2q 2017 - pitchbook€¦ · · 2017-07-132q 2017 nearly $22b invested in 2q, 36% growth qoq page...

2Q 2017

Nearly $22B invested in 2Q,

36% growth QoQ

Page 8

The definitive quarterly review of the US venture capital ecosystem and trends.

2017 on pace to equal 2016’s

record fundraising

Pages 22-23

Expanded league tables for 2Q

deals, investors, exits and more

Pages 26-28

Credits & ContactPitchBook Data, Inc.JOHN GABBERT Founder, CEOADLEY BOWDEN Vice President, Market Development & Analysis

ContentNIZAR TARHUNI Analysis Manager ALEX LYKKEN Senior Analyst KYLE STANFORD Analyst BRYAN HANSON Data Analyst REILLY HAMMOND Data Analyst JENNIFER SAM Senior Graphic Designer

Contact PitchBook pitchbook.com

RESEARCH [email protected]

EDITORIAL [email protected]

SALES [email protected]

National Venture Capital Association (NVCA)BOBBY FRANKLIN President and CEOMARYAM HAQUE Vice President of Research and Strategic EngagementBEN VEGHTE Vice President of Communications and Marketing

Contact [email protected]

COPYRIGHT © 2017 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.

Executive Summary 3

Overview 4-6

Angel & Seed 8

Early Stage 9

Late Stage 10

Rounds by Sector 11

Activity in Life Sciences 12

First Financings 13

Corporate VC 14-15

Growth Equity 16-17

Exits 19-21

Fundraising 22-23

Activity by Region 24-25

1Q 2017 League Tables 26-28

Methodology 29

The PitchBook PlatformThe data in this report comes from the PitchBook Platform–our data software for VC, PE and M&A. Contact [email protected] to request a free trial.

Contents

Executive SummaryUS venture investment activity is firmly in the middle of a self-correction period. Signs of this normalization began in the second half of 2016 after investment levels peaked between 2014 and early 2016. While on the surface this leveling off, particularly at the early stage, may give pause to some, those immersed in the industry on a day-to-day basis welcome this news as a healthy return to steadier investment after several years of froth. With valuations subsiding, the industry is witnessing a back-to-the-future moment to some degree as trendlines point toward a healthy venture ecosystem.

In the first half of 2017, 3,876 venture-backed companies raised $37.76 billion in funding, with $21.78 billion deployed to 1,958 companies in the second quarter alone. 2Q marked an uptick from 1Q totals in terms of capital raised, though the overall number of companies receiving investment remained relatively stable. The divergence stems from the high number of mega-financings that happened during the quarter. The top 10 deals alone accounted for $4.3 billion in deal value, representing 19.6% of total dollars invested during the quarter, and 34 financings were completed of at least $100 million. While there have been fewer deals across all stages of investment, the decline has been the most acute at the angel and seed stage, which has also correlated to a drop in first-time funding rounds. Many venture investors are seeing this first-hand, as they report that most of the promising companies they have recently evaluated have been at the Series B, C, and D stages and fewer at the angel, seed, and Series A stages, likely an effect of the influx of companies at the early stage that received funding in 2015 and 2016.

Looking ahead, capital invested is unlikely to drop off given that venture funds have raised $130 billion since 2014. Investors are mindful of approaching the five-year window in which deploying capital is a priority given the venture fund life cycle. While overall 2017 venture fundraising is off pace slightly from 2016 in terms of closed vehicles, first-time fundraising has been a bright spot. 15 first-time funds have closed on a combined $1.5 billion, on pace for the highest annual capital raised in the past decade.

While investors balance deploying recently raised capital, their existing portfolio companies continue to grow and scale, and exit paths remain top of mind. After a slow start this year, the IPO market for venture-backed companies picked up steam in 2Q, bringing the 1H total to 27. There’s optimism of a strong year ahead for venture-backed IPO activity on the heels of five unicorn IPOs through 2Q and a strong pipeline of companies in the registration process, including real estate platform Redfin and security provider ForesScout, which has reportedly filed confidentially. The performance of offerings has been mixed, notably with Cloudera’s IPO valued lower than its last private funding round, a move that other companies are closely monitoring to see the market’s reaction.

Against the backdrop of a vibrant venture ecosystem in 2017, policymakers have found themselves still adjusting to the new Trump Administration. Several public policy areas of interest for venture investors and their portfolio companies—many of which were topics of discussion at the NVCA Annual Meeting in May—continue to make headlines and face major hurdles in the coming months. Specifically, we are still waiting to see if the Trump Administration will allow for the International Entrepreneur Rule to go into effect on July 17. Continuing conversations around tax reform offers opportunities to highlight the importance and positive impact of investment into high-growth companies—which reached 45 states and the District of Columbia, and 145 Metropolitan Statistical Areas in 2Q—to policymakers remains a priority for leaders in the venture industry.

3 2Q 2017 PITCHBOOK-NVCA VENTURE MONITOR

Deal value pacing to top 2016 US VC activity by year

PitchBook-NVCA Venture Monitor *As of 6/30/2017

Overview

$35.

6

$37.

0

$26.

7

$31.

6

$44.

3

$41.

0

$44.

8

$69.

6

$78.

6

$71.

5

$37.

8

4,2734,705 4,451

5,385

6,747

7,849

9,20910,426 10,387

8,529

3,917

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Deal Value ($B)

# of Deals Closed

0

500

1,000

1,500

2,000

2,500

3,000

$0

$5

$10

$15

$20

$25

2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Deal Value ($B) # of Deals Closed Angel/Seed

Early VC Late VC


We have previously mentioned our expectation of deal flow to stabilize, and the plateau that is in its early stages may be the culmination of the overall drawdown of the venture cycle. For the second consecutive quarter, aggregate deal count increased, even if only slightly. Completed rounds across each stage are almost evenly split between 1Q and 2Q, the only distinct difference between the two being the aggregate value of each quarter—2Q saw 34 transactions of at least $100 million in value, while 1Q totaled just 12 such transactions. Further, completed late-stage deals in 2Q (441) came in 25% higher than in 3Q 2016 (354), which had been the low-water-mark since the end of 2009.

