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Working with Slides United States Venture Capital Review FIRST QUARTER 2019 Table of Contents United States VC Market in Q1 2019 2 $ Invested and # Companies Financed 3 Top VC Deals 5 Top VC Investors 6 Investment by Company Location 7 Investment by Round Size & Stage 9 United States VC Investment from Foreign Sources 12 Investment by Company Sector 13 VC Funds Raised 16 VC-Backed Exits 17 VC Returns 18 Explanatory Notes & Contacts 19 1 United States Venture Capital Market Activity: First Quarter 2019 Venture Capital Investment Venture capital investment in United States-based companies continued at a strong pace in the first quarter of 2019, with a total of $26.8 billion invested in 1,088 VC deals. In dollar terms, this represented an outstanding quarter, up 30% over Q1 last year, and the fifth highest individual quarter on record. It also marked the fifth consecutive quarter with US VC deal values exceeding $20 billion. Overall, deal volumes have remained mostly flat across the United States in recent years. Deals completed in the first quarter were down 2% quarter-over-quarter, down 8% from the same period last year, and have not shown appreciable growth in six years. Venture Capital Industry Leaders Top deals for the quarter were led by New York-based collaborative workspaces company WeWork, which raised $2 billion. The next three largest deals, all based in California, were Flexport, Nuro, and Aurora Innovation, which raised $1 billion, $940 million, and $530 million respectively; the former in the freight & brokerage technology industry, and the latter two in the field of self-driving vehicles. The most active VC investors over the Q1 period included New Enterprise Associates, GV Management, and Sequoia Capital, each of which announced participation in over 20 US VC deals in the first quarter. Venture Capital Fundraising & Exits A total of 143 U.S. VC funds recorded a close in Q1 2019, an eighteen-year high and the most in an individual quarter since Q4 2000. Dollars raised jumped 38% over the same period last year. A total of 126 VC exits were completed in Q1 2019. With total proceeds of $12.8 billion from trade sales and $5.8 billion from public exits, both sets of proceeds were over 2.5 times what they had been just one year ago. Venture Capital Fund Performance United States private independent venture capital and growth equity funds show improving performance, but only growth equity funds significantly outperformed the public markets in 2018. Preliminary data provided by Cambridge Associates shows U.S. growth equity funds with vintage years of 2000 or greater returning a since inception IRR of 12.2% as of the end of Q4, while U.S. VC funds fared worse with an IRR of 8.6%. 2 With $27 Billion Invested in Q1, U.S. Companies Poised to Break Dot-Com Record United States companies secured $26.8 billion in Q1 2019, the fifth strongest individual quarter ever recorded. Total venture capital deal values in Q1 surged 30% over the same period last year, even surpassing some full year totals set just ten years ago. $120 $107 $104 $100 $80 $68 $61 $56 $60 $53 $49 $42 $40 $33 $32 $32 $31 Deal Values ($ Billions) ($ Values Deal $29 $28 $27 $23 $25 $23 $20 $24 $21 VC VC $20 $0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 Q2 Q3 Q4 3 Six Years Flat: No More VC Deals Being Completed Than in 2013 While deal sizes were up, There were 1,088 deals completed in the first quarter, down 2% quarter-over-quarter and down 8% from the same period last year. 9,000 8,254 8,000 7,000 6,000 5,735 4,792 5,000 4,764 4,536 4,622 4,326 4,337 4,335 4,175 4,394 4,252 3,987 4,075 4,000 3,776 3,297 3,375 3,115 3,305 3,304 # of VC Deals VC of # 3,000 2,000 1,088 1,000 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 Q2 Q3 Q4 4 Top United States Venture Capital Deals Portfolio Company Investors Deal Value Rank Company Name Location Sector Investing Firms (Disclosed) ($ Millions) 1 WeWork $2,000 New York, NY Collaborative Workspaces SoftBank Group 2 SoftBank Vision Fund, Founders Fund, DST Global, Flexport $1,000 San Francisco, CA Freight & Brokerage Technology Cherubic Ventures, Susa Ventures, SF Express 3 Nuro $940 Mountain View, CA Self-Driving Vehicles SoftBank Group Sequoia Capital, Amazon, T. Rowe Price Associates, 4 Aurora Innovation $530 Palo Alto, CA Self-Driving Vehicles Lightspeed Venture Partners, Geodesic, Shell Ventures, Reinvent Capital, Greylock, Index Ventures 5 Clover Health $500 San Francisco, CA Health Insurance Analytics Greenoaks