PwC / CB Insights MoneyTree Report™ · US Insights Geographic Insights Global deal activity,...

Q4 2019

MoneyTree™Report

2

Executive summary Q4 2019

US VC funding falls in 2019 from near-record levels

US VC funding fell in Q4’19 and YoY: US VC-backed

companies raise $23B in Q4’19, down 16% compared to

Q3. YoY funding falls 9% to $108B; third biggest year ever.

$100M+ rounds fall for the second-straight quarter: 38

companies raise rounds worth $100M or more in Q4’19,

a sharp decline from 58 in Q3’19 and a record 67 in

Q2’19. The most $100M+ rounds ever (213) raised $47B

in 2019; the second biggest year of mega-round funding.

US technology IPOs fall for the second-straight quarter,

though YoY exits remain elevated: 20 US VC-backed tech

companies exit in IPOs in Q4’19, compared to 22 in Q3’19.

YoY IPOs increase, with 90 technology companies exiting

in IPOs in 2019, compared to 86 in 2018.

At the end of 2019, a record number of unicorn companies

remain in the US: As of EoY 2019, there are 199 US VC-

backed private companies valued at $1B+; up significantly

from 149 at the end of 2018.

Geographic InsightsUS Insights

Global deal activity, funding declines in last quarter of

2019

North America, Asia, and Europe see combined funding

of $45B in Q4’19: Global VC funding falls 16% in Q4’19

compared to Q3’19.

Asia and Europe see increased deal activity, while North

American deals fall: North American deal activity declines for

the second consecutive quarter in Q4’19, and global financing

is down 12% in 2019.

Seattle is a bright spot amid quarterly declines in other US

Metros: Seattle quarterly funding hits a two-year high at

$897M as the region sees a $400M mega-round. Seattle VC-

backed startups raised $2.7B in 2019; their second largest

funding year ever.

Silicon Valley sees multiple $200M+ deals despite quarterly

drop in funding and deal activity: Silicon Valley funding falls

21% to $9B in Q3’19. Deals also fall sharply to 380

transactions; a 14% decline compared to Q3’19.

Source: PwC / CB Insights MoneyTree™ Report Q4 2019 3

1,6481,753

1,582

1,469 1,485

1,616

1,481

1,324

$23.5 $25.1

$29.6

$40.0

$26.8$30.7

$27.4

$23.0

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

US deals and dollars – Quarterly

US VC funding and deals fall for the second-straight quarter

Investments ($B) # of deals


2000 2005 2010 2015 2019

8,297

5,906

US deals and dollars – Annual

2019 funding falls short of 2018 levels, but remains elevated

$119$108

Record

funding

(all-time)


$118

Record

funding

(this

century)


US funding – Quarterly seasonality

US annual VC funding remains elevated

$8.3 $12.3$18.9 $16.7 $16.2

$23.5 $26.8$9.0

$16.9

$20.7$18.8 $19.9

$25.1$30.7

$9.2

$13.8

$20.9$15.9

$21.7

$29.6 $27.4

$10.1

$17.7

$17.7

$12.4

$21.5

$40.0

$23.0

2013 2014 2015 2016 2017 2018 2019

Record annual funding

(this century)

Q3Q2Q1 Q4 TotalInvestments ($B):

$36.6

$118.3

$79.2

$63.7

$78.2

$60.7

$107.8


Deal activity by round

Series B and C deals rose in Q4’19

Note: All deals include additional round types

1,467 All deals

553

115

58

322 SeriesA

208 Series B

128 Series C

39 Series E+

1,324

315 Seed

286

182

Q1’14 Q1’15 Q1’16 Q1’17 Q1’18 Q1’19


Q1’14 Q1’15 Q1’16 Q1’17 Q1’18 Q1’19

$30.0M Series D

Series A

$15.0M

$8.0M

$2.5M $2.5M Seed

Median deal size by round

Series E+ median deal size falls sharply after elevated Q3’19

$42.5MSeries C

$0.7M

$21.0M

$4.7M

$11.3M$9.0M

Note: Overall median includes additional round types

Series E+$31.0M


Mega-rounds – Investments and deal counts

Mega-rounds fall in Q4’19 from elevated levels throughout 2019

$8.2 $8.5

$14.6

$25.3

$12.3 $13.9 $13.6

$7.3

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

Record

mega-rounds

(all-time)

Mega-round investments ($B) # of Mega-rounds

Note: Mega-rounds are $100M+ deals

35

5055 54

50

67

58

38


35%34%

49%

63%

46% 45%

49%

32%

Mega-rounds – Funding and share of deals

Mega-round deal share in Q4’19 drops below 2018 levels

$8.2 $8.5

$14.6

$25.3

$12.3 $13.9 $13.6

$7.3

$15.35 $16.67

$14.97

$14.70

$14.48 $16.81

$13.85

$15.70

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

Record mega-

round share

(all-time)

Mega-round investments ($B) Non mega-round investments ($B) Mega-round share



Mega-rounds – Quarterly seasonality

US mega-rounds fall short of 2018 record, but remain elevated

$1.2

$2.9$6.9

$4.3 $4.3$8.2

$12.3$0.9

$4.4

$7.2 $7.4 $7.0

$8.5

$13.9

$0.8

$3.4

$7.8

$4.9 $9.0

$14.6

$13.6

$1.2 $6.9

$6.3

$2.3

$8.7

$25.3

$7.3

2013 2014 2015 2016 2017 2018 2019

Record annual

mega-round

funding

(all-time)

$4.1

$56.6

$29.1

$18.9

$28.2

$17.6

$47.0


Q3Q2Q1 Q4 TotalInvestments ($B):

Second largest annual

mega-round funding

(all-time)


Sector # of Deals Funding

1 Internet $10.0B

2 Healthcare $5.1B

3 Software (non-internet/mobile) $1.7B

4 Mobile & Telecommunications $2.7B

5 Consumer Products & Services $0.5B64

132

135

203

574

Deals and dollars – US sectors

Internet startups continue to receive outsized financing

12Source: PwC / CB Insights MoneyTree™ Report Q4 2019

Top 10 Verticals by deal activity

Seven Internet SaaS verticals dominate deal activity in Q4’19


Top 10 Verticals by investments

Investments in two verticals come to life this quarter


Largest US deals of Q4’19

Top 5 deals led by Minnesota startup

Company Investment Round Select investors Vertical

1 Bright Health

Minneapolis, MN

$635M Series D New Enterprise Ventures, Bessemer

Venture Partners

Healthcare

Healthcare Plans

2 Chime

San Francisco, CA

$500M Series E+ Coatue Management, General Atlantic,

ICONIQ Capital

Mobile & Communications

Mobile Software & Services

Accounting & Finance

3 Databricks

San Francisco, CA

$400M Series E+ Andreessen Horowitz, New Enterprise

Associates, Coatue Management

Internet

Internet Software & Services

Data & Document Management

3 Convoy

Seattle, WA

$400M Series D Greylock Partners, T. Rowe Price, Fidelity

Investments

Mobile & Telecommunications


Supply Chain & Logistics

5 Vacasa

Portland, OR

$319M Series C Silver Lake Partners, Level Equity,

Riverwood Capital

Internet

eCommerce

Travel (internet)