Median round values continue to grow across all stages. Both the median early stage and late-stage round sizes have reached the highest point in the past decade. 2017 is on pace for the largest

Deal value up 53% since 4Q 2016 US VC activity by quarter


US VC activity (#) by size

Median VC round size ($M) by stage


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

$25M+

$10M-$25M

$5M-$10M

$1M-$5M

$500K-$1M

Under$500K


$0.9 $1.0

$5.0

$6.0

$10.0

$11.1

$0

$2

$4

$6

$8

$10

$12

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Angel/Seed Early VC

Late VC

number of rounds of at least $50 million during that timespan, and growth equity rounds provided nearly $11 billion in capital to companies in 2Q alone. Since 2014, the 10 largest rounds during each year have a combined value of just over $33 billion. That is, just .01% of deals during that time have accounted for 13% of the capital invested over the last three and a half years. The increases are caused by several factors,

but are in large part due to the strong fundraising environment that has produced more than $129 billion in commitments since 2014. With the record amount of dry powder, round sizes will likely continue to grow, though at a more tempered pace. Alongside increased fundraising, startups are taking longer to work through each stage as investors have stressed capital efficiency and reducing burn rates to a manageable

level. The longer runway provided by larger rounds enables startups to grow sustainably as well, helping to reach higher and more robust performance metrics that investors are looking for.

An area that could become a bit concerning to investors is the investment-to-exit ratio, which has reached the highest point we have tracked. Late-stage companies have increasingly chosen to continue raising

0

6.9x

9.8x9.1x

7.7x

9.2x 9.1x

10.4x 9.9x 10.5x 10.4x11.3x

8,529

3,917

821 348

2,000

4,000

6,000

8,000

10,000

12,000

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Investments/Exits # of Investments # of Exits

US VC investments versus VC-backed exits



$6.0

$15.0

$39.0

$76.9

$250.0

$0

$50

$100

$150

$200

$250

$300

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Angel/Seed Series A Series B Series C Series D+

2.4

3.4

5.2

6.5

8.8

0

1

2

3

4

5

6

7

8

9

10

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Angel/Seed Series A Series B Series C Series D+

Median company age (years) by series

Median and average company age (years) at time of exit



5.9

5.0

4.0

4.5

5.0

5.5

6.0

6.5

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Average Median


PitchBook-NVCA Venture Monitor *Due to the amount of investment within the Bay Area it was split out from the rest of

the West Cost into its own sub-region

Median pre-money valuation ($M) by series

Capital efficiency score by region

private capital rather than move forward with an exit. While it may not generate negative consequences, the prolonged hold time increases the risk for all investors involved. As corporates move quickly to innovate, missing an opportunity to exit could be dangerous.

As companies stay private longer and more capital is invested, questions are being raised over the efficiency with which capital has been deployed. More than $1 billion was invested in Cloudera prior to its recent

IPO, with investors holding roughly 57% of the equity. With a total hold period of around eight years, the IPO valuation of less than $2 billion didn’t create the return on investment many investors were hoping for. This argument has also driven conversation around regions and MSAs within the US. In the chart below, we scored each US region by considering the value created at the time of exit for each company since 2006, then factoring in the aggregate amount of capital those companies raised over time, as well as average time to exit.

Moving forward, the ability to create and realize value quickly will be an even larger differentiating factor for VC managers. As exit timelines push out, more traditional fund lifecycles are also being impacted. The ability to invest and wind down a fund in the classic 10-year time frame is becoming more difficult, challenging the fundamentals of the venture industry and creating even more risk for LPs from the illiquidity and market risks inherent to a longer fund life.

Region MOIC Avg. Years to Exit Efficiency Score

Great Lakes 6.2x 6.32 0.98

Bay Area* 5.1x 5.67 0.90

Mountain 4.1x 5.82 0.70

West Coast 3.9x 5.63 0.69

Mid-Atlantic 3.7x 5.88 0.64

Southeast 3.5x 6.14 0.57

South 3.6x 6.15 0.58

New England 3.4x 6.02 0.56

Midwest 4.1x 6.73 0.61


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Angel & seed investment at a plateau Angel & seed activity in the US

US angel & seed activity

US angel & seed activity (#) by size

Median US angel & seed deal size

$464

$399

$383

$1,3

10

$667

$549

$512

$716

$795

$939

$1,2

28

$874

$971

$1,0

75

$1,3

12

$1,5

42

$1,2

71

$1,3

54

$2,0

51

$1,8

80

$1,9

95

$2,1

86

$2,0

55

$1,9

38

$1,6

30

$1,7

48

$1,6

87

$1,5

07

$1,5

24

$1,6

51

0

200

400

600

800

1,000

1,200

1,400

1,600

$0

$500

$1,000

$1,500

$2,000

$2,500

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2010 2011 2012 2013 2014 2015 2016 2017

Deal Value ($B) # of Deals Closed

$0.5 $0.6

$1.4

$1.6

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

2010 2011 2012 2013 2014 2015 2016 2017*

Angel Seed

The angel & seed stage has seen consecutive declines for eight quarters, falling by nearly half during that time. The problem is not necessarily a diminishing of entrepreneurship in the US, but a systemic change in how the earliest-stage startups

approach growth challenges. For one, more and more companies are emerging from out of an accelerator with cash and a more developed business model. A large portion of 2014 and 2015 figures were created through second and even third angel or seed rounds, where today those aren’t as needed. The emergence of cloud services, such as Amazon Web Services, has made it possible to start and grow a company with less capital, allowing it to be bootstrapped for some time—or operating off of a lower

amount of raised capital and any operating income for a much longer duration than say even five years ago.

