945$5,017

$836

$1,640$1,513

$1,745

$1,614

$1,619$1,304

$1,019$904

$818

Investments by sequence of nancing Q4 2009, Q3 2010 and Q4 2010

PwC8



Half of the top ten regions to attract venture-backed

funding in 2010 recorded an increase in funding over theprior year. The Midwest reported the greatest jump in 2010

investment with a 77 percent increase in funding followedby Colorado with a 51 percent increase.

Silicon Valley was the top region for the year attracting

40 percent of total US venture capital dollars and 30percent of total US deals. New England was a distant second

at 11 percent of total US funding and 12 percent of totaldeals. Taken together, the top three regions — Silicon Valley, New England, and New York Metro — accounted

for 61 percent of venture-backed funding and 53 percentof deals reported in 2010.

# ofDeals



0 10,000 20,000 30,000

0 2,000 4,000 6,000 8,000 10,000 12,000915961

360387

254350

168205

228245

139187

120143

109115

131136

134156

7977

95118

5950

6858

3642

1223

108

36

2,9273,277

2009

2010

Unknown region totals not included

$7,327$8,513

$2,199$2,537

$955

$1,195

$1,049$933

$688$891

$944$847

$833$598

$727$806

$463$468

$435$431

$383$324

$282

$23$78

$10$46

$18$34

$7$16

$18,276$21,823

$278

$788

$1,876

$1,584

Silicon Valley

New England

NY Metro

LA/Orange County

Midwest

Southeast

Texas

San Diego

DC/Metroplex

Northwest

Colorado

Philadelphia Metro

North Central

South West

South Central

Upstate NY

Sacramento/N.Cal

AK/HI/PR

Grand total

$1,490

Investments by region2009 to 2010

9 MoneyTreeTM

Report



In the fourth quarter, seven of the top ten regions saw an

increase in funding compared to third quarter 2010. Half of the top ten regions reported an increase in funding com-

pared to investment the same time last year. Funding goingto Silicon Valley was up nine percent from the third quarterbut down ve percent compared to the fourth quarter 2009.

New England deals were up two percent compared to third

quarter 2010 but down 23 percent from the fourth quarter2009. Silicon Valley, New England and New York Metro

were the top regions for the quarter and accounted for61 percent of dollars and 53 percent of the deals reportedin the fourth quarter 2010.

281217231

108101

88

688483

695962

454048

251924

323026

325133

343733

483323

334134

303330

211114

95

18

21168

454

12-

13-

864789765

Silicon Valley

New England

NY Metro

Midwest

LA/Orange County

Colorado

San Diego

Southeast

Northwest

DC/Metroplex

Texas

Philadelphia Metro

North Central

South Central

SouthWest

Upstate NY

AK/HI/PR

Sacramento/N.Cal

Grand total

0 500 1,000 1,500 2,000 2,500 3,000# of

Deals

0 3,000 6,000



5,0004,0001,000 2,000

$2,075$ 1,833

$2,001

Unknown region totals not included

$692$526$536

$486$341

$513

$213$258

$378$284

$229$305

$168$88

$254

$344$223

$193$166

$265$191$185$194

$160

$209$259

$143

$215

$138$152$148

$85$130

$99$46

$2$5

$34

$53$72

$31

$6$4$2

$0$50

$3$50

$5,384

$ 5,017

$389

$4,945

Q4 09

Q3 10

Q4 10

Investments by regionQ4 2009, Q3 2010 and Q4 2010

Denitions of the Region categories can be found on MoneyTree™ web site at www.pwcmoneytree.com

PwC10



California was the top state to receive funding in 2010,

with 50 percent of total US venture-backed investment forthe third consecutive year. Massachusetts was in second

place, capturing 11 percent of total US dollars. New York and Texas attracted 6 percent and 4 percent of total dollars,respectively. All but one of the top ten states reported an

increase in 2010 funding when compared to full year 2009.

# ofDeals

# ofDeals

2009

2010

California

Massachusetts

New York

Texas

Washington

Illinois

Pennsylvania

Colorado

North Carolina

New Jersey

Top 10 total

8,0004,000 12,000 16,000 20,000

4,000 8,000 12,000 16,000 20,0000

0($ in millions) All results rounded


1,2021,289

317351

180266

120143

109116

4460

133153

7977

3457

7371

2,2912,583

$9,245$10,978

$2,073$2,373

$935$1,339

$688$891

$607$613

$237$575

$419$508

$463$468

$245

$545$451

$456

$18,652$15,457

Investment by state2009 to 2010

11 MoneyTreeTM

Report



The most active US venture rms closed 21 or more deals in

2010. Kleiner Perkins Caueld & Byers topped the list of mostactive venture rms, completing a total of 76 deals in 2010.

First Round Capital and New Enterprise Associates, roundout the top three rms. For the year, the most active rmsinvested in 25 percent of total deals completed in 2010.

