Venture Capital Report
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1 U.S. 2Q 2015
2 The following report presents Dow Jones VentureSource s quarterly findings for U.S. venture capital fundraising, investment, valuation, and liquidity. The included charts and graphs offer a comprehensive view of the trends currently affecting the venture capital market. Highlights for 2Q 2015 include: U.S. venture capital fundraising increased both in number of funds and amount invested; Venture capital investment into U.S. companies on the rise quarter-over-quarter ; Median pre-money valuation decreased 3% from 1Q 2015; Amounts raised through Initial public offerings (IPOs) went up, while mergers and acquisitions (M&As) experienced a decrease from the previous quarter. 2
3 FUNDRAISING Venture Fundraising Increases in U.S. during 2Q funds garnered $12.9 billion in 2Q 2015, both an increase in the amount raised (51%) and increase in number of funds (23%) from the prior quarter. New Enterprise Associates 15 LP was the largest U.S. venture capital fund of 2Q 2015 raising almost $3.2 billion and accounting for 24% of the total amount raised during the quarter. Median U.S. fund size was $125 million in the first half of U.S. VC Fundraising ( ) Based on multiple closings 120 $ $ $10.00 $8.00 $6.00 $ $ Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 Amount Raised ($B) $6.62 $5.04 $3.65 $4.60 $6.80 $4.11 $5.03 $10.5 $8.33 $6.67 $8.63 $8.59 $12.9 Number of Funds $0.00 3
4 Largest VC Funds Raised in 2Q 2015 FUNDRAISING Firm Name Fund Name Amount ($M) City State Offering Status Fund Type Fund Category Closing Type New Enterprise Associates Inc. New Enterprise Associates 15 LP $3, Timonium MD Closed MulC- stage venture capital Venture Capital Final InsCtuConal Venture Partners InsCtuConal Venture Partners XV LP $1, Menlo Park CA Closed Late- stage venture capital Venture Capital Final Insight Venture Partners Insight Venture Partners IX LP $1, New York NY Open Late- stage venture capital Venture Capital First Social Capital Partnership III The Social+Capital Partnership LP $ Palo Alto CA Closed Early- stage venture capital Venture Capital Final GGV Capital GGV Capital Select LP $ Menlo Park CA Closed Early- stage venture capital Venture Capital Final 4
5 FINANCING U.S. Venture Investment in 2Q 2015 on the Rise U.S.-based companies raised $19 billion in 1034 venture capital deals in 2Q 2015, a 15% rise in capital raised, with number of deals also experiencing an increase of 12% from the previous quarter. Compared to the same period in 2014, amount invested went up 24%, while number of deals experienced a minimal decrease. Business and Financial Services is the strongest sector with 30% share of total amount invested. Equity Financings into U.S. based, VC-backed Companies ( ) $ $15.00 $ $5.00 $0.00 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 Amount Raised ($B) $9.66 $8.23 $9.14 $7.66 $8.87 $9.43 $9.75 $12.48 $15.44 $11.38 $17.73 $16.73 $19.19 Number of Deals
6 FINANCING Equity Financings into U.S. based, VC backed Companies, by Round Class (Quarter over Quarter, ) Number of Deals Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 Restart Later Second First Seed
7 FINANCING Equity Financings into U.S. based, VC backed Companies, by Round Class ( ) Amount Raised ($B) $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 Restart $0.16 $0.24 $0.69 $0.08 $0.18 $0.08 $0.11 $0.29 $0.17 $0.12 $0.13 $0.04 $0.11 Later $5.44 $4.84 $4.33 $4.39 $5.00 $5.15 $5.26 $6.98 $10.13 $5.99 $11.77 $10.48 $11.62 Second $1.67 $1.33 $1.40 $1.34 $1.81 $1.72 $1.93 $2.02 $2.67 $1.94 $2.79 $3.08 $3.29 First $1.99 $1.46 $1.77 $1.53 $1.37 $1.62 $2.04 $1.72 $2.16 $2.04 $2.44 $2.07 $2.15 Seed $0.10 $0.11 $0.09 $0.09 $0.10 $0.10 $0.09 $0.08 $0.07 $0.11 $0.06 $0.05 $0.05 7
