'

The 2014 U.S. Venture Capital Year in Review: Financing & Exit Analysis

Понравилась презентация – покажи это...





Слайд 0

FINANCING AND EXIT ANALYSIS @cbinsights #VC2014


Слайд 1

CB Insights is a National Science Foundation-backed company that uses data to provide VCs, corporate strategy, M&A teams and business development professionals with intelligence on emerging companies and disruptive technology trends. To see how our data can make your life easier, visit: www.cbinsights.com @cbinsights #VC2014 2


Слайд 2

@cbinsights #VC2014 3


Слайд 3

We tracked a number of mega-deals this quarter whose investors included hedge funds or mutual funds for example. This report only includes only U.S.-based rounds in which VCs participated so that we can accurately reflect (and not inflate) VC investments. Page 100 details the rules and definitions we use. Even versus 2013, the past year was huge as venture capital skyrocketed 62% YoY due to multiple $500M+ mega-rounds. Deal growth was more modest climbing 8%. Although there were 738 VC-backed exits in 2014, the IPO picture was a bit mixed. The healthcare IPO market continued its momentum from 2013 with 64 US-companies going public in 2014, up 68% YoY. Venture-backed tech IPO activity stalled a bit after Alibaba’s IPO in September but did finish up versus 2013 and closed out with a strong Dec. Healthcare and tech M&A were up 27% and 34% YoY, respectively. 2014 saw the highest number of seed VC deals since 2009 at 976. Seed VC dollars deployed hit a five-year high in 2014 at $1.33B. Seed funding has increased for four straight quarters. Seed VC deal sizes continued their steady increase with a sharp uptick in Q4’14. In Q4’14, they bumped up to their highest levels in four years with the average hitting $1.9M and the median at $1.7M up 25% and 30% versus the same quarter a year prior. @cbinsights #VC2014 As it targets a new $2.5B fund, New Enterprise Associates topped all venture investors by unique company deals in 2014, followed by fellow mega-funds Andreessen Horowitz and Kleiner Perkins, which ranked 5th in 2013. In Q4’14, VC funding to the mobile sector topped $3B for the first time ever due to mega-financings to Uber, Snapchat, Instacart, and Square. Overall VC funding to the mobile sector was up 109% versus 2013 driven by these mega-deals. Deal volume was up only 10%. NY saw every quarter eclipse $1B in VC financing for the first time ever. NY VC funding was up 54% YoY and saw 7% growth in deals versus 2013. However, on the IPO front, NY is a distant 3rd to Massachusetts. Healthcare VC funding totaled $8.2B in 2014, up 28% YoY. Moderna and Intarcia raised a total of $650M making them the year’s largest healthcare deals. 4


Слайд 4

“We track dealflow, understand valuation multiples, analyze industry trends and identify comparable companies. It is great to see CB Insights innovating in the venture capital data space. Will Porteous General Partner RRE Ventures “We've found CBI to have the best data for the most accurate market view.” Jack Leeney Portfolio Manager Telefonica Ventures @cbinsights #VC2014 “CB Insights' intuitive user interface, analytical capabilities, and detailed investment information create a very powerful tool for our team's research needs.” Nate D’Anna Corporate Development Cisco “They have the best quality data in the market for anyone looking to get an inside look at private company financings.” Ian Sigalow Partner Greycroft Partners “CB Insights are changing the way investors access private company information.” Kevin Diestel Investor Sapphire Ventures “Designed by a VC insider who truly knows the space and understands end-user needs.” Greg Bae Investments & Biz Dev Comcast Ventures 5


Слайд 5

@cbinsights #VC2014 6


Слайд 6

2014 hit the highest funding mark since 2001. A mix of traditional VC money coupled with corporate VCs, hedge funds, private equity investors and even sovereign wealth funds created a potent cocktail in 2014 lifting funding levels to the highs seen during the dot com boom. @cbinsights #VC2014 7


Слайд 7

2014 saw venture capital deals rise a modest 8% versus 2013, but funding skyrocketed 62% due to multiple $500M+ rounds to a six-year high. @cbinsights #VC2014 8


Слайд 8

The CB Insights platform has the details on each and every deal in 2014. That includes all 3,617 of the financings and 738 exits in this report. Some of our happy customers @cbinsights #VC2014 9


Слайд 9

On a monthly basis, venture capital deals in 2014 topped those in 2013 in all but 2 months. April ’14 was the highest month for U.S. venture deals over the past year with 345 deals. @cbinsights #VC2014 10


Слайд 10

2014 ended with a bang on the funding front as VC-backed deals hit $7.1B in the final month of the year. The massive funding figure was largely driven by mega tech deals to companies including Uber and Snapchat. @cbinsights #VC2014 11


