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Venture Ecosystem Factbook: Chicago 2017 Credits & Contact Pitchbook Data, Inc Venture Ecosystem FactBook: Chicago 2017 Credits & Contact PitchBook Data, Inc. JOHN GABBERT Founder, CEO ADLEY BOWDEN Vice President, Market Development & Analysis Content GARRETT JAMES BLACK Manager, Custom Research & Publishing REILLY HAMMOND Data Analyst JENNIFER SAM Senior Graphic Designer Contact PitchBook pitchbook.com Contents RESEARCH [email protected] Introduction 3 EDITORIAL [email protected] Chicago in the US Venture Ecosystem 4 SALES [email protected] Economy 5 Investment Activity 6-10 COPYRIGHT © 2017 by PitchBook Data, Inc. All riGhts reserved. No part of this publication may be reproduced in any form or by any Exits & Fundraising 11-12 means—Graphic, electronic, or mechanical, includinG photocopyinG, recordinG, tapinG, and information storaGe and retrieval systems— League Tables 13 without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be Guaranteed. NothinG herein should be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judGment. The PitchBook Platform The data in this report comes from the PitchBook Platform–our data software for VC, PE and M&A. Contact [email protected] to request a free trial. 2 PITCHBOOK 2017 VENTURE ECOSYSTEM FACTBOOK: CHICAGO Well-positioned, yet underserved at the late staGe Introduction Look up a company. Third in our series of reports focused on explorinG US venture ecosystems at a more Granular level, the ChicaGo FactBook offers multiple contextual datasets And its cap table. woven toGether with analysis of the current domestic venture environment. And its investors. When it comes to venture capital, analysis can be particularly challenGing given the nature of the model, especially when it comes to quantifcation of And its EBITDA risk. Moreover, if the past 20 years of fnancial history have taught us anything, multiples. it’s that overreliance on quantitative methods and modelinG can be uniquely danGerous. Hence our preference for frameworks of analysis that, while And its board benefting from quantitative grounding, remain primarily qualitative. One of our members. preferred frameworks for analyzinG datasets at a certain level of GeoGraphic Granularity is that of the ecosystem, wherein the overlappinG cycles of In seconds. fundraisinG and investment reinforce each other via key nodes of informational fow. Consequently, in the followinG paGes, we trace the evolution of the ChicaGo venture scene over the past decade throuGh an ecosystem lens. Especially as The PitchBook Platform the ChicaGo venture ecosystem has been GrowinG steadily, it appears to be has the data you need approachinG a level where, as one venture capitalist put it, local entrepreneurs may no lonGer do a “tour of duty” in Silicon Valley before returninG. Furthermore, to close your next deal. ChicaGo’s corporate landscape is intriGuinG Given the role of human capital in a venture ecosystem. Multiple Fortune 500 companies call the city home, and Learn more at yet, likely due to their particular sector, many don’t acquire local startups at an pitchbook.com anticipated clip as of yet. ReGardless, the fact senior or hiGh-level employees and talented individuals in General are readily available has and will continue to be key. The company you keep matters, after all. With that and recent healthy fundraisinG levels, plus continued outside investor interest, ChicaGo’s VC ecosystem looks poised for continued Growth—barrinG tail risk—without one seminal, transformative turninG point as of yet. We welcome your feedback and questions—reach out to us at [email protected]. I’d like to thank Hyde Park AnGels, OriGin Ventures, Adams Street Partners, ARCH Venture Partners, Alex Meyer of HBS AnGels of ChicaGo, Illinois Venture Capital Association, the Polsky Center for Entrepreneurship & Innovation, ChicaGo Ventures, KDWC Ventures, John Pletz, Hyde Park Venture Partners and the National Venture Capital Association, among others, all of whom assisted in the production of this report. GARRETT JAMES BLACK Manager, Custom Research & Publishing 3 PITCHBOOK 2017 VENTURE ECOSYSTEM FACTBOOK: CHICAGO ChicaGo in the US Venture Ecosystem Snapshot of Chicago MSA’s size within the US venture ecosystem as a whole In early August 2016 we released the of the 12 venture ecosystems below, to could be prone to raisinG hackles, it frst US Venture Ecosystem: FactBook, provide some context for how ChicaGo is critical to note that size does not the larGest PitchBook report ever and stacks up. The most strikinG thinG at correlate with health. Moreover, the a compendium of venture and relevant the outset is that ChicaGo, despite Bay Area and Valley