8 FINANCING Equity Financings into U.S.-based, VC-backed Companies, Median Deal Size ($M) ( ) Median Equity Deal Size ($M) $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 Median Equity Deal Size ($M) $4.50 $3.76 $4.10 $4.00 $4.43 $3.60 $4.26 $4.10 $6.00 $5.00 $6.55 $6.35 $5.73 8
9 FINANCING Equity Financings into U.S.-based, VC-backed Companies, by Industry Group (2Q 2015) Business and Financial Services received the largest investment allocation during 2Q 15 (30%), accumulating almost $5.8 billion through 286 deals. The figures represent a respective increase of 48% and 20% from 1Q 15. The Consumer Services placed second in terms of equity financing, taking a 24% share of all 2Q 15 investment. 197 deals drew $4.7 billion, up 8% in capital raised. Healthcare ranked third with almost $3.9 billion in 195 deals, 1% lower from the previous quarter. The sector s investment figure represents a 20% share of total equity investment into U.S. VC-backed companies for the quarter. $3.5 billion were raised by Information Technology (IT) in 273 deals, an increase of 16% in capital invested and 5% in deal flow. 2Q'15 Industry Breakdown By Number of Deals 2Q 15 Industry Breakdown By Amount Raised ($B) Business and Financial Services Consumer Goods Consumer Services 2% 18% 30% Business and Financial Services Consumer Goods Consumer Services Energy & Utilities Healthcare Industrial Goods & Materials 20% 4% 24% 2% Energy & Utilities Healthcare Industrial Goods & Materials Information Technology Information Technology 9
10 Top 5 Deals into VC-backed Companies (2Q 2015) FINANCING Co. Name Loca@on Industry Group Industry Segment Industry Code Brief Descrip@on Close Date Round Type Raised ($M) Round Investors (* denotes lead) Airbnb Inc. San Francisco, CA Consumer Services Travel and Leisure Travel Arrangement/ Tourism Provider of an online marketplace for rental and short- term stay accommodacons. 6/26/ th $1, Baillie Gifford & Co. Ltd., China Broadband Capital Partners LP, Fidelity Investments, General AtlanCc LLC*, GGV Capital, Hillhouse Capital Management Ltd.*, Horizon Ventures, Kleiner Perkins Caufield & Byers, T. Rowe Price Group Inc., Temasek Holdings Pvt. Ltd., Tiger Global Management LLC*, Wellington Management Co. LLP FourPoint Energy LLC Greenwood Village, CO Energy and UCliCes Non- Renewable Energy Oil/Gas ExploraCon and ProducCon Provider of energy exploracon services and products. 6/30/2015 ACQ Financing $ GSO Capital Partners LP* YourPeople Inc. San Francisco, Business and CA Financial Services Business and WeWork Companies Inc. New York, NY Financial Services Business Support Services Financial InsCtuCons and Services Human Resources/ Recruitment Real Estate Provider of a human resources (HR) soiware solucon. Provider of shared office space. 5/1/2015 4th $ /24/ th $ Andreessen Horowitz, Comcast Ventures, Fidelity Management & Research Co.*, Founders Fund LLC, Individual Investors, Insight Venture Partners, InsCtuConal Venture Partners, Khosla Ventures, Sound Ventures, TPG Growth LLC* Benchmark Capital, Fidelity Management & Research Co.*, Goldman Sachs Group Inc., JPMorgan Chase & Co., T. Rowe Price Group Inc., Wellington Management Co. LLP AliphCom Inc. San Francisco, CA InformaCon Technology Electronics and Computer Hardware Consumer Electronics Provider of mobile lifestyle innovacons. 4/15/2015 Later $ BlackRock Private Equity Partners* 10