The run-up to 2015’s high figure was also a product of the high number of seed-focused funds raised in the years before. Many of those funds have not been able to raise follow-on funds, either because their investments didn’t pan out, or because their returns have yet to be realized and consequently LPs aren’t willing to reinvest.



PitchBook-NVCA Venture Monitor

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

$5M+

$1M-$5M

$500K-$1M

Under$500K


$3.0

$2.5

$2.7

$2.7

$3.3

$2.9

$3.5

$3.9

$3.0

$3.6

$3.0

$3.0

$3.2

$3.8

$3.1

$4.4

$4.5

$5.2

$4.8

$5.5

$4.9

$6.7

$5.8

$6.0

$6.0

$6.2

$5.8

$5.2

$5.5

$6.0

0

100

200

300

400

500

600

700

800

900

$0

$1

$2

$3

$4

$5

$6

$7

$8


2010 2011 2012 2013 2014 2015 2016 2017




Early-stage deals continue along at steady rate US early-stage VC activity

US early-stage VC activity

US early-stage activity ($) by size

US early-stage activity (#) by size

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

$25M+

$10M-$25M

$5M-$10M

$1M-$5M

$500K-$1M

Under$500K

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

$25M+

$10M-$25M

$5M-$10M

$1M-$5M

$500K-$1M

Under$500K

Despite the high value accrued across early-stage deals during 1H ($10.3 billion), raising such rounds has become much more difficult. Investors have chosen to invest higher amounts in fewer companies, rather

than amass a larger portfolio across several smaller deals. Completed early-stage deals have declined 22% in the past two years while the median round size has increased almost 40% in that same time. As early-stage investing moves further into the startup lifecycle, larger deals are helping companies attract top talent to further growth initiatives. It also provides a longer capital runway to allow for more sustainable growth, emphasizing revenues and operating efficiencies to accompany with scale and user growth. VCs understand that benchmarks for follow-on rounds are getting

more stringent, and providing startups with longer runway to reach them while also building a competitive well-run business benefits both sides of the table.

As the startup lifecycle continues to evolve, investors will need to continue to adapt accordingly, as well. 2016 was a record year for rounds of at least $10 million at the early stage. The 687 completed investments of that size were well more than double the total in 2010 (309), and this year is on pace to surpass last year as 371 have been completed through 1H.




Late-stage VC deals on the rise US late-stage VC activity

US late-stage VC activity

US late-stage VC activity ($) by size

US late-stage VC activity (#) by size


$4.2

$5.7

$4.0

$4.4

$9.5

$6.8

$6.9

$5.1

$5.9

$6.6

$6.2

$5.8

$6.1

$5.9

$7.0

$6.6

$8.7

$13.

1

$9.0

$12.

2

$12.

9

$11.

1

$13.

4

$9.6

$11.

2

$15.

0

$8.0

$7.5

$9.0

$14.

1

0

100

200

300

400

500

600

$0

$2

$4

$6

$8

$10

$12

$14

$16


2010 2011 2012 2013 2014 2015 2016 2017


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

$25M+

$10M-$25M

$5M-$10M

$1M-$5M

$500K-$1M

Under$500K

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

$25M+

$10M-$25M

$5M-$10M

$1M-$5M

$500K-$1M

Under$500K

Increasingly, companies are raising late-stage rounds rather than exiting through an IPO or to a strategic buyer. The number of late-stage transactions has increased for three consecutive quarters (up 25% during

that time) in contrast to the more tempered fluctuations we have seen from both earlier stages, as well as in total exits. Continuation in the private markets is allowing companies the ability to continue growth away from public scrutiny, or within the confines of a larger corporate strategy, but it is also weighing on investors and LPs looking for returns, particularly those that have held companies in their portfolio for some time.

While much of this activity is spurred by nontraditional investors such as mutual and

hedge funds, VCs have helped propagate these more recently by raising larger and larger funds. Eight venture funds have closed on at least $1 billion in commitments since the beginning of 2016, including New Enterprise Associates’ $3.3 billion fund, which will support this shift moving forward. While this trend isn’t alarming if companies are able to eventually exit at a large MOIC, recent large exits have not proven lucrative for later-stage investors.



So�ware

Pharma &BiotechOther

Media

IT Hardware

HC Services &SystemsHC Devices &SuppliesEnergy

Consumer Goods& Recrea�onCommercialServices

So�ware


Media

IT Hardware



Rounds by sector

42% of capital invested in software US VC activity ($) by sector in 1H 2017

Sector splits remain the same US VC activity ($B) by sector

Healthcare accounts for 20% of deals US VC activity (#) by sector through 1H 2017

Deal trends remain largely unchanged US VC activity (#) by sector

PitchBook-NVCA Venture Monitor PitchBook-NVCA Venture Monitor *As of 6/30/2017



0

2,000

4,000

6,000

8,000

10,000

12,000

2010

2011

2012

2013

2014

2015

2016

2017

*CommercialServicesConsumer Goods& RecreationEnergy

HC Devices &SuppliesHC Services &SystemsIT Hardware

Media

Other

Pharma &BiotechSoftware

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

2010

2011

2012

2013

2014

2015

2016

2017

*

CommercialServicesConsumer Goods& RecreationEnergy


Media

Other



Activity in life sciencesLife sciences deal share increasing US VC activity (#) in life sciences

Deal value likely to hit decade high US VC activity ($B) in life sciences

Number of deals almost split US VC activity (#) in life sciences

Pharma & biotech scoring more dollars US VC activity ($B) in life sciences





Note: Life sciences is composed of pharma & biotech and healthcare devices & supplies combined together.

