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Preqin and First Republic Us Venture Capital Update: Q3 2018 Preqin and First Republic Us Venture Capital Update: Q3 2018 PREQIN AND FIRST REPUBLIC US VENTURE CAPITAL UPDATE: Q3 2018 PREQIN AND FIRST REPUBLIC US VENTURE CAPITAL UPDATE: Q3 2018 CONTENTS 3 Deals & Exits 12 Performance 6 Fundraising 14 Fund Managers 8 Funds in Market 16 Investors 9 Micro Venture Capital FIRST REPUBLIC BANK First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service, with a solid commitment to responsiveness and action. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; and later in 2018, Jackson, Wyoming. First Republic offers a complete line of banking products for individuals and businesses, including deposit services, as well as residential, commercial and personal loans. For more information, visit: www.firstrepublic.com Preqin partnered with First Republic Bank to prepare this information regarding US Venture Capital. This report is for information purposes only and is not intended as an offer, solicitation, advice (investment, legal, tax, or otherwise), or as the basis for any contract. First Republic Bank has not independently verified the information contained herein and shall not have liability to any third party in any respect for this report or any actions taken or decisions made based upon anything contained herein. This information is valid only as of October 2018 and neither Preqin nor First Republic Bank will undertake to update this report with regard to changes in market conditions, information, laws, or regulations after the date of this report. This report may not be further reproduced or circulated without the written permission of Preqin and First Republic Bank. All rights reserved. The entire contents of Preqin and First Republic US Venture Capital Update: Q3 2018 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin and First Republic US Venture Capital Update: Q3 2018 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent financial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Preqin and First Republic US Venture Capital Update: Q3 2018. While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confirm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin and First Republic US Venture Capital Update: Q3 2018 are accurate, reliable, up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Preqin and First Republic US Venture Capital Update: Q3 2018 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication. 2 ©Preqin Ltd. | www.preqin.com DOWNLOAD DATA PACK: www.preqin.com/frusvcq318 DEALS & EXITS 2018 YTD has seen over $71bn in venture capital Early-stage investments (Series A and earlier) invested in US-based portfolio companies across accounted for 50% of venture capital deals in Q3 4,116 deals (Fig. 1). Q3 alone saw 1,533 completed 2018 and 20% of capital invested (Fig. 2). Software deals valued at a total of $27bn, the highest quarter was the most active industry for US-based venture recorded for 2018. While the number of deals has capital investment, representing 28% of deals and been on the decline since the record (6,672) seen in 25% of deal value in Q3 2018 (Fig. 3). 2014, deal activity in 2018 may break this trend: deal activity as of the end of Q3 2018 already equates to As of the end of Q3 2018, there have been 461 exits 83% of the number of deals completed and 92% of valued at an aggregate $57bn, the highest value on aggregate deal value in the whole of 2017. record since 2014 (Fig. 5). The exit environment is showing signs of improvement: aggregate exit value Fig. 1: Venture Capital Deals* for US-Based Companies, 2009 - 2018 YTD (As of September 30 2018) 8,000 100 6,672 7,000 6,414 Aggregate Deal Value ($bn) 6,029 6,080 80 6,000 5,062 5,236 4,951 5,000 4,186 4,116 60 4,000 3,504 40 No. of Deals 3,000 2,000 20 1,000 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD No. of Deals Aggregate Deal Value ($bn) Source: Preqin Pro Fig. 2: Venture Capital Deals for US-Based Companies in Q3 2018 by Stage 30% 26% 28% 25% 24% 19% No. of Deals 20% 17% 16% 15% 14% 10% Aggregate 8% 9% 8% 10% 6% Deal Value Proportion of Total 3% 5% 3% 2% 1% 3% 0.2% 1% 1% 0% PIPE Grant Angel/Seed Growth and Later and Venture Debt Venture Add-on & Other Add-on Series A/Round 1 SeriesC/Round 3 Series B/Round 2 Series D/Round4 Capital/Expansion Source: Preqin Pro *Figures exclude add-ons, grants, mergers, venture debt and secondary stock purchases. 