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United States Venture Capital Review United States Venture Capital Review FIRST HALF 2020 United States Venture Capital First Half 2020 | United States Venture Capital Review United States Venture Capital Deals Intelligence Venture Capital Investment Activity in U.S. Companies $120 3000 UNITED STATES VENTURE CAPITAL INVESTMENTS TOTAL $55.4 BILLION United States venture capital activity totaled $55.4 billion invested across 2386 rounds during the first six months of 2020. While this marked a 1% decline in values and a 9% decline in volumes from the $100 2500 same period last year, it remained the second strongest opening six-month period on record from a value perspective. Deal volumes in the second quarter of 2020, however, saw a 5% decrease compared to the first quarter of the year and mark the least active quarter since the third quarter of $80 2000 2018. $60 1500 10 ROUNDS OVER $500 MILLION COMPLETED Ten venture capital rounds over $500 million were completed during the first half of 2020. Leading the $40 1000 Top Deals list for the first half remained the $2.3 billion investment Waymo from Q1 2020, a California- based self-driving company, led by Silver Lake, Canada Pension Plan Investment Board and Mubadala Investment Company. Coming in second on the Top Deals list was $821 million investment $20 500 in Sana Biotechnology, a Washington-based biotechnology company that is focused on creating and delivering engineered cells as medicine for patients. $0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 UNITED STATES VENTURE CAPITAL FUNDRAISING UP 28% First Half Deal Value (US$bil) Rest of Year (US$bil) # of Deals, First Half A total of 304 United States venture funds recorded closes in the opening six months of 2020, raising a combined $38.9 billion in commitments, an uptick of 38% by dollars compared to the first half of Venture Capital Deal Volumes by Transaction Type 2019 and the strong first half on record in dollar terms. Total fundraising during the second quarter of 2020 reached $18.8 billion from 142 funds, a 7% decrease by dollars and a 6% increase by number 100% of funds compared to the first quarter of the year. 90% The four largest fund closings in the first half included New Enterprise Associates 17 LP; Climate Pledge Fund; Lightspeed Venture Partners Select IV, L.P.; and RA Capital Healthcare Fund, LP, each 80% of which raised over $1 billion. 70% UNITED STATES VENTURE CAPITAL-BACKED COMPANIES COMPLETE EXITS VALUED AT 60% $21.6 BILLION 50% United states venture capital-backed exits totaled $21.6 billion from 199 transactions during the first 40% half of 2020, a 66% decline in values and a 22% decrease in number of exits when compared to the first half of 2019, with both measures experiencing their lowest levels since 2013. 30% 20% 10% 0% 1H 2010 1H 2011 1H 2012 1H 2013 1H 2014 1H 2015 1H 2016 1H 2017 1H 2018 1H 2019 1H 2020 Early Stage Seed Expansion Later Stage www.refinitiv.com/dealsintelligence 1 Investments First Half 2020 | United States Venture Capital Review Top U.S. Venture Capital Deals Top Investors in U.S. Venture Capital Deals Company Name Deal Date Deal Value (US$mil) Sector Location Firm Name Rank # of Deals Estimated Investment (US$mil) Andreessen Horowitz LLC 1 44 $900.18 Waymo LLC 03/02/20 $2,250.0 Self-Driving Transportation Mountain View, CA Khosla Ventures LLC 2 33 $373.37 Sequoia Capital Operations LLC 3 32 $588.35 Sana Biotechnology Inc 06/26/20 $821.1 Biotech-Human Seattle, WA Google Ventures 4 31 $534.93 Connecticut Innovations Inc 5 29 $16.66 Waymo LLC 05/12/20 $750.0 Self-Driving Transportation Mountain View, CA Greycroft Partners LLC 6 27 $95.44 Y Combinator Inc 7 26 $81.63 Quibi Holdings LLC 03/06/20 $750.0 Streaming Service Los Angeles, CA New Enterprise Associates Inc 8 24 $281.89 General Catalyst Partners LLC 9 23 $431.69 JUUL Labs Inc 02/07/20 $721.6 Smoking Alternatives San Francisco, CA Ulu Ventures LLC 10 22 $8.13 Bessemer Venture Partners 11* 21 $205.98 ENB Therapeutics Inc 02/27/20 $707.1 Pharmaceutical New York, NY Accel Partners & Co Inc 11* 21 $181.27 Lightspeed Management Company LLC 13* 20 $224.00 Stripe Inc 04/30/20 $631.0 Internet Specific San Francisco, CA Kleiner Perkins Caufield & Byers LLC 13* 20 $118.33 Intel Capital Corp 13* 20 $117.51 Joby Aviation Inc 01/15/20 $590.0 Electric Aircraft Santa Cruz, CA Insight Venture Management LLC 16* 