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2019 Philadelphia Venture Report

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2019 Philadelphia Venture Report 2019 PHILADELPHIA VENTURE REPORT Data provided by Matt Klinger We believe in the risk takers, the game-changers and the disrupters—those Senior Vice President committed to leveraging innovation to make the world a better place. Mid-Atlantic (703) 547-8198 Bridge Bank, founded in 2001 in Silicon Valley, serves small-market and middle- market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture- backed and non-venture-backed companies across all stages of growth, Bridge Bank offers a broad scope of financial solutions including growth capital, equipment and working capital credit facilities, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. To learn more about us, visit info.bridgebank.com/tech-innovation. *All offers of credit are subject to approval Bridge Bank, a division of Western Alliance Bank. Member FDIC. Introduction The Philadelphia entrepreneurial community is entering a new decade stronger than ever. This report showcases how Philadelphians use their inner grit and industry passion to achieve new possibilities and fuel innovation. The prominence of the life sciences space across the ecosystem has only increased over the past year, and Philadelphia appears poised to capitalize on those gains in 2020 thanks to a growing base of world-class cell and gene therapy companies and the effects of the Cell & Gene Therapy Initiative detailed below. Meanwhile, our angel investment community continues to expand alongside the growing interest of nontraditional investors such as corporate venture arms and growth-stage- focused private equity funds, while Ben Franklin bolsters company formation with capital and growth resources. In addition, outside investors including venture capital (VC) firms based in Boston, New York and Silicon Valley are targeting the region on a growing basis. Last year, Philadelphia set a record for venture investment with close to $2.5 billion, ranking Philadelphia 7th nationally, also a record. Entrepreneurs have begun scaling up operations in Philadelphia and continue to take advantage of the talent emerging from the region’s universities and medical centers along with its high quality of living. Please join me in thanking our 2019 report sponsors. PACT looks forward to working with them and all of you to continue to elevate Philadelphia. Dean Miller, President & CEO Data as of: December 31, 2019 Contents Note: This report covers the Philadelphia-Camden-Wilmington Metropolitan Statistical Area (Philadelphia), which includes parts of Pennsylvania, New Jersey, Delaware and Maryland. All data and charts cited throughout the report are based on companies Introduction 3 and/or investors headquartered in this region. About the Cell & Gene Therapy and Connected Health Initiative: Dealmaking 4-5 The Chamber, through its CEO Council for Growth, along with collaborating institutions, organizations and companies, has launched a multi-year initiative to leverage and promote Outside & Nontraditional Investors 6 Greater Philadelphia’s cell and gene therapy, gene editing, and connected health sectors. The objective of the initiative is to strengthen the region’s innovation economy through efforts including shared storytelling that build awareness of the region’s Corporate Venture Capital 7 assets, providing resources to start-up and scaling companies, assessing the talent needs of the sectors, and supporting the development of critical infrastructure for the sector’s growth. Exits & Fundraising 8 The initiative is supported by 11 partner companies, institutions and universities in the Greater Philadelphia region. For more information, visit http://www.ceocouncilforgrowth.com Q&A 9 Report Sponsors 3 2019 PHILADELPHIA VENTURE REPORT Dealmaking VC deal activity Median VC deal size ($M) 223 225 $9 203 200 $7.5 195 192 $8 167 $7 166 139 $6 115 $5 $4.2 $3.8 $4 $3 0 4 $1.9 8 . 6 5 6 9 . 3 1 5 . 3 2 6 . $2 . 9 3 $1.2 2 9 5 5 3 6 6 8 5 5 3 4 4 1 5 7 0 1 4 , , , , 8 5 4 6 5 8 $0.6 1 1 1 2 $1 $ $ $ $ $ $ $ $ $ $ $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Deal value ($M) Deal count Angel & seed Early VC Late VC Source: PitchBook | Geography: Philadelphia Source: PitchBook | Geography: Philadelphia Philadelphia’s entrepreneurial $20 million in aggregate at the top of driven by Philly’s pharma and biotech community charged out of 2018 the decade, angel and seed deal value sector, which commanded more than to reach record heights for the expanded at a steady compound $1 billion in overall deal value in its aggregate disclosed deal value of annual growth rate (CAGR) of 24% to own right for the first time in 2019. venture investment in 2019, while surpass $160 million