Слайд 11

As it targets a new $2.5B fund, New Enterprise Associates topped all venture investors by unique company deals in 2014, followed by fellow mega-funds Andreessen Horowitz and Kleiner Perkins, which ranked 5th in 2013. Most Active Venture Capital Investors in 2014 Ranked by Unique Company Count Rank Investor 2013 Rank Rank Investor 2013 Rank 1 New Enterprise Associates 4 11 Atlas Venture - 2 Andreessen Horowitz 1 12 Accel Partners 18 3 Kleiner Perkins Caufield & Byers 5 13 Intel Capital 14 4 Google Ventures 3 13 Foundry Group - 5 Khosla Ventures 6 15 Lerer Hippeau Ventures 8 6 SV Angel 8 16 Bessemer Venture Partners 10 6 500 Startups 2 17 True Ventures 18 8 Sequoia Capital 10 18 Lightspeed Venture Partners 15 9 First Round Capital - 19 Greylock Partners 16 10 General Catalyst Partners 12 20 Redpoint Ventures - Note: Venture Capital investors with a minimum of 42 unique companies invested in 2014. For addition on this list next time please email info@cbinsights.com with your deals data. @cbinsights #VC2014 12


Слайд 12

1 - 25 26 - 50 51 - 75 76 - 102 New Enterprise Associates Greycroft Partners Insight Venture Partners Mohr Davidow Ventures Andreessen Horowitz Norwest Venture Partners Founders Fund Lowercase Capital Kleiner Perkins Caufield & Byers Canaan Partners Benchmark Capital Novartis Venture Funds Google Ventures Sigma Partners VegasTech Fund Floodgate Khosla Ventures InterWest Partners Polaris Partners Domain Associates SV Angel SoftTech VC Institutional Venture Partners Correlation Ventures 500 Startups Venrock Felicis Ventures Connecticut Innovations Sequoia Capital Menlo Ventures CRV Austin Ventures First Round Capital Data Collective Comcast Ventures Salesforce Ventures General Catalyst Partners Spark Capital Mayfield Fund Union Square Ventures Atlas Venture Crosslink Capital Madrona Venture Group IDG Ventures Accel Partners Softbank Capital Matrix Partners Ignition Partners Intel Capital US Venture Partners Highland Capital Partners Avalon Ventures Foundry Group Qualcomm Ventures Versant Ventures Sapphire Ventures Lerer Hippeau Ventures Draper Fisher Jurvetson North Bridge Venture Partners Tenaya Capital Bessemer Venture Partners Great Oaks Venture Capital Kapor Capital Lux Capital True Ventures FirstMark Capital Samsung Ventures ENIAC Ventures Lightspeed Venture Partners Foundation Capital Thrive Capital Adams Street Partners Greylock Partners Bain Capital Ventures Sherpa Ventures DAG Ventures Redpoint Ventures Trinity Ventures Metamorphic Ventures Sutter Hill Ventures Index Ventures OrbiMed Advisors ff Venture Capital Scale Venture Partners RRE Ventures August Capital Grotech Ventures Voyager Capital Battery Ventures CrunchFund Founder Collective LaunchCapital BoxGroup The Social+Capital Partnership Upfront Ventures Morgenthaler Ventures Shasta Ventures Formation 8 Rothenberg Ventures Doll Capital Management Hyde Park Venture Partners GGV Capital @cbinsights #VC2014 13


Слайд 13

California, New York, Massachusetts, Texas and Washington were the top five states for funding and deals for the second straight year. New York saw 22% more deals than Mass. and also beat The Bay State with over $300M more in funding. Rank State Deals Dollars ($M) Rank State Deals Dollars ($M) Rank State Deals Dollars ($M) 1 California 1631 26840.6 19 New Jersey 31 322.6 36 Louisiana 5 6.8 2 New York 422 4510.9 19 DC 31 247.4 38 Kentucky 4 60.4 3 Massachusetts 346 4163.8 21 Minnesota 29 329.8 38 Delaware 4 14.9 4 Texas 143 1203.1 21 Arizona 29 254.4 40 Arkansas 2 13.4 5 Washington 97 1144.6 21 Wisconsin 29 144.8 40 Maine 2 0.3 6 Illinois 89 1051.9 24 Oregon 25 160.2 42 Montana 1 26.0 7 Colorado 77 690.0 25 Missouri 20 179.8 42 Wyoming 1 4.6 8 Pennsylvania 73 711.9 26 Indiana 15 48.5 42 South Dakota 1 3.0 9 Maryland 54 350.0 27 New Hampshire 10 116.0 42 Oklahoma 1 2.4 10 Virginia 49 276.6 28 Nevada 9 65.5 42 Mississippi 1 1.5 11 Georgia 48 892.7 28 Nebraska 9 37.8 42 West Virginia 1 0.9 12 Utah 46 867.0 30 South Carolina 8 93.2 42 Idaho 1 0.9 12 North Carolina 46 355.2 31 Rhode Island 7 108.6 42 Alabama 1 0.5 14 Connecticut 38 377.3 31 Kansas 7 42.3 14 Michigan 38 296.0 31 Vermont 7 14.5 14 Ohio 38 257.9 31 Hawaii 7 11.7 17 Florida 36 867.6 31 New Mexico 7 10.3 17 Tennessee 36 110.7 36 Iowa 5 12.2 @cbinsights #VC2014 14