Most active venture investorsFull-year 2010

Firm City # of deals

Kleiner Perkins Caueld & Byers Menlo Park, CA 76

First Round CapitalWest Conshohocken,PA

69

New Enterprise Associates, Inc. Menlo Park, CA 67

Draper Fisher Jurvetson Menlo Park, CA 58

North Bridge Venture Partners San Mateo, CA 55

Polaris Venture Partners Waltham, MA 53

Sequoia Capital Menlo Park, CA 47

Venrock Associates Palo Alto, CA 46

Canaan Partners Westport, CT 42

Domain Associates LLC Princeton, NJ 39

Accel Partners Palo Alto, CA 38

Menlo Ventures Menlo Park, CA 38

U.S. Venture Partners Menlo Park, CA 38

Austin Ventures, L.P. Austin, Texas 37Intel Capital Santa Clara, CA 36

Rho Capital Partners, Inc. New York, NY 36

Foundation Capital Menlo Park, CA 35

Khosla Ventures Menlo Park, CA 35

Bessemer Venture Partners Larchmont, NY 34

Redpoint Ventures Menlo Park, CA 34

Ben Franklin Technology Partners Southeastern PA

Philadelphia, PA 33

True Ventures Palo Alto, CA 33

Benchmark Capital Menlo Park, CA 32

Kansas Technology EnterpriseCorporation

Topeka, KS 32

ARCH Venture Partners Chicago, IL 30

Flagship Ventures Cambridge, MA 30

Highland Capital Partners LLC Lexington, MA 30

InterWest Partners Menlo Park, CA 30

Oak Investment Partners Westport, CT 30

Firm City # of deals

Norwest Venture Partners Palo Alto, CA 29

Sigma Partners Menlo Park, CA 29

Battery Ventures, L.P. Waltham, MA 27

Connecticut Innovations, Inc. Rocky Hill, CT 27

Lightspeed Venture Partners Menlo Park, CA 26

OVP Venture Partners Kirkland, WA 26

Alloy Ventures Palo Alto, CA 25

Frazier Healthcare andTechnology Ventures

Seattle, WA 25

Innovation Works, Inc. Pittsburgh, PA 25

Adams Street Partners LLC Chicago, IL 24

Advanced Technology Ventures Waltham, MA 24

Charles River Ventures Waltham, MA 24

Alta Partners San Francisco, CA 23Greycroft Partners New York, NY 23

Greylock Partners Cambridge, MA 23

Matrix Partners Waltham, MA 23

Founder Collective Somerville, MA 22

HealthCare Ventures LLC Cambridge, MA 22

RRE Ventures LLC New York, NY 22

Village Ventures Williamstown, MA 22

Advantage Capital Partners New Orleans, LA 21

Duff Ackerman & Goodrich LLC San Francisco, CA 21

Edison Venture Fund Lawrenceville, NJ 21

JAFCO Ventures Palo Alto, CA 21

Mohr Davidow Ventures Menlo Park, CA 21

Morgenthaler Ventures Menlo Park, CA 21

Shasta VenturesManagement LLC

Menlo Park, CA 21

Trident Capital Palo Alto, CA 21

PwC12



The most active US venture rms in the fourth quarter 2010

closed six or more deals each. Kleiner Perkins Caueld &Byers topped the fourth quarter’s most active list with a

total off 24 deals, followed by Sequoia Capital, whichparticipated in 21 investments during the quarter.