predominate economic datasets for the top 12 (by its overall size, is in the middle of the to such a deGree that it is clear the overall venture activity) metro areas rankinGs. There are many reasons for VC industry currently remains hiGhly within the US. As a recap, we have that result, ranGinG from historical to concentrated. reproduced the table rankinG the size GeoGraphic. As with any rankinG that Note: As of 6/30/2016, this ranking was generated by weighting capital raised, VC invested, VC activity and venture-backed exit value equally, tallying up their ranking in each area, then summing and sorting from lowest to highest, with a lower score indicating a larger ecosystem. Size of VC ecosystem, Total VC funds raised Total VC invested since Total # of VC rounds MSA* Total exit value since 2010 ranked since 2006 2010 since 2010 San Francisco #1 #1 $117.6 billion #1 $101.4 billion #1 9,710 #1 $90.8 billion San Jose #2 #4 $35.5 billion #2 $43.3 billion #3 4,152 #2 $63.5 billion New York #3* #2 $43.6 billion #3 $33.9 billion #2 6,174 #4 $17.6 billion Boston #4 #3 $41.2 billion #4 $30.7 billion #4 3,664 #3 $28.7 billion Los AnGeles #5 #9 $2.7 billion #5 $21.3 billion #5 3,403 #5 $11.2 billion Seattle #6 #5 $7.6 billion #7 $8.4 billion #6 1,717 #10 $6.7 billion ChicaGo #7 #7 $3.4 billion #8 $8.3 billion #9 1,348 #6 $9.95 billion WashinGton, DC #8 #6 $4.8 billion #9 $8.2 billion #7 1,416 #9 $7.4 billion San DieGo #9 #11 $1.5 billion #6 $9.4 billion #10 1,317 #7 $8.7 billion Austin #10 #10 $1.9 billion #10 $6.6 billion #8 1,376 #12 $3.7 billion Philadelphia #11 #8 $3.0 billion #12 $4.8 billion #11 1,003 #11 $5.4 billion Atlanta #12 #12 $1.15 billion #11 $5.0 billion #12 837 #8 $7.8 billion Source: PitchBook. *New York and San Jose technically tied but given San Jose’s exit value and VC invested we gave it second place. Note that PitchBook uses the US Census Bureau defnition and delineation of metropolitan statistical areas. 4 PITCHBOOK 2017 VENTURE ECOSYSTEM FACTBOOK: CHICAGO Relatively healthy Chicago’s current economic condition & recent trends ChicaGo contrasts with Illinois as a whole when it comes to economic According to analysis by Hyde Park Angels, Growth. Cook and Collar counties accounted for close to 87% of it costs tech frms approximately 42% more private-sector jobs added in the state to operate in San Francisco than it does in since the depths of the recession. Especially as they pertain to the Chicago. entrepreneurial/startup ecosystem, most statistics point to relative health in ChicaGo, with sentiment waxing Select ChicaGo metropolitan statistical area (MSA) positive amonG employers and income statistics GrowinG sliGhtly faster than prices. Civilian labor force, March 2017 3.7 million One neGative statistic in the table to ColleGe students per 1,000 residents, 2015 74.2 the right testifes to one of the likely reasons recent CBRE research ranked Population growth, Cook County, July ‘16-July ‘17 -0.41% ChicaGo 13th in terms of tech-talent market health in North America: The Employment growth, March ‘16-March ‘17 0.8% population of millennials declined by ChanGe in unemployment rates, not seasonally adjusted -1.8% 5% between 2009 and 2015. (That March ‘16-March ‘17 Compensation cost chanGe, 12-month, not seasonally adjusted, March miGration resembles Illinois’s, with 2.5% ‘16-March ‘17 114,000 lost to domestic miGration WaGes & salaries chanGe, 12-month, not seasonally adjusted, March 2.7% aGainst a total population of 12.9 ‘16-March ‘17 million, the hiGhest rate in the reGion.) Approximate ranGe of chanGe in annual fair market rents, 1-4 bedrooms, FY 4.8%-5.5% 2016-FY 2017 13th out of 50 is still more than healthy, and, moreover, ChicaGo is still Consumer price index (urban) annual percentaGe chanGe, March 2017 2.0% relatively much cheaper to operate in 2017 ranking for startup activity, 2017 ranking for entrepreneurial growth 31, 30 than many other larGe markets, and as a consequence of its size remains S&P/Case-Shiller IL-ChicaGo Home Price Index, February 2017 140.87 remarkably diverse. Moreover, multiple larGe businesses have been movinG Job growth ranking among top 200 MSAs from 2010-2015, 2016 88 their headquarters to the city—ADM, Employer confdence increase, 2Q 2016-2Q 2017 7% ConaGra Brands, Caterpillar—althouGh Year-over-year percentaGe chanGe in business barometer that siGnals more in terms of business 7.6% March ‘16-March ‘17 appeal than increased employee counts. All in all, the ChicaGo economic Current-dollar GDP, 2015 $641 billion scene is a welcominG environment One-year chanGe in Zillow Home Value Index, one-year forecast 6.4%, 2.6% without beinG a blockbuster Growth success.
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