Recent Investment Highlights Ipo, M&A and Liquidity

2021 Bi-Annual Newsletter FOLLOW US

We hope that you and your loved ones are safe and healthy and that we can soon return to sharing each other’s company. At TCV we are grateful that we will remember 2020 for much more than the pandemic. Along with celebrating our 25th anniversary we made numerous new investments in exciting companies and raised TCV XI, our largest-ever fund.

Our longevity has given us the experience to navigate through this crisis and to minimize its impact on our portfolio. When COVID-19 arrived, we acted decisively to safeguard our people and facilities and support our portfolio companies. Our Portfolio Operations team created playbooks and hosted webinars. Our marketing team shared valuable lessons from portfolio companies across our content channels, including TCV’s podcast, Growth Journeys. And of course, our investment teams held countless conversations with our portfolio companies as board members and advisors.

TCV’s momentum continued right through the end of 2020 with 11 new investments, Airbnb’s IPO, and 6 exits. The team also led a $4 billion fundraising for TCV XI.

The technology industry is still the greatest creator of opportunity in the world. With all sectors of the economy embracing deeper digitization, we see a vast scope of opportunities. Supported by our People team, TCV has grown over the past year so we can bring our deep domain expertise and extensive resource network to growth stage companies around the world. We are excited about opportunities ahead.

RECENT INVESTMENT HIGHLIGHTS

OneTrust

Leading privacy, security, and data governance technology platform December 21, 2020 – $300M Round Led by TCV

TCV Investment Lead: Tim McAdam

Spryker

Fast-growing commerce technology for global enterprises

December 17, 2020 – $130M Round Led By TCV

TCV Investment Lead & Anticipated Board Seat: Gopi Vaddi

GitLab

Open-core software development platform

December 16, 2020 – Strategic Investment by TCV

TCV Investment Lead: Tim McAdam

Strava

Leading social platform for athletes

November 16, 2020 – $150M Round Led by TCV and Sequoia

TCV Investment Lead & Board Seat: Neil Tolaney

Wealthsimple

Canada’s leading digital investing and stock trading platform

October 14, 2020 – CAD $114M Round Led by TCV

TCV Board Seat: David Yuan

GoodRx

Leading consumer-focused digital healthcare platform

September 23, 2020 – Strategic Investment by TCV

TCV Investment Lead: Neil Tolaney

Klarna

Global payments and shopping service

September 15, 2020 – $650M Round with Participation from TCV

TCV Investment Lead: John Doran

Mollie

Fast-growing payment service provider in Europe

September 8, 2020 – $100M Series D Led by TCV

TCV Investment Lead: John Doran

TCV Board Seat: Muz Ashraf

Oversight

Global provider of spend management technology

September 2, 2020 – Significant Investment by TCV

TCV Investment Lead: Tim McAdam

TCV Board Seats: Tim McAdam, Gal Peleg

Redis Labs

Global in-memory database and commercial provider of Redis Enterprise August 25, 2020 – $100M Round Co-Led by TCV

TCV Investment Lead: Gopi Vaddi

Revolut

Global, digital financial platform

February 25, 2020 – $500M Round Co-Led by TCV

TCV Investment Lead: John Doran

Toast

Leading point-of-sale management system for the restaurant industry

February 14, 2020 – $400M Round with Participation from TCV

TCV Board Seat: David Yuan

Source: Company Press Release Excerpts

IPO, M&A AND LIQUIDITY UPDATES

Thoma Bravo Announces Strategic Growth Investment in Venafi

December 10, 2020 – Thoma Bravo today announced a strategic growth investment in Venafi®, the inventor and leading provider of machine identity management, valuing the company at $1.15 billion. Thoma Bravo’s investment is expected to accelerate Venafi’s technology innovation to capitalize on machine identity management’s growing importance as a cybersecurity trend. Existing investors, TCV and Foundation Capital, will remain shareholders.

Airbnb Announces Pricing of Thoma Bravo Completes Initial Public Offering Acquisition of AxiomSL

December 9, 2020 – Airbnb, Inc. today December 9, 2020 – Thoma Bravo announced the pricing of its initial public today announced the completion of its offering…Airbnb's Class A common acquisition of AxiomSL, a leading stock is expected to begin trading on provider of cloud-enabled risk the Nasdaq Global Select Market management and regulatory solutions on December 10, 2020, under the ticker for banking, investment management, symbol "ABNB." broker dealers and commodity trading institutions.

Ericsson Completes HPE Completes Acquisition of Acquisition of Cradlepoint SD-WAN Leader Silver Peak

November 2, 2020 - Ericsson September 21, 2020 – Hewlett (NASDAQ: ERIC) has completed its Packard Enterprise (NYSE: HPE) today acquisition of Cradlepoint, the US- announced it has completed the based market leader in Wireless WAN acquisition of Silver Peak, an SD-WAN Edge 4G and 5G solutions for the (Software-Defined Wide Area Network) enterprise market. The investment is leader, in a transaction valued at $925 key to Ericsson’s ongoing strategy of million. Silver Peak will become a part capturing market share in the rapidly of Aruba, a Hewlett Packard Enterprise expanding 5G enterprise space. company. The acquisition will strengthen Aruba ESP (Edge Services Platform), helping to advance enterprise cloud transformation with a comprehensive edge-to-cloud networking solution covering all aspects of wired, wireless local area networking (LAN) and wide area networking (WAN).

TCV PODCAST: GROWTH JOURNEYS

“Growth Journeys” is a podcast series from TCV. Listen to CEOs and other innovators as they unpack the lessons and patterns from their personal and professional journeys in building and scaling high-growth businesses to category leadership.

Check out “Growth Journeys” by tuning into SoundCloud, Spotify, iTunes, Podcasts.com.

PODCASTS PUBLISHED IN 2020

Ride to the Mountaintop: How Peloton Re- Invented the Fitness Industry with a Revolutionary Business Model, Precise Execution, and Focus on Culture & Community A conversation with Peloton Co-Founder and CEO John Foley and TCV GP Jay Hoag.