venture capital activity report q4 2010

Venture Capital Activity Report | Q4 2010

www.cbinsights.com

QUARTER SUMMARY 2

QUARTERLY TRENDS 3

SECTOR REVIEW 11

1 INTERNET 11

2 HEALTHCARE 18

3 GREEN / CLEAN TECH 25

GEOGRAPHIC REVIEW

1 CALIFORNIA 32

2 MASSACHUSETTS 38

3 NEW YORK 43

4 WASHINGTON 49

5 TEXAS 54

DEFINITIONS & DATA INTEGRITY 59

TABLE OF CONTENTS

© 2011, CB Insights. All rights reserved. For more information about CB Insights, please email [email protected].


www.cbinsights.com

Q4 2010 – This Quarter in Venture CapitalQuarter sees highest dealflow and funding of last eight quarters. Internet saw Year-

over-Year deal count up 21%, Green Tech up 7% and Healthcare up 2%.

2

At $6.5B of venture capital funding over 735 deals, Q4 2010’s venture capital stats have something for everyone. For

those of you looking for a data point that suggests VC is back and on the road to recovery after 2009’s tough sledding, the

eight quarter high on deals and dollars gives you something to hang your hat on. For those of you who think VC is

overheated and we’re headed for a bubble, the eight quarter high on deals and dollars gives you something to hang your

hat on. Yes – it’s all a matter of perspective.

Overall, 2010 saw $23.7B of funding into 2792 deals which represented 14% growth in funding and 13% growth in deals

over 2009’s VC nadir.

Say Bye Bye Massachusetts – NY is #2 for Tech VC

Over the last five quarters, NY has seen 208 tech deals

vs. 207 for Massachusetts. Funding to NY tech

companies came in at $1.22B vs. $1.21B for

Massachusetts. The margin of victory for NY is ever so

slight, but most striking is the trend for both states which

are going in very different directions. (Trend can be

seen here: http://bit.ly/dLmLYG)

Seed VC Retains Its Share | Early Stage Grows

Q3 2010 saw 11% of deals going to Seed VC deals and

that share stayed consistent in Q4 2010. The share of

Series A deals increased over Q3 2010. Early stage

deal activity was nearly 50% of total deals representing

the highest level seen in five quarters.

VCs Connecting With Internet Deals Often

The growth in the quarter was driven largely by a red-

hot internet sector which hit a five quarter high (by a lot)

on both deals and dollars. Early stage activity remained

strong as did NY on the internet deal and dollar front.

Green Tech / Clean Tech Investments Stay Flat

After two quarters of VC funding to Green Tech/Clean

Tech investments declining, the space saw deals and

dollars hold vs. the prior quarter. On a year-over-year

basis, investment funding was up 40%. Early stage

investment on a deals basis into Green Tech fell to a

five-quarter low. Renewables and Energy Efficiency

maintained their positions as the top 2 areas for Green

Tech investment and in aggregate, they garnered their

largest share of deals of the last five quarters.

Healthcare VC – A Mixed Bag

Deals in the Healthcare space were up modestly YoY but

funding was down almost 16%. The growth in funding

and deals seen over the last 2 quarters ceased as well.

Mass and Cali took over 50% of Healthcare funding but

Mass’ share of Healthcare VC fell to a five-quarter low.

Early stage activity in Healthcare hit a five quarter high.

Cali's Number of VC Deals Grows, Funding Down

California retained its belt as uncontested venture capital

heavyweight champion. Relative to 2009, California saw

3% growth in deals and a 2% drop in VC funding. The

state saw 14% growth in deals on a sequential basis over

Q3 2010. 60% of the state's funding went to Internet and

Healthcare companies. Mobile also took its largest share

of deals in the last five quarters.

Colorado - The New Green Tech Hub?

Three of the top 10 green tech deals in the quarter were

in Colorado. The state which is usually 3-4% of green

tech deals jumped to 10%.

Texas Gets the Early Stage Bug

In aggregate, Texas stayed within its recent historical

range, but it did see growth in early-stage deals with 6 of

10 deals in the quarter being into early stage deals.

Washington At Five Quarter Low in VC Funding

Over 50% of Washington deals were in early-stage

companies and almost 60% of deals were to Internet

firms. The smaller checks to less capital-hungry web

companies helped to drive Washington to a five quarter

low on VC funding.

It is worth noting what we included and what we didn’t as this quarter had some mega-deals which can and did greatly

impact results. For example, Groupon’s funding was included as there was VC participation although we only included the

portion of their funding that closed in 2010, i.e. $500M. We’d recommend you also review our definitions and methodology

on p. 59 for details on our approach to VC data.

http://bit.ly/dLmLYG

http://bit.ly/dLmLYG


www.cbinsights.com

3

$3.9

$5.3

$6.1

$5.5$5.9 $5.9

$5.4

$6.5

483

613678 687

730

612

715 735

Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Quarterly VC Investment and Deal Volume TrendQ1 '09 to Q4 '10

Funding ($B) # of Deals

www.cbinsights.com

$6.5B over 735 Deals – Highest Totals of Last 8 Quarters Continued strength in seed VC funding led to a two-year high in number of deals.

Total VC funding hit high on back of mega-deals which buoyed funding total.


www.cbinsights.com

4

Cali Maintains, NY Gains and Mass Wanes in Deal ShareBig Three (NY, Mass, Cali) bounced back from Q3 2010 lows based on strength of

Cali and NY. Mass and Washington share of deals dipped.