Largest US deals of 2019

Softbank participates in 4 of the top mega-rounds in 2019


1 Cruise Automation

San Francisco, CA

$1.2B Other General Motors, Honda Motor Co.,

Softbank Group

Automotive & Transportation

Automobile Parts

2 Flexport

San Francisco, CA

$1.0B Series E+ Founders Fund, SoftBank Group Internet



2 WeWork

New York, NY

$1.0B Series E+ Softbank Group Business Products & Services

Facilities

2 OpenAI

San Francisco, CA

$1.0B Other Microsoft Computer Hardware &

Services

IT Services

5 Nuro

Mountain View, CA

$940M Series B Softbank Group Automotive & Transportation

Automobile Manufacturing



Top 5 funded US companies – Q4’19

Top funded companies have raised $2B+ each thru 2019

Company Funding Vertical Emerging areas Select investors

1 Juul Labs

San Francisco, CA

$13.6B Consumer Products & Services

Consumer Electronics

Consumer

Hardware

Coatue Management, D1 Capital

Partners, Tiger Global Management

2 Airbnb

San Francisco, CA

$3.6B Internet

E-Commerce

Travel

On-Demand Sequoia Capital, Andreessen Horowitz,

Greylock Partners, General Catalyst

3 SpaceX

Hawthorne, CA

$2.9B Industrial

Aerospace & Defense

Space Tech Founders Fund, Threshold Ventures,

Fidelity Investments, Google

4 Magic Leap

Plantation, FL

$2.6B Software (non-internet/mobile)

Scientific, Engineering

Software

AR/VR Alibaba Group, Fidelity

Investments, Google

5 SoFi

San Francisco, CA

$2.5B Internet

eCommerce

Marketplace

FinTech BlockFi, Apex Clearing


Unicorns – New US VC-backed unicorns by quarter

The US continues to produce new unicorn companies

89

19

23

16

20

17 16

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

Record new unicorns

(all-time)

Note: Unicorns are startups valued at $1B or more

US VC-backed unicorn births


117 118132

149163

174185

199

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

Record

population

(all-time)

US unicorn population

The number of US unicorns sets new record high

Unicorn population count (US)



$411.9 $424.5

$486.5

$594.8 $628.4

$593.2 $638.5 $634.7

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

Record aggregate

unicorn valuation

(all-time)

Unicorn valuations ($B)


Unicorns – US aggregate unicorn valuation

Total value of US unicorns remains near-record highs in Q4’19


Company Valuation Vertical Emerging areas Select investors

1 Juul Labs

San Francisco, CA

$50.0B Consumer Products & Services


Consumer

Hardware

Coatue Management, D1 Capital

Partners, Tiger Global Management

2 Stripe

San Francisco, CA

$35.3B Internet

Software & Services

Payments

FinTech Khosla Ventures, Lowercase Capital,

capital

3 Airbnb

San Francisco, CA

$35.0B Internet

E-Commerce

Travel

On-Demand Sequoia Capital, Andreessen Horowitz,

Greylock Partners, General Catalyst

4 SpaceX

Hawthorne, CA

$33.3B Industrial

Aerospace & Defense

Space Tech Founders Fund, Threshold Ventures,

Fidelity Investments, Google

5 Palantir

Technologies

Palo Alto, CA

$20.0B Software (non-internet/mobile) Business

Intelligence

Founders Fund, In-Q-Tel, REV Venture

Partners

Top 5 highest-valued US unicorns — Q4’19

Most valuable US startup worth $50B

Note: Most recently disclosed valuations associated

with a funding round are included


640

609

593

610

701

649

2014 2015 2016 2017 2018 2019

US M&A exits — Annual

649 buyouts make 2019 the second busiest M&A year ever

Note: Median years to liquidate from first funding

Record

annual

exits

(all-time)

M&A exits


6.56.8

6.1

7.16.3

7.5

6.6 6.4

169177

167

188

164 167 166

152

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

US M&A exits — Quarterly

Q4’19 M&A dips below average for recent quarters


Record

quarterly

exits

(all-time)