11 FINANCING Most Active Investors for U.S.-based, VC-backed Companies (2Q 2015) New Enterprise Associates Inc. Accel Partners Andreessen Horowitz Google Ventures Intel Capital 11
12 FINANCING Number of Deals by Primary Region 2Q 2015 Amount Raised ($B) by Primary Region 2Q 2015 Alaska/ Islands Mid-Atlantic Midwest Central Midwest East Mountain New England Northern California Pacific Northwest South Central South East Southern California $0.00 $3.70 $0.19 $0.34 $1.13 $1.45 $9.30 $0.51 $0.31 $0.60 $1.65 Number of Deals in 2Q 2015 by Primary Region Amount Raised ($B) in 2Q 2015 by Primary Region Alaska/Islands Mid-Atlantic Midwest Central Midwest East Mountain New England Northern California Pacific Northwest South Central South East Southern California Alaska/Islands Mid-Atlantic Midwest Central Midwest East Mountain New England Northern California Pacific Northwest South Central South East Southern California 12
13 FINANCING Number of Deals by subregion 2Q 2015 Amount Raised ($B) by subregion 2Q 2015 San Francisco Bay Area 342 $9.29 Boston Metro 97 $1.35 New York Metro 141 $2.96 Potomac 28 $0.43 Los Angeles Metro 61 $1.10 San Diego Metro 22 $0.17 Orange County 15 $0.27 Seattle Metro 34 $0.45 Austin Metro 18 $0.10 Dallas-Fort Worth 6 $0.18 Chicago Metro 18 $0.11 Subregion Breakout Number of Deals Subregion Breakout Amount Raised ($B) Number of Deals by Subregion Amount Raised ($B) by subregion Austin Metro 18 Austin Metro $0.10 Boston Metro 97 Boston Metro $1.35 Chicago Metro 18 Chicago Metro $0.11 Dallas-Fort Worth 6 Dallas-Fort Worth $0.18 Los Angeles Metro 61 Los Angeles Metro $1.10 New York Metro 141 New York Metro $2.96 Orange County Potomac San Diego Metro San Francisco Bay Area Seattle Metro Orange County Potomac San Diego Metro San Francisco Bay Area Seattle Metro $0.27 $0.43 $0.17 $0.45 $
14 VALUATIONS Equity Financings into U.S. based, VC-backed Companies, Median Pre-money Valuation ($M) ( ) $80.00 $70.00 $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 Median Pre-money Valuation ($M) $18.88 $29.10 $39.51 $19.00 $26.34 $18.16 $22.50 $25.75 $50.25 $35.75 $57.75 $67.14 $
15 LIQUIDITY Venture M&A and IPO Market Activity in the U.S. during 2Q 2015 Mergers and acquisitions (M&As) of venture-backed companies dropped 16% in value from 1Q 2015, with 86 deals garnering $9.5 billion. Initial public offering (IPO) activity increased in 2Q 2015 raising $2.5 billion, up 178% from the previous quarter. Exit Opportunities for U.S. VC-backed Companies ( ) 2Q'15 1Q'15 4Q'14 3Q'14 2Q'14 1Q'14 4Q'13 3Q'13 2Q'13 1Q'13 4Q'12 3Q'12 2Q' Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 IPOs M&As
16 LIQUIDITY U.S. VC-backed M&As ( ) 86 M&As of venture-backed companies in the U.S. garnered almost $9.5 billion during 2Q In contrast with 1Q 2015, when a total of 117 transactions accumulated $11 billion, number of deals and amount raised decreased by 26% and 16% respectively. The largest M&A of the quarter was lynda.com Inc., which was acquired by LinkedIn Corp. (NYSE:LNKD) for $1.5 billion. U.S. VC-backed M&A Activity ( ) $40.00 $ $ $ $ $ $ $ $0.00 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 Amount Paid ($B) $11.83 $11.85 $8.95 $5.61 $9.32 $12.32 $14.15 $15.78 $11.14 $20.24 $34.15 $11.30 $9.48 Number of M&As