Capital 6* Foundry Group, RRE Ventures, Corazon Capital, WTI, Knockaway $400 San Francisco, CA Real Estate Sales Platform FJ Labs, Company Ventures Temasek, Dragoneer Investment Group, Softbank 6* DoorDash $400 San Francisco, CA Food Delivery Service Vision Fund, DST Global, Coatue Management, GIC, Sequoia Capital, Y Combinator 6* Accel Partners , Earlybird Venture Capital , Sequoia UiPath $400 New York, NY Automation platforms Capital, Credo Ventures 9 Vir Biotechnology $328 San Francisco, CA Disease Biotechnology Alta Partners Andreessen Horowitz, Bain Capital Ventures, Fidelity Investments, Google Ventures, Institutional Venture Partners, Alphabet, Coatue Management, DCM Ventures, Fifth Wall Ventures, GGV Capital, 10 Lime $310 San Mateo, CA Bike-Sharing GIC Pte. Ltd. GSV Capital Corp, FJ Labs, Bling Capital, GR Capital, St. Augustine Partners 5 Top VC Investors in United States Companies, Q1 2019 Estimated Investment League Table rankings of top VC investors include only publicly- Rank Firm Name # of Deals ($ Millions) disclosed investment activity made in United States portfolio companies. Estimated investment activity is based on the actual syndicate Top Investors, In U.S. Venture Capital Deals breakdown, where available, and is split equally among disclosed investors where actual breakdowns are not available. Rankings capture New Enterprise Associates Inc 26 $238.8 1 the three-month period from January 1st, 2019 to March 31st, 2019. 2 GV Management Co LLC 22 $240.5 Deals are tracked by their completion date when known, and by their 3 Sequoia Capital Operations LLC 20 $446.7 announcement date when their completion date is unknown. All data is th 4 Y Combinator Inc 17 $115.5 as of April 15 , 2019. 5 Norwest Venture Partners 16 $125.9 League tables include eligible seed, early stage, later stage, and expansion. Refinitiv begins tracking rounds at the first investment from a 6 Bessemer Venture Partners 14 $91.0 venture capital firm and tracks all subsequent equity financing rounds. 7 Andreessen Horowitz LLC 13 $106.3 Angel, incubator and similar investments are considered pre-venture financing if the company has received no prior qualifying venture capital Kleiner Perkins 12 $110.3 8 investment and are not included in the report. 9 Connecticut Innovations Inc 12 $7.1 Deals with undisclosed dollar values are rank eligible but with no 10 Innovation Works Inc 12 $3.2 corresponding Estimated Investment value. Non-US dollar denominated 11 Battery Ventures LP 11 $116.4 transactions are converted to the US dollar equivalent at the time of announcement of terms. 12 Goldman Sachs & Co LLC 11 $105.4 13 Alexandria Venture Investments 11 $67.9 14 Bain Capital Venture Partners LLC 10 $160.8 15 Ben Franklin Technology Partners Southeastern PA 10 $3.2 16 Index Ventures SA 9 $141.6 17 Versant Venture Management LLC 9 $87.7 18 General Catalyst Partners LLC 9 $79.2 19 M12 9 $78.5 20 Launch Angels Management Company LLC 9 $9.0 6 United States Venture Capital Deals by State, Q1 2019 United States companies secured $26.8 billion in Q1 2019, with New York vaulting ahead of Massachusetts as compared to Q1 2018. Maryland tumbled from 4th place to 10th. California retained a 53% share of national VC activity. State Rankings, Q1 2019 Invested Year-Over-Year Invested Year-Over-Year Rank State # Deals Rank State # Deals ($ Millions) Change in $ Invested ($ Millions) Change in $ Invested 1 California 377 14,102.2 ▲18.2% 16 Florida 15 121.4 ▲17.6% 2 New York 152 4,903.4 ▲118.1% 17 Connecticut 18 119.2 ▲1,026.7% 3 Massachusetts 102 2,558.3 ▼-4.0% 18 Missouri 7 111.4 ▲79.2% 4 Texas 68 1,078.8 ▲151.8% 19 Michigan 9 75.5 ▲52.1% 5 New Jersey 11 604.6 ▲52.4% 20 D. of Columbia 3 71.5 ▲1,329.4% 6 Washington 33 555.2 ▲77.1% 21 Minnesota 12 60.0 ▼-52.7% 7 Pennsylvania 48 350.2 ▲44.0% 22 Arizona 8 59.0 ▲83.3% 8 Colorado 30 315.0 ▲37.5% 23 Tennessee 10 57.9 ▼-20.6% 9 Illinois 30 269.4 ▲0.5% 24 North Carolina 12 40.4 ▼-76.0% 10 Maryland 17 226.7 ▼-49.3% 25 Indiana 7 29.6 ▼-39.9% 11 Utah 12 183.6 ▲28.2% 26 Iowa 3 28.0 ▲110.3% 12 Ohio 20 166.7 ▲11.9% 27 Nevada 2 26.0 ▲271.4% 13 Georgia 13 151.5 ▲442.1% 28 New Hampshire 1 19.7 ▲358.5% 14 Virginia 21 151.1 ▲72.7% 29 Wisconsin 5 18.4 ▲55.0% 15 Oregon 12 124.9 ▲201.0% 30 Idaho 2 18.0 ▼-59.1% 7 United States Venture Capital Deals by Metro Region, Q1 2019 United States companies secured $26.8 billion in Q1 2019, with New York City rising to second place, while Seattle rose from 9th place to 6th, as compared to the first quarter of 2018.
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