Слайд 14

On a year-over-year basis, California, Massachusetts, and New York saw deals increase by 13%, 9%, and 7% respectively. Among the big five, Washington actually saw a 17% decrease in deals versus 2013. @cbinsights #VC2014 15


Слайд 15

“We track dealflow, understand valuation multiples, analyze industry trends and identify comparable companies. It is great to see CB Insights innovating in the venture capital data space. Will Porteous General Partner RRE Ventures “We've found CBI to have the best data for the most accurate market view.” Jack Leeney Portfolio Manager Telefonica Ventures @cbinsights #VC2014 “CB Insights' intuitive user interface, analytical capabilities, and detailed investment information create a very powerful tool for our team's research needs.” Nate D’Anna Corporate Development Cisco “They have the best quality data in the market for anyone looking to get an inside look at private company financings.” Ian Sigalow Partner Greycroft Partners “CB Insights are changing the way investors access private company information.” Kevin Diestel Investor Sapphire Ventures “Designed by a VC insider who truly knows the space and understands end-user needs.” Greg Bae Investments & Biz Dev Comcast Ventures See what other customers have to say at http://www.cbinsights.com/customer-love


Слайд 16

While venture capital investment rose across all major states, none saw a bigger increase than California which jumped 81% YoY. Funding totals were boosted by the 30+ $100M financings. @cbinsights #VC2014 17


Слайд 17

Venture capital deal share to early-stage startups (Seed/Series A) remained at a combined 55% in 2014, while all other stages were relatively range-bound as compared to 2013 totals. @cbinsights #VC2014 18


Слайд 18

Series B funding share saw the largest jump in 2014 to 23% from 19% in 2013, while Series C and D funding share fell to 19% and 16%. With increased competition for deals and rising earlystage deal sizes, 2014 early-stage funding (Seed/Series A) share increased to 22% versus 20% in 2013. @cbinsights #VC2014 19


Слайд 19

Venture capital deal share remained largely unchanged in 2014 versus 2013. Tech sectors (Internet, mobile, software, electronics & hardware) accounted for 75% of all VC deals in 2014, slightly up from 73% in 2013. @cbinsights #VC2014 20


Слайд 20

Behind two mega-rounds to Uber totaling over $2B, mobile startup funding share increased from 13% to 17% in 2014. Healthcare funding share fell from 22% in 2013 to 17% in 2014. @cbinsights #VC2014 21


Слайд 21

2014 saw the highest number of seed VC deals since 2009 with 976 financings. 4 of the 5 most active quarters for seed deals since 2011 occurred in 2014. Overall, seed VC funding hit a five-year high in 2014 at $1.33B as funding has increased in four straight quarters. @cbinsights #VC2014 22


Слайд 22

Seed VC deal sizes continued their steady increase with a sharp uptick in Q4’14. In Q4’14, they bumped up to their highest levels in four years with the average hitting $1.9M and the median at $1.7M up 25% and 30% versus the same quarter a year prior. @cbinsights #VC2014 23


Слайд 23

@cbinsights #VC2014 24


Слайд 24

2014 was an active one for U.S. venture capital-backed IPOs, topping the previous year’s tally for the third straight year. Venture-backed M&A was also up 45% versus 2013. Note: Venture-backed IPOs in this report covers public offerings of companies headquartered in the U.S. @cbinsights #VC2014 25


Слайд 25

Nine of the ten largest states for venture-backed financing saw more overall VC-backed exits in 2014 than in 2013. California saw a 42% increase, while Massachusetts and New York increased 105% and 28% respectively. The only state to see fewer VC-backed exits versus 2013 was New Jersey. @cbinsights #VC2014 26


Слайд 26

Overall venture-backed tech exits (both M&A and IPOs) increased 42% in 2014 but was driven primarily by M&A activity. Venture-backed healthcare exits swelled 44% behind healthy IPO activity. Note: “Other” includes Agriculture, Business / Consumer Products & Services, Financial, Food & Beverage, Industrial, Risk & Security, Retail and Traditional Media @cbinsights #VC2014 27


Слайд 27

The CB Insights platform has the details on each and every deal in 2014. That includes all 3,617 of the financings and 738 exits in this report. Some of our happy customers @cbinsights #VC2014 28