19 $360.89 Norwest Venture Partners 16* 19 $185.36 SecFi Inc 01/14/20 $550.0 Financial Management San Francisco, CA GGV Capital 16* 19 $158.28 8VC HighLight II SPV LP 16* 19 $130.81 Impossible Foods Inc 03/20/20 $500.0 Meat Alternatives Redwood City, CA Index Ventures SA 20* 17 $194.69 Bain Capital Venture Partners LLC 20* 17 $137.48 Lyell Immunopharma Inc 03/12/20 $493.0 Biotech-Human South San Francisco, CA The Founders Fund 20* 17 $82.72 Snowflake Inc 02/25/20 $476.0 Data Warehousing San Mateo, CA Venture Capital Investments by State Top Venture Capital Deals by U.S. Firms Investing Abroad 01/01/2020 - 06/30/2020 01/01/2019 - 06/30/2019 YoY % YoY % State Value ($mil) # of Deals Value ($mil) # of Deals Chg. ($) Chg. (#) Company Name Deal Date Deal Value (US$mil) Sector Location California $31,914.3 955 $29,429.7 1,054 8% ▲ -9% ▼ Cato Networks Ltd 04/07/20 $770.0 Infrastructure Software Israel New York $6,352.9 315 $7,679.6 348 -17% ▼ -9% ▼ Massachusetts $5,685.8 214 $5,761.6 219 -1% ▼ -2% ▼ Xiaochuan Chuhai Education 06/29/20 $750.0 Educational Software China Washington $1,677.3 78 $1,381.4 93 21% ▲ -16% ▼ Technology Beijing Texas $1,449.2 99 $1,967.2 134 -26% ▼ -26% ▼ Revolut Ltd 02/25/20 $503.0 Digital Payment United Kingdom Illinois $773.1 63 $961.0 63 -20% ▼ 0% - Florida $700.8 35 $953.5 41 -27% ▼ -15% ▼ Ninja Logistics 05/05/20 $366.5 Logistics Services Singapore New Jersey $670.8 25 $709.7 28 -5% ▼ -11% ▼ Georgia $665.7 39 $460.3 36 45% ▲ 8% ▲ JD MRO 05/15/20 $230.0 Internet Specific China Maryland $629.8 40 $400.0 34 57% ▲ 18% ▲ Pennsylvania $580.7 52 $597.9 94 -3% ▼ -45% ▼ Content Square SAS 05/19/20 $190.0 Application Software France North Carolina $577.0 36 $168.9 28 242% ▲ 29% ▲ Colorado $511.6 55 $856.5 72 -40% ▼ -24% ▼ Loft 01/03/20 $175.0 Real Estate Pricing Brazil Utah $424.2 31 $523.0 29 -19% ▼ 7% ▲ Virginia $351.1 37 $362.6 43 -3% ▼ -14% ▼ Hesai Photonics Technology 01/07/20 $173.0 Laser Sensors China Connecticut $284.4 42 $375.2 38 -24% ▼ 11% ▲ Oregon $230.1 20 $125.9 15 83% ▲ 33% ▲ Airwallex Pty Ltd 04/16/20 $160.0 Consumer Finance Australia Arizona $222.9 12 $252.9 22 -12% ▼ -45% ▼ Ohio $219.3 36 $320.4 39 -32% ▼ -8% ▼ Kurly Inc 05/11/20 $159.9 Food Products Wholesalers South Korea D. of Columbia $211.6 9 $117.7 14 80% ▲ -36% ▼ Nebraska $170.1 13 $6.6 5 2468% ▲ 160% ▲ KRY International AB 01/07/20 $153.4 Online Medical Services Sweden Michigan $146.3 15 $1,549.4 29 -91% ▼ -48% ▼ Missouri $140.0 24 $163.6 16 -14% ▼ 50% ▲ Nevada $137.3 4 $34.2 4 301% ▲ 0% - Minnesota $110.1 12 $193.1 27 -43% ▼ -56% ▼ *Indicates a Tie www.refinitiv.com/dealsintelligence 2 Investments First Half 2020 | United States Venture Capital Review Investments by Sector, Deal Value (US$bil) Investments by Sector, Number of Deals 100% 100% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% 1Q 2010 1Q 2011 1Q 2012 1Q 2013 1Q 2014 1Q 2015 1Q 2016 1Q 2017 1Q 2018 1Q 2019 1Q 2020 1Q 2010 1Q 2011 1Q 2012 1Q 2013 1Q 2014 1Q 2015 1Q 2016 1Q 2017 1Q 2018 1Q 2019 1Q 2020 Computer Software & Services Industrial/Energy Consumer Related Internet Specific Medical/Health Other Computer Software & Services Industrial/Energy Consumer Related Internet Specific Medical/Health Other Deal Size Composition of Investments Top Information Technology Deals Company Name Deal Date Deal Value (US$mil) Sector Location 4% Quibi Holdings LLC 03/06/20 $750.0 Streaming Service Los Angeles, CA 10% Stripe Inc 04/30/20 $631.0 Internet Specific San Francisco, CA 5% SecFi Inc 01/14/20 $550.0 Financial Management San Francisco, CA < $100 Mil Snowflake Inc 02/25/20 $476.0 Data Warehousing San Mateo, CA Pony.ai Inc 02/25/20 $462.0 Self-Driving Transportation Fremont, CA $100 < $500 Mil Robinhood Financial LLC 05/08/20 $430.3 Financial Institutions Software Menlo Park, CA $500 Mil < $1 Bil 52% DoorDash Inc 06/17/20 $400.0 Consumer Services San Francisco, CA >$1 Billion Samsara Networks Inc 05/15/20 $400.0 Computer Hardware San Francisco, CA 34% Restaurant Management Toast Inc 02/14/20 $400.0 Boston, MA Outer Ring: Deal Values (US$bil) Platform Inner Ring: # of Deals 95% Magic Leap Inc 05/22/20 $350.0 Consumer Electronics Plantation, FL Netskope Inc 02/11/20 $340.0 Cloud Security Santa Clara, CA Bakkt LLC 03/13/20 $300.0 Fintech Atlanta, GA www.refinitiv.com/dealsintelligence 3 Fundraising First Half 2020 | United States Venture Capital Review U.S.
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