44% 41% 43% 38% 42%

13%12%

14%12%

11%

6%8%

8%

7%9%

6%5%

5%

5%5%

4%4%

4%

5%4%

28% 31% 26%33% 29%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Venture Capital by State - Number of DealsFive Quarter Trend

California Massachusetts New York Texas Washington Other

www.cbinsights.com


www.cbinsights.com

5

49% 49% 52% 49%40%

12% 15% 12%9%

10%

5%5% 6%

5%

7%

4%4% 4%

7%5%

3%2% 4%

4%

2%

26% 23% 23% 27%36%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Venture Capital by State - Dollars of FundingFive Quarter Trend

California Massachusetts New York Texas Washington Other

www.cbinsights.com

The Big Three’s Share of VC Funding Falls to 5 Quarter LowNY gained in terms of dollars as did Mass. Cali, Texas and Washington all fell. Impact

of a mega-deal (Groupon) is clearly evident given the large Other category.


www.cbinsights.com

6

CB Insights is the Premiere Venture

Capital and Angel Investment Database.With CB Insights you can access deep private company info that was once exclusively available behind prohibitively expensive paywalls.

Coverage Universe

• Venture Capital – 1999 to present

• Angel Investment

• Private Equity

• Federal SBIR Grants – 3 years

• State Grant Programs

• Incubators – Over 300

• Middle Market Private Companies

Sector Coverage

• Green/clean tech

• Internet

• Mobile & Telecom

• Software

• Energy & Utilities

• Computer Hardware & Services

• Healthcare

• Industrial

• Automotive & Transportation

• Business Products & Services

• Consumer Products & Services

• Electronics

• Environmental Services &

Equipment

• Financial Services

• Food & Beverages

• Leisure

• Media

• Metals & Mining

• Retail

• Risk & Security

CB Insights is accessible for free by visiting http://www.cbinsights.com

82,000+ Private Company Profiles.

Company & Investor Updates via Email.

Add companies and investors of

interest to your CBI Watchlist and get

notified of changes and updates

automatically.

Over 82,000 high value private

company profiles across industries and

sectors. Medical devices to

mobile. Industrial to internet.

From Angel to Private Equity.

Angel investment to venture capital to

private equity to government funding to

under the radar mid-market private

companies.

Management & Board Information

Find out about the people behind the

companies including management and

board of directors profiles.

Analytics & Reporting

Downloadable reports and analytics

which allow you to manipulate data

when and how you want to.

http://www.cbinsights.com/


www.cbinsights.com

7

$1.6

$1.9 $1.9

$2.3

$1.7

$2.0

$1.7 $1.6

$2.5

$2.1

$1.5

$1.8$1.7 $1.7

$3.2220

230 237223

275

232

178190

244

298

205 212193

259

283

Monthly VC Investment and Deal Volume TrendOctober 2009 to December 2010

Funding ($B) # of Deals

www.cbinsights.com

2010 Ends with a Bang – VCs Scurry to Get Deals DoneQ4 2010 started flat but ended with a flurry of activity. December 2010 saw the 2nd

highest deal flow and the highest venture funding of the last 15 months.


www.cbinsights.com

8

6% 6% 9% 11% 11%

31% 28%33% 33% 36%

28%27%

24% 24% 22%

14% 19%18% 15% 18%

10% 9%12%

8%7%

11% 10%4%

10% 7%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Venture Capital by Series - Number of DealsFive Quarter Trend

Seed Series A Series B Series C Series D Series E +

www.cbinsights.com

0% 0% 1% 1% 1%

20%14% 17% 20%

15%

26%34%

22%

30%

20%

21% 19% 32%

20%

28%

16% 15%

23%12%

20%

16% 19%

6%16% 16%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Venture Capital by Series - Dollars of FundingFive Quarter Trend


www.cbinsights.com

Seed VC Stays Strong. Early Stage Continues ClimbQ4 saw seed deals retain share of deals and also saw Series A deals climb. Later

stage deals garnered an increased share of venture funding.


www.cbinsights.com

9

25% 24% 23% 26% 24%

33% 30%38% 33% 37%

4% 7%

7%6% 6%

10% 8%7% 8% 8%

4%3%

4% 4% 3%9%

8%8% 7%

10%

16% 20%14% 17% 13%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Venture Capital by Sector - Number of DealsFive Quarter Trend

Healthcare Internet

Energy & Utilities Software (non-internet/mobile)

Computer Hardware & Services Mobile & Telecommunications

Other

www.cbinsights.com

33%24% 28% 33%

24%

27%

21%

28% 23% 39%

5%

15%

17%9%

8%9%

7%

6%

8%7%4%

4%

4%8%

3%7%

8%

6%5% 6%

14%22%

12% 15% 14%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Venture Capital by Sector - Dollars of FundingFive Quarter Trend

Healthcare Internet


Computer Hardware & Services Mobile & Telecommunications

Other

www.cbinsights.com

Internet Climbs & Healthcare Dips; Energy VC Stays Flat Perennial top 2 sectors retain their positions with internet gaining. Mobile also sees

highest share of deals of last 5 quarters. Energy & utilities stagnant.


www.cbinsights.com

10

Get Started for Free with CB InsightsBasic membership to CB Insights venture capital and angel investor database is free. Just visit http://www.cbinsights.com. And also connect with us via any of the following.

Twitter

Follow us @cbinsights

Newsletter

Click here to receive our dealflow

newsletter.

Email

[email protected]

Telephone

212-292-3148

http://cbinsights.us1.list-manage.com/subscribe?u=0c60818e26ecdbe423a10ad2f&id=ff9034b6a1


www.cbinsights.com

INTERNET

Q4 2010 Venture Capital

11


www.cbinsights.com

12

Inte

rnet

$1,483$1,265

$1,618

$1,253

$2,543224 221

233 233

272

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Internet VC Investment and Deal Volume Trend

$ Funding # of Deals

www.cbinsights.com

Last Five Quarters

Internet VC Hits 5 Quarter HighOptimism around internet deals didn’t abate with both deals and dollars way up. VC

deals and funding even after excluding Groupon stands at 5 quarter high.