12.0%

14.2%

0%

5%

10%

15%

20%

25%

0

200

400

600

800

1,000

1,200

1,400

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

Life Sciences Deal Count Life Sciences as % of Total US VC (#)

16.6%

19.7%

0%

5%

10%

15%

20%

25%

30%

35%

$0

$2

$4

$6

$8

$10

$12

$14

$16

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

Life Sciences Deal Value ($B) Life Sciences as % of Total US VC ($)

0

200

400

600

800

1,000

1,200

1,400

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Pharma & Biotech

HC Devices & Supplies

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Pharma & Biotech

HC Devices & Supplies


$1.1

$1.2

$1.9

$1.3

$1.5

$1.5

$1.5

$1.9

$2.0

$1.6

$1.5

$1.6

$1.5

$2.0

$2.0

$1.7

$2.2

$1.9

$2.0

$2.5

$1.9

$2.3

$1.7

$1.6

$2.2

$1.8

$1.9

$1.9

0

200

400

600

800

1,000

1,200

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2011 2012 2013 2014 2015 2016 2017


First financingsFirst financings on slow pace US VC activity in first financings

Follow-ons decreasing at slower pace US VC activity (#) by first financing vs. follow-on rounds


First-financings following similar trends to seed stage US first financing VC activity


Note: First financings are defined as the first round of equity funding in a startup by an institutional venture investor.


$6.2

$5.8

$4.0

$4.6

$6.2

$6.9

$6.6

$7.8

$8.7

$7.2

$3.8

1,664 1,748 1,661

2,081

2,809

3,2793,555

3,746

3,391

2,605

1,137

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Deal Value ($B)

# of Deals Closed

0

2,000

4,000

6,000

8,000

10,000

12,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

First VC

Follow-on VC


0

50

100

150

200

250

300

350

400

$0

$2

$4

$6

$8

$10

$12

$14


2010 2011 2012 2013 2014 2015 2016 2017


Angel/Seed Early VC

Late VC

Corporate venture capital

US venture activity with CVC participation

US VC activity with CVC participation



$11.

0

$10.

4

$6.4

$7.8

$12.

6

$11.

6

$14.

0

$25.

8

$33.

9

$32.

2

$14.

5

666 673

463541

703804

1,005

1,2461,332

1,204

590

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Deal Value ($B)

# of Deals Closed

Corporate VC (CVC) activity increased by a slightly wider margin than overall VC activity in 2Q, increasing 10% QoQ. At the current pace, CVC rounds are still set to decline for a second straight year by both count and volume, but the longer-term trend is the decline in smaller investments made by this set of investors. CVCs have in the past invested in sub-$500,000 rounds with some regularity—the high-water mark was 61 rounds back in 2013 and at least 40 rounds received CVC participation each year between 2012 and 2015. Only four sub-$500,000 rounds have included CVC so far this year, however, coming off just 15 such rounds last year. $10 million+ rounds, meanwhile, now account for more than half of all CVC investments; as recently as 2013, rounds of that size accounted for just 40%. Like their VC counterparts, CVC groups have steadily migrated to fewer, larger financings—total capital invested at the $25 million+ range now takes up 80% of deal value involving CVC commitments. Such rounds typically accounted for 50%-60%

of all capital committed between 2006 and 2013. CVC investors appear to be gravitating toward more mature companies with more

discernible paths to growth. 10x returns aren’t needed to keep the lights on when you have a parent company.


Software investment remains flat US venture activity (#) with CVC participation by sector

Life sciences receiving more CVC US venture activity (#) with CVC participation in Life Sciences

PitchBook-NVCA Venture Monitor *As of 6/30/2017 PitchBook-NVCA Venture Monitor

*As of 6/30/2017

CVC rounds growing in size US venture activity (#) with CVC participation by deal size



Note: Above figures represent the number of venture investments with CVC participation and the total deal size (including non-CVC portions) where at least one CVC participated. See Methodology on page 29 for more details.

With strategies different than traditional VCs, CVCs are able to invest in larger rounds, and even speculate on emerging tech

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

$25M+

$10M-$25M

$5M-$10M

$1M-$5M

$500K-$1M

Under$500K

Investor Deals

GV 26

GE Ventures 13

Microsoft Ventures 11

Salesforce Ventures 9

Dell Technologies Capital 8

Comcast Ventures 6

Intel Capital 5

Bloomberg Beta 4

Johnson & Johnson Innovation 4

MassMutual Ventures 4

Qualcomm Ventures 4

Sanofi-Genzyme Bioventures 4

Unilever Ventures 4

Verizon Ventures 4

Most Active CVC investors in 1H 2017

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010

2011

2012

2013

2014

2015

2016

2017

*

CommercialServicesConsumer Goods& RecreationEnergy


Media

Other


13.2%

16.1%

0%

5%

10%

15%

20%

25%

30%

35%

0

50

100

150

200

250

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

Life Sciences Deal Count Life Sciences as % of Total US CVC (#)

Just 15 CVC rounds have been completed at under $500,000


$3.3

$7.4

$3.2

$2.5

$7.6

$5.7

$4.4

$4.6

$4.2

$4.6

$7.6

$3.8

$5.8

$3.6

$4.6

$4.2

$8.1

$11.

2

$6.8

$10.

0

$10.

7

$9.2

$11.

6

$8.8

$10.

5

$12.

4

$5.5

$7.6

$6.3

$11.

4

0

50

100

150

200

250

300

$0

$2

$4

$6

$8

$10

$12

$14


2010 2011 2012 2013 2014 2015 2016 2017

Deal Value ($B)

# of Deals Closed


Growth equity deal value bounces back after slow 1Q US growth-equity activity

Completed growth financings have increased for three quarters US growth-equity activity

PitchBook -NVCA Venture Monitor *As of 6/30/2017

Note: Growth equity is not included as a subset of overall VC data, but is rather its own unique dataset. See the Methodology, page 29, for more details on this particular category.