Слайд 28

The IPO market for healthcare companies caught fire in 2013 and continued in 2014 with 64 US-based VC-backed healthcare companies going public, up 68% YoY. Venture-backed tech IPOs slowed a bit after Alibaba’s IPO in September but still finished slightly up versus 2013 after a strong December finish. @cbinsights #VC2014 29


Слайд 29

California and Mass took 62% of the U.S.-headquartered venture-backed IPOs in 2014. California saw a whopping 45% jump in venture-backed IPOs on a YoY basis. New York grew its # of IPOs significantly versus 2013 but remains a distant 3rd to Massachusetts. @cbinsights #VC2014 30


Слайд 30

Venture-backed tech M&A exits in 2014 ticked up 43% as balance sheets and low interest rates contributed to spending sprees by some of tech’s biggest companies. The healthcare and energy sectors saw 27% and 122% growth respectively in venture-backed M&A activity. @cbinsights #VC2014 31


Слайд 31

Venture-backed M&A saw increased totals in all major U.S. tech hubs including California, which increased 41% and Massachusetts, which saw M&A exit levels grow by 112%. @cbinsights #VC2014 32


Слайд 32

Just click this button (yes, it’s that easy) It’s free! @cbinsights Follow us on Twitter – we’d love to hear from you If you’re a data junkie, you can also sign up for our newsletter here @cbinsights #VC2014 info@cbinsights.com (212) 292-3148 33


Слайд 33

Facebook’s acquisition of Sequoia Capital-backed WhatsApp for $22B was the largest venture-backed exit of 2014, followed by the IPOs of Lending Club and Zayo Group Holdings. Together, the 10 exits saw $48.55B in aggregate value. Top Venture Backed Exits of 2014 Company State Sector Valuation ($M) Exit Type Acquirer WhatsApp California Mobile & Telecomm 22000 M&A Facebook Lending Club California Financial 5416.67 IPO Public Zayo Group Holdings Colorado Mobile & Telecomm 4447.9 IPO Public Nest Labs California Energy & Utilities 3200 M&A Google GoPro California Consumer Products & Services 3100 IPO Public Arista Networks California Computer Hardware & Services 2734.04 IPO Public Illinois Internet 2038.03 IPO Public California Software 2000 M&A Facebook Washington Healthcare 1870.53 IPO Public California Healthcare 1750 M&A Johnson & Johnson GrubHub Seamless Oculus VR Juno Therapeutics Alios BioPharma @cbinsights #VC2014 34


Слайд 34

@cbinsights #VC2014 35


Слайд 35

VC funding in the Internet sector hit $5.6B in Q2’14, but cooled off a bit to $4.5B and $4.6B in Q3 and Q4. Still, Q4 funding was up 39% compared to the same period last year. Internet VC deal activity was up modestly versus 2013 climbing 7%. Year $11.8 1562 2014 $19.6 1675 YoY Growth #VC2014 Deals 2013 @cbinsights Funding ($B) 67% 7% 36


Слайд 36

San Francisco topped the list of U.S. cities for Internet venture capital deals and funding. The top two largest Internet deals of the year went to Cloudera’s $900M Series F and AirBnB’s $475M Series D. Top Cities for Internet: 2014 Top Cities Top Internet Deals: 2014 Deals Dollars ($M) Company Round Amount ($M) Quarter San Francisco 343 $5,198 Cloudera Series F $900 Q1'14 New York 237 $2,554 AirBnB Series D $475 Q2'14 Palo Alto 56 $1,852 SurveyMonkey Private Equity $250 Q4'14 Boston 56 $378 Vice Media Growth Equity $250 Q3'14 Mountain View 46 $710 AvantCredit Series D $225 Q4'14 San Mateo 39 $378 Pinterest Series F $200 Q2'14 Seattle 39 $398 Houzz Series D $165 Q3'14 Chicago 38 $526 Automattic Series C $160 Q2'14 Austin 37 $237 Qualtrics Series B $150 Q3'14 Cambridge 29 $169 Pluralsight Series B $135 Q3'14 Note: Venture capital deals included in the ranking may be tranched fundings. @cbinsights #VC2014 37


Слайд 37

While California took 46% of overall Internet VC deal share in 2014, New York came in a solid second at 16% and captured more than double the Internet VC deals of rival tech hub Massachusetts for the second straight year. @cbinsights #VC2014 38


Слайд 38

California again took the majority of Internet VC funding (57%). NY took 15% of VC dollars (down from 19% share in 2013) behind nine-figure financings to Vice Media and Flatiron Health. Massachusetts came in third with a 5% internet funding share. @cbinsights #VC2014 39


Слайд 39

Internet deal share at the Seed and Series A stage fell slightly in 2014. All other stages were relatively range-bound, with modest increases for Series C and Series E