www.cbinsights.com

13

Quarter Highlights

272 deals | $2,543M

Top Five Deals

Top Cities

Inte

rnet

Chicago, IL

7 deals | $540M

San Francisco, CA

36 deals | $398M

New York, NY

38 deals | $244M

Washington, DC

3 deals | $204M

Austin, TX

8 deals | $102M

Mountain View, CA

9 deals | $98M

Arlington Heights, IL

1 deals | $68M

Los Angeles, CA

8 deals | $66M

Redwood City, CA

5 deals | $62M

Seattle, WA

9 deals | $49M

Groupon

Twitter

LivingSocial

Whale Shark Media

FleetMatics

47%

3%

14%1%

8%

3%

6%

1%

2%

2%

13%

VC Deal Volume (#) in Internet by State, Q410

California

Illinois

New York

DC

Massachusetts

Texas

Washington

North Carolina

Georgia

Maryland

All Other

www.cbinsights.com

39%

24%

10%

8%

5%

4% 2%

2% 1% 1%

4%

VC Investment ($) in Internet by State, Q410

California

Illinois

New York

DC

Massachusetts

Texas

Washington

North Carolina

Georgia

Maryland

All Other

www.cbinsights.com

NY Takes Hold of #2 Spot for Internet VC Deals and DollarsCalifornia continued to dominate internet VC followed by New York on deals.

Excluding Groupon, NY would be #2 on funding as well.


www.cbinsights.com

14

Inte

rnet

46% 43% 47% 44% 47%

12% 13%15% 15% 14%

1% 1%2%

1%3%10% 9%

10%11%

8%5%

5%

3% 6% 6%

26% 29% 24% 23% 21%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Internet VC by State - Number of Deals

California New York Illinois Massachusetts Washington Other

www.cbinsights.com

Last Five Quarters

56% 52% 56%50%

39%

9% 16%15%

12%

10%

2% 1%

9%

0% 24%

7% 7%

7%

8%

5%4% 7%

1%

5%

21% 17%12%

25% 21%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Internet VC by State - Dollars of Funding

California New York Illinois Massachusetts Washington Other

www.cbinsights.com

Last Five Quarters

~70% of Internet Deals Go To Big Three StatesInternet VC deals maintained similar geographic pattern as prior quarters. Mass

internet share dropped to five quarter low.


www.cbinsights.com

15

Inte

rnet

11% 11% 12% 13% 13%

38% 33%40%

42% 38%

27%28%

23%20%

18%

13% 17%18% 15%

19%

8% 6%6% 5%

5%

4% 6% 1% 4% 7%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Internet VC by Series - Number of Deals


www.cbinsights.com

Last Five Quarters

1% 1% 2% 1% 1%

22% 19% 20%31%

12%

28% 33%19%

27%

16%

28% 24%40%

23%

19%

16%10%

19%7%

27%

5%13%

1%10%

25%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Internet VC by Series - Dollars of Funding


www.cbinsights.com

Last Five Quarters

Early Stage Internet Investing Represented 50+% of DealsEarly stage (Seed / Series A) dealflow dipped slightly from last quarter but still over

50%. Series C, D and E+ deals increased share of funding.


www.cbinsights.com

16

Inte

rnet

2%

11%

12%

4%

4%

8%

3%

2%

1%1%

3%

2%

2%1%

44%

VC Deal Volume (#) in Internet by Sub-Industry, Q410

Discount

Social

Advertising, Sales & Marketing

Bus. Intelligence, Analytics & Performance Mgmt

Video

Gaming

Data Storage

Data & Document Management

Health & Wellness

Conferencing & Communication

Information Providers & Portals

eCommerce enablement

Travel (internet)

Content Management

All Other

www.cbinsights.com

26%

24%

6%5%

3%

3%

3%2%

2%

2%2%

1%

2%

1%18%

VC Investment ($) in Internet by Sub-Industry, Q410

Discount

Social

Advertising, Sales & Marketing

Bus. Intelligence, Analytics & Performance Mgmt

Video

Gaming

Data Storage

Data & Document Management

Health & Wellness

Conferencing & Communication

Information Providers & Portals

eCommerce enablement

Travel (internet)

Content Management

All Other

www.cbinsights.com

VC Internet Investment Remains Diverse Across IndustriesSocial and Advertising remained strong. Gaming made a come back from Q3 2010.


www.cbinsights.com

17

Inte

rnet

$0.6

$2.4

$7.0

$9.0

$19.0$20.0


Internet Median Deal Size by Quarter($ Million)

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

www.cbinsights.com

Early Stage Medians Fall. Late Stage Medians Up Big. Seed, Series A and Series C median deal sizes all were smaller. Series B up with

Series D and Series E+ were up big on back of many larger late stage web deals.


www.cbinsights.com

HEALTHCARE


18


www.cbinsights.com

19

Healthcare

$1,830

$1,405

$1,639$1,753

$1,541

169 173

138

184173

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Healthcare VC Investment and Deal Volume Trend


www.cbinsights.com

Last Five Quarters

Healthcare Investment Dips After 2 Qtrs of Funding GrowthHealthcare deals were up modestly YoY but funding levels down almost 16% vs. year

ago. Deals down vs. prior quarter and funding down over 12% qoq.


www.cbinsights.com

20

Quarter Highlights

173 deals | $1,541M

Top Five Deals

Top Cities

Healthcare

33%

13%

6%7%

4%4%

3%

3%

3%

1%

23%

VC Deal Volume (#) in Healthcare by State, Q410

California

Massachusetts

Pennsylvania

Texas

New Jersey

New York

North Carolina

Colorado

Minnesota

Michigan

All Other

www.cbinsights.com

39%

16%9%

6%

5%

4%

3%

3%2%

2%

11%

VC Investment ($) in Healthcare by State, Q410

California

Massachusetts

Pennsylvania

Texas

New Jersey

New York

North Carolina

Colorado

Minnesota

Michigan

All Other

www.cbinsights.com

Cambridge, MA

9 deals | $143M

Redwood City, CA

4 deals | $135M

San Diego, CA

11 deals | $104M

Palo Alto, CA

3 deals | $70M

South San Francisco, CA

2 deals | $67M

Wayne, PA

1 deals | $61M

New York, NY

5 deals | $59M

Malvern, PA

2 deals | $48M

Webster, TX

1 deals | $46M

Pleasanton, CA

2 deals | $34M

Pearl Therapeutics

Moksha8

IDev Technologies

Sutro Biopharma

Genocea Biosciences

Mass and Cali Attract Over 50% of Healthcare VC FundingCali increased over Q3 2010 while Mass declined on # of deals basis. Pennsylvania

and Texas continue to hold strong.