Growth equity

$17.

8

$18.

1

$10.

3

$16.

4

$22.

3

$20.

2

$18.

2

$36.

0

$40.

4

$36.

0

$17.

7

502

530

342

457

539 575 574

766 829

679

339

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Deal Value ($B)

# of Deals Closed

Growth equity rounds took a three-quarter hiatus between 3Q 2016 and 1Q 2017 before rebounding in the second quarter. The $11.4 billion invested in 2Q is more in line with the boom we saw in 2014 that extended all the way into 1H 2016. On top of the headline number, the median pre-money valuation for growth rounds popped back up to $170 million through mid-2017 following an outlier year in 2016. The growth equity market has enjoyed much more attention in recent years—annual round counts have almost doubled compared to 2010 levels, even as the proportion of the smallest rounds continues to dwindle (these deals have accounted for just 30% of completed growth financings through 1H2017 versus 60% in 2010).


$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

2010

2011

2012

2013

2014

2015

2016

2017

*

CommercialServicesConsumer Goods& Recrea�onEnergy


Media

Other

Pharma &BiotechSo�ware

Growth equity deal trends remain same US growth equity activity (#) by sector

Commercial services off to robust start US growth-equity activity ($) by sector in 1Q 2017


Growth equity sizing larger Growth-equity deals (#) by deal size

Large deal sizes at lowest % since 2013 US growth-equity activity ($) by deal size



Note: Growth equity is not included as a subset of overall VC data, but is rather its own unique dataset. See the Methodology, page 29, for more details on this particular category.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

$200M+

$100M-$200M

$75M-$100M

$50M-$75M

$30M-$50M

$15M-$30M

$35.0$40.0

$139.4

$170.0

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Median Deal Size ($M)

Median Pre-money Valua�on ($M)

0

100

200

300

400

500

600

700

800

900

2010

2011

2012

2013

2014

2015

2016

2017

*

CommercialServicesConsumer Goods& Recrea�onEnergy


Media

Other

Pharma &BiotechSo�ware


Pre-money valuations of growth rounds have bounced back after abnormal 2016

Growth equity deal value likely won’t reach 2015 level


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Exits

Exit value propped up by several outsized exits US venture-backed exit activity

Exit activity slides after gaining in 1Q US venture-backed exit activity


$40.

5

$18.

3

$16.

3

$31.

4

$34.

2

$54.

7

$36.

3

$82.

3

$48.

6

$54.

3

$25.

2

616

480 487

701 734

863 887

1,057986

821

348

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Exit Value ($B)

# of Exits Closed

$9.1

$4.9

$7.9

$9.6

$8.8

$9.2

$7.7

$8.6

$6.8

$26.

5

$11.

1

$10.

4

$4.2 $8.1

$10.

9

$13.

0

$14.

7

$11.

9

$19.

1

$36.

7

$8.5

$10.

2

$15.

1

$14.

8

$11.

0

$17.

2

$17.

1

$9.0

$14.

6

$10.

5 50

100

150

200

250

300

$0

$5

$10

$15

$20

$25

$30

$35

$40


2010 2011 2012 2013 2014 2015 2016 2017

Exit Value ($B) # of Exits Closed

0

VC exit activity continues to gradually decline from historic levels. $10.5 billion of exit value was registered in 2Q through 156 transactions, versus $17.2 billion of value via 211 exits this same period last year. The numbers suggest a prolonged decline since 2014, an inflated year that saw one acquisition alone (WhatsApp) add $21.8 billion to the headline figure. Totals aside, the underlying data points to signs of health. The average acquisition check size has nearly tripled in the span of seven years; startups acquired so far this year have secured a median exit post-valuation of $160.5 million, exceeding even the 2014 average ($120 million). For those startups open to acquisitions, in other words, strategic acquirers have seemed to acquiesce in a seller’s market. Startups that won’t (or can’t) exit are facing invigorated, much more agile competition from corporations, which, until recently, had a reputation for being slow and perpetually behind the curve.

So-called unicorns, companies privately valued at $1 billion or higher, have opted to

stay private much longer than normal, which has kept overall exit totals muted. Slack, for instance, an office messaging provider valued last year at $4 billion, was at first rumored to entertain acquisition talks with Google, Microsoft and Amazon over the past

few years. Instead, the company is said to be in talks to raise another $500 million round at a $5 billion valuation. Plenty of other startups are doing the same; the average time to exit has crept up to six years through 1H 2017, compared to less than five years on average about a decade ago.


Median time to IPO passes eight years Median time to exit (years) from first VC financing by type

Buyouts an increasingly popular exit US venture-backed exits (#) by type



70% of exit value from $500M+ deals US venture-backed exits ($) by size

Larger exits increasing proportion US venture-backed exits (#) by size



0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010 2011 2012 2013 2014 2015 2016 2017*

Acquisi�on

IPO

Buyout

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010

2011

2012

2013

2014

2015

2016

2017

*

$500M+

$100M-$500M

$50M-$100M

$25M-$50M

Under$25M

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010

2011

2012

2013

2014

2015

2016

2017

*$500M+

$100M-$500M

$50M-$100M

$25M-$50M

Under$25M

4.6

8.1

6.5

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

2010 2011 2012 2013 2014 2015 2016 2017

Acquisi�on IPO Buyout

The lengthening time to exit for VC-backed companies could begin to put pressure on funds looking for returns

The four largest exits in 2017 have accounted for 48% of the total exit value



Exit activity in a crunch US venture-backed exit activity (#) by sector

Software represents 54% of 2017 exits US venture-backed exit activity (#) in 1H 2017 by sector