M&A exits Median years to liquidation


106

78

51

66

86 90

2014 2015 2016 2017 2018 2019

US IPO exits — Annual

IPO activity continues to climb in 2019


IPO Activity


4.5

6.77.1 7.0

5.4

7.3 7.5

6.3

13

32

24

1715

33

2220

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

IPO activity Years to IPO

US IPOs — Quarterly

US IPO exits dip in Q4’19 for the second-straight quarter



6.56.8

6.1

7.16.3

7.5

6.66.4

4.5

6.7

7.1 7.0

5.4

7.3

7.5

6.3

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

M&A exits and IPOs — Time-to-exit

IPO and M&A time-to-exit fall in Q4’19

Years to IPO Years to M&A



169 177167

188164 167 166

152

13

32

2417

1533

22 20

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

M&A exits and IPOs — Number of exits

IPO and M&A exits fall in Q4’19

IPO exitsM&A exits


Top 5 M&A exits of Q4’19

WeWork buyout leads M&A exits in Q4’19

Company Valuation Last round Verticals Select prior investors Buyer

1 WeWork

New York, NY

$8.0B Series H Business Products & Services

Facilities

SoftBank Group, Fidelity

Investments, Benchmark,

Wellington Management

SoftBank

Group

2 EdgeConneX

Herndon, VA

$2.5B Series B Mobile & Telecommunications

Telecom Services

Wireless

Comcast Ventures, TDF

Ventures, True Ventures

EQT

3 Shape Security

Santa Clara, CA

$1.0B Series F Internet


Monitoring & Security

Baseline Ventures, Google

Ventures, Kleiner Perkins

Caufield & Byers

F5

Networks

3 Rodin Therapeutics

Boston, MA

$1.0B Series B Healthcare

Drug Discovery

Atlas Venture, Johnson &

Johnson Innovation

Alkermes

4 Outbrain

New York, NY

$900M Series H Internet


Advertising Network or

Exchange

GlenRock Israel,

Lightspeed-Gemini Internet

Lab

Taboola


Top 5 IPOs of Q4 2019Internet SaaS companies dominate top IPOs

Company Valuation Last round Verticals Select prior investors

1 Vir Biotechnology

San Francisco, CA

$2.2B Series B Healthcare

Biotechnology

ARCH Venture Partners, Alta

Partners, Altitude Life Science

Ventures

2 Bill.com

Palo Alto, CA

$1.6B Series H Internet


Payments

DCM Ventures, Emegence Capital

Partners, August Capital

3 Progyny

New York, NY

$1.1B Series B Internet


Health & Wellness

Kleiner Perkins Caufield & Byers,

Merk Ventures, SR One

4 Viela Bio

Gaithersburg, MD

$900M Series B Healthcare

Biotechnology

Temasek, Hillhouse Capital

Management, Boyu Capital

5 Sprout Social

Chicago, IL

$700M Series D Internet


Content Management

Lightbank, New Enterprise

Associates, Goldman Sachs


A few metros surprise amid overall softening in the market


Top 10 Metros by deal activity

Denver beats out Seattle to make it in the top 5 metros of Q4’19


Top 10 Metros by investments

Minneapolis & Portland join top 10 metros with large Q4’19 deals


2,096 2,139

1,938 1,948 1,987

1,722

$27.8

$37.1

$27.7 $31.2

$61.0

$47.2

2014 2015 2016 2017 2018 2019


Silicon Valley deals and dollars – Annual

Despite declines 2019 was Silicon Valley’s second biggest year

Record funding

(all-time) Second largest

funding

(all-time)


551538

455443

407

491

444

380

$11.1 $10.4 $14.0

$25.6

$12.0 $14.3

$11.7 $9.3

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


Silicon Valley deals and dollars – Quarterly

Silicon Valley financing declines two quarters in a row

Record funding

(all-time)


Top Silicon Valley deals – Q4’19

Silicon Valley’s top 5 deals are all $200M+ mega-rounds


1 Chime

San Francisco, CA

$500M Series E+ Access Technology Ventures, Coatue

Management, Menlo Ventures




2 Databricks

San Francisco, CA

$400M Series E+ Andreessen Horowitz, BlackRock, New

Enterprise Associates

Internet



3 Automation Anywhere

San Jose, CA

$290M Series B Goldman Sachs, Salesforce Ventures,

SoftBank Group

Software (non-internet/mobile)

Scientific, Engineering Software

4 Next Insurance

Palo Alto, CA

$250M Series C Munich Re Ventures Internet

eCommerce

Marketplace

5 Zoox

Foster City, CA

$200M Convertible

Note

Undisclosed Investor(s) Software (non-internet/mobile)


5 Ripple

San Francisco, CA

$200M Series C Route 66 Ventures, SBI Group,

Tetragon Financial Group

Internet


Payments

Note: Mega-rounds are $100M deals or larger


843

874

861

930

895

883

$6.1

$9.4 $8.7

$13.7 $14.4 $17.2

2014 2015 2016 2017 2018 2019


New York Metro deals and dollars – Annual

$17.2B invested startups makes 2019 NY’s biggest year ever


238247

217

193

238244

212

189

$2.9 $3.1

$6.0

$2.4

$5.0 $4.3

$4.9

$3.0

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


New York Metro deals and dollars – Quarterly

New York Metro deals decline for the second-straight quarter


Top 5 New York Metro deals – Q4’19

Top Healthcare deals raised $360M in Q4’19


1 Nuvation Bio

New York, NY

$275M Series A Altitude Life Science Ventures,

Fidelity Investments

Healthcare

Biotechnology

2 Vroom

New York, NY

$254M Series E+ Durable Capital Partners, L Catterton,

T. Rowe Price

Internet

eCommerce

Auto

3 Riskified

New York, NY

$165M Series E+ Fidelity Investments, General Atlantic,

Qumra Capital

Internet



4 Fabric

New York, NY

$110M Series B Aleph, Corner Ventures, Innovation

Endeavors


Supply Chain & Logistics Software

5 Zentalis

Pharmaceuticals

New York, NY

$85M Series C Surveyor Capital, Viking Global

Investors

Healthcare

Drug Discovery


488

526

455484

498

440

$5.1

$6.9 $6.5 $7.2

$10.3

$8.8

2014 2015 2016 2017 2018 2019


Boston Metro deals and dollars – Annual

Boston funding levels remain near record highs in 2019

Second largest

(all-time) Third largest

(all-time)


125122

133

118

125120

93

102

$2.7 $2.9

$2.2 $2.5

$2.7 $2.3

$1.9 $1.8

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


Boston Metro deals and dollars – Quarterly

Boston deals jump in Q4’19 amid declining funding


Top 5 Boston Metro deals – Q4’19

Three $100M+ mega-rounds lead Boston Metro’s Q4’19 deals


1 Duck Creek

Technologies

Boston, MA

$120M Other Dragoneer Investment Group,

Insight Partners, Neuberger Berman

Internet


Asset & Financial Management &

Trading

2 eGenesis

Cambridge, MA

$100M Series B ARCH Venture Partners, Khosla

Ventures

Healthcare

Biotechnology

2 Hometap

Boston, MA

$100M Series B American Family Ventures, G20

Ventures, ICONIQ Capital

Internet



Trading

4 Black Diamond

Therapeutics

Cambridge, MA

$85M Series C Deerfield Management, Janus

Henderson Investors, New Enterprise

Associates

Healthcare

Drug Development

5 CallMiner

Waltham, MA

$75M Other Goldman Sachs Internet


Customer Relationship Management



343

406

370

445

477

387

$3.8

$5.5 $4.8 $4.4

$6.2

$7.8

2014 2015 2016 2017 2018 2019


LA Metro deals and dollars – Annual

$7.8B invested makes 2019 LA’s second biggest year ever

Second largest

(all-time)


126 124

115112

82

107 105

93

$1.8 $1.8

$0.7

$2.0 $1.6

$2.2 $2.4

$1.5

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


LA Metro deals and dollars – Quarterly

LA funding and deal activity fall in Q4’19


Top 5 LA Metro deals – Q4’19

Mobile & Telecommunications startups lead funding in LA Metro


1 Bird Rides

Santa Monica, CA

$275M Series D Caisse de depot et placement du

Quebec, Sequoia Capital



Travel

2 Scopely

Culver City, CA

$200M Series D Baillie Gifford & Co., Greycroft,

Revolution Growth



Gaming

3 Relativity Space

Inglewood, CA

$140M Series C Playground Global, Social Capital,

Y Combinator

Industrial

Aerospace & Defense

4 Arcutis

Biotherapeutics

Westlake Village, CA

$95M Series C Bain Capital, BlackRock,

Goldman Sachs

Healthcare

Biotechnology

5 Sonendo

Laguna Hills, CA

$85M Other Meritech Capital Partners,

OrbiMed Advisors

Healthcare

Dental Products & Services


169 172 172

195 191 196

$1.6 $1.9

$1.2

$1.8 $2.1

$2.7

2014 2015 2016 2017 2018 2019


Seattle Metro deals and dollars – Annual

$2.7B invested made 2019 Seattle’s second biggest year ever

Second largest

(all-time)