www.cbinsights.com

21

Healthcare

32% 34% 33%28% 33%

18% 17% 23%

17%13%

4% 6%5%

8% 6%4%

3%3%

4% 3%4% 3%

6%

5%2%

38% 36% 30%37% 42%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Healthcare VC by State - Number of Deals

California Massachusetts Pennsylvania New Jersey Washington Other

www.cbinsights.com

Last Five Quarters

35% 31%40% 42% 39%

18% 27%

23%13% 17%

4%4%

4%

6%10%8%

5%4%

4%5%4% 0%

7%

7%1%

31% 33%22%

29% 29%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Healthcare VC by State - Dollars of Funding

California Massachusetts Pennsylvania New Jersey Washington Other

www.cbinsights.com

Last Five Quarters

Cali Stays on Top. Mass Share of Deals Falls to 5 Qtr Low.Massachusetts share of deals continued downward trend. Healthcare sector is most

geographically diverse with 4 of 10 deals occurring outside of top states.


www.cbinsights.com

22

Healthcare

3% 3% 6% 9% 6%

30% 29%

36% 27%39%

30% 30%

24%26%

23%

13% 21%21%

16%

16%

12%9%

7%

10%

10%11% 8% 6%

13%6%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Healthcare VC by Series - Number of Deals


www.cbinsights.com

Last Five Quarters

0% 0% 0% 1% 1%

24% 22% 25%17%

24%

31% 36%23%

30% 19%

15%19% 36%

22% 35%

19%11%

7%

14%

16%

10% 11% 9%16%

6%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Healthcare VC by Series - Dollars of Funding


www.cbinsights.com

Last Five Quarters

Early Stage Healthcare Hits Five-Quarter HighSeed and Series A healthcare grew to 45% of total healthcare funding. Later stage

healthcare companies took 57% of total funding.


www.cbinsights.com

23

Healthcare

37%

17%

14%

8%

11%

1%

2%2%

1%

7%

VC Deal Volume (#) in Healthcare by Industry, Q410

Medical Devices & Equipment

Pharmaceuticals / Drugs

Biotechnology

Drug Development

Medical Facilities & Services

Drug Manufacturing

Disease Diagnosis

Drug Discovery

NULL

All Other

www.cbinsights.com

37%

20%

14%

12%

5%

4%

2% 2% 2%2%

VC Investment ($) in Healthcare by Industry, Q410

Medical Devices & Equipment

Pharmaceuticals / Drugs

Biotechnology

Drug Development

Medical Facilities & Services

Drug Manufacturing

Disease Diagnosis

Drug Discovery

NULL

All Other

www.cbinsights.com

Medical Device Investment Remains StrongMedical Devices continued their dominance of the Healthcare sector followed by

Pharmaceuticals, Biotech, Medical Facilities & Services and Drug Development.


www.cbinsights.com

24

Healthcare

$1.3$2.6

$7.3

$24.0

$16.0

$13.0


Healthcare Median Deal Size by Quarter($ Million)

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

www.cbinsights.com

More Small Series A Healthcare DealsThe increased # of Series A deals (p. 22) also saw smaller amounts of funding. Seed

VC, Series C and D medians all climbed.


www.cbinsights.com

GREEN & CLEAN TECH


25


www.cbinsights.com

26

Gre

en

$565

$1,322

$1,046

$790 $790

55

85

5561 59

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Green VC Investment and Deal Volume Trend


www.cbinsights.com

Last Five Quarters

Green Tech Performance In-Line with Last QuarterGreen Tech figures consistent with Q3 – Funding steadied at $790M, while deal count

fell slightly. Investment dollars were up 40% year-over-year.


www.cbinsights.com

27

Quarter Highlights

59 deals | $790M

Top Five Deals

Top Cities

Gre

en

41%

10%

2%

13%

5%2%

5%

2%

2%3%

15%

VC Deal Volume (#) in Green by State, Q410

California

Colorado

Illinois

Massachusetts

Michigan

Arizona

New York

Oregon

Ohio

Texas

All Other

www.cbinsights.com

39%

24%

13%

11%

5%

2%1%

1%1% 1%

2%

VC Investment ($) in Green by State, Q410

California

Colorado

Illinois

Massachusetts

Michigan

Arizona

New York

Oregon

Ohio

Texas

All Other

www.cbinsights.com

Loveland, CO

1 deals | $110M

Bolingbrook, IL

1 deals | $100M

San Jose, CA

2 deals | $57M

Milpitas, CA

2 deals | $43M

Cambridge, MA

3 deals | $38M

Fremont, CA

2 deals | $37M

Lansing, MI

2 deals | $37M

South San Francisco, CA

1 deals | $30M

North Lexington, MA

2 deals | $26M

Windsor, CO

1 deals | $24M

Abound Solar

Elevance Renewable Sciences

Solopower

Soladigm

LS9

Colorado Shows Its Greener SideColorado emerged as a serious destination for Green Tech investment, taking 3 of the

top 10 Green deals in Q4. As usual, California was the overall leader.


www.cbinsights.com

28

Gre

en

53% 55%47% 46%

41%

9% 8%13%

8%14%

7% 5% 7% 15%3%

4% 4% 2% 3%

10%

2%4% 2%

25% 28% 27% 28% 31%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Green VC by State - Number of Deals

