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Analysis of 2014'S Corporate Venture Capital Activity. Released February 2015 Analysis of 2014’s corporate venture capital activity. Released February 2015 CB Insights is a National Science Foundation-backed company that uses data to provide VCs, corporate strategy, M&A teams and business development professionals with intelligence on emerging companies and disruptive technology trends. To see how our data can make your life easier, visit: www.cbinsights.com 2 3 Corporations making strategic investments in U.S. companies but not as part of a specific separately demarcated venture group are not included. Page 45 details the rules and definitions In 2014, VC funding hit the highest levels since 2000 and we use. corporate VCs played a huge part. Corporate venture capital activity saw a spike in 2014 as deals by corporate venture arms jumped 25% YoY while funding rose 76% behind participation in some of 2014’s largest venture deals ranging from Cloudera to Tango to Slack. Google Ventures led all corporate VCs, investing in 60+% more companies than second place Intel Capital in 2014. Salesforce came in at #3 after a busy 2014, which included investments in Anaplan, Mulesoft, Docusign and others. Average deal size with corporate venture participation reached $23M+ in three of the four quarters in 2014. This was a significant step up from 2013 where average CVC deal sizes Google Ventures and Intel Capital led corporate VCs by number of never topped $17M. U.S.-based exits in 2014, each notching over 3x more exits than third place SR One. In a huge year for healthcare IPOs, four healthcare-focused CVCs made the top 10, all of which counted three or more IPO exits. Corporate VC participation hit another multi-year high as 96 unique corporate VCs completed an investment in Q4’14, a 32% rise from the same quarter last year and a 60% jump from the same quarter two years ago. In 2014, 54 different corporate venture arms participated in at least one U.S. seed VC round. That’s compared to just 10 corporate VCs who did a seed deal in 2010. Corporate venture capital investors participated in 18% of the 3,617 total venture capital deals in 2014. That’s up from 2013 Healthcare CVC funding jumped 23% YoY in 2014 behind an array when CVCs participated in just over 15% of all VC deals. of $40M+ deals. YoY healthcare CVC deals rose 8%. 4 “We track dealflow, understand “CB Insights' intuitive user “CB Insights are changing the valuation multiples, analyze interface, analytical capabilities, way investors access private industry trends and identify and detailed investment company information.” comparable companies. It is great information create a very to see CB Insights innovating in the powerful tool for our team's venture capital data space. research needs.” Will Porteous Nate D’Anna Kevin Diestel General Partner Corporate Development Investor RRE Ventures Cisco Sapphire Ventures “We've found CBI to have the “They have the best quality data “Designed by a VC insider who best data for the most accurate in the market for anyone looking truly knows the space and market view.” to get an inside look at private understands end-user needs.” company financings.” Jack Leeney Ian Sigalow Greg Bae Portfolio Manager Partner Investments & Biz Dev Telefonica Greycroft Partners Comcast Ventures Ventures 5 6 In a year that saw VC funding jump to levels not seen since 2000, corporate VCs played a huge role. In 2014, corporate venture capital activity saw a spike as deals by corporate venture arms jumped 25% YoY and 55% from 2012. YoY funding rose 76%. 7 On a monthly basis, April and October each saw corporate venture deal tallies spike. March, June and October each saw over $1.8B+ in CVC funding participation, highlighted by large deals including Magic Leap, Slack and Tango. 8 California took 50%+ of CVC deal share in each quarter of 2014, while Massachusetts and New York saw nearly an equal share of CVC deals. 9 Series A deal share rose to 28% in Q4’14, after taking 21% of CVC deal share in the same quarter last year. Series B CVC deal share fell to a five-quarter low in Q4, after hitting 26% in Q3. 10 After Series E+ deals took 52% of CVC funding participation in Q1 behind Cloudera’s mega- deal and Series D took 43% in Q2, CVC funding share was more evenly distributed in Q3 and Q4. 11 The proliferation of mobile technologies led the mobile sector to top healthcare by corporate venture deal share in three of four quarters in 2014. 12 Average deal size with corporate venture participation reached $23M+ in three of the four quarters in 2014. By comparison, no quarter in 2013 saw average CVC deal sizes top $17M. 13 Corporate venture firms participated in 18% of the 3,617 total venture capital deals in 2014. That’s up from 2013 when CVCs participated in just over 15% of all VC deal activity. 