1. Shaking the MoneyTree™
Shaking the MoneyTree™
Q Update
PricewaterhouseCoopers/National Venture Capital Association MoneyTreeTM Report, based on data from Thomson Reuters

2. PricewaterhouseCoopers/National Venture Capital Association MoneyTreeTM report, based on data from Thomson Reuters
By Name:
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

3. About the report
PricewaterhouseCoopers and the National Venture Capital Association produce the MoneyTree Report™, based on data from Thomson Reuters
‘Core’ measure of equity investments in venture-backed companies in the United States
Companies have received at least one round of financing, involving a professional VC firm or equivalent
Captures: tranches, not term sheets, foreign VCs, qualified private placement
Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc.
MoneyTree™ Report in its 20th year
Results online at and
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

4. MoneyTree total investments: Q1 2010 – Q3 2014
($ in billions)
2010
2011
2012
2013
2014
# of Q1 Q2 Q3 Q4
Deals
827
1,023
889
912
908
1,092
1,020
1,000
989
954
1,072
924
1,005
1,065
1,140
1,002
1,129
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

5. MoneyTree total investments Annual venture capital investments 1995 – Q3 2014 YTD
# of deals
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 Q3 YTD
1,897
2,636
3,232
3,743
5,606
8,044
4,595
3,218
3,035
3,236
3,304
3,890
4,234
4,189
3,162
3,651
4,020
3,904
4,134
3,154
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

6. April 11, 2017
MoneyTree total investments Quarterly venture capital investments Q – Q3 2014
Total amount invested ($B)
Average deal size ($M)
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters 6

7. Investments by region – Quarterly percent of total US investments
Top 5 US regions : Q – Q3 2014
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

8. Investments by industry – Quarterly percent of total US investments
Top 5 Industries : Q – Q3 2014
(% of Total Dollars)
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

9. Software & Internet-specific investments
Q – Q3 2014
Software investments ($B)
Internet-specific investments ($B)
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

10. Life sciences investments – Percent of total US investments Life sciences sector : Q3 2013 – Q3 2014
Life Sciences investing in Q2 rose 47% in dollars and 9% in deals with $2.49 billion going into 195 deals.
Biotech ($1.8 billion in 122 deals in Q2) rose 69% in $ and 7% in deals from Q1
2 of the top 10 investments in the quarter were in Life Sciences (Biotech) companies totaling $320 million
Medical Device investing rose 8% in $ and 12% in deals to $649 million going into 73 deals.
Life Sciences first-time dollars invested rose 3% in Q2 to $267 million while the number of deals decreased 16% to 32 when compared to Q1
In Q2, 57% of the VC-backed IPOs were Life Sciences Companies (16 of the 28).
Q2 marks the fifth consecutive quarter for double-digit listings in the Life Sciences sector
12 of the 16 IPOs were Biotechnology offerings
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

11. Investments by stage of development: Q3 2014
Deals
% Change in $ from Q2 2014
Seed Stage 48
-16%
Early Stage
511
-3%
Expansion Stage
264
Later Stage
200
-13%
Total
1,023
-9%
($) in millions
Q Total Investments - $9,913 million in 1,023 deals
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

12. US Investments by stage: Quarterly Q1 2012 – Q3 2014
Amount Invested by Stage ($M)
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

13. US Investments by stage: Quarterly Q1 2012 – Q3 2014
Number of Deals by Stage
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

14. Investments by sequence of financing: Q3 2014
($) in millions
Financing
# of Deals
% Change in $ from Q2 2014
First Sequence
337
-8%
Follow-on
686
-29%
Total
1,023
-27%
Q Total Investments - $9,913 million in 1,023 deals
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

15. First sequence financing Investment amount: Q1 2009 – Q3 2014
First sequence investments
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

16. First sequence financing Number of deals: Q1 2009 – Q3 2014
First sequence deals
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

17. Number of First-time vs
Number of First-time vs. Follow-on Deals US Venture Capital deals 2009 – Q YTD
Number of Deals
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

18. First sequence financing Percent of total US investments: 2009 – Q3 2014 YTD
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

19. Quarterly percent of total first sequence dollars Stage of development Q3 2013 – Q3 2014
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

20. Quarterly percent of total first sequence deals Stage of development Q3 2013 – Q3 2014
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

21. First sequence deals in seed & early stage companies 1995 – Q3 2014 YTD
Seed stage
Early stage
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

22. Median deal size vs. mean deal size Quarterly total US investments: Q1 2009 – Q3 2014
($ in millions)
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