in 2019. Although squeaking past the top tally for total angel and seed financing volume Thanks in part to record levels of financing rounds completed by just peaked at 103 financings in 2015, dry powder in the wider venture two deals. At $2.5 billion invested activity at this stage has bounced ecosystem, deal size inflation for across 225 venture financings, Philly’s around above 85 deals every year Philly—though broadly consistent venture ecosystem closed out 2019 since 2014. The $1.2 million median for with the YoY persistence of rising stronger than ever, helping to push angel and seed rounds represents the valuations across the US—has yet the average disclosed round value highest on record, doubling the figure to push median deal sizes to levels to $11.2 million. And as larger rounds from 2018 and tripling the $400,000 reached elsewhere. For example, the boosted VC investment levels over per angel and seed round recorded, median for an early-stage deal in the results for 2018, companies at the remarkably, just the year before. Philadelphia was $3.8 million—roughly early stage alone commanded $244 half the US median. In addition to million more in total VC year over year As Philadelphia enters a new decade, these trends driving overall activity, (YoY) while activity comprised only the ability to sustain gains in venture participation from outside and eight additional financings. Investors activity across the region represents nontraditional investors hit record targeting this point in a startup’s perhaps its most lasting characteristic. heights or recovered last year. lifecycle with larger checks pushed Since the start of 2010, overall VC Commitments from investors based aggregate value past $1 billion for the investment has generated $10 billion in the Bay Area, Boston or New York first time since at least 2006. in aggregate funding value across reached or maintained their peak level. 1,825 financing rounds. And the pace On the other hand, corporate venture As the Philadelphia ecosystem of investing has only picked up of late. arms committed a record amount has matured over the past decade, Firms targeting startups based in the of capital in Philadelphia deals, companies at the most nascent phase region have completed transactions and last year, priavate equity (PE) have also capitalized on a growing valued above $800 million in total investors funded over $350 million investor appetite for getting in on the each year since 2014 across at least to companies showing continued ground floor. Since securing just over 190 financings annually in that time, strength of this investor sector. 4 2019 PHILADELPHIA VENTURE REPORT VC deals ($) by size Top investors (2010-2019) 100% Under $500 Investor name Investments (#) 80% $500K-$1M Ben Franklin Technology Partners of 356 Southeastern Pennsylvania 60% $1M-$5M BioAdvance 83 $5M-$10M 40% Robin Hood Ventures 77 $10M-$25M DreamIt Ventures 49 20% $25M+ Keiretsu Forum 32 0% 2015 2016 2017 2018 2019 Osage Venture Partners 31 Source: PitchBook | Geography: Philadelphia VC deals ($) by stage Source: PitchBook | Geography: Philadelphia 100% Angel & seed 80% Early VC Late VC 60% $750M 40% Size of round for goPuff, 20% the largest ever for a Philly-based startup 0% 2015 2016 2017 2018 2019 Source: PitchBook | Geography: Philadelphia VC deals ($) by industry Angel & seed VC deal activity 100% Commercial 103 97 98 services 94 91 87 Consumer goods 80% & recreation 71 Energy 62 57 60% HC devices & supplies HC services & 40% systems 25 16 IT hardware 5 7 5 . 7 . 0 3 6 3 6 4 . 4 0 4 0 2 3 2 8 2 9 0 2 20% Media 6 1 1 1 2 3 2 4 7 8 7 $ $ $ $ $ $ $ $ $ Pharma & biotech $ Software 0% 20092010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Other Deal value ($M) Deal count Source: PitchBook | Geography: Philadelphia Source: PitchBook | Geography: Philadelphia 5 2019 PHILADELPHIA VENTURE REPORT Outside & Nontraditional Investors VC deal activity with Bay Area investor participation VC deal activity with PE investor participation 47 16 40 15 14 14 13 12 12 12 31 30 11 28 27 9 19 16 17 14 4 0 3 3 9 6 5 7 9 5 9 . 7 . 0 4 . 3 . 1 . 3 . 4 . 2 . 6 7 5 9 . 0 9 2 5 2 . 6 8 0 0 9 9 3 7 2 5 1 3 3 7 4 0 3 5 7 0 3 5 5 2 2 8 3 8 3 9 6 1 3 1 2 2 4 3 8 8 9 2 2 1 1 1 2 4 2 4 3 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Deal value ($M) Deal count Deal value ($M) Deal count Source: PitchBook | Geography: Philadelphia Source: PitchBook | Geography: Philadelphia The Philadelphia metropolitan Philadelphia. The firm cut a $750 the late stage to $88 million in the US, statistical area (MSA) was far from million check to goPuff from its $100 with both early- and angel and seed- an exception to several of the more billion Vision Fund in August—a deal stage deals jumping as well.
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