41

62

48

40

54

47

55

40

$352

$813

$659

$233

$511

$679 $629

$897

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

Investments ($M) # of deals

Seattle Metro deals and dollars – Quarterly

Seattle funding jumps amid falling deal activity in Q4’19


Top Seattle Metro deals

Convoy’s mega-round takes top funding round in Seattle


1 Convoy

Seattle, WA

$400M Series D Bailie Gifford & Co., capitalG,

Fidelity Investments




2 Highspot

Seattle, WA

$75M Series D ICONIQ Capital,

Salesforce Ventures

Internet


Customer Relationship Management

3 Icosavax

Seattle, WA

$51M Series A Adams Street Partners,

Sanofi Ventures

Healthcare

Biotechnology

4 Spaceflight

Seattle, WA

$39M Series C Mithril Capital Management,

Razors Edge Ventures,

RRE Ventures

Industrial

Aerospace & Defense

Parts Manufacturing & Distribution

5 CorneaGen

Seattle, WA

$37M Series B Falcon Vision, Flying L Partners Healthcare

Medical Devices & Equipment

Surgical Devices



150

183

166

201 196 195

$914.1 $1,041.9

$708.0

$1,194.1 $1,403.5

$1,694.6

2014 2015 2016 2017 2018 2019


Denver Metro deals and dollars – Annual

Denver funding rises for the third-straight year in 2019


49

44

60

43

54

49 50

42

$361.4 $331.7

$451.5

$258.9 $333.8

$428.8

$291.0

$641.0

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


Denver Metro deals and dollars – Quarterly

Denver funding levels jump amid declining deals in Q4’19


Top Denver Metro deals

Two $100M+ mega-rounds lead Denver Q4’19 deals


1 Guide Education

Denver, CO

$157M Series D Bessemer Venture Partners,

Emerson Collective,

Felicis Ventures

Internet


HR & Workforce Management

2 Inscripta

Boulder, CO

$125M Series D JS Capital Management,

Oak HC/FT,

Paladin Capital Group

Healthcare

Biotechnology

3 ArcherDx

Boulder, CO

$55M Series C ArrowMark Partners, Soleus Capital

Management, Boulder Ventures


Healthcare Software

4 CyberGRX

Denver, CO


Blackstone, Google Ventures

Internet



5 Havenly

Denver, CO

$32M Series C BN Capital, Foundry Group,

Lerer Hippeau Ventures

Internet

eCommerce

Marketplace



48

43

49

61

76

52

$618.8

$415.2 $419.7 $566.4

$733.1 $878.3

2014 2015 2016 2017 2018 2019


Minneapolis Metro deals and dollars – Annual

Minneapolis funding rises for the fourth-straight year in 2019


16

19

27

14 1315

9

15

$85 $202

$157

$289

$41 $48 $37

$751

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


Minneapolis Metro deals and dollars – Quarterly

$635M Bright Health deal pushes Minneapolis Q4’19 funding up


Top Minneapolis Metro deals

Healthcare startups dominate Minneapolis top deals


1 Bright Health

Minneapolis, MN


Cross Creek,

New Enterprise Associates

Healthcare

Healthcare Plans


2 Total Expert

Minneapolis, MN

$52M Series C Emergence Capital Partners,

Georgian Partners,

Rally Ventures

Internet


Advertising, Sales & Marketing

3 ShiraTronics

Minneapolis, MN

$33M Series A Amzak Capital Management,

Aperture Venture Partners

Healthcare


4 4C Medical

Maple Grove, MN

$8.2M Series B SightLine Partners Healthcare


Surgical Devices

5 Spineology

Saint Paul, MN

$7.0M Other Affinity Capital Management,

River Cities Capital Fund

Healthcare


Surgical Devices



6966

5459

71

38

$280.8 $260.6 $225.9

$436.3

$662.1 $679.1

2014 2015 2016 2017 2018 2019


Portland Metro deals and dollars – Annual

Portland Metro deal activity drops sharply in 2019


15

22

9

25

9

4

1411

$53

$406

$76 $127

$90 $44 $92

$455

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


Portland Metro deals and dollars – Quarterly

$319M Series C raised by Vacasa pushes Portland Q4’19 funding up


Top Portland Metro deals

Vacasa raises the top deal in Portland in Q4’19


1 Vacasa

Portland, OR

$319.0M Series C Silver Lake Level Equity,

NewSpring Capital



HR Travel

2 SheerID

Portland, OR

$64.0M Series C Centana Growth Partners,

CVC Capital Partners,

Voyager Capital

Internet



3 Energy Storage

Systems

Wilsonville, OR

$30.0M Series C BASF Venture Capital,

Breakthrough Energy Ventures,

Cycle Capital

Electronics

Electrical Product Distribution

Power Generation & Storage

4 CrowdStreet

Portland, OR

$12.0M Series D Grotech Ventures, Rally Ventures,

Seven Peaks Ventures

Internet

eCommerce

Marketplace

5 Boulder Care

Portland, OR

$10.5M Series A First Round Capital, Tusk Ventures Software (non-internet/mobile)

Healthcare Software



Together, startups in the top 3 states raised what percentage

of US investments in 2019?