Median exit sizes have converged Median exit size ($M) by type


0

200

400

600

800

1,000

1,200

2010

2011

2012

2013

2014

2015

2016

2017

*

CommercialServices

Consumer Goods& Recreation

Energy

HC Devices &Supplies

HC Services &Systems

IT Hardware

Media

Other

Pharma &Biotech

Software

So�ware


Media

IT Hardware



$70.0

$75.0

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

2010 2011 2012 2013 2014 2015 2016 2017*

Acquisi�on/Buyout IPO

$100.0

$416.7

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

2010 2011 2012 2013 2014 2015 2016 2017*

Acquisi�on/Buyout IPO

Spread in exit value has widened Median post-valuation ($M) by exit type


Already in 2017, five unicorns have completed IPOs, led by Snap’s $3.4 billion offering in March

Software has accounted for more than 40% of exit value each year since 2014


Fundraising2017 off to somewhat unexpectedly strong start US VC fundraising activity


$35.

7

$34.

9

$29.

9

$12.

1

$19.

6

$25.

4

$23.

6

$20.

8

$35.

3

$34.

6

$40.

4

$19.

1

189 181 184

119

152 146

187202

272255

277

119

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Capital Raised ($B)

# of Funds Closed

Coming off a torrid 2016, fundraising totals may not grow even further this year but have remained more than healthy nonetheless. 58 funds closed in 2Q, adding an additional $11.4 billion of dry powder to the market. The numbers suggest a surge in fundraising that crested in 2Q 2016 is quietly winding down, though a number of firms that last raised three or four years ago may be coming back to market soon. The average time between funds has ballooned to six years, a notable increase over the past few years that almost mirrors the lengthening time-to-exit chart on page six.

LPs remain committed to the asset class. 87% of VC funds that closed in the first half hit their targets. At that pace, the VC industry will notch its ninth straight yearly increase. As a contributing factor, the average VC fund size has settled in around $160 million range, a far cry from averaging $200 million+ year

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

2010 2011 2012 2013 2014 2015 2016 2017*

Capital Invested

Capital Raised

Capital raised will keep investment high US capital invested ($B) versus capital raised ($B)


$0.9

$1.9

$1.5

$1.5

$2.0

$1.5

$2.2

$1.5

33

18

26

21

38

21

25

15

2010 2011 2012 2013 2014 2015 2016 2017*

Capital Raised ($B)

# of Funds Closed


First-time funds set for banner year US first-time VC funds


US VC fundraising (#) by size

US VC funds’ time to close (months)

US VC funds (#) hitting target





$50.1

$80.0

$152.6$162.2

$0

$50

$100

$150

$200

$250

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Median

Average

12.7

11.7

5

10

15

20

25

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Median Average

0%

20%

40%

60%

80%

100%

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

Hit Target Missed Target

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

$1B+

$500M-$1B

$250M-$500M

$100M-$250M

$50M-$100M

Under$50M

after year about a decade ago. Fund step-ups have also moderated, on a median basis; funds closed in 1H 2017 were 1.3x bigger than their predecessors, in line with prior years that weren’t nearly as frothy as today’s market. Discipline has largely won out.

First-time funds are on pace for a substantial

rebound. $1.5 billion worth of these vehicles have closed this year, which already puts 2017 on equal footing with each of the totals raised in 2015, 2013 and 2012. Relatively few of the latest new managers fit the “generalist” model, focusing instead on specific markets attracting a flood of investor interest—fintech-focused Centana

Growth Markets, for example, or Fifth Wall Ventures, which is working to bridge the technology and real estate worlds. First-time funds, in other words, seem to be having an easier time pitching to LPs if they have clear focus and expertise in niche, “next big thing” markets.

Median and average US VC fund size


West Coast40.8% of 2Q Deals55.0% of 2Q Deal Value

Mountain7.6% of 2Q Deals3.9% of 2Q Deal Value

Midwest1.4% of 2Q Deals0.3% of 2Q Deal Value Great Lakes

8.2%of 2Q Deals6.9% of 2Q Deal Value Mid-Atlantic

19.3% of 2Q Deals15.5% of 2Q Deal Value

New England8.4% of 2Q Deals10.5% of 2Q Deal Value

Southeast7.7% of 2Q Deals4.5% of 2Q Deal Value

South6.6% of 2Q Deals3.5% of 2Q Deal Value

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2014 2015 2016 2017

Great Lakes

Mid-Atlantic

Midwest

Mountain

NewEngland

South

Southeast

West Coast

US VC deal activity (#) by region

West Coast accounts for roughly 40% of activity each quarter 2Q 2017 US VC deal activity by region

Activity by region


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2014 2015 2016 2017

Great Lakes

Mid-Atlantic

Midwest

Mountain

NewEngland

South

Southeast

West Coast

US VC activity ($) by region




California far and away receives highest number of deals 1Q 2017 US VC deal activity by region


Top states by number of companies receiving investment in 2Q

StateCompanies with 2Q

Investments (#)

California 679

New York 226

Massachusetts 132

Washington 91

Texas 90

Colorado 73

Florida 58

Illinois 58

Pennsylvania 45

North Carolina 43

Top states by number of active VC investors in 2Q

StateActive Investors

in 2Q (#)

California 371

New York 107

Massachusetts 64

Texas 27

Illinois 26

Washington 22

Pennsylvania 19

Florida 17

Michigan 16

Georgia 15


Highest concentration of VCs where you would expect 1Q 2017 US VC deal activity by region


