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United States Venture Capital Review

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United States Venture Capital Review United States Venture Capital Review FIRST QUARTER 2020 #Sensitivity: Confidential United States Venture Capital Market Activity First Quarter 2020 | United States Venture Capital Review United States Venture Capital Deals Intelligence Venture Capital Activity in US Companies $45 1,600 Venture Capital Investment $40 1,400 Venture capital investments in United States-based companies during the first quarter of 2020 $35 totaled $29.0 billion, which represented the strongest first quarter in dollar terms in twenty years, 1,200 falling just $120 million short of the record first quarter set in 2000. The first quarter of the year $30 also ranked fourth greatest of all time, in terms of dollars invested, as the $29.0 billion was 1,000 disbursed amongst 1,135 American companies. $25 800 The top ten ranking states in the first quarter included some atypical contenders, including $20 Georgia and North Carolina, both of which at least tripled their venture capital disbursements 600 year-over-year. Some states that saw marked decreases in VC investment as compared to the $15 first quarter of 2019 included New York, Washington, and New Jersey, each of which saw 400 declines of 30% or more. $10 $5 200 Venture Capital Industry Leaders $0 0 Top deals for the quarter included Waymo, and Pony, two California-based self-driving Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 technology companies, which raised $2.3 billion and $462 million, respectively.Streaming service 2016 2017 2018 2019 2020 Quibi placed second with $750 million; and JUUL was the third largest deal of the quarter, coming in at $722 million. Sum of Equity Invested (US$bil) No. of Deals During the first quarter, the most active VC investors in United States-domiciled companies Private Venture Capital Deal Volumes by Transaction Type included Andreessen Horowitz LLC, which ranked third last year, and Khosla Ventures, both of which had 18 deals on file. 100% Venture Capital Fundraising 90% A total of 132 U.S. firms held a closing on 144 funds in the first quarter of 2020, collectively 80% raising $19.2 billion, setting a nearly two decade record. The only four quarters in which United 70% States venture funds had raised more capital were all in the year 2000. Four individual funds raised $1 billion or more in the first quarter, managed by New Enterprise Associates, Founders 60% Fund, Flagship Pioneering, and General Catalyst Partners. 50% Venture Capital Exits 40% 30% The value of trade sales was behind previous quarters, with only $8.5 billion of disclosed deal 20% values. The most recent quarter to see a smaller total for trade sales was the second quarter of 2018. The largest exit of the quarter was Looker Data Sciences, an analytics platform company 10% acquired by Google, for $2.6 billion. 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2016 2017 2018 2019 2020 Seed Early Stage Later Stage Expansion www.refinitiv.com/dealsintelligence 1 Investments First Quarter 2020 | United States Venture Capital Review Top United States Venture Capital Deals, First Quarter 2020 Top Investors In US Venture Capital Deals, First Quarter 2020 Deal Value Company Name Deal Date (US$mil) Sector Location Firm Name Rank # of Deals Estimated Investment (US$mil) Andreessen Horowitz LLC 1 18 $489.4 Waymo LLC 03/02/20 $2,250.0 Self-Driving Transportation Mountain View, CA Khosla Ventures LLC 2 18 $278.9 Greycroft Partners LLC 3 16 $38.3 Quibi Holdings LLC 03/06/20 $750.0 Streaming Service Los Angeles, CA Connecticut Innovations Inc 4 16 $7.0 New Enterprise Associates Inc 5 15 $171.0 JUUL Labs Inc 02/07/20 $721.6 Smoking Alternatives San Francisco, CA Y Combinator Inc 6 15 $49.6 Insight Venture Management LLC 7 14 $227.5 ENB Therapeutics Inc 02/27/20 $707.1 Cancer Treatment New York, NY Sequoia Capital Operations LLC 8 14 $182.2 General Catalyst Partners LLC 9 12 $103.7 Joby Aviation Inc 01/15/20 $590.0 Electric Aircraft Santa Cruz, CA Kleiner Perkins 10 12 $73.1 First Round Capital 11 11 $49.7 SecFi Inc 01/14/20 $550.0 Financial Management San Francisco, CA Global Founders Capital Management GmbH 12 11 $14.3 Lightspeed Management Company LLC 13 9 $127.9 Impossible Foods Inc 03/20/20 $500.0 Meat Alternatives Redwood City, CA Bessemer Venture Partners 14 9 $94.4 Intel Capital Corp 15 9 $88.9 Snowflake Inc 02/25/20 $478.8 Data Warehousing San Mateo, CA Polaris Growth Management LLC 16 9 $71.8 Lerer Ventures