17 Top 3 U.S. M&As (2Q 2015) LIQUIDITY Company Name Loca@on Brief Descrip@on Industry Code Industry Segment Industry Group Close Date Round Type Amount Paid ($M) Acquirer lynda.com Inc. Provider of online learning EducaConal/Training Carpinteria, CA solucons. Media and Services Media and Content Consumer Services 5/30/2015 AcquisiCon $1, LinkedIn Corp. Symphony Teleca Corp. Palo Alto, CA Provider of technology- based outsourcing services. IT ConsulCng Business Support Services Business and Financial Services 4/09/2015 AcquisiCon $ Harman InternaConal Industries Inc. Applied PredicCve Technologies Inc. Arlington, VA Provider of cloud- based prediccve analyccs soiware. Business ApplicaCons Soiware Soiware InformaCon Technology 5/12/2015 AcquisiCon $ MasterCard Inc. 17
18 LIQUIDITY U.S. VC-backed IPOs ( ) 27 venture-backed companies raised $2.5 billion through public offerings in 2Q Number of deals increased by 125% and capital raised more than tripled the amount from the previous quarter ($912 million). The largest IPO of the quarter was FitBit Inc. (NYSE: FIT), which completed a $732 million IPO. U.S. VC-backed IPO Activity ( ) $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 Raised ($B) through IPO $7.75 $0.81 $1.22 $0.64 $1.80 $2.13 $3.55 $2.94 $1.96 $1.30 $3.15 $0.91 $2.53 Number of IPOs
19 Top 3 U.S. IPOs (2Q 2015) LIQUIDITY Company Name Loca@on Brief Descrip@on Industry Code Industry Segment Industry Group Close Date Round Type Raised through IPO ($M) Exchange Fitbit Inc. San Francisco, CA Provider of wearable fitness devices and an online health plamorm. Consumer Electronics Electronics and Computer Hardware InformaCon Technology 6/18/2015 IPO $ NYSE: FIT Etsy Inc. New York, NY Operator of an online marketplace for buying and selling handmade goods. Shopping Facilitators Consumer InformaCon Services Consumer Services 4/16/2015 IPO $ NASDAQ: ETSY Evolent Health Inc. Arlington, VA Provider of a soiware plamorm for healthcare providers to manage a value- based care model. Healthcare AdministraCon Soiware Medical Soiware and InformaCon Services Healthcare 6/5/2015 IPO $ NYSE: EVH 19
20 ABOUT US Dow Jones VentureSource helps venture capitalists, corporate development investment bankers and service providers find deal and partnership perform comprehensive due diligence and examine trends in venture capital investment, fund- raising and liquidity. It provides accurate, comprehensive data on venture- backed companies including their investors and in every region, industry and stage of development throughout the world. The investment figures included in this release are based on aggregate findings of Dow Jones' proprietary research and are contained in VentureSource. This data was collected through surveys of professional firms, interviews with company and from secondary sources. These venture capital cover equity investments into early stage, companies and do not include companies receiving funding solely from corporate, individual, and/or government investors. Figures contained throughout the report current of editorial but are subject to change without No statement herein is to be construed as a recommenda@on to buy or sell securi@es or to provide investment advice. About Dow Jones Dow Jones is a global provider of news and business informacon, delivering content to consumers and organizacons around the world across mulcple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 125 years and today has one of the world s largest newsgathering operacons globally. It produces leading publicacons and products including the flagship Wall Street Journal, America s largest newspaper by paid circulacon; FacCva, Barron s, MarketWatch, Financial News, DJX, Dow Jones Risk & Compliance, Dow Jones Newswires, and Dow Jones VentureSource. MEDIA CONTACT: Rachel Manfredo Rachel.Manfredo@dowjones.com 20
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