California Massachusetts Texas Colorado Illinois Other

www.cbinsights.com

Last Five Quarters

64%

79%

62% 59%

39%

4%

6%

10%4%

11%

5%

1%

9% 21%

1%

2%

1%1%

3%

24%

1%

4% 13%

25%13% 15% 12% 12%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Green VC by State - Dollars of Funding

California Massachusetts Texas Colorado Illinois Other

www.cbinsights.com

Last Five Quarters

www.cbinsights.com

Last Five Quarters

California Loses Green Share for Fourth Straight QuarterThe downward trend for California continued, as Texas, Colorado, Massachusetts and

Illinois ate into The Golden State’s Green Tech dominance.


www.cbinsights.com

29

Gre

en

8%2% 3%

10%

32%33% 31%

27%

31%

32%

25% 29%

39%38%

18%

19%23%

10% 19%

3%12%

11% 7%10%

8% 9%3% 7% 2%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Green VC by Series - Number of Deals


www.cbinsights.com

Last Five Quarters

19%8% 10%

16%8%

27%44%

27%

44%

29%

25% 14%

27%

12%

41%

3% 18%28%

22%19%26%

16%7% 6% 4%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Green VC by Series - Dollars of Funding


www.cbinsights.com

Last Five Quarters

Green Tech Seed Investment Disappears in Q4 2010Early stage Green Tech investment share crept back to Q2 2010 levels. Investors

favored Series C and later in Q4.


www.cbinsights.com

30

Gre

en

44% 40%49%

39%46%

4%6%

2%

3%

2% 2%4%

7% 3%5% 7%

11%11% 15%4% 5%

5%8%

7%

42% 40%29% 31% 29%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Green VC by Industry - Number of Deals

Renewables Automobile Manufacturing

Green/Environmental Software Energy Efficiency

Energy Storage Other

www.cbinsights.com

Last Five Quarters

38%

55%68%

42%49%

1%

19%3%

1%18%

15%

3%

2% 6%

7%

7%

3%

4% 7%

6%

5%

37%

19%13%

28%38%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of Green VC by Industry - Dollars of Funding

Renewables Automobile Manufacturing

Green/Environmental Software Energy Efficiency

Energy Storage Other

www.cbinsights.com

Last Five Quarters

Renewables and Energy Efficiency See an Uptick in ShareGreen Tech Software yielded to Renewable and Energy Efficiency investments.

Energy Storage investments held steady.


www.cbinsights.com

31

Gre

en

$0.0$2.8

$7.4

$24.0$26.0

$21.5

$6.2

Seed Series A Series B Series C Series D Series E + Overall

Green Median Deal Size by Quarter($ Million)

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

www.cbinsights.com

Late Stage Green Tech Deals See Uptick in SizeWith investment share shifting from Green Tech Software to Renewables, late stage

median deal values climbed higher. Overall median stayed flat at $6.2 million.


www.cbinsights.com

CALIFORNIA


32


www.cbinsights.com

33



Coverage Universe



• Private Equity





Sector Coverage


• Internet


• Software



• Healthcare

• Industrial




• Electronics


Equipment



• Leisure

• Media

• Metals & Mining

• Retail

• Risk & Security







automatically.









companies.











www.cbinsights.com

34

Ca

lifo

rnia

$2,685$2,929

$3,062

$2,607 $2,630

300 297

264 271

310

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

California VC Investment and Deal Volume Trend


www.cbinsights.com

Last Five Quarters

California Deal Volume Experiences Five Quarter HighFunding levels in California remained relatively flat from last quarter, but deal count

saw a 14% uptick from Q3, and 3% year-over-year growth.


www.cbinsights.com

35

Quarter Highlights

310 deals | $2,630M

Top Sector # of Deals – Internet

$ of Funding – Internet

Top Five Deals

Top Cities

San Francisco

64 deals | $517M

Redwood City

13 deals | $237M

Mountain View

19 deals | $216M

San Diego

20 deals | $185M

San Jose

13 deals | $152M

Palo Alto

21 deals | $141M

Sunnyvale

11 deals | $106M

Los Angeles

14 deals | $97M

South San Francisco

3 deals | $97M

San Mateo

9 deals | $67M

Calif

orn

ia

Twitter

Pearl Therapeutics

Solopower

Space Exploration Technologies

Fallbrook Technologies

18%

41%5%

8%

3%

12%

3%

4% 0% 2%

4%

VC Deal Volume (#) in California by Sector, Q410

Healthcare

Internet

Energy & Utilities

Software (non-internet/mobile)

Computer Hardware & Services

Mobile & Telecommunications

Industrial

Electronics

Business Products & Services

Consumer Products & Services

All Other

www.cbinsights.com

23%

38%9%

7%

2%

9%

3%

2%0% 1%

6%

VC Investment ($) in California by Sector, Q410

Healthcare

Internet

Energy & Utilities




Industrial

Electronics


Consumer Products & Services

All Other

www.cbinsights.com

Internet & Healthcare Continue Dominance in CaliInternet and Healthcare combined for more than 60% of overall VC investment in

California; Mobile continued its growth.


www.cbinsights.com

36

Ca

lifo

rnia

18% 20% 17% 19% 18%

34% 32% 41% 38% 41%

5% 8%7% 7% 5%9% 4%

6% 7% 8%6%5%

5% 5% 3%

27% 30%23% 24% 24%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in California by Sector - Number of Deals

Healthcare Internet


Computer Hardware & Services Other

www.cbinsights.com

Last Five Quarters

24%15%

21%28% 23%

31%

23%

30%24% 38%

6%

20%

19%11%

9%10%

3%

6%9%

7%7%

6%

5%8% 2%

22%34%

19% 21% 21%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in California by Sector - Dollars of Funding

Healthcare Internet



www.cbinsights.com

Last Five Quarters

Internet Investment Expands in CaliforniaInternet saw its most dominant position of the last 5 quarters and grew its share of

investment by 14% versus Q3. Healthcare and Energy lost ground.