LP 17 9 $25.1 Pony.ai Inc 02/25/20 $462.0 Self-Driving Transportation Fremont, CA Tiger Global Management LLC 18 8 $165.7 Redpoint Ventures 19 8 $117.9 Edgewater Midstream LLC 01/07/20 $400.0 Midstream Logistics Houston, TX Menlo Ventures 20 8 $114.7 Restaurant Management GV Management Co LLC 21 8 $104.3 Toast Inc 02/14/20 $400.0 Boston, MA Platform Canaan Partners 22 8 $102.4 Norwest Venture Partners 23 8 $87.7 Netskope Inc 02/06/20 $340.0 Cloud Security Santa Clara, CA Venrock Inc 24 8 $75.0 State Rankings, First Quarter Top Venture Deals by US Firms Investing Abroad, First Quarter 2020 Q1 2020 Q1 2019 YoY % YoY % Deal Deal Value State Value ($mil) # of Deals Value ($mil) # of Deals Chg. ($) Chg. (#) Company Name Date (US$mil) Sector Round Sequence Location California $17,336.6 446 $13,384.7 456 30% ▲ -2% ▼ United Revolut Ltd 02/25/20 $503.0 Digital Payment 6 New York $3,429.6 145 $4,924.1 169 -30% ▼ -14% ▼ Kingdom Massachusetts $3,035.7 106 $2,731.7 111 11% ▲ -5% ▼ Loft 01/03/20 $175.0 Real Estate Pricing 2 Brazil Texas $953.8 46 $1,084.9 74 -12% ▼ -38% ▼ Illinois $499.9 34 $371.8 33 34% ▲ 3% ▲ Hesai Photonics Technology Co Ltd 01/07/20 $173.0 Laser Sensors 3 China Georgia $498.7 16 $155.6 16 220% ▲ 0% - Washington $388.3 35 $578.3 42 -33% ▼ -17% ▼ KRY International AB 01/07/20 $156.1 Online Medical Services 4 Sweden Pennsylvania $283.1 28 $349.5 44 -19% ▼ -36% ▼ North Carolina $329.3 15 $41.6 13 691% ▲ 15% ▲ United Snyk Ltd 01/21/20 $150.0 Cybersecurity 6 New Jersey $277.1 10 $628.3 14 -56% ▼ -29% ▼ Kingdom Maryland $238.8 20 $227.5 18 5% ▲ 11% ▲ Lindacare BVBA 02/18/20 $148.9 Heart Disease Monitoring 3 Belgium Colorado $227.5 26 $330.5 33 -31% ▼ -21% ▼ Florida $197.4 19 $121.6 16 62% ▲ 19% ▲ Colibri SAS 01/28/20 $137.8 Retail Intermediary 5 France Virginia $177.0 19 $152.1 21 16% ▲ -10% ▼ Utah $168.3 15 $187.3 14 -10% ▼ 7% ▲ Infectuous Disease United Immunocore Ltd 03/02/20 $130.0 4 Ohio $112.9 17 $168.8 23 -33% ▼ -26% ▼ Treatment Kingdom Missouri $91.7 15 $111.4 7 -18% ▼ 114% ▲ Diverse Retails Pvt Ltd 03/20/20 $127.4 Online Fitness Services 6 India Connecticut $81.8 24 $124.3 21 -34% ▼ 14% ▲ Tennessee $78.7 6 $62.9 11 25% ▲ -45% ▼ Humania Capital DIFC Ltd 02/20/20 $125.0 Healthcare Systems 1 Utd. Arab Em. Arizona $71.6 6 $55.0 9 30% ▲ -33% ▼ Oregon $63.8 6 $91.9 12 -31% ▼ -50% ▼ Olinda SAS 01/13/20 $115.5 Digital Payment 6 France Minnesota $61.6 9 $65.3 13 -6% ▼ -31% ▼ Indiana $43.0 8 $30.5 8 41% ▲ 0% - United Cazoo Ltd 03/23/20 $115.5 Auto Sales Platform 4 D. of Columbia $41.8 4 $83.0 6 -50% ▼ -33% ▼ Kingdom Rhode Island $38.7 4 $7.2 1 436% ▲ 300% ▲ www.refinitiv.com/dealsintelligence 2 Investments First Quarter 2020 | United States Venture Capital Review Investments by Sector, Share of $ Invested Investments by Sector, Share of Deal Volume 100% 100% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 2020 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 2020 Other Internet Specific Industrial/Energy Other Internet Specific Industrial/Energy Consumer Related Computer Hardward & Software Communications & Media Consumer Related Computer Hardward & Software Communications & Media Life Sciences Life Sciences Investments by Deal Size Range, First Quarter 2020 Trending - Top Information Technology Deals, First Quarter 2020 Deal Value 8% Company Name Deal Date (US$mil) Sector Location Quibi Holdings LLC 03/06/20 $750.0 Streaming Service Los Angeles, CA 12% 4% SecFi Inc 01/14/20 $550.0 Financial Management San Francisco, CA 10% Snowflake Inc 02/25/20 $478.8 Data Warehousing San Mateo, CA >$1 Billion Pony.ai Inc 02/25/20 $462.0 Self-Driving Transportation Fremont, CA Restaurant Management $500 Million - $1 Billion Toast Inc 02/14/20 $400.0 Boston, MA Platform $100 Million - $500 Netskope Inc 02/06/20 $340.0 Cloud Security Santa Clara, CA Million Bakkt LLC 03/13/20 $300.0 Fintech Atlanta, GA 49% <$100 Million ClassPass Inc 01/08/20 $285.0 Online Fitness Services New York, NY Undisclosed 31% Berkshire Grey Inc 01/21/20 $263.0 Artificial Intelligence Lexington, MA Outer Ring: Deal Values Inner Ring: # of Deals 86% Avidxchange Inc 01/20/20 $260.0 Payment Automation Charlotte, NC www.refinitiv.com/dealsintelligence 3 Fundraising First Quarter 2020 | United States Venture Capital Review United States Venture Capital Fundraising Activity Venture Capital Fundraising by Fund Location $25 180 100% 160 90% $20 140 80% 70% 120 $15 60% 100 50% 80 $10 40% 60 30% 40 $5 20% 20 10% $0 0 0% Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 2020 Amount Raised (US$bil) No.
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