Q1 2018 Venture Capital Deals and Exits 4 April 2018

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Fig. 3: Number of Venture Capital Deals in Q1 2018 by Fig. 1: Global Venture Capital Deals*, Q1 2013 - Q1 2018 Fig. 2: Venture Capital Deals* in Q1 2018 by Region Investment Stage

4,000 60 100% Angel/Seed 10% 7% 1% 3,500 90% 3% Aggregate Deal Value ($bn) 2% 50 1% Series A/Round 1 6% Other 4% 3,000 80% 1% 4% 1% Series B/Round 2 40 4% 2,500 70% 35% Israel 30% Series C/Round 3 7% 35% 2,000 30 60% India Series D/Round 4 and 1,500 50% No. of Deals 20 11% Later 17% Greater China Growth Capital/Expansion 40% 1,000 14% 10 Proportion of Total PIPE 500 30% Europe

0 0 20% 42% Grant 35% North America

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 10% Venture Debt 29% 2013 2014 2015 2016 2017 2018 0% Add-on & Other No. of Deals Aggregate Deal Value ($bn) No. of Deals Aggregate Deal Value Source: Preqin Source: Preqin Source: Preqin Fig. 5: Average Value of Venture Capital Deals by Investment Fig. 4: Venture Capital Deals* in Q1 2018 by Industry Stage, 2016 - Q1 2018 Fig. 6: Number of US Venture Capital Deals* in Q1 2018 by State

25% 23% 24% 160 22% 139 140 19% 20% California 120 116 16% 2016 100 15% 14% 13% 81 29% New York 13% 80 2017 10% 10% 60 40% 8% 49 49 Massachusetts 42 Q1 2018 6% 6% 6% 40 34 Proportion Proportion of Total 5% 322630 2727 29 31 5% 4% 19 22

3% 3% Average Deal Size ($mn) 2% 2% 20 1211 Washington 2% 2 2 2 0 0% 3% Illinois 4% Other Round 3 Round 1 Round 2 Series C/ Series Series A/ Series B/ Series Internet Other IT Other Other Services 8% Business Food & Related Telecoms Angel/Seed Industrials Healthcare Agriculture Software & 16% Consumer Expansion Venture Debt Venture 4 and Later Discretionary Series D/Round Series Growth Capital/ No. of Deals Aggregate Deal Value Investment Stage Source: Preqin Source: Preqin Source: Preqin *Figures exclude add-ons, grants, mergers, venture debt and secondary stock purchases.

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Fig. 7: Largest Venture Capital Deals* Announced Globally in Q1 2018 Portfolio Company Deal Date Investment Stage Deal Size (mn) Investor(s) Industry Location Astra Investimentos, BlackRock, Google Inc., JD.com, KKR, Meituan-Dianping, Samsung Venture Investment Go-Jek Indonesia Feb-18 Series E/Round 5 1,500 USD Business Services Indonesia Corporation, Temasek Holdings, Tencent, Warburg Pincus Ping An Healthcare Administration Feb-18 Series A/Round 1 1,150 USD IDG Capital, SB Investment Advisers, SBI Holdings Software China Co., Ltd. Mobike Ltd. Jan-18 Unspecified Round 1,000 USD Telecoms China Ofo Bicycle Mar-18 Series E/Round 5 866 USD Alibaba Group, Ant Financial Service Group, Haofeng Group, Junli Capital, Tianhe Capital Telecoms China CPP Investment Board, DFJ Growth, DivcoWest, Foxconn Ventures, Greenoaks Capital, Khosla Ventures, Navitas Katerra Inc. Jan-18 Series D/Round 4 865 USD Software US Capital, SB Investment Advisers, Soros Fund Management, Tavistock Group Che Hao Duo Used Automobile Capital Today, DST Global, FountainVest Partners, GIC, H Capital, ICBC International, IDG Capital, Sequoia Jan-18 Series C/Round 3 818 USD Internet China Agency (Beijing) Co., Ltd. Capital, Shanghai Capital, Taihe Capital, Tencent, West Fund, YF Capital China Industrial Bank Corporation, China Venture Capital, Guoxin Guoxin Dongwu Oversea Fund, Shanghai Farasis China Feb-18 Series C/Round 3 5,000 CNY Clean Technology China Dongxing Investment Shanghai OneConnect Technology Jan-18 Series A/Round 1 650 USD Internet China Co., Ltd. Douyutv Co., Ltd. Mar-18 Series E/Round 5 4,000 CNY Tencent Internet China Ziroom.com Jan-18 Series A/Round 1 4,000 CNY H Capital, Sequoia Capital, Source Code Capital, Tencent, Warburg Pincus Internet China

*Figures exclude add-ons, grants, mergers venture debt and secondary stock purchases. Source: Preqin

Fig. 8: Global Venture Capital-Backed Exits, Q1 2013 - Q1 2018 Fig. 9: Venture Capital-Backed Exits in Q1 2018 by Region Fig. 10: Venture Capital-Backed Exits in Q1 2018 by Type 500 50 160 100% 3% 141 450 45 140 90% Aggregate Exit Value ($bn) 15% 25% 400 40 120 80% 350 35 10% 1% 70% Write Off 300 30 100

250 25 80 60% IPO 200 20 50% No. of Exits 60 47 Sale-to-GP 150 15 40% 40 74% 100 10 72% 23 30% Trade Sale 50 5 20 13 Proportion of Total 10.7 6.9 11 0.8 0.1 4 0.1 0.7 20% 0 0 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 North Europe Greater India Israel Other 10% America China 2013 2014 2015 2016 2017 2018 0% No. of Exits Aggregate Exit Value ($bn) No. of Exits Aggregate Exit Value ($bn) No. of Exits Aggregate Exit Value