Most active venture investorsQ4 2010

Firm City # of

dealsKleiner Perkins Caueld & Byers Menlo Park, CA 24

Sequoia Capital Menlo Park, CA 21

First Round Capital West Conshohocken, PA 17

New Enterprise Associates, Inc. Menlo Park, CA 16

North Bridge Venture Partners San Mateo, CA 16

Kansas Technology Enterprise Corporation

Topeka, KS 15

U.S. Venture Partners Menlo Park, CA 15

Draper Fisher Jurvetson Menlo Park, CA 14

Intel Capital Santa Clara, CA 14

Polaris Venture Partners Waltham, MA 14

Bessemer Venture Partners Larchmont, NY 12

Austin Ventures, L.P. Austin, TX 11

Charles River Ventures Waltham, MA 11

Venrock Associates Palo Alto, CA 11

Sigma Partners Menlo Park, CA 10

True Ventures Palo Alto, CA 10

Accel Partners Palo Alto, CA 9

Frazier Healthcare andTechnology Ventures

Seattle, WA 9

InterWest Partners Menlo Park, CA 9

Lightspeed Venture Partners Menlo Park, CA 9

Mission Ventures San Diego, CA 9

Oak Investment Partners Westport, CT 9

Andreessen Horowitz Menlo Park, CA 8

HealthCare Ventures LLC Cambridge, MA 8

Innovation Works, Inc. Pittsburgh, PA 8

Khosla Ventures Menlo Park, CA 8

Menlo Ventures Menlo Park, CA 8

Firm City # of

dealsOVP Venture Partners Kirkland, WA 8

Redpoint Ventures Menlo Park, CA 8

Rho Capital Partners, Inc. New York, NY 8

Adams Street Partners LLC Chicago, IL 7

Domain Associates LLC Princeton, NJ 7

Foundation Capital Menlo Park, CA 7

Google Ventures Mountain View, CA 7

Madrona Venture Group Seattle, WA 7

Norwest Venture Partners Palo Alto, CA 7

Spark Capital Boston, MA 7

Tenaya Capital New York, NY 7

Advanced Technology Ventures Waltham, MA 6

ARCH Venture Partners Chicago, IL 6

Ben Franklin Technology Partners Southeastern PA

Philadelphia, PA 6

Benchmark Capital Menlo Park, CA 6

Connecticut Innovations, Inc. Rocky Hill, CT 6

Duff Ackerman & Goodrich LLC San Francisco, CA 6

Essex Woodlands Health Ventures New York, NY 6

Foundry Group Boulder, CO 6

Greylock Partners Cambridge, MA 6

Highland Capital Partners LLC Lexington, MA 6

JumpStart, Inc. Cleveland, OH 6

Matrix Partners Waltham, MA 6

MPM Capital Boston, MA 6

Rockport Capital Partners Boston, MA 6

RRE Ventures LLC New York, NY 6

Trident Capital Palo Alto, CA 6

Union Square Ventures New York, NY 6

13 MoneyTreeTM

Report



The 2010 venture-backed exit market appeared to be on

the rebound. The year ended with 420 venture-backedMergers and Acquisitions (M&A) deals with a total

disclosed value of $18,307.2 million. In 2009, by comparison, there were 273 M&A transactions witha total disclosed value of $13,552.9 million.

Venture-backed merger and acquisitions exits2008 to 2010

QuarterNumber of IPOs

Q4(65)

Q3(89)

Q2(85)

Q1(109)

Q4(74)

Q3(69)

Q2(65)

Q1(65)

Q4(88)

Q3(111)

Q2(99)

Q1(122)

$ in millions

`08 `09 `10

0

2,000

4,000

6,000

8,000

10,000

$4,983

$3,235

$1,392

$2,391

$666

$3,022

$4,023

$5,676

$5,587

$8,924

$2,570 $3,268

Source: Thomson Reuters & National Venture Capital AssociationData current as of January 03, 2011

PwC14



The tally of venture-backed IPOs completed in the fourth

quarter of 2010 was more than double the number reportedin the third quarter. The year also ended on a high note

with 72 exits valued at $7,017.5 million. In contrast, there were 12 venture-backed IPOs 2009 and only 6 completedin 2008.

Venture-backed initial public offerings (IPO)2008 to 2010

QuarterNumber of IPOs

Q4(0)

Q3(1)

Q2(0)

Q1(5)

Q4(4)

Q3(3)

Q2(5)

Q1(0)

Q4(32)

Q3(14)

Q2(17)

Q1(9)

$ in millions

`08 `09 `10

0

1,000

2,000

3,000

4,000

$283 $188

$572

$0 $0

$1,275

$1,249

$3.557

$936

$349

$721

$0

Source: Thomson Reuters & National Venture Capital AssociationIncludes all companies with at least one US VC investor that trade on US exchanges, regardless of domicile.Data current as of January 03, 2011

15 MoneyTreeTM

Report



PricewaterhouseCoopers and the National Venture Capital Association have taken responsible steps to

ensure that the information contained in the MoneyTreeTM Report has been obtained from reliable sources.

However, neither of the parties nor Thomson Reuters can warrant the ultimate validity of the data obtained

in this manner. Results are updated periodically. Therefore, all data is subject to change at any time. Before

making any decision or taking any action, you should consult a competent professional adviser.

pwc.com

© 2011 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 rms of the network,

each of which is a separate and independent legal entity. PM-11-0186

pwcmoneytree.com

Contacts

Tracy T. Lefteroff Global Managing Partner Venture Capital [email protected]

David SilvermanEmerging Company Services Practice [email protected]

Danny WallaceEmerging Company Services Practice [email protected]

Deborah Volpe

MoneyTree Project [email protected]

MoneyTree Q42010 Full Year

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