Q2 2018 Venture Capital Deals and Exits 3 July 2018

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Fig. 1: Global Quarterly Venture Capital Deals*, Fig. 3: Number of Venture Capital Deals in Q2 2018 by Q1 2013 - Q2 2018 Fig. 2: Venture Capital Deals* in Q2 2018 by Region Investment Stage

4,500 80 100% Angel/Seed 7% 5% 1% 3% 4,000 2% 70 Aggregate Deal Value ($bn) 90% 1% 6% 3% Series A/Round 1 Other 1% 3% 3,500 60 80% 4% Series B/Round 2 3,000 50 70% 31% Israel 6% 2,500 54% 36% Series C/Round 3 60% 40 India 2,000 Series D/Round 4 and 50% No. of Deals 30 1,500 17% Later Greater China Growth 40% 16% 1,000 20 8% Capital/Expansion

Proportion of Total Europe PIPE 500 10 30%

0 0 20% 37% North America Grant 31% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 10% Venture Debt 30% 2013 2014 2015 2016 2017 2018 0% Add-on & Other No. of Deals Aggregate Deal Value ($bn) No. of Deals Aggregate Deal Value Source: Preqin Source: Preqin Source: Preqin Fig. 5: Average Value of Venture Capital Deals by Investment Fig. 4: Venture Capital Deals* in Q2 2018 by Industry Stage, 2016 - H1 2018 Fig. 6: Number of US Venture Capital Deals* in Q2 2018 by State 40% 37% 140 35% 120 115 117 104 30% 2016 100 California 25% 24% 23% 80 80 2017 20% 34% New York 36% 14% 15% 60 49 15% 13% 13% 41 Q1-Q2 12% Massachusetts 40 32 29 32 29 2018 Proportion Proportion of Total 9% 26 2828 28 10% 8% 16 22 5% 5% Average Deal Size ($mn) 20 1211 5% 4% 4% 4% Washington 2% 1% 3%2% 2% 2 2 2 0% 0 Illinois 4% Other Round 3 Round 1 Round 2 Series C/ Series Series A/ Series B/ Series 4% Internet Other IT Other Other Services Business Food & Related Telecoms 13% Angel/Seed Industrials Healthcare Agriculture Software & 9% 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.

1 © Preqin Ltd. 2018 / www.preqin.com DOWNLOAD THE DATA PACK Q2 2018 VENTURE CAPITAL DEALS AND EXITS 3 JULY 2018

Fig. 7: Largest Venture Capital Deals* Announced Globally in Q2 2018

Deal Size Portfolio Company Deal Date Investment Stage Investor(s) Industry Location (mn) Baillie Gifford, Carlyle Group, CPP Investment Board, Discovery Capital Management, General Atlantic, GIC, Janchor Partners, Khazanah Nasional, Ant Financial Services Group Jun-18 Series C/Round 3 14,000 USD Internet China Primavera Capital, Sequoia Capital, Silver Lake, T Rowe Price, Temasek Holdings, Warburg Pincus Pinduoduo Apr-18 Unspecified Round 3,000 USD Sequoia Capital, Tencent Telecoms China Baillie Gifford, CapitalG, China Reform Fund Management, Farallon Capital Management, Hillhouse Capital Management, IDG Capital, SB Manbang Group Apr-18 Unspecified Round 1,900 USD Internet China Investment Advisers, Sequoia Capital, Tencent Fidelity, Hopu Investment Management, Qualcomm Ventures, Silver Lake, Tiger Global Management, Alibaba Group, Suning Commerce Group Co, SenseTime Group Limited** May-18 Series C/Round 3 1,220 USD High-Tech China Temasek Holdings Grab Holdings*** Jun-18 Unspecified Round 1,000 USD Toyota Motor Corporation Telecoms Singapore CDH Investments, Chia Tai Group, China General Nuclear Power Group, China Minsheng Bank, CreditEase Wealth Management (Beijing), UBTECH Robotics, Inc. May-18 Series C/Round 3 820 USD High-Tech China easyhome, Green Pine Capital Partners, ICBC International, Minsheng Securities, Qingdao Haier Co., Ltd., Telstra Ventures, Tencent Shanghai YouXia Motors China Environmental Protection Industry, China Fortune Ocean, Huzhou Wuxing South Taihu Lake Construction Investment, Qianhai Wutong Apr-18 Series B/Round 2 5,000 CNY Cleantech China Co., Ltd Mergers and Acquisitions Funds Shanghai Junzheng Network Apr-18 Series E/Round 5 700 USD Ant Financial Service Group, Fosun Capital Telecoms China Technology Co., Ltd Lyft, Inc. Jun-18 Series I/Round 9 600 USD Fidelity Management & Research Company, Senator Investment Group High-Tech China VIPKID Jun-18 Series D/Round 4 500 USD Coatue Management, Sequoia Capital, Tencent, YF Capital Internet China

*Figures exclude add-ons, grants, mergers venture debt and secondary stock purchases. Source: Preqin **Round was raised in two tranches, $600mn raised in April and $620mn in May 2018. ***Round still ongoing, may increase in value. Fig. 8: Global Venture Capital-Backed Exits, Q1 2013 - Q2 2018 Fig. 9: Venture Capital-Backed Exits in Q2 2018 by Region Fig. 10: Venture Capital-Backed Exits in Q2 2018 by Type

