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US VENTURE CAPITAL in H1 2019 PREQIN and FIRST REPUBLIC UPDATE: US VENTURE CAPITAL in H1 2019 Contents PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN H1 2019 PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN H1 2019 Contents 3 Foreword 4 Deals & Exits 8 Fundraising 10 Funds in Market 12 Micro Venture Capital 15 Peformance 17 Fund Managers 19 Investors Data Pack The data behind all of the charts featured in this report is available to download for free. Ready-made charts are also included that can be used for presentations, marketing materials and company reports. To download the data pack, please visit: www.preqin.com/FRUSVCH119 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 July 2019 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 Update: US Venture Capital in H1 2019 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 Update: US Venture Capital in H1 2019 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 Update: US Venture Capital in H1 2019. 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 Update: US Venture Capital in H1 2019 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 Update: US Venture Capital in H1 2019 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication. © Preqin Ltd. www.preqin.com 2 PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN H1 2019 Foreword Venture capital investment in US-based companies got off to a strong start in 2019 and the trend of fewer, but larger deals continued to amplify. To note, there were 2,179 deals completed for a total value of $55bn in H1, which represented a 17% increase in deal value but a 20% drop in the number of deals from H1 2018. The average size of deals has increased by $7.8mn in the period. The largest 10 deals alone represented 16% ($8.8bn) of the total amount of venture capital invested in US-based portfolio companies in H1 2019. Mike Selfridge Chief Banking Officer, First Republic Bank Early-stage investments (Series A and earlier stages) accounted for 51% of all venture capital deals but only We continue to observe a trend where fund managers 19% of total dollars raised by venture-backed are coming back to market earlier than expected, companies. driven by the deployment pace of funds being quicker than anticipated and firms raising preemptively, So far in 2019 there have been 304 venture capital- potentially as a defense to any future macro-economic backed exits of US-based companies, valued at an disruption. aggregate $47bn. (Please note that exit value for IPOs accounts for amounts raised in IPO versus market Coming off a record year for micro venture capital, the capitalization of company.) growth of the institutional seed space continues. An aggregate $3.4bn was raised by 128 funds reaching a Fundraising continues at a rapid pace, with nearly 200 final close in H1 2019, exceeding the annual number of new funds closing in H1 2019. Despite the activity of funds and capital raised by this category of funds from closed funds, over 1,000 funds are in market seeking 2009- 2012. an aggregate $95bn in capital. This represents an almost 8x increase of the number of funds in market from the same period in 2011. First Republic Bank Founded in 1985, 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 and offers a complete line of products, including residential, commercial and personal loans, deposit services, and wealth management. Read More © Preqin Ltd. www.preqin.com 3 PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN H1 2019 Deals & Exits Venture capital financings of US companies on track for a solid year Venture capital investment in US-based companies got Founders Fund, SB Investment Advisers, SF Express off to a strong start in 2019: 2,179 deals completed for and Susa Ventures. a total value of $55bn in H1 (Fig. 1). Looking at how this compares to H1 2018, aggregate deal value was higher So far in 2019 there have been 304 venture capital- in H1 2019 by some $8bn, but through 566 fewer deals. backed exits of US-based companies, valued at an The average size of deals has increased by $7.8mn in aggregate $47bn (Fig. 5). The number of exits in H1 the period. The largest 10 deals alone represented 16% 2019 has declined compared to H1 2018 (307); however, ($8.8bn) of the total amount of venture capital invested the aggregate exit value is up from $42bn. in US-based portfolio companies in H1 2019. As in periods prior, trade sales were the most common Early-stage investments (Series A and earlier stages) exit type in H1 2019, accounting for 75% of all venture accounted for 51% of all venture capital deals in capital-backed exits for US-based portfolio companies. H1 2019 and 19% of total deal value, while Series B However, three of the five largest exits in H1 2019 were investments accounted for 21% of capital invested (Fig. IPOs (Fig. 6); together, they amounted to $15bn in 3). Information technology was the most active sector value, led by the $8.1bn IPO for Uber Technologies, Inc. for US-based venture capital investment, representing In total, 42 IPOs took place in H1 2019 and were valued 57% of deals and 51% of deal value (Fig. 4). Notable at an aggregate $22bn. investments in the sector include the financing of OneWeb LLC by Qualcomm Ventures, Softbank, Grupo Salinas and the Government of Rwanda, valued at $1.25bn. In addition, Flexport, Inc. was financed at a value of $1bn by Cherubic Ventures, DST Global, Fig. 1: Venture Capital Deals* for US-Based Companies, 2009 - H1 2019 6,746 101 6,449 6,065 6,230 5,421 5,400 5,064 5,231 77 4,193 76 3,509 62 67 55 39 2,179 41 38 31 27 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 H1 2019 No. of Deals Aggregate Deal Value ($bn) Source: Preqin Pro *Figures exclude add-ons, grants, mergers, venture debt and secondary stock purchases. © Preqin Ltd. www.preqin.com 4 PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN H1 2019 Fig. 2: Largest Venture Capital Deals* for US-Based Companies in H1 2019 Total Known Portfolio Deal Size Funding Primary Company Stage Deal Date (mn) (mn) Investor(s) Industry WeWork Unspecified Companies Jan-19 2,000 USD 7,486 USD SoftBank Real Estate Round Inc.** Unspecified Government of Rwanda, Grupo Salinas, Information OneWeb LLC Mar-19 1250 USD 3,400 USD Round Qualcomm Ventures, SoftBank Technology Cherubic Ventures, DST Global, Founders Unspecified Information Flexport, Inc. Feb-19 1000 USD 1,302 USD Fund, SB Investment Advisers, SF Express, Round Technology Susa Ventures Uber Advanced Unspecified DENSO Corporation, SB Investment Information Technologies Apr-19 1000 USD 1,000 USD Round Advisers, Toyota Motor Corporation Technology Group Verily Life Unspecified Jan-19 1000 USD 1,800 USD Ontario Teachers' Pension Plan, Silver Lake Healthcare Sciences LLC Round Unspecified Consumer Nuro, Inc. Feb-19 940 USD 1,032 USD SB Investment Advisers Round Discretionary Coatue Management, Darsana Capital Partners, Dragoneer Investment Group, Series G/ Information DoorDash, Inc. May-19 600 USD 1,972 USD DST Global, Sands Capital Ventures, SB Round 7 Technology Investment Advisers, Sequoia Capital, Temasek Holdings Accel, CapitalG, Coatue Management, Dragoneer Investment Group, Institutional Series D/ Information UiPath Inc. Apr-19 568 USD 1,016 USD Venture Partners, Madrona Venture Group, Round 4 Technology Sands Capital Ventures, Sequoia Capital, T Rowe Price, Wellington Management Amazon.com, Inc., Geodesic Capital, Greylock Partners, Index Ventures, Aurora Series B/ Feb-19 530 USD 623 USD Lightspeed Venture Partners, Reinvent, Industrials Innovation, Inc.
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