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L Intel Most Active L Sequoia Busiest VC Partner L Deals Decline Q3 Q4 2013

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L Intel Most Active L Sequoia Busiest VC Partner L Deals Decline Q3 Q4 2013 Global Corporate Venturing Quarterly data analysis Q3 Q4 2013 Q2 Q1 l Intel most active l Sequoia busiest VC partner l Deals decline Q3 Q4 2013 Q2 Q1 Analysis Quarter shows deal decline Quarterly investment activity by number of deals There were 222 investments in corporate venturing-backed companies worth $4bn in the first quarter. This compared Q1 Q2 Q3 Q4 2011 with 231 investments in the fourth quarter of 2012 worth $3.6bn, and 249 investments worth $5.2bn in the first quarter 2012 of 2012. 2013 There were 22 exits worth $1.4bn, compared with 34 exits worth $6.3bn in the fourth quarter of 2012 and 249 invest- 0 200 400 600 800 1000 1200 ments worth $5.1bn in the first quarter of 2011. Quarterly investment activity by value ($bn) Asian activity at 28 deals is approaching the 37 deals in Europe, although the US continues to be the main area of Q1 Q2 Q3 Q4 2011 activity with 146 deals. There were three deals in each of the 2012 Middle East, South America and eastern Europe. Information technology was the most active sector with 51 2013 deals, followed by consumer with 46. Healthcare and serv- 0 5 10 15 20 25 30 ices were next most active, with 35 and 34 deals respectively. Clean-tech and energy deals are languishing, with only nine Quarterly exit activity by number of deals deals tracked during the quarter. Q1 Q2 Q3 Q4 2011 Asian activity is particularly strong in the consumer sector, with 10 deals. Europe also had 10 consumer deals. In the 2012 media and services sectors Asia is ahead of Europe in terms of activity. North America was the most active location for all 2013 activity. Media investments were the most popular at seed 0 30 60 90 120 150 stage. Quarterly exit activity by value ($bn) The US was even more dominant in exit activity than in terms of investments, accounting for 82.6% of exits. The Q1 Q2 Q3 Q4 2011 most active sector for exits was IT. The most common type of deal was A round (46). There Includes $18.4bn Facebook IPO 2012 were also 45 each of B rounds and individual stake pur- chases. There were 18 C rounds, 17 D rounds and 7 E 2013 rounds and beyond, as well as 14 seed deals. 0 5 10 15 20 25 30 35 40 Consumer and services activity was particularly marked at Deal data is global. It tracks all rounds where there are minority investments in entrepreneurial companies by corporations Exit data tracks money raised from the public markets, trade sales, buyouts and stake sales an early stage, making up many A and B rounds. n Make sure the deals you’re targeting are really what they seem to be. By quantifying strategic value, the Innovation Capital™ system helps you make sure that the deals you look at are more than just skin deep. Learn more at http://www.synchronyvm.com/applestoapples Global Corporate Venturing April 2013 9 Q3 Q4 2013 Q2 Q1 Analysis Global corporate venturing activity last quarter Denmark 1 Finland 1 UK 9 Estonia 1 Canada 4 Ireland 1 Germany 13 France 3 Austria 2 Russia 3 US 143 Switzerland 4 Spain 1 Turkey 1 South Korea 1 Israel 3 China 6 Japan 9 Taiwan 2 India 8 Singapore 2 Brazil 3 Clean-tech Stake Consumer purchase Financial services Seed Undisclosed Health M&A Australia 1 E round Industrial and beyond IT A round Media D round Services C round Transport B round Utilities 360Buy in biggest deal The largest deal of the quarter was the $700m round of also included venture capital firm Iconiq Capital, which private equity funding for China-based e-commerce site manages money on behalf of social network Facebook’s 360Buy, as eye-catchingly large Asia deals continue to co-founder Mark Zuckerberg. A further $350m was raised be a staple of our coverage. This e-commerce company in debt from a syndicate including JPMorgan, Bank of secured quasi-corporate venturing backing – investors America Merrill Lynch, Goldman Sachs and SunTrust included corporate-backed Digital Sky Technologies (DST) Bank. The proceeds from the debt will also be used to buy and investment manager Tiger Global Management. shares from employees and shareholders as well as retire Other backers of the round were Ontario Teachers’ SurveyMonkey’s existing debt. Retirement Fund, a Canadian state-backed investment The third-largest deal was the $200m raised by Pinter- fund, along with new investor Kingdom Holdings, founded est, a US-based online scrapbooking website backed by by Saudi Arabia’s Prince Alwaleed Bin Talal Alsaud, Japan-based e-commerce company Rakuten, at a com- This round followed a $400m series D round in Decem- pany valuation of $2.5bn. Social media continues to be ber, which included Tiger Global Management. That round a source of eyecatching deals, with social messaging of financing valued the