www.cbinsights.com

37

Ca

lifo

rnia

7% 4% 8% 11% 12%

25%22%

28% 27%31%

25%28%

23% 24%23%

16% 23%23% 18%

21%15% 13%

14%10%

8%11% 9%

4%11% 6%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in California by Series - Number of Deals


www.cbinsights.com

Last Five Quarters

0% 0% 1% 1% 1%

13% 11% 13% 16% 15%

20%33%

21%

31%

21%

28%

22%32%

21%35%

24%20%

29%16% 12%

14% 13%4%

14% 17%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in California by Series - Dollars of Funding


www.cbinsights.com

Last Five Quarters

Early Stage Deal Volume Remains Strong in CaliforniaEarly stage deal volume increased share by 5% as Seed and Series A both continued

their upward trend in California. Series C took larger portion of investment dollars.


www.cbinsights.com

MASSACHUSETTS


38


www.cbinsights.com

39

Massachusetts

$653

$898

$689

$466

$630

88 8784

87

78

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Massachusetts VC Investment and Deal Volume Trend


www.cbinsights.com

Last Five Quarters

Massachusetts Recovers, but Levels Still Down Versus Q2VC funding in Massachusetts jumped 35% versus Q3, but still was down 4% year-

over-year. Mass’ deal count hit its lowest point in five quarters.


www.cbinsights.com

40

Quarter Highlights

78 deals | $630M

Top Sector # of Deals – Healthcare /

Internet (tie)

$ of Funding - Healthcare

Top Five Deals

Top Cities

Cambridge

18 deals | $258M

Waltham

8 deals | $45M

Newton

3 deals | $44M

Boston

11 deals | $41M

North Lexington

2 deals | $26M

Burlington

2 deals | $22M

Northborough

1 deals | $22M

Woburn

4 deals | $19M

Beverly

3 deals | $17M

Boxborough

1 deals | $16M

Massachusetts

Genocea Biosciences

NinePoint Medical

Rive Technology

Cerulean Pharma

Aspen Aerogels

29%

29%

9%

6%

10%

0%6%

4% 1%

4%

VC Deal Volume (#) in Massachusetts by Sector, Q410

Healthcare

Internet


Energy & Utilities



Industrial


Electronics

All Other

www.cbinsights.com

41%

20%

8%

6%

6%

0%

12%

4%

2% 2%

VC Investment ($) in Massachusetts by Sector, Q410

Healthcare

Internet


Energy & Utilities



Industrial


Electronics

All Other

www.cbinsights.com

Healthcare & Internet Remain Atop the Rest in MassHealthcare and Internet combined for 68% of investment dollars and 61% of deal

volume. Mobile doubled its share in terms of deals and investment dollars versus Q3.


www.cbinsights.com

Healthcare Investment Share Down SharplyShare of investment in Internet held steady in terms of both deals and dollars.

Healthcare retained top spot, but lost share to Industrial and Mobile investments.

41

Massachusetts

34% 33% 38% 37%29%

26%22%

27% 29%

29%

10%11%

10% 10%

9%

5% 10%5% 3%

6%3%

6% 4% 8%6%

22% 17% 17% 13%19%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in Massachusetts by Sector - Number of Deals

Healthcare Internet

Software (non-internet/mobile) Energy & Utilities

Industrial Other

www.cbinsights.com

Last Five Quarters

51%42%

56%49%

41%

16%

10%

16%21%

20%

11%

22%

5% 9%

8%

2% 12% 14% 4%

6%

2%1%

2%3%

12%

17%12% 8% 13% 14%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in Massachusetts by Sector - Dollars of Funding

Healthcare Internet

Software (non-internet/mobile) Energy & Utilities

Industrial Other

www.cbinsights.com

Last Five Quarters


www.cbinsights.com

Seed Share Balloons in Mass, but Early Stage Down OverallSeed deal volume grew its share in Mass threefold versus last quarter, but early stage

investing (Seed + Series A) lost significant ground overall.

42

Massachusetts

7% 4% 7% 3%9%

33%27%

36% 38% 25%

28%

28%

28% 36%

33%

15%

19%

16%

16%

15%

6%9%

11%5%

7%

11% 13%2% 2%

11%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in Massachusetts by Series - Number of Deals


www.cbinsights.com

Last Five Quarters

1% 0% 0% 0% 1%

31%

18%24%

33%23%

29%

31%24%

46%

35%

12%

9%

30%

15%

19%

5%

9%

11%

4%

10%23%

33%

10%2%

13%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in Massachusetts by Series - Dollars of Funding


www.cbinsights.com

Last Five Quarters


www.cbinsights.com

NEW YORK


43


www.cbinsights.com

New York VC Activity Explodes – Deals and Dollars Way Up New York saw a 5-quarter high in terms of both investment and deal volume – up 90%

and 29%, respectively, since last quarter; funding was up 63% year-over-year.

44

New

York

$286$319

$355

$245

$466

41

5548

51

66

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

New York VC Investment and Deal Volume Trend


www.cbinsights.com

Last Five Quarters


www.cbinsights.com

45


Twitter


Newsletter


newsletter.

Email

[email protected]

Telephone

212-292-3148



www.cbinsights.com

Internet Still Dominates the Empire StateInternet’s dominance of NY continued as 60% of VC funding went to web companies.

Healthcare and Mobile combined for over 20% of deal volume.

46

Quarter Highlights

66 deals | $466M


$ of Funding - Internet

Top Five Deals

Top Cities

New York

63 deals | $457M

Brooklyn

1 deal | $7M

Long Island City

1 deal | $2M

Sea Cliff

1 deal | <$1M

New

York

AppNexus

Vostu

Tumblr

TxVia

Touchstone Health

59%

9%

11%

5%

3% 0% 2%

VC Deal Volume (#) in New York by Sector, Q410

Internet

Healthcare




Electronics


www.cbinsights.com

60%14%

4%

13%

5%

0%

4%

VC Investment ($) in New York by Sector, Q410

Internet

Healthcare




Electronics


www.cbinsights.com


www.cbinsights.com

Internet and Mobile Capture 70% of NY Deal VolumeInternet share dropped while Mobile and Healthcare held their ground. For the second

quarter in a row, Computer Hardware & Services took a double digit share of dollars.