500 80 160 151 100% 1% 450

70 Aggregate Exit Value ($bn) 140 90% 19% 400 30% 60 120 80% 350 12% Write-off 300 50 100 70% 2%

250 40 80 60% IPO 200 No. of Exits 30 60 50% 150 Sale-to-GP 20 40 37 40% 100 29.1 67% 68% 20 Proportion of Total 1516.6 30% Trade Sale 50 10 20 11.5 11.4 10 3 0.1 1.3 0 0 0 20%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 North Europe Greater India Israel Other 10% 2013 2014 2015 2016 2017 2018 America China 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 2 © Preqin Ltd. 2018 / www.preqin.com DOWNLOAD THE DATA PACK Q2 2018 VENTURE CAPITAL DEALS AND EXITS 3 JULY 2018

Fig. 11: Largest Venture Capital-Backed Exits Announced Globally in Q2 2018 Portfolio Date of First Total Known Exit Exit Value Investor(s) Exit Type Acquiror (Exit) Industry Location Company Investment Funding ($mn) Date (mn) Accel, Axis Bank, Baillie Gifford, Dragoneer Investment Group, DST Global, eBay Inc., GIC, Greenoaks Capital, HDFC Bank, Helion Venture Partners, Iconiq Capital, IDG Ventures India, Flipkart Internet Oct-09 Kalaari Capital, Microsoft, Morgan Stanley, Morgan Stanley Alternative Investment Partners, 6,454 Trade Sale May-18 Walmart 16,000 USD Internet India Private Limited* Naspers, Qatar Investment Authority, SB Investment Advisers, Schroder Adveq, Sofina, Steadview Capital Management, T Rowe Price, Tencent, Tiger Global Management, TR Capital, Vulcan Capital Adage Capital Management, Boxer Capital, Deerfield Management, Foresite Capital, Janus Capital Novartis AveXis, Inc. Jan-15 Group, QVT funds, RA Capital, Roche Venture Fund, Rock Springs Capital, RTW Investments, T 75 Trade Sale Apr-18 8,700 USD Biotechnology US International AG Rowe Price, Venrock GitHub, Inc. Jul-12 Andreessen Horowitz, Institutional Venture Partners, Sequoia Capital, SV Angel, Thrive Capital 350 Trade Sale Jun-18 Microsoft 7,500 USD Software US 137 Ventures, Abu Dhabi Investment Council, Accel, Baillie Gifford, Blisce, Coca-Cola Company, Creandum, D.E. Shaw & Co, Digital Sky Capital, Discovery Capital Management, Dragoneer Investment Group, DST Global, EquityZen, Inc., Fidelity Investments, Founders Fund, Goldman Spotify AB* Oct-08 Sachs, Groupe Arnault, GSV Asset Management, Halcyon, Kleiner Perkins Caufield & Byers, 2,573 IPO Apr-18 - 7,356 USD Internet Sweden Lansdowne Partners, Li Ka Shing Foundation, Northzone Ventures, Rinkelberg Capital, Schoenfeld, Senvest Capital, SharesPost, Technology Crossover Ventures, TeliaSonera, TPG, Wellington Partners All-Stars Investment, Bank of China (Hong Kong), Deutsche Bank, DST Global, GIC, Hopu Investment Management, IDG Capital, Morgan Stanley, Morningside Venture Capital, Qiming Xiaomi Inc.* Jun-09 2,457 IPO Jun-18 - 4,720 USD Retail China Venture Partners, Qualcomm Ventures, Shunwei Capital Partners, Temasek Holdings, Wing Lung Bank, YF Capital BAI Fund, BOCOM International Asset Management, Ctrip / Qunar, Farallon Capital Management, Foxconn Technology Group, Hanting Hotels, Hillhouse Capital Management, ICBC International, Meituan- Mobike Ltd. Oct-15 Joy Capital, Line Corporation, Panda Capital, Qiming Venture Partners, Qualcomm, Sequoia 1,980 Trade Sale Apr-18 2,700 USD Telecoms China Dianping Capital, Sinovation Ventures, Temasek Holdings, Tencent, TPG, Vertex Ventures China, Warburg Pincus, Yung Park Capital 83 North, American Express, AP-Fonden 4, Banco Santander, Creandum, Dawn Capital, European iZettle AB Oct-11 Investment Bank, Hasso Plattner Ventures, Index Ventures, Intel Capital, MasterCard Worldwide, 288 Trade Sale May-18 Paypal 2,200 USD Hardware Sweden MCI Capital, Northzone Ventures, SEB Venture Capital, Victory Park Capital, Zouk Capital Coriolis Ventures, Deutsche Telekom Capital Partners, Fidelity Investments, First Round Capital, AppNexus Inc. Dec-07 Khosla Ventures, Kodiak Venture Partners, Microsoft, News Corporation, SV Angel, Technology 404 Trade Sale Jun-18 AT&T 1,600 USD Software US Crossover Ventures, Tribeca Venture Partners, Venrock, WPP Group plc, Yahoo Japan Corporation Celgene, Clough Capital Partners, DAG Ventures, Decheng Capital, GV, HBM Partners, Industrial ARMO Eli Lilly & Nov-13 Investors, Kleiner Perkins Caufield & Byers, NanoDimension, OrbiMed Advisors, Qiming Venture 167 Trade Sale May-18 1,600 USD Pharmaceuticals US BioSciences Inc. Company Partners, Quan Capital, RTW Investments, Sequoia Capital Bessemer Venture Partners, Bezos Expeditions, Cardinal Venture Capital, Information Venture Adaptive Insights Jan-04 Partners, JMI Equity, Monitor Ventures, New Enterprise Associates, Norwest Venture Partners, 169 Trade Sale Jun-18 Workday, Inc. 1,550 USD Software US Inc. ONSET Ventures, Relay Ventures, Salesforce.com, T Rowe Price, Workday, Inc.

*Denotes a partial exit. Source: Preqin