California

New York

Massachusetts


Together, startups in the top 3 states raised 77% of US funding


Top 10 States by deal activity

Texas and New Jersey get more deals amid overall slowdown


Top 10 States by investments

Four states more than double investments while most decline


$1.8$2.3 $2.1

$1.5$1.8

$2.3

$3.0

2013 2014 2015 2016 2017 2018 2019

253

258 256251

238

275267


Texas deals and dollars – Annual

Funding and deal activity remain at healthy levels


72

83

54

66

73

78

50

66

$743 $721

$374 $481

$1,065

$738 $671

$499

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


Texas deals and dollars – Quarterly

Texas deal activity climbs 32% QoQ in 2019 despite less funding


Top 5 Texas deals – Q4’19

Texas sees one $100M mega-round in Q4’19


1 SparkCognition

Austin, TX

$100M Series C Boeing HorizonX, Temasek Internet


Manufacturing, Warehousing &

Industrial

2 The Zebra

Austin, TX

$39M Series C Accel, Ballast Point Ventures Internet

eCommerce

Comparison Shopping

3 Shipwell

Austin, TX

$35M Series B Aspect Ventures,

First Round Capital

Internet



4 Expedi

Houston, TX

$25M Series B Bowery Capital,

Crosslink Capital

Internet

eCommerce

Marketplace

5 Airstrip Technologies

San Antonio, TX

$21M Series D Undisclosed Investor(s) Mobile & Telecommunications


Healthcare



53 54

49

43

5251

58

$544 $585

$1,200

$468

$697 $714

$1,191

2013 2014 2015 2016 2017 2018 2019


New Jersey deals and dollars – Annual

2019 funding exceeds $1B and deal activity rises in New Jersey


15

11

15

10

15

13

11

19

$318

$45 $112

$239

$634

$87

$273

$197

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


New Jersey deals and dollars – Quarterly

Q4’19 funding falls while deal activity increases in New Jersey


Top 5 New Jersey deals – Q4’19

Q4’19 sees New Jersey Healthcare startup raise top funding


1 PMW

Pharmaceuticals

Cranbury, NJ

$62M Series C Euclidean Capital,

InterWest Partners

Healthcare

Drug Development

2 Flow

Hoboken, NJ

$37M Series B American Express Ventures,

New Enterprise Associates

Internet

eCommerce

eCommerce Enablement

3 Cross River Bank

Fort Lee, NJ

$27M Other Battery Ventures Financial

Retail Banking

4 OpenLegacy

Princeton, NJ

$20M Other Silverhorn Investment Partners Internet

Internet & Software Services

Networking & Connectivity

5 Duality Technologies

Maplewood, NJ

$16M Series A Hearst Ventures,

Innovation Endeavors



Software


49 4944

51

65

79

57

$305

$618

$416 $421

$573

$736

$908

2013 2014 2015 2016 2017 2018 2019


Minnesota deals and dollars – Annual

2019 funding climbs 23% while deals drop in Minnesota

Second largest

(all-time)


$85 $205 $157

$289

$41 $49 $42

$775

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

16

21

28

14 13

17

11

16


Minnesota deals and dollars – Quarterly

Quarterly funding in Minnesota jumps after $635M Series D raise

Record funding

(all-time)


Top 5 Minnesota deals – Q4’19

Healthcare startups dominate top deals in Minnesota


1 Bright Health

Minneapolis, MN

$635M Series D Bessemer Venture Partners, New

Enterprise Associates, Redpoint

Ventures

Healthcare

Healthcare Plans

2 Total Expert

Minneapolis, MN

$52M Series C Emergence Capital Partners,

Georgian Partners

Internet



3 ShiraTronics

Minneapolis, MN

$33M Series A Strategic Healthcare Investment

Partners

Healthcare


4 Vryiad

Rochester, MN

$24M Series A Flagship Pioneering,

Regeneron Pharmaceuticals

Healthcare

Biotechnology

5 4C Medical

Maple Grove, MN

$8M Series B Sightline Partners Healthcare


Surgical Devices


156

194183

212 213208

$0.9 $1.1

$0.9

$1.3

$1.7 $1.8

2014 2015 2016 2017 2018 2019


Colorado deals and dollars – AnnualColorado funding rises for the third-straight year

Third largest

(all-time)

Record

deals

(all-time)

Second highest

deals

(all-time)


5351

63

46

56

51

57

44

$377

$522 $487

$276$344

$433

$324

$656

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


Colorado deals and dollars – QuarterlyColorado quarterly funding doubles to two-year high in Q4’19


Top 5 Colorado deals – Q4’19

Expansion and late-stage startups win funding in Colorado


1 Guild Education

Denver, CO

$157M Other SC30 Internet



2 Inscripta

Boulder, CO

$125M Series D JS Capital Management,

Paladin Capital Group

Healthcare

Biotechnology

3 ArcherDx

Boulder, CO

$55M Series C Boulder Ventures,

Sands Capital Ventures


Healthcare Software

4 CyberGRX

Denver, CO


Google Ventures,

ICONIQ Capital

Internet



5 Havenly

Denver, CO

$32M Series C Foundry Group, Lerer Hippeau

Ventures

Internet

eCommerce

Marketplace


72

96 94 94

84

72

$415

$972$674

$937

$2,327

$1,056

2014 2015 2016 2017 2018 2019


North Carolina deals and dollars – Annual

North Carolina funding at record levels despite declines

Third largest

(all-time)

Record funding

(all-time)


1621

28

14 1317

1116

$211$463

$234

$1,419

$82$389

$48

$537

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


North Carolina deals and dollars – Quarterly

North Carolina investments rebound in Q4’19

Third largest

(all-time)

Record funding

(all-time)


Top 5 North Carolina Metro deals

Accounting and payments software dominate top NC deals


1 AvidXchange

Charlotte, NC

$150M Other Undisclosed Investor(s) Internet


Billing

2 Pendo

Raleigh, NC

$100M Series E Battery Ventures,

FirstMark Capital,

Sapphire Ventures

Internet


Application & Data Integration

3 nCino

Wilmington, NC

$80M Series F Insight Partners, Salesforce

Ventures, T. Rowe Price

Internet



4 Spreedly

Durham, NC

$75M Growth

Equity

Spectrum Equity Internet


Payments

5 Passport

Charlotte, NC

$65M Series D Bain Capital, Rho Ventures,

Grotech Ventures



Travel


74 73

5864

74

43

$297 $322$229

$412

$652 $698

2014 2015 2016 2017 2018 2019


Oregon deals and dollars – Annual

Oregon funding sets record in 2019 despite fewer deals

Record

deals

(all-time)

Record funding

(all-time)


15

23

13

23

12

6

13 12

$52

$395

$84$121 $97 $49 $102

$450

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


Oregon deals and dollars – Quarterly

Oregon funding sets record in Q4’19

Third highest

deals

(all-time)

Third highest

deals

(all-time)

Record funding

(all-time)


Top 5 Oregon Metro deals

Vacasa raises the top deal in Oregon in Q4’19


1 Vacasa

Portland, OR

$319.0M Series C Silver Lake Level Equity,

NewSpring Capital



HR Travel

2 SheerID

Portland, OR

$64.0M Series C Centana Growth Partners, CVC

Capital Partners, Voyager Capital

Internet



3 Energy Storage

Systems

Wilsonville, OR

$30.0M Series C BASF Venture Capital,

Breakthrough Energy Ventures,

Cycle Capital

Electronics

Electrical Product Distribution

Power Generation & Storage

4 CrowdStreet

Portland, OR

$12.0M Series D Grotech Ventures, Rally Ventures,

Seven Peaks Ventures

Internet

eCommerce

Marketplace

5 Boulder Care

Portland, OR

$10.5M Series A First Round Capital,

Tusk Ventures


Healthcare Software


How much are Emerging Areas disrupting venture financing?