Investor Deals

Innovation Works 16

Keiretsu Forum 10

Y Combinator 10

500 Startups 8

Techstars 8

Alliance of Angels 7

Keiretsu Capital 7

Social Capital 7

General Catalyst Partners 6

SV Angel 6

Abstract Ventures 5

Accomplice VC 5

Correlation Ventures 5

Founders Fund 5

New Enterprise Associates 5

Right Side Capital Management 5

Investor Deals


Keiretsu Forum 14

Accel 13

GV 11

Kleiner Perkins Caufield & Byers 10

Sequoia Capital 10

General Catalyst Partners 8

GGV Capital 8

Lightspeed Venture Partners 8

Greylock Partners 7

OrbiMed 7

GE Ventures 6

Norwest Venture Partners 6

Sapphire Ventures 6

Trinity Ventures 6

Andreessen Horowitz 5

Bessemer Venture Partners 5

Insight Venture Partners 5

Menlo Ventures 5

Microsoft Ventures 5

Most active investorsAngel/seed

Most active investorsLate stage




2Q 2017 League TablesInvestor Deals

Keiretsu Forum 21


GV 13

Service Provider Capital 10

Kleiner Perkins Caufield & Byers 8

GE Ventures 7

Accel 6

Dell Technologies Capital 6

Eclipse Ventures 6

Greycroft Partners 6

Lux Capital 6

Shasta Ventures 6

Correlation Ventures 5

First Round Capital 5

Sequoia Capital 5

Most active investorsEarly stage


Top 10 largest US venture financings in 2Q 2017


Company Deal size ($M) Series/stage Date HQ State Industry

Outcome Health 600.0 Late Stage 6/6/2017 Chicago IL Media

Lyft 600.0 Series G 4/6/2017 San Francisco CA Software

Wish 500.0 Series F 5/16/2017 San Francisco CA Software

Intarcia Therapeutics 475.7 Series EE 4/3/2017 Boston MA Pharma and Biotech

Unity 400.0 Late Stage 5/23/2017 San Francisco CA Software

Houzz 400.0 Series E 6/8/2017 Palo Alto CA Commercial Services

Guardant Health 360.0 Series E 5/11/2017 Redwood City CA Healthcare Devices

Peloton 325.0 Series E 5/24/2017 New York NY Consumer Durables

Essential Products 300.0 Series B 6/8/2017 Palo Alto CA Consumer Durables

AvidXchange 300.0 Series F 6/8/2017 Charlotte NC Software

Top 10 largest US venture funds closed in 2Q 2017

Investor Fund Fund size ($M) Close date State

New Enterprise Associates New Enterprise Associates 16 3,300.0 6/19/2017 CA

Summit Partners Summit Partners Venture Capital Fund IV 730.0 4/4/2017 MA

Oak HC/FT Oak HC/FT Partners II 600.0 4/17/2017 CT

DFJ Growth DFJ Growth 2016 535.0 4/20/2017 CA

Fertitta Capital Fertitta Capital I 500.0 5/1/2017 CA

Menlo Ventures Menlo Ventures XIV 450.0 5/18/2017 CA

Polaris Partners Polaris Venture Partners VIII 435.0 5/4/2017 MA

SV Health Investors SV Life Sciences Fund VI 400.0 4/11/2017 MA

Upfront Ventures Upfront VI 400.0 6/29/2017 CA

Atlas Venture Atlas Venture Fund XI 350.0 6/29/2017 MA

Top five largest IPOs of US-based companies in 2Q 2017

Company Total raised ($M) Post-valuation ($M) Date HQ city State Industry

Blue Apron 300.0 2,008.00 6/29/2017 New York NY Consumer Non-Durables

Cloudera 225.0 1,920.96 4/28/2017 Palo Alto CA Software

Okta 187.0 1,542.9 4/7/2017 San Francisco CA Software

Yext 115.5 957.88 4/13/2017 New York NY Commercial Services

G1 Therapeutics 105.0 411.21 5/17/2017 Durham NC Pharma and Biotech

Top five largest acquisitions of US-based companies in 2Q 2017

Company Deal size ($M) Date HQ city State Industry

True North Therapeutics 825.0 6/28/2017 South San Francisco CA Pharma and Biotech

IronPlanet 758.5 5/31/2017 Pleasanton CA Retail

Veracode 614.0 4/3/2017 Burlington MA Software

Teads 314.7 6/23/2017 New York NY Commercial Services

Turn 310.0 4/10/2017 Redwood City CA Commercial Services





MSA Deal count

San Francisco-Oakland-Fremont, CA MSA 324

New York-Northern New Jersey-Long Island, NY-NJ MSA 236

Los Angeles-Long Beach-Santa Ana, CA MSA 143

Boston-Cambridge-Quincy, MA MSA 135

San Jose-Sunnyvale-Santa Clara, CA MSA 114

Seattle-Tacoma-Bellevue, WA MSA 80

San Diego-Carlsbad-San Marcos, CA MSA 61

Austin-Round Rock, TX MSA 60

Top Metropolitan Statistical Area (MSA) activity in 2Q 2017

PitchBook-NVCA Venture Monitor PitchBook-NVCA Venture Monitor

State Congressional District

Deal count

California 12 130

New York 12 74

California 18 64

New York 10 56

California 14 46

Massachusetts 7 29

Washington 7 27

California 52 26

California 17 25

Colorado 2 25

Massachusetts 5 25

Illinois 7 23

California 13 19

California 49 19

Massachusetts 8 19

California 37 18

California 33 16

California 45 16

Colorado 1 16

Texas 21 14

Texas 25 14

Washington 9 14

New York 7 13

California 30 11

Colorado 7 10

Georgia 5 10

Pennsylvania 14 10

Arizona 6 9

California 28 9

Utah 3 9

Washington 1 9

States & territories by VC activity in 2Q 2017

State Deal count

California 680

New York 226

Massachusetts 133

Washington 91

Texas 90

Colorado 74

Florida 58

Illinois 58

Pennsylvania 45

North Carolina 43

Ohio 37

Maryland 35

Georgia 34

Virginia 30

Oregon 28

Arizona 25

New Jersey 23

Minnesota 22

Utah 21

Michigan 20

Tennessee 18

Indiana 14

Missouri 14

Connecticut 11

Arkansas 10

District of Columbia 10

Nevada 10

Wisconsin 9

Alabama 8

Delaware 8

Idaho 8

South Carolina 8

Top Congressional districts by VC activity in 2Q 2017

State Deal count

Iowa 6

New Hampshire 6

New Mexico 6

Rhode Island 6

Kentucky 5

Kansas 4

Louisiana 4

Maine 4

Vermont 4

Montana 3

Nebraska 3

(blank) 3

Hawaii 2

Oklahoma 2

Wyoming 2

North Dakota 1

West Virginia 1

States & territories by VC activity in 2Q 2017, ctd.