Source: Preqin Source: Preqin Source: Preqin

Fig. 11: Largest Venture Capital-Backed Exits Announced Globally in Q1 2018 Portfolio Date of First Total Known Exit Exit Value Investor(s) Exit Type Acquiror (Exit) Industry Location Company Investment Funding (mn) Date (mn) Alibaba Group, Ant Financial Service Group, Atomico, Beijing Dongfang Hongdao, CITIC Private Equity Funds Management, Coatue Management, Didi Chuxing, DST Global, GSR Ventures, Haofeng Group, Ofo Bicycle* Mar-15 2,433 Trade Sale Jan-18 Alibaba Group 3,000 USD Telecoms China Hony Capital, Junli Capital, Macrolink Group, Matrix Partners China, Shunwei Capital Partners, Tianhe Capital, Vision+, Will Hunting Capital, Xiaomi Inc., ZhenFund Baidu, Boyu Capital, Hillhouse Capital Management, IDG Capital, Providence Equity Partners, Sequoia iQiyi.com Inc.* Feb-10 1,890 IPO Mar-18 2,250 USD Digital Media China Capital, Shunwei Capital Partners, Xiaomi Ventures Allen & Company, Andreessen Horowitz, Baillie Gifford, BoxGroup, Casdin Capital, First Round Capital, Flatiron Health, Jan-13 Grape Arbor VC, Great Oaks Venture Capital, GV, IA Ventures, Laboratory Corporation Of America, 313 Trade Sale Feb-18 Roche 1,900 USD Healthcare IT US Inc. Roche, Social Capital, Stripes Group, SV Angel Adage Capital Management, Bay Partners, Brookside Capital, Cisco Investments, HWVP, Lightspeed MuleSoft, Inc. Oct-06 Venture Partners, Meritech Capital Partners, Morgenthaler Ventures, New Enterprise Associates, 259 Trade Sale Mar-18 Salesforce.com 1,353 USD Software US Salesforce Ventures, Salesforce.com, Sands Capital Ventures, Sapphire Ventures, ServiceNow Impact Oct-17 Medicxi Ventures, Oberland Capital 112 Trade Sale Jan-18 Celgene 1,100 USD Healthcare US Biomedicines, Inc. American Family Insurance, Charles River Ventures, Draper Fisher Jurvetson, First Round Ring Inc. Dec-13 Capital, Goldman Sachs, J.F. Shea Co., Inc., Kleiner Perkins Caufield & Byers, Qualcomm Ventures, 211 Trade Sale Feb-18 Amazon.com 1,000 USD IT Security US Queensbridge Venture Partners, Silicon Valley Bank, True Ventures, Upfront Ventures Adams Street Partners, August Capital, CM Capital Investments, Silicon Valley Bank, Technology ThreatMetrix, Inc. Oct-09 86 Trade Sale Jan-18 RELX Group 580.GBP IT Security US Venture Partners, Tenaya Capital, US Venture Partners Accel, Bank of America, Benchmark Capital, BlackRock, Deutsche Bank, Fidelity Investments, G Squared, Goldman Sachs, Green Bay Advisors, Greylock Partners, Index Ventures, Innovation Dropbox, Inc.* Jun-07 Department, Institutional Venture Partners, J.P. Morgan, Macquarie Bank, Morgan Stanley Alternative 2,167 IPO Mar-18 756 USD IT US Investment Partners, Queensbridge Venture Partners, RIT Capital Partners, Royal Bank of Canada, Salesforce Ventures, Sequoia Capital, T Rowe Price, Valiant Partners, Y Combinator 58.com, Alibaba Group, BAI Fund, DCM, DST Global, Genesis Capital, Gothic Corporation, GX Capital, Tantan Culture Kleiner Perkins Caufield & Byers, LB Investment, Matrix Partners China, Momo Inc., SAIF Partners, Development Jan-15 120 Trade Sale Feb-18 Momo Inc. 600 USD Telecoms China Sequoia Capital, Tenzing, Tiger Global Management, Vision Plus Capital, YF Capital, YY, Zhongwei (Beijing) Co., Ltd. Capital Alibaba Group, Ameba Capital, Ant Financial Service Group, Apple, Baidu, Bank of Communications, BlackRock, Capital Group Private Markets, CBC Capital, China Investment Corporation, China Life Insurance Company, China Merchants Bank, China Minsheng Bank, China Post Capital, China Taiping Insurance, China Vanke Co. Ltd., CITIC Private Equity Funds Management, CITIC Securities, Coatue Management, Didi Chuxing, Didi Dache, DST Global, eHi Auto Services, Farallon Capital Management, 99Taxis Jun-13 528 Trade Sale Jan-18 Didi Chuxing 600 USD Telecoms Brazil GSR Ventures, Guangzhou Automobile Co. Ltd., HNA Group, Hon Hai Precision Industry, Kuaidi Dache, Legal Capital, Matrix Partners, Monashees Capital, Mubadala Capital, New Horizon Capital, Oppenheimer Alternative Investment Management, Pagoda Investment, Ping An Ventures, Qualcomm Ventures, RCFSI, Riverwood Capital, Silver Lake, Sina Weibo, SoftBank, Softbank Capital, Temasek Holdings, Tencent, Tiger Global Management, Uber China, Uber Technologies, Inc.

*Denotes a partial exit. Source: Preqin