0%

50%

100%

1995 2000 2005 2010 2015 2019

Top 20 Emerging Areas – Financing Share

Emerging Areas now get majority of venture funding

Share of deals Share of investments


Three Emerging Areas dominate deal activity among the Top 20

0

250 FinTech

AI

Digital Health

Medical Devices

Cybersecurity

E-Commerce

IoT

Real Estate Tech

Capital Markets Tech

Payments

InsurTech

Blockchain

RegTech

Supply Chain & Logistics Tech

Smart Cities

Advanced Manufacturing

In-Store Retail Tech

Wealth Tech

Auto Tech

Augmented Reality/Virtual Reality

Q1’14 Q4’19


Top 10 Emerging Areas by deal activity

Three emerging areas materially increase deals amid softening


Top 10 Emerging Areas by investments

Six emerging areas materially increase investments in Q4’19


444

563

631 629

687

794

722

$2.5 $5.8

$9.0

$6.0 $8.4

$12.6

$17.6

2013 2014 2015 2016 2017 2018 2019


FinTech deals and dollars – Annual

2019 FinTech funding rises 40% compared to 2018


232

192197

173

198

175 175 174

$2.5

$3.4 $3.2 $3.5 $3.8

$5.3

$3.9 $4.6

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


FinTech deals and dollars – Quarterly

FinTech sees funding increase in Q4’19


Top FinTech deals – Q4’19

Top 5 deals raise $1.75B, 38% of FinTech’s Q4’19 funding


1 Bright Health

Minneapolis, MN


Enterprise Associates, Redpoint Ventures

Healthcare

Healthcare Plans

2 Chime

San Francisco, CA

$500M Series E+ Access Technology Ventures, Coatue

Management, Menlo Ventures




3 Next Insurance

Palo Alto, CA


eCommerce

Marketplace

4 Ripple

San Francisco, CA



Internet


Payments

5 Riskified

New York, NY


Qumra Capital

Internet





387

507

585563 566

585546

$2.0

$4.7 $4.6 $5.7

$7.6

$9.1 $8.4

2013 2014 2015 2016 2017 2018 2019


Digital Health deals and dollars – Annual

Annual financing declines despite strong activity in Q4’19


134

195

141

115129

157

127133

$2.1 $2.1

$2.9

$2.1

$1.6

$2.7

$1.7

$2.5

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


Digital Health deals and dollars – Quarterly

Digital Health financing rises in Q4’19


Top Digital Health deals – Q4’19

Late-stage Digital Health startups raise $830M+


1 Bright Health

Minneapolis, MN


Enterprise Associates, Redpoint Ventures

Healthcare

Healthcare Plans

2 GRAIL

Menlo Park, CA

$125M Series D ARCH Venture Partners,

Decheng Capital

Healthcare

Disease Diagnosis

3 GenapSys

Redwood City, CA

$90M Series C Foresite Capital Healthcare

Biotechnology

4 ArsenalBio

South San

Francisco, CA

$85M Series A Euclidean Capital,

Kleiner Perkins Caufield & Byers

Healthcare

Biotechnology

5 Weave

Lehi, UT

$70M Series D Bessemer Venture Partners, Catalyst

Investors, Tiger Global Management

Internet


Customer Relationship

Management


241

276 281

243257 254

206

$1.8

$2.5

$4.2

$1.9

$3.9

$4.7 $4.6

2013 2014 2015 2016 2017 2018 2019


E-Commerce deals and dollars – Annual

2019 E-Commerce funding remains elevated


$0.9

$1.1

$1.7

$1.0 $1.2

$1.1

$1.5

$0.9

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

71 72

65

46

5356

45

52


E-Commerce deals and dollars – Quarterly

E-Commerce deal activity climbs in Q4’19


Top E-Commerce deals – Q4’19

Expansion-stage startups dominate top deals in E-Commerce


1 Vroom

New York, NY

$254M Series E+ L Catterton, T. Rowe Price Internet

eCommerce

Auto

2 ACV Auctions

Buffalo, NY

$150M Series E+ Bain Capital Ventures, Bessemer

Venture Partners, Fidelity Investments


Mobile Commerce

Auction & Classifieds

3 Zeus

San Francisco, CA

$55M Series B Airbnb, Comcast Ventures Internet

eCommerce

Marketplace

4 Eight Sleep

New York, NY

$41M Series C Founders Fund, Khosla Ventures Consumer Products & Services


5 Dolls Kill

San Francisco, CA

$37M Series B Sequoia Capital Internet

eCommerce

Apparel & Accessories


47

6371

94

125133

139

$0.2 $0.7 $1.4 $1.4 $1.2

$2.5

$4.6

2013 2014 2015 2016 2017 2018 2019


InsurTech deals and dollars – Annual

InsurTech financing continues to climb in 2019


42

31 3129

37

33

38

31

$0.6

$0.2

$1.1

$0.7

$1.1 $0.9

$1.1

$1.5

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


InsurTech deals and dollars – Quarterly

Q4’19 InsurTech deals decline while funding rises


Top InsurTech deals – Q4’19

Internet SaaS companies raise majority of InsurTech top 5 deals


1 Bright Health

Minneapolis, USA


New Enterprise Associates,

Redpoint Ventures

Healthcare

Healthcare Plans

2 Next Insurance

Palo Alto, CA


eCommerce

Marketplace

3 Duck Creek

Technologies

Boston, MA

$120M Other Dragoneer Investment Group,

Insight Partners,

Neuberger Berman

Internet



Trading

4 Unqork

New York, NY

$80M Series B BlackRock, capitalG Internet



5 Qualia

San Francisco, CA

$55M Series C Menlo Ventures,

Tiger Global Management

Internet


Real Estate


84

138 138146

155 156 154

0.61.4 1.6 1.7

2.4

4.9 4.8

2013 2014 2015 2016 2017 2018 2019


Capital Markets Tech deals and dollars – Annual

Overall funding and deal activity remain at healthy levels in 2019


48

37

31

40

47

39

32

36

$0.9

$1.6

$0.9

$1.4

$0.8

$1.6

$1.1

$1.4

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


Capital Markets Tech deals and dollars – Quarterly

Capital Markets Tech financing ticks upward in Q4’19


Top Capital Markets Tech deals – Q4’19

Capital Markets Tech sees two $200M mega-rounds in Q4’19


1 Automation

Anywhere

San Jose, CA

$290M Series B Goldman Sachs, Salesforce Ventures,

SoftBank Group



2 Ripple

San Francisco, CA



Internet


Payments

3 nCino

Wilmington, NC

$80M Series E+ Insight Partners, Salesforce Ventures,

T. Rowe Price

Internet



3 Unqork

New York, NY

$80M Series B BlackRock, capitalG Internet



4 Galileo Financial

Technologies

Salt Lake City, UT

$77M Growth

Equity

Accel Internet


Payments



69

91

138149

132

153162

$0.4 $0.5 $0.8 $1.3

$1.7

$2.8

$4.0

2013 2014 2015 2016 2017 2018 2019


Real Estate Tech deals and dollars – Annual

Funding and deals hit new seven-year high in 2019


45

49

3128

48

38 3739

$0.4

$0.9

$1.2

$0.3

$1.1 $0.9 $0.9

$1.1

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


Real Estate Tech deals and dollars – Quarterly

Q4’19 Real Estate Tech investment and deals increase


Top Real Estate Tech deals – Q4’19

Expansion Real Estate Tech startups win majority of top deals


1 Figure

Technologies

San Francisco, CA

$103M Series C DST Global, RPM Ventures Internet


Asset & Financial Management & Trading

2 Hometap

Boston, MA

$100M Series B American Family Ventures,

G20 Ventures, ICONIQ Capital

Internet


Asset & Financial Management & Trading

3 Juniper Square

San Francisco, CA

$75M Series C Redpoint Ventures, Ribbit Capital Internet



4 HomeLight

San Francisco, CA

$63M Series C Menlo Ventures, Stereo Capital Internet


Real Estate

5 Reonomy

New York, NY

$60M Series D Citi Ventures,

Wells Fargo Strategic Capital

Internet


Real Estate

5 PeerStreet

Los Angeles, CA

$60M Series C Andreessen Horowitz,

World Innovation Lab

Internet

eCommerce

Marketplace


75

88

97

112116

133

104

$0.5

$1.9

$1.2 $1.4

$2.3 $2.8

$4.0

2013 2014 2015 2016 2017 2018 2019


Payments deals and dollars – Annual

Payments sees larger deals in 2019 as annual funding hits $4B


38

30

35

3030

2119

34

$418

$880 $879

$623$752

$1,160$1,000 $1,100

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


Payments deals and dollars – Quarterly

Payments deal activity jumps as quarterly funding crosses $1B


Top Payments deals – Q4’19

North Carolina-based startups rise in top Payments deals


1 Ripple

San Francisco, CA



Internet


Payments

2 Riskified

New York, NY


Qumra Capital

Internet



3 AvidXchange

Charlotte, NC

$150M Other Undisclosed Investor(s) Internet


Billing, Expense Management

and Procurement

4 Galileo Financial

Technologies

Salt Lake City, UT

$77M Growth

Equity

Accel Internet


Payments

5 Spreedly

Durham, NC

$75M Growth

Equity

Spectrum Equity Internet


Payments


Is less capital being raised to invest in startups?


$269B

$402B

$482B$544B

$983B

2015 2016 2017 2018 2019

No…Investor fundraising nearly doubled in 2019US startup investors – Aggregate funds raised


2015 2016 2017 2018 2019

After outpacing VCs in 2018, SoftBank raises only $4B in 2019US startup investors – Funds raised

$51B

$136B VCs

$4B SoftBank$0


Top VCs by amount raised

The top 5 VCs have raised over $27B in 2019

Note: includes all funds under the Sequoia Capital umbrella

Investor

Funds raised

(2019)