3 PREQIN AND FIRST REPUBLIC US VENTURE CAPITAL UPDATE: Q3 2018 in 2018 has already surpassed the final figures seen Fig. 3: Venture Capital Deals* for US-Based Companies in 2017 ($52bn). Moreover, 60 IPOs recorded in 2018 in Q3 2018 by Industry YTD is on par with final figures seen in 2017 and is on the heels of 2015 levels (82). 30% 25% 20% As in years prior, trade sales have been the most 15% common exit type in 2018 YTD, accounting for 75% 10% 5% of all exits of US-based portfolio companies. Nine of Proportion of Total 0% t r r s s s T e e the 10 largest exits in Q3 2018 were trade sales, with d l I e e e r r e e a m r c n t a i u h i r m t t r c o e a l v t l c e u h r O h s u t e an aggregate exit value of $7.6bn, led by the $2.4bn t t s e e l c l u n i R n I O a S e r d o e T & g s n C I s A trade sale of Duo Security to Cisco Systems in August H e e r & Discretionary n a i d s w t 2018 (Fig. 6). o u f o B o F S No. of Deals Aggregate Deal Value Source: Preqin Pro Fig. 4: Largest Venture Capital Deals* in the US in Q3 2018 Portfolio Stage Deal Date Deal Size Total Known Investor(s) Primary Company (mn) Funding (mn) Industry Lucid Motors Inc. Unspecified Round Sep-18 1,000 USD 1,131 USD Public Investment Fund Cleantech Consumer JUUL Labs, Inc. Unspecified Round Jul-18 650 USD 762 USD - Products Felix Capital, Fidelity Investments, Kleiner Perkins Caufield & Byers, NBC Universal, Peloton Interactive, Series F/Round 6 Aug-18 550 USD 1,007 USD Technology Crossover Ventures, Tiger Global Software Inc. Management, Wellington Management, Winslow Capital Management Uber Technologies, Unspecified Round Aug-18 500 USD 14,741 USD Toyota Motor Corporation Telecoms Inc. Zoox Inc. Unspecified Round Jul-18 500 USD 790 USD Grok Ventures, Primavera Capital High-Tech Samumed, LLC Series A/Round 1 Aug-18 438 USD 451 USD Vickers Venture Partners, Starling Group Biotechnology Baillie Gifford,Dragoneer Investment Group, Slack Technologies, Series H/Round 8 Aug-18 427 USD 1,217 USD General Atlantic, Sands Capital Ventures, Telecoms Inc. T Rowe Price, Wellington Management Open Door Labs, Inc. Unspecified Round Sep-18 400 USD 1,180 USD SB Investment Advisers Internet Fidelity Investments, Institutional Venture Partners, Qatar Investment Authority, Urban Compass, Inc. Series F/Round 6 Sep-18 400 USD 1,143 USD Internet SB Investment Advisers, Wellington Management Mulberry Health Inc. Unspecified Round Aug-18 375 USD 1,268 USD Alphabet Insurance Source: Preqin Pro *Figures exclude add-ons, grants, mergers, venture debt and secondary stock purchases. US-based investor 4 ©Preqin Ltd. | www.preqin.com DOWNLOAD DATA PACK: www.preqin.com/frusvcq318 Fig. 5: Venture Capital-Backed Exits of US-Based Companies by Type, 2009 - 2018 YTD (As of September 30 2018) 1,200 80 1,000 70 Aggregate Exit Value ($bn) 60 800 50 600 40 No. of Exits 400 30 20 200 10 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD Trade Sale Sale to GP IPO Write-off Aggregate Exit Value ($bn) Source: Preqin Pro Fig. 6: Largest Venture Capital-Backed Exits of US-Based Companies in Q3 2018 Portfolio Initial Investors (Entry) Total Known Exit Type Exit Acquiror Exit Primary Company Investment Funding Date (Exit) Value Industry Date (mn) (mn) Benchmark Capital, Geodesic Capital, GV, Index Ventures, Lead Edge Capital, Meritech Capital Partners, Radar Duo Security, Cisco 2,350 Aug-10 Partners, Redpoint Ventures, Resonant 122 USD Trade Sale Aug-18 IT Security Inc.
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