14 Corporate VC participation hit a multi-year high as 96 corporate VCs completed an investment in Q4, a 32% rise from the same quarter last year and a 60% jump from the same quarter two years ago. 15 In 2014, 54 different corporate venture arms participated in at least one U.S. seed VC round. That’s compared to just 10 corporate VCs who did a deal in 2010. Coupled with the increasing # of micro VCs and larger VCs doing seed deals, there is an abundance of funding at the seed stage. 16 Google Ventures led all corporate VCs, investing in 60+% more companies than Intel Capital in 2014. Salesforce came in at #3 after a busy 2014, which included investments in Anaplan, Mulesoft, Docusign and others. The Most Active Corporate VCs of 2014 Ranked By Unique Company Investments Rank CVC Investor Rank CVC Investor 1 Google Ventures 11 Bloomberg Beta 2 Intel Capital 12 Fidelity Biosciences 3 Salesforce Ventures 12 Second Century Ventures 4 Comcast Ventures 12 GE Ventures 5 Qualcomm Ventures 12 Mitsui & Co. Global Investment 6 Novartis Venture Funds 12 Microsoft Ventures 7 Samsung Ventures 12 In-Q-Tel 8 Cisco Investments 18 Verizon Ventures 9 Siemens Venture Capital 18 Johnson & Johnson Development Corp. 9 SR One 20 Bertelsmann Digital Media Investments Note: Rank is by U.S-based company investments. For addition on this list next time please email [email protected] with your deals data. 17 105 Active Corporate Venture Capital Investors of 2014 Google Ventures Pfizer Venture Investments Fletcher Spaght Ventures Robert Bosch Venture Capital Intel Capital Citi Ventures Wells Fargo Startup Accelerator Biogen Idec New Ventures Salesforce Ventures Dell Ventures Chevron Technology Ventures Western Digital Capital Comcast Ventures Hearst Ventures Steamboat Ventures UPS Strategic Enterprise Fund Qualcomm Ventures Novo Ventures Ascension Ventures Morgan Stanley Expansion Capital Novartis Venture Funds UMC Capital BP Ventures AbbVie Biotech Ventures Samsung Ventures Shea Ventures Motorola Solutions Venture Capital Zaffre Investments Cisco Investments American Express Ventures Sanofi-Genzyme Ventures Takeda Ventures Siemens Venture Capital AOL Ventures MS Ventures MedImmune Ventures SR One Telstra Ventures SingTel Innov8 ABB Technology Ventures Bloomberg Beta Recruit Strategic Partners BASF Venture Capital Castrol innoVentures Fidelity Biosciences Total Energy Ventures International TELUS Ventures GM Ventures Second Century Ventures Reed Elsevier Ventures Baxter Ventures Boulder Brands Investment Group GE Ventures BlueCross BlueShield Venture Partners American Family Ventures Merck Research Ventures Fund Mitsui & Co. Global Investment Roche Venture Fund BMW i Ventures First Data Ventures Microsoft Ventures Liberty Global Ventures Vertex Venture Holdings Karlani Capital In-Q-Tel Amgen Ventures Brace Pharma Nissay Capital Verizon Ventures Presidio Ventures Evonik Ventures CyberAgent Ventures Johnson & Johnson NTT DoCoMo Ventures WPP Digital Astellas Venture Management Bertelsmann Digital Media Investments kbs+ Ventures Swisscom Ventures Rakuten Ventures Merck Global Health Innovation Fund BBVA Ventures T-Venture GE Healthcare Financial Services Kaiser Permanente Ventures KDDI Open Innovation Fund Kaplan Ventures Aster Capital Constellation Technology Ventures WuXi Corporate Venture Fund Liquidity Ventures DSM Venturing Time Warner Investments Legend Capital R/GA Ventures Xandex Investments Lilly Ventures DG Incubation Renren Lianhe Holdings SABIC Ventures CAA Ventures Transamerica Ventures Fund Telefonica Ventures dunnhumby Ventures Kiwi Venture Partners 18 Google Ventures and Intel Capital led corporate VCs by number of U.S.-based exits in 2014, each notching over 3x more exits than third place SR One. With a huge year for healthcare IPOs, four healthcare-focused CVCs made the list, all of which counted three or more IPO exits. The Top Corporate Venture Capital Firms By Number of U.S. Exits in 2014 Rank CVC Investor Select 2014 Exits 1 Google Ventures OnDeck Capital, Hubspot, Nest Labs 2 Intel Capital Yodlee, [x+1], Prolexic Technolgies 3 SR One Dicerna, iPierian, Concert Pharma 4 Qualcomm Ventures Divide, MoboTap, Location Labs 4 Samsung Ventures Fixmo, Cloudant, Engrade 4 Motorola Solutions Venture Capital Fixmo, Zephyr Technology, Lumidigm 4 Mitsui & Co. Global Investment ProteinSimple, Change Healthcare, Location Labs 8 Novartis Venture Funds Alios BioPharma, Akebia Therapeutics, Celladon 8 Novo Ventures Alios BiopPharma, Nevro, Otonomy 8 Johnson & Johnson Development Corp. Celladon, Nevro, CardioMems 19 The CB Insights platform has the details on each and every transaction in 2014. That includes all 2,866 tech exits in this report. Some of our happy customers 20 21 After Q1’14 saw Internet CVC deals on par with 2013 tallies, deal activity jumped in the subsequent two
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