47

New

York

63%53%

73% 71%59%

10%

11%

8% 8%

9%

2%

5%5%

5% 2%5%9%

13% 14%11%

20% 22%

6% 6%12%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in New York by Sector - Number of Deals

Internet Healthcare

Financial Computer Hardware & Services

Mobile & Telecommunications Other

www.cbinsights.com

Last Five Quarters

48%

63%70%

63%53%

7%

19%15%

8%

13%18%

8%

6%4%

16% 12%

2% 9% 9%3%

24%

9% 6% 5%13%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in New York by Sector - Dollars of Funding

Internet Healthcare

Financial Computer Hardware & Services

Mobile & Telecommunications Other

www.cbinsights.com

Last Five Quarters


www.cbinsights.com

It’s Not All About Early Stage in New YorkShare of early stage investing dropped in terms of deals and dollars on back of sizable

Series C and Series D deals. Seed VC retained strong presence overall.

48

New

York

6% 7%16% 17% 13%

30%39%

45% 46%

39%

30%

30%

20%24%

13%

15%

14%11%

5%

25%

6%5%

5% 5%4%

12%7% 2% 2% 7%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in New York by Series - Number of Deals


www.cbinsights.com

Last Five Quarters

0% 0% 1% 2% 2%

15% 15%

30%

41%

13%

31%

51% 23%

34%

12%

24%

12%25%

10%

44%

2%

6%

17% 3%

13%

28%16%

4%9%

16%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in New York by Series - Dollars of Funding


www.cbinsights.com

Last Five Quarters


www.cbinsights.com

WASHINGTON


49


www.cbinsights.com

Washington Venture Funding Sees Five-Quarter LowWashington’s venture resurgence stalled with investment dollars falling 46% from last

quarter and down 28% year-over-year. Deal volume also saw weakness.

50

Washin

gto

n

$165$138

$211$222

$119

2629

25

34

28

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Washington VC Investment and Deal Volume Trend


www.cbinsights.com

Last Five Quarters


www.cbinsights.com

Internet Swallows Over 50% of Washington Deal Volume Internet owned the Washington investment scene commanding 57% and 46% of deals

and dollars, respectively. Healthcare and Software rounded out the top 3.

51

Quarter Highlights

28 deals | $119M



Top Five Deals

Top Cities

Seattle

12 deals | $69M

Redmond

3 deals | $16M

Bellevue

4 deals | $10M

Kirkland

2 deals | $7M

Tukwila

1 deals | $5M

Gig Harbor

1 deals | $4M

Washin

gto

n

14%

57%

0%

7%

11%

3%4%

4%

0%

VC Deal Volume (#) in Washington by Sector, Q410

Healthcare

Internet

Energy & Utilities




Environmental Services & Equipment


All Other

www.cbinsights.com

18%

46%

0%

1%

20%

8%

2%

4%

0%

VC Investment ($) in Washington by Sector, Q410

Healthcare

Internet

Energy & Utilities




Environmental Services & Equipment


All Other

www.cbinsights.com

Docusign

Xenon Arc

Coronado Biosciences

Skytap

Cardiac Dimensions


www.cbinsights.com

Internet Eclipses Healthcare in VC ShareHealthcare lost share to both Web and Software in Q4..

52

Washin

gto

n

27%21%

32% 29%

14%

42%

41%28% 38%

57%

8%

7% 12%6%

15%

3%8% 6% 7%

8%

14%6% 11%

14%20% 15% 11%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in Washington by Sector - Number of Deals

Healthcare Internet

Energy & Utilities Mobile & Telecommunications

Software (non-internet/mobile) Other

www.cbinsights.com

Last Five Quarters

41%

4%

51% 56%

18%

36%

66%

9%

26%

46%

4%10%

18%

5%16%

1% 9%

1%

3%

7%6%

20%

12% 13%7%

15%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in Washington by Sector - Dollars of Funding

Healthcare Internet


Software (non-internet/mobile) Other

www.cbinsights.com

Last Five Quarters


www.cbinsights.com

Trend of Early Stage Investment Emerges in WashingtonOverall investment was down in Wash, but absolute figures don’t tell the whole story –

For the third straight quarter, share of early stage (Seed + A) volume was up.

53

Washin

gto

n

0% 0% 4% 8% 11%

50%

25%

35%36%

42%

20%

40%

43%24%

21%

10% 20%

9%

16%16%5%

10%9%

4%5%15%

5%12%

5%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in Washington by Series - Number of Deals


www.cbinsights.com

Last Five Quarters

0% 0% 0% 0% 1%

60%

13%

30%

17%27%

12%

22%

40%

32%18%

1%

48%

22%

23%

47%

7%

13%

7%

1%

6%

20%

4%

27%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in Washington by Series - Dollars of Funding


www.cbinsights.com

Last Five Quarters


www.cbinsights.com

TEXAS


54


www.cbinsights.com

VC Funding in Texas Falls, but Remains Strong OverallTexas funding fell 16% versus last quarter while deal volume was up. Funding was

still up 27% year-over-year.

55

Texas

$238$264

$212

$357

$300

39 38

33 3336

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Texas VC Investment and Deal Volume Trend


www.cbinsights.com

Last Five Quarters


www.cbinsights.com

Internet and Healthcare Win Top Honors in TexasWeb took over one-third of overall investment in the Lone Star State, with Healthcare

not far behind. Mobile & Telecom also were strong in Q4.