Year

founded Select investments Location

1 Sequoia Capital* $7.4B 1972 Clari, Freshworks, Thumbtack Menlo Park, CA

2 Andreessen Horowitz $6.5B 2009 Forward Networks, RigUp, Tenfold Menlo Park, CA

3 General Atlantic $5.2B 1980 Benevity, Immunocore, NoBroker Greenwich, CT

4 Summit Partners $4.9B 1984 Immersive Labs, Odoo, Zenoss Boston, MA

5 Adams Street Partners $3.4B 1972 Epirium, Punchh, VillageMD Chicago, IL


Most active VCs in 2019

New Enterprise Associates tops most active VCs in 2019

Investor Deals Select investments Location

1 New Enterprise Associates 87 Bright Health, Databricks, Robinhood Menlo Park, CA

2 Plug and Play Ventures 76 Click Diagnostics, Beyond Pricing,

Credit Sesame

Sunnyvale, CA

3 Andreessen Horowitz 71 Databricks, Lime, Samsara Networks Menlo Park, CA

4 Founders Fund 68 Flexport, SpaceX, RigUp San Francisco, CA

5 SOSV 66 Clara Foods, Particle, Prellis Biologics Princeton, NJ

5 Google Ventures 66 Lime, Lemonade, Impossible Foods Mountain View, CA


Most active VCs in Q4 2019

Founders Fund takes the lead in Q4’19

Investor Deals Select investments Location

1 Founders Fund 22 Faire, Tmunity Therapeutics,

Ghost Locomotion

San Francisco, CA

2 Andreessen Horowitz 17 Databricks, Instabase, Tmunity Therapeutics Menlo Park, CA

2 Accel 17 Freshworks, Algolia, Galileo Financial

Technologies

Palo Alto, CA

4 Sequoia Capital 15 Bird Rides, Cerebras, Gong Menlo Park, CA

5 Plug and Play Ventures 14 Truebill, ZecOps, MediView XR Sunnyvale, CA

5 Lightspeed Venture Partners 14 Faire, Pensando Systems, BlueVine Menlo Park, CA

5 New Enterprise Associates 14 Bright Health, Databricks, Instabase Menlo Park, CA


Global regional comparison - 2019

Deals

6,366$113B

North America

5,295$63BAsia

3,345$32B

Europe

15,564 Deals$213B Invested

Globally


Global regional comparison – Q4’19

Deals

1,432$24.2B

North America

1,381$13.5B

Asia

842$7.1B

Europe

3,803 Deals$46.1B Invested

Globally


Global deal activity: North America, Asia, and Europe

Europe & Asia deals rise, North America sees decline in activity

# of deals: North America Asia Europe

1,7811,888

1,6941,564 1,598

1,734 1,6021,432

1,318

1,657 1,672

1,3661,280 1,254

1,380 1,381

801 828 749 817 827 875 801 842

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19


$24 $26 $30

$41

$28 $32

$29 $24

$21 $24

$22 $22 $19

$14 $16 $14

$6 $6 $5 $5 $8 $9 $8 $7

Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19

Global dollar funding: North America, Asia, and Europe

Overall financing declines around the world

Investments ($B): EuropeAsiaNorth America


Largest global deals of 2019

SoftBank Group invests in 4 out of the 5 top deals in 2019


1 Chehaoduo

Beijing, China

$1.5B Series D SoftBank Group Internet

eCommerce

Auto

2 Grab

Mumbai, India

$1.45B Series E+ Softbank Group Internet



3 OneWeb

London, UK

$1.3B Series D Airbus Ventures, Qualcomm

Ventures, SoftBank Group


Telecom Services

Cable & Satellite

4 Beike Zhaofang

Beijing, China

$1.2B Series D New Horizon Capital, Tencent

Holdings

Internet


Real Estate

5 Cruise Automation

San Francisco, USA

$1.15B Other General Motors, Honda Motor Co.,

Softbank Group

Automotive & Transportation

Automobile Parts



Largest global deals of Q4 2019

Q4’19 sees one $1B mega-round


1 One97

Communication

Noida, India

$1.0B Series E+ Ant Financial Services Group,

Discovery Capital, SoftBank Group



Payments

2 Greensill

London, UK

$655M Other Softbank Group Financial

Lending

Commercial

3 Bright Health

Minneapolis, USA


New Enterprise Associates,

Redpoint Ventures

Healthcare

Healthcare Plans

4 Chime

San Francisco, USA

$500M Series E+ Access Technology Ventures,

Coatue Management,

Menlo Ventures




5 ironSource

Tel Aviv, Israel

$430M Private Equity CVC Capital Partners Internet


Application & Data Integration


Appendix

PwC / CB Insights

MoneyTree™ Report

Q4 2019


US States: Full listing of 2019 deals and investments

State $M Deals State $M Deals State $M Deals State $M Deals

Alabama 15 7 Indiana 183 54 Nebraska 54 21 Rhode Island 56 7

Arizona 308 46 Iowa 12 10 Nevada 40 11 South Carolina 57 19

Arkansas 20 4 Kansas 265 9 New Hampshire 95 10 Tennessee 388 49

California 58,146 2,311 Kentucky 120 11 New Jersey 1,191 58 Texas 2,973 267

Colorado 1,757 208 Louisiana 101 9 New Mexico 264 15 Utah 1,077 71

Connecticut 406 48 Maine 110 11 New York 16,052 842 Vermont 67 8

DC 311 27 Maryland 607 72 North Carolina 1,056 72 Virginia 694 100

Delaware 136 14 Massachusetts 9,170 464 North Dakota 37 2 Washington 2,800 211

Florida 1,226 95 Michigan 506 48 Ohio 802 78 Wisconsin 165 33

Georgia 1,113 88 Minnesota 908 57 Oklahoma 11 2 Wyoming 20 3

Hawaii 32 8 Mississippi 3 1 Oregon 698 43

Idaho 51 5 Missouri 357 46 Pennsylvania 1,561 127

Illinois 1,707 175 Montana 76 8 Puerto Rico 1 3


US States: Full listing of Q4 2019 deals and investments

State $M Deals State $M Deals State $M Deals State $M Deals

Alabama - 1 Illinois 297 38 Montana 40 2 Pennsylvania 386 29