company, also known as Jingdong service Twitter reportedly brokering a deal for mutual fund Mall, at $7.3bn. 360Buy has now raised $2.3bn since manager BlackRock to buy up to $80m of shares from 2007. Earlier investors include Capital Today, Bull Capital, its employees at a $9bn valuation. If enough employees Pak-to Leung, DST and Tiger Fund. accept the tender offer to hit the $80m limit, BlackRock The next biggest round was the $444m raised by US- will own just less than 1% of Twitter, according to news based questionnaire company SurveyMonkey. Early provider Financial Times. investors sold stakes, secured a valuation of $1.35bn for a Hedge fund Valiant Capital Management, which has also consortium including search engine provider Google. backed Dropbox and Evernote, led the latest round as a David Goldberg, chief executive of SurveyMonkey, and new investor. The consortium also included Rakuten and Tiger Global Management co-led the transaction, which venture captial firms Andreessen Horowitz, Bessemer Global Corporate Venturing April 2013 10 Q3 Q4 2013 Q2 Q1 Analysis Venture Partners and FirstMark Capital as well as angel LivingSocial, a US-based discount coupon provider backed investors. In May last year, Rakuten led a $100m invest- by online retailer Amazon, raised $110m from a group of exist- ment in Pinterest, according to a regulatory filing, as part ing investors. News provider Fortune said Amazon invested of a strategic partnership with Pinterest to help it expand in the latest round and refers readers to LivingSocial’s Dela- in Japan and Rakuten’s 17 other markets (see feature on ware filing with details on the round’s terms. consumer sector). Nest Labs, a US-based maker of thermostats, reportedly Other big deals included the A$170m ($180m) raised by raised $80m from a consortium led by Google Ventures at Mesoblast, an Australia-listed regenerative medicine com- an $800m valuation, according to news provider GigaOm. pany, in a private placement of shares including to “exist- On Deck, a US-based small business loans company, ing strategic investors”, and Partners Group, a Switzer- raised $42m in its series D round, to take its total since land-based private equity firm, paying $130m for 30% of launch to $80m, from a consortium including SAP Ven- Softonic, an online software guide to media content incu- tures, the corporate venturing unit of the Germany-based bated by Grupo Intercom, a Spain-based internet-focused software provider. conglomerate. Other deals not in the top 10 included Warby Parker, a Truphone, a UK-based mobile network backed by media spectacles retailer, which raised $41.5m from a consor- groups Independent News & Media and Hubert Burda tium including credit card company venturing unit Amex Digital Ventures, the venturing unit of the Germany-based Ventures, and Sungevity, a US-based residential solar media group, now spun off, raised £75m ($118m) primarily business that raised $40m in D round equity from back- from Roman Abramovich, owner of Russia-based oil major ers including home improvement retailer Lowe’s as part of Sibneft. $125m raised through equity and project financing. n Intel, Google most active The two big corporate venturing units of Intel and Google Most active corporate venturers Q1 both had busy quarters, while German-based firms and Investments Exits financial institution-backed corporate venturing units were Intel 15 1 also busy. Google 12 3 Intel Capital, the corporate venturing unit of the US- Qualcomm 11 2 based chipmaker, was the most active unit, in line with its Norwest Venture Partners (Wells Fargo unit) 8 0 High-Tech Gruenderfonds 6 0 status as the largest corporate venturing unit globally, hav- Bertelsmann 5 0 ing invested more than $10bn in its history JPMorgan 4 1 Ten of Intel Capital’s deals were in technology, including SAP 4 1 participation in the $30m D round of US-based data analyt- AOL 4 0 ics company Guavus and the $20m round of semiconductor Samsung 4 0 Comcast 4 0 company Invisage Technologies. Following a cross-sectoral Conde Nast 4 0 approach designed to fuel markets to strengthen demand Cisco 3 1 for semiconductors, the unit backed a typically varied range Paypal 3 1 of deals, including the latest round of Ireland-based wireless Correction: An earlier version of this table omitted Qualcomm network company Altobridge, the $5.8m B round for vacuum robot company Persimmon Technologies and the $15m B seed round of video chat company Rabbit, the $21.6m B round for social media management company Sprinklr. round of social media company NextDoor, as well as an Intel Capital also was alongside a number of corporates exit from social TV service Miso, which was sold to Dijit in the syndicate backing mobile banking and payment Media, a US-based maker of the NextGuide iPad applica- solutions company Mfoundry, which was sold to banking tion for television.
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