56

Quarter Highlights

36 deals | $300M

Top Sector # of Deals – Healthcare


Top Five Deals

Top Cities

Austin

20 deals | $186M

Webster

1 deals | $46M

Dallas

3 deals | $27M

Houston

4 deals | $12M

San Antonio

3 deals | $10M

Richardson

1 deals | $10M

Addison

2 deals | $6M

Allen

1 deals | $3M

Texas

33%

8%

25%

14%

0% 6%

6%

0%8%

VC Deal Volume (#) in Texas by Sector, Q410

Healthcare

Energy & Utilities

Internet





Automotive & Transportation

All Other

www.cbinsights.com

30%

4%36%

5%0%

3%

16%

0%

6%

VC Investment ($) in Texas by Sector, Q410

Healthcare

Energy & Utilities

Internet





Automotive & Transportation

All Other

www.cbinsights.com

Whale Shark Media

IDev Technologies

Dachis Group

New Century Hospice

Silverback Acquisitions


www.cbinsights.com

Energy Loses Ground to Healthcare and InternetEnergy, which is a mainstay of the Texas venture scene, fell on both deals and dollars.

Energy’s lost share was reaped by Web and Healthcare companies.

57

Texas

31%

11% 12%21%

33%

15%

16%

33% 12%

25%3%

8%

12%24%

8%

5%

16%

18%9%

14%

13%

5%

9%

6%

33%45%

15%27%

19%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in Texas by Sector - Number of Deals

Healthcare Internet



www.cbinsights.com

Last Five Quarters

36%

6%14%

32% 30%

10%

10%

16%

2%

36%1%

10%

48%32%

4%

6%

13%

14%

11% 5%

16%

11%

4%

13%32%

50%

4% 10%

25%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in Texas by Sector - Dollars of Funding

Healthcare Internet



www.cbinsights.com

Last Five Quarters


www.cbinsights.com

Texas Continues to be a Destination for Early Stage DealsSeed fell off the map, but early stage deals still commanded over 60% of overall deal

volume in Texas. Early stage investment dollars also held their ground.

58

Texas

0% 0%6%

18%

0%

20%

33%

39%

47%

63%35%

33% 11%

12%7%20%

10%

17%

12%

4%5%

10% 22%

6%

11%

20%14%

6% 6%15%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in Texas by Series - Number of Deals


www.cbinsights.com

Last Five Quarters

0% 0% 1% 1% 1%

13% 11% 13% 16% 15%

20%33%

21%

31%

21%

28%

22%32%

21%35%

24%20%

29%16% 12%

14% 13%4%

14% 17%

Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Share of VC in Texas by Series - Dollars of Funding


www.cbinsights.com

Last Five Quarters


www.cbinsights.com

Definitions – Ensuring Data IntegrityWhat’s Included in our Quarterly Venture Capital Numbers? What is not?

59

Given the importance of venture capital in spurring innovation and entrepreneurship, measuring venture capital activity

accurately is important. We encourage you to review the methodology and definitions employed by us to better

understand the numbers presented in this report. If you have any questions about our definitions or methodological

principles, we encourage you to reach out to us directly.

• Equity financings into emerging companies.

Funding must come from venture capital firms including

corporate venture groups.

• Fundings of only private companies. Public

companies of any kind on any exchange (including Pink

Sheets) are excluded from our numbers even if they

received investment by a venture firm(s)

• Companies must be headquartered in the USA. Our

geographic data is based on the city and state where the

company receiving investment is headquartered. If a

company has a satellite office/presence in multiple cities

or was founded in a particular city but has moved its HQ,

our results reflect only this HQ address.

• Only include the investment made in the quarter for

tranched investments. If a company does a second

closing of its Series B round for $5M and previously had

closed $2M in a prior quarter, only the $5M is reflected

in our results.

• Round #s reflect what has closed – not what is

intended. If a company indicates the closing of $5M out

of a desired raise of $15M, our numbers reflect only the

amount which has closed.

• Only verifiable fundings are included. Fundings are

verified via (1) various federal & state regulatory filings

(2) direct confirmation with firm or investor or (3) press

release.

• Funding close date matters. Fundings are provided

based on funding close date and not on announcement

date.

• Angel investment. These are not included in

numbers unless an investment round included Angels

investing alongside a venture capital firm or corporate

venture group.

• No contingent funding. If a company receives a

commitment for $20M subject to hitting certain

milestones but first gets $8M, only the $8M is included

in our data.

• No business development/R&D arrangements

whether transferable into equity now, later or

never. If a company signs a $300M R&D partnership

with a larger corporation, this is not equity financing

nor is it from venture capital firms. As a result, it is not

included.

• Buyouts, Consolidations and Recapitalizations.

All three of these of transaction types are commonly

employed by private equity firms and are tracked by

CB Insights. However, they are excluded for the

purposes of this report. Private equity investments into

companies which may have received venture capital

investment prior are also not included.

• Private placements. These investments also known

as PIPEs (Private Investment in Public Equities) even

if made by a venture capital firm(s) are not included.

• Debt/loans of any kind. Venture debt or any kind of

debt/loan issued to emerging, startup companies even

if included as an additional part of an equity financing

is not included. If a company receives $3M with $2M

from venture investors and $1M in debt, only the $2M

is included in these statistics.

• Government funding. Grants, loans, equity

financings by the federal government, state agencies

or public-private partnerships to emerging, startup

companies are not included. Strictly venture or

corporate venture outfits.

• Incubator investments. Investments of money as

equity or debt and/or services by incubators are not

included.

• Strategic corporate investments. Corporations

making strategic investments in companies but not as

part of a specific organized venture group are not

included.

What is included? What is excluded?


www.cbinsights.com

60



Coverage Universe



• Private Equity





Sector Coverage


• Internet


• Software



• Healthcare

• Industrial




• Electronics


Equipment



• Leisure

• Media

• Metals & Mining

• Retail

• Risk & Security







automatically.









companies.











www.cbinsights.com

61


Twitter


Newsletter


newsletter.

Email

[email protected]

Telephone

212-292-3148


venture capital activity report q4 2010

Documents

prohibitively

computer hardware

consumer products

business products

pharmaceuticals

cb insightsbasic

medical facilities

south san