23. Q3 2014 – Most active US venture investors
VC Firm
Location
Number of Deals
New Enterprise Associates, Inc.
Menlo Park, California 29
Kleiner Perkins Caufield & Byers LLC 28
Atlas Venture
Cambridge, Massachusetts 19
Intel Capital Corporation
Santa Clara, California 17
First Round Capital
Philadelphia, Pennsylvania
Innovation Works, Inc.
Pittsburgh, Pennsylvania 16
Andreessen Horowitz LLC
Bessemer Venture Partners, L.P.
Larchmont, New York 15
Google Ventures
Mountain View, California 13
Trinity Ventures LLP
Sequoia Capital
General Catalyst Partners LLC
Frost Data Capital
San Juan Capistrano, California 12
Redpoint Ventures
SV Angel II Q, L.P.
San Francisco, California
500 Startups, L.P. 11
Greycroft Partners LLC
New York, New York
Khosla Ventures LLC
Index Ventures
Bain Capital Venture Partners LLC
Boston, Massachusetts
DreamIt Ventures
Bryn Mawr, Pennsylvania
Mercury Fund
Houston, Texas
True Ventures
Palo Alto, California
Correlation Ventures
San Diego, California 10
Foundation Capital
Accel Partners & Co., Inc.
Lightspeed Management Company
Domain Associates LLC
Princeton, New Jersey
Draper Fisher Jurvetson
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

24. Analysis of venture-backed IPO and M&A activity
Date
Total M&A Deals
Average M&A deal size ($M)*
Number of IPOs**
Total Offer Amount ($M)
Average IPO Offer
Amount ($M)
2009
360
113.4 13
1,979.8
152.3
2010
545
117.3 66
7,409.5
112.3
2011
500
142.6 50
10,441.1
208.8
Q1 2012
114
131.1 19
1,682.8
88.6
Q2 2012
124
185.4 12
17,227.9
1,435.7
Q3 2012
123
228.6 10
1,140.7
114.1
Q4 2012
129
126.0 8
1,408.5
176.1
2012
490
171.9 49
21,459.9
438.0
Q1 2013 86
92.7
716.9
89.6
Q2 2013 96
218.6 22
2,249.9
102.3
Q3 2013
115
161.9 27
2,781.4
103.0
Q4 2013 93
196.0 24
5,320.1
221.7
2013
390
178.0 81
11,068.2
136.6
Q1 2014
112
245.8 37
3,404.5
92.0
Q2 2014
110
93.7 28
4,938.9
176.4
Q3 2014
119
248.2 23
2,563.0
111.4
2014
341
190.3 88
10,906.4
123.9
28 venture-backed IPOs raised $4.9 billion during Q2 2014, a 45% increase in dollars raised but a 24% decrease in volume compared to the prior quarter
This quarter also marked the fifth consecutive quarter to see 20 or more venture-backed IPOs
16 of the 28 offerings during the quarter were Life Sciences IPOs, representing over half of the total number of offerings in the quarter. Q2 marks the fifth consecutive quarter for double-digit listings in the Life Sciences sector.
12 of the 16 Life Sciences IPOs were biotechnology companies.
There are currently 51 VC-backed companies filed publicly for an IPO with the SEC
Source: Thomson Reuters and National Venture Capital Association
*Only accounts for deals with disclosed values
**Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

25. Venture capital fundraising
Year
First Time
Funds
Follow-On Funds
Total Number of Funds VC
Raised ($M)
2010 53
122
175
13,272.0
2011 61
128
189
19,022.7
2012 75
141
216
19,798.2
2013
142
203
17,641.8
2014 Q3 YTD 70
116
186
16,471.1
Quarter
Q3 ‘13 18 45 63
4,340.7
Q4 ‘13 20 39 59
5,569.9
Q1 ‘14 30 38 68
10,030.2
Q2 ‘14 22 81
7,672.7
Q3 ’14 24 36 60
6,057.2
Source: Thomson Reuters & National Venture Capital Association
Data current as of October 14, 2014
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

26. Closing thoughts & comments
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

27. Name
Title
Phone
Data is current as of October 14, PricewaterhouseCoopers and the National Venture Capital Association have taken responsible steps to ensure that the information contained in the MoneyTree™ Report has been obtained from reliable sources. However, neither of the parties nor Thomson Reuters can warrant the ultimate validity of the data obtained in this manner. Results are updated periodically. Therefore, all data is subject to change at any time.
© 2014 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.