MethodologyFundraising We define venture capital funds as pools of capital raised for the purpose of investing in the equity of startup companies. In addition to funds raised by traditional venture capital firms, PitchBook also includes funds raised by any institution with the primary intent stated above. Funds identifying as growth-stage vehicles are classified as PE funds and are not included in this report. A fund’s location is determined by the country in which the fund is domiciled; if that information is not explicitly known, the HQ country of the fund’s general partner is used. Only funds based in the United States that have held their final close are included in the fundraising numbers. The entirety of a fund’s committed capital is attributed to the year of the final close of the fund. Interim close amounts are not recorded in the year of the interim close.

Deals We include equity investments into startup companies from an outside source. Investment does not necessarily have to be taken from an institutional investor. This can include investment from individual angel investors, angel groups, seed funds, venture capital firms, corporate venture firms, and corporate investors. Investments received as part of an accelerator program are not included, however, if the accelerator continues to invest in follow-on rounds, those further financings are included. All financings are of companies headquartered in the US. Angel/seed: We define financings as angel rounds if there are no PE or VC firms involved in the company to date and we cannot determine if any PE or VC firms are participating. In addition, if there is a press release that states the round is an angel round, it is classified as such. Finally, if a news story or press release only mentions individuals making investments in a financing, it is also classified as angel. As for seed, when the investors and/or press release state that a round is a seed financing, or it is for less than $500,000 and is the first round as reported by a government filing, it is classified as such. If angels are the only investors, then a round is only marked as seed if it is explicitly stated. Early-stage: Rounds are generally classified as Series A or B (which we typically aggregate together as early stage) either by the series of stock issued in the financing or, if that information is unavailable, by a series of factors including: the age of the company, prior financing history, company status, participating investors, and more. Late-stage: Rounds are generally classified as Series C or D or later (which we typically aggregate together as late stage) either by the series of stock issued in the financing or, if that information is unavailable, by a series of factors including: the age of the company, prior financing history, company status, participating investors, and more. Growth equity: Rounds must include at least one investor tagged as growth/expansion, while deal size must either be $15 million or more (although rounds of undisclosed size that meet all other criteria are included). In addition, the deal must be classified as growth/expansion or later-stage VC in the PitchBook Platform. If the financing is tagged as late-stage VC it is included regardless of industry. Also, if a company is tagged with any PitchBook vertical, excepting manufacturing and infrastructure, it is kept. Otherwise, the following industries are excluded from growth equity financing calculations: buildings and property, thrifts and mortgage finance, real estate investment trusts, and oil & gas equipment, utilities, exploration, production and refining. Lastly, the company in question must not have had an M&A event, buyout, or IPO completed prior to the round in question. Corporate venture capital: Financings classified as corporate venture capital include rounds that saw both firms investing via established CVC arms or corporations making equity investments off balance sheets or whatever other non-CVC method actually employed. Capital efficiency score: Our capital efficiency score was calculated using companies that had completed an exit (IPO, M&A or PE Buyout) since 2006. The aggregate value of those exits, defined as the pre-money valuation of the exit, was then divided by the aggregate amount of VC that was invested into those companies during their time under VC backing to give a Multiple On Invested Capital (MOIC). After the average time to exit was calculated for each pool of companies, it was used to divide the MOIC figure and give us a capital efficiency score.

Exits We include the first majority liquidity event for holders of equity securities of venture-backed companies. This includes events where there is a public market for the shares (IPO) or the acquisition of majority of the equity by another entity (corporate or financial acquisition). This does not include secondary sales, further sales after the initial liquidity event, or bankruptcies. M&A value is based on reported or disclosed figures, with no estimation used to assess the value of transactions for which the actual deal size is unknown.


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searches and five profile views per month.

We will email quarterly surveys to each

member firm, which will give you the

opportunity to report your activity to

PitchBook. The data you provide will

not only power PitchBook-NVCA reports,

but also ensure your firm is represented

accurately in the PitchBook Platform. If

you’d like to send your quarterly activity

report directly to PitchBook, email

[email protected].

Our members get 10% off a new subscription

to the PitchBook Platform (up to a

$10,000 value) or one free, additional seat.

If your firm was a PitchBook client prior

to September 14, 2016, you’re eligible for

one of these discounts the next time you

renew your contract.

The 411 on the PitchBook and National Venture Capital Association (NVCA) partnership

Fundraise faster with targeted searches for limited partners who will likely be interested in your fund.

Conduct better due diligence by diving deep into a company’s round-by-round financing history, executive team and market traction.

Price deals with confidence using pre- and post-money valuations, public and private comps, cap tables and series terms.

Find promising investors quickly by zeroing in on other firms or strategic acquirers whose investment preferences match your portfolio company.

PitchBook Data, Inc. | 206.623.1986 | pitchbook.com/nvca National Venture Capital Association | 202.864.5920 | nvca.org

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2q 2017 - pitchbook€¦ · · 2017-07-132q 2017 nearly $22b invested in 2q, 36% growth qoq page...

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