Arizona 23 12 Indiana 36 13 Nebraska 30 8 Rhode Island 24 3

Arkansas 7 2 Iowa 3 1 Nevada 4 2 South Carolina 24 7

California 11,610 525 Kansas 7 1 New Hampshire 21 5 Tennessee 31 11

Colorado 656 44 Louisiana 77 2 New Jersey 197 19 Texas 499 66

Connecticut 67 9 Maine 2 3 New Mexico 57 3 Utah 235 15

DC 154 10 Maryland 115 17 New York 2,998 176 Vermont 28 3

Delaware 32 3 Massachusetts 1,946 102 North Carolina 537 16 Virginia 126 18

Florida 146 20 Michigan 80 9 North Dakota 20 1 Washington 912 43

Georgia 74 15 Minnesota 775 16 Ohio 80 16 Wisconsin 86 10

Hawaii 4 2 Mississippi 3 1 Oklahoma 7 1

Idaho 5 1 Missouri 68 11 Oregon 450 12

119

What is included:

• Equity financings into private companies. Fundings must be to VC-backed

companies, which are defined as companies that have received funding at

any point from: venture capital firms, corporate venture arms, or super angel

investors.

• Fundings of private companies only. Funding rounds raised by public companies of

any kind on any exchange (including Pink Sheets) are excluded from our numbers,

even if they received investment from a venture firm.

• Only includes the investment made in the quarter for tranched investments. If a

company does a second closing of its Series B round for $5M and previously had

closed $2M in a prior quarter, only the $5M is reflected in our results.

• Round numbers reflect what has closed, not what is intended. If a company

indicates the closing of $5M out of a desired raise of $15M, our numbers reflect

only the amount which has closed.

• Only verifiable fundings are included. Fundings are verified via (1) various federal

and state regulatory filings; (2) direct confirmation with firm or investor; (3) press

release; or (4) credible media sources.

• Equity fundings to joint ventures and spinoffs/spinouts are included, given that they

meet the VC-backed criteria.

• Geography note: Israel funding figures are classified in Asia.

What is excluded:

• No contingent funding. If a company receives a commitment for $20M subject to

hitting certain milestones but first gets $8M, only the $8M is included in our data.

• No business development/R&D arrangements, whether transferable into equity

now, later, or never. If a company signs a $300M R&D partnership with a larger

corporation, this is not equity financing nor is it from venture capital firms. As a

result, it is not included.

• No buyouts, consolidations, or recapitalizations. All three of these transaction types

are commonly employed by private equity firms and are tracked by CB Insights.

However, they are excluded for the purposes of this report.

• No private placements. These investments, also known as PIPEs (Private

Investment in Public Equities), are not included even if made by a venture

capital firm.

• No debt/loans of any kind (except convertible notes). Venture debt or any kind of

debt/loan issued to emerging, startup companies, even if included as an additional

part of an equity financing, is not included. If a company receives $3M with $2M

from venture investors and $1M in debt, only the $2M is included in these statistics.

• No non-equity government funding. Grants or loans by the federal government,

state agencies, or public-private partnerships to emerging, startup companies

are not included.

• No fundings to subsidiaries of a larger parent corporation.

PwC (pwc.com/moneytree) and CB Insights (cbinsights.com) encourage you to review the methodology and definitions employed to better understand

the numbers presented in this report. If you have any questions about the definitions or methodological principles used, we encourage you to reach out to

CB Insights directly. Additionally, if you feel your firm has been underrepresented, please send an email to [email protected] and we can work together to

ensure your firm’s investment data is up-to-date.

Rankings, e.g. top states and top sectors, are done by quarterly deal activity (that is, deal count for the given quarter).

Methodology MoneyTree definitions

mailto:[email protected]

https://www.pwc.com/us/en/industries/technology/moneytree/moneytree-definitions.html

120

Disclaimer

This content is for general information purposes only, and should not be used as a substitute for consultation with

professional advisors. Data is current as of January 3, 2020. PricewaterhouseCoopers and CB Insights have taken

responsible steps to ensure that the information contained in the MoneyTree™ Report has been obtained from reliable

sources. However, neither PwC nor CB Insights 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.

© 2020 PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may

sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure

for further details.

Q4 2019

Shaking the MoneyTree™

Appendix

PwC / CB Insights

MoneyTree™ Report

Q4 2019

PwC / CB Insights MoneyTree Report™ · US Insights Geographic Insights Global deal activity,...

Documents

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