Press Release 5th January 2015

Global Venture Capital Financing Up 58% in 2014 The amount of capital invested by venture capital fund managers in young companies reached $87bn in 2014, over 58% more than the capital invested in 2013

Over the past year, a total of 7,474 venture capital financings were announced globally with an aggregate value of $86.6bn. This represents an 11% fall in the number of financings taking place compared to 2013, but a 58% rise in the aggregate value of deals compared to the previous year. Companies located in Asia and other regions outside North America and Europe have been the primary benefactors of this increase in financing, with the amount of capital invested across these regions up 160% in 2014 compared to deals done in 2013.

Other Key Venture Capital Deal Market Facts:

 Although North America was again the most prominent region for venture capital investment with 4,594 venture capital deals in 2014 valued at a total of $53.9bn, these deals accounted for the lowest annual proportion of overall deal number and value in the period 2007-2014.  Europe saw an 18% decrease in number of deals, from 1,729 in 2013 to 1,416 deals in 2014, with a slight increase in aggregate deal value from $9.1bn to $9.2bn.  The number of investments in Greater China increased by 15% from 437 in 2013 to 504 in 2014, coupled with a 212% increase in aggregate value, with deals in 2014 valued at $12.8bn.  In 2014, the number of deals in India increased by 14% with the aggregate value witnessing an increase of 217% to $5.4bn. The number of deals in Israel fell by 30% to 130, but aggregate value rose by 61%.  Series D and later stage deals globally witnessed a 100% increase in average value to $66.9mn, the highest for this category of deals in the period 2007-2014.  The venture capital industry has witnessed a noticeable improvement in recent performance, with average venture capital fund returns in the year to June 2014 reaching 25.9%, higher than any other private equity fund type.  Out of the top 10 largest venture capital deals done in 2014, five were based in the US, two in China and three in India.  Uber Technologies Inc. received the two largest venture capital financing rounds in 2014, with a $1.2bn Series D investment in June and a $1.2bn Series E investment in December.

For more information and analysis, please see the factsheet that follows.

Comment:

“While North America maintains the top spot in terms of activity within the venture capital investment space, the talking point this year is certainly Asia. The region has seen significant growth in deal activity throughout 2014, particularly in terms of the amount of capital being invested in entrepreneurial companies. Moreover, five of the top 10 largest venture capital investments over the year were in China and India.

Across the globe, it is encouraging to see such a significant increase in the amount of capital being invested in young, innovative companies. With the performance of the asset class also improving for many recent fund vintages, many investors are looking to put more capital to work in venture capital funds. This is likely to encourage even greater levels of venture capital financing in the year to come.”

Christopher Elvin, Head of Private Equity Products – Preqin ______

Note to Editors:

 Preqin is spelled without the letter ‘U’ after the ‘Q’, the company name being an amalgamation of the former name, Private Equity Intelligence.

About Preqin:

Preqin is the leading source of information for the alternative assets industry, providing data and analysis via online databases, publications and bespoke data requests. New York: One Grand Central Place, 60 E 42nd Street, Suite 630, New York NY 10165 Tel: +1 212 350 0100 London: 3rd Floor, Vintners’ Place, 68 Upper Thames Street, London EC4V 3BJ Tel: +44 (0)20 3207 0282 Singapore: One Finlayson Green, #11-02, Singapore 049246 Tel: +65 6305 2200 San Francisco: 1700 Montgomery Street, Suite 134, San Francisco, CA 94111 Tel: +1 415 835 9455 Web: www.preqin.com / [email protected]

Preqin has built a reputation in the alternative assets industry for providing the most comprehensive and extensive information possible. Leading alternative assets professionals from around the world rely on Preqin’s services daily, and its data and statistics are regularly quoted by the financial press. For more information, please visit: www.preqin.com

For more information, please contact: Christopher Elvin [email protected] For more information, please contact: Nicholas Jelfs +44 (0)20 3207 0282 or [email protected]

New York: One Grand Central Place, 60 E 42nd Street, Suite 630, New York NY 10165 Tel: +1 212 350 0100 London: 3rd Floor, Vintners’ Place, 68 Upper Thames Street, London EC4V 3BJ Tel: +44 (0)20 3207 0282 Singapore: One Finlayson Green, #11-02, Singapore 049246 Tel: +65 6305 2200 San Francisco: 1700 Montgomery Street, Suite 134, San Francisco, CA 94111 Tel: +1 415 835 9455 Web: www.preqin.com / [email protected] Q4 2014 Venture Capital Deals Page 1 of 2 January 2015

Fig. 1: Number and Aggregate Value of Venture Capital Fig. 2: Number of Venture Capital Deals* by Region: 2007 Fig. 3: Proportion of Number of Venture Capital Deals* by Deals* Globally: 2007 - 2014 - 2014 Stage: 2014

9,000 100.0 9,000 Angel/Seed 374 491 90.0 8,000 8,000 139 186 1% 86.6 Aggregate DealValue ($bn) 332 362 417 Series A/Round 1 80.0 240 427 437 130 6% 1% 7,000 7,000 124 236 414 5% 20% Series B/Round 2 70.0 6,000 155 661 1,574 1,729 503 6,000 147 76 Series C/Round 3 61.3 60.0 122 124 136 483 1,329 1,416 5,000 104 106 5,000 54.6 127 140 109 91 52.7 372 391 327 1,308 Series D/Round 4 and Later 50.0 4,000 8,293 8,406 1,095 1,166 1,044 4,000 43.9 45.2 45.2 Growth Capital/Expansion

7,474 No. of Deals 7,154 40.0 3,000 No. of Deals 3,000 34.0 6,010 5,447 5,201 16% 30.0 4,564 4,594 31% Unspecified Round 4,992 5,104 4,936 2,000 3,841 3,172 3,177 3,229 2,000 20.0 Venture Debt 1,000 1,000 10.0 Add-on and Other 0 9% 3% 3% 5% 0 0.0 2007 2008 2009 2010 2011 2012 2013 2014 Grant 2007 2008 2009 2010 2011 2012 2013 2014 North America Europe Greater China No. of Deals Aggregate Deal Value ($bn) India Israel Rest of World PIPE

Fig. 4: Average Value of Venture Capital Deals* ($mn): Fig. 5: Proportion of Number and Aggregate Value of Fig. 6: Proportion of Number of US Venture Capital Deals* 2012 - 2014 Venture Capital Deals* by Industry: 2014 by State in 2014

80.0 30% 28% 70.0 66.9 26% 25% 60.0 20% 20% 50.0 17% 17% 15% 15% 40.0 33.5 15% 15% 29% California 30.6 29.7 30.0 29.4 19.2 20.4 10% 9% 20.0 18.4 14.1 New York 8.0 11.8 20.1 18.4 11.8 7% 8.9 11.4 44%

6.5 11.2 Proportion of Total 10.0 1.3 7.6 5% 3% 3% 3% 2% 3% Massachusetts 1.0 6.1 6.3 3% 3% 3% 2% 2% 0.0 0.9 2% 2% Average Deal Value ($mn) Deal Value Average 0% Texas 3%

Other Washington Disc.

Other IT 4% Internet Business Services Telecoms Related Industrials

Consumer Other Angel/Seed Software & Growth Clean Tech. Health Care and Later

Venture Debt 8% Electronics Series B/Round 2 Series A/Round 1 Series D/Round 4 Series C/Round 3 12% Capital/Expansion Unspecified Round Semiconductors & 2012 2013 2014 Proportion of No. of Deals Proportion of Aggregate Deal Value

*Figures exclude add-ons, grants, mergers, venture debt and secondary stock purchases Q4 2014 Venture Capital Deals Page 2 of 2 January 2015

Fig. 7: 10 Notable Venture Capital Deals: 2014

Company Name Deal Date Stage Deal Size (mn) Currency Investors Industry Location BlackRock, Fidelity Equity Partners, Google Ventures, Kleiner Perkins Caufi eld & Uber Technologies, Inc. Jun-14 Series D/Round 4 1,200 USD Telecoms US Byers, Menlo Ventures, Summit Partners, Wellington Management Lone Pine Capital, New Enterprise Associates, Qatar Investment Authority, Valiant Uber Technologies, Inc. Dec-14 Series E/Round 5 1,200 USD Telecoms US Capital Partners All-Stars Investment, DST Global, GIC Private Limited, Hopu Investment Xiaomi Dec-14 Unspecifi ed Round 1,100 USD Telecoms China Management, Yunfeng Capital Accel Partners, DST Global, GIC Private Limited, Iconiq Capital, Morgan Stanley Flipkart Jul-14 Unspecifi ed Round 1,000 USD Internet India Alternative Investment Partners, Naspers, Sofi na, Tiger Global Management Cloudera Mar-14 Series F/Round 6 740 USD Intel Capital Software US Didi Taxi Dec-14 Series D/Round 4 700 USD DST Global, Temasek Holdings, Tencent Telecoms China Baillie Gifford, DST Global, GIC Private Limited, Greenoaks Capital Management, Flipkart Dec-14 Series H/Round 8 700 USD Iconiq Capital, Naspers, Qatar Investment Authority, Steadview Capital Internet India Management, T Rowe Price, Tiger Global Management Snapdeal.com Oct-14 Unspecifi ed Round 627 USD Recruit Holdings, ru-Net Ltd., Softbank Internet India Uber Technologies, Inc. Dec-14 Unspecifi ed Round 600 USD Baidu Telecoms US Andreessen Horowitz, Google, KKR, Kleiner Perkins Caufi eld & Byers, Legend Magic Leap, Inc Oct-14 Series B/Round 2 542 USD Software US Pictures, LLC, Obvious Ventures, Qualcomm Ventures, Vulcan Capital

Preqin provides information, data and research on private equity firms, funds of funds, investors, placement agents, law firms, advisors and other professionals across the following areas:

• Fund Performance • Fundraising • Fund Manager Profiles • Compensation and Employment

• Investor Profiles • Fund Terms • Buyout Deals • Venture Capital Deals

If you have more detailed requests for private equity data or any questions, please visit www.preqin.com or contact [email protected] or +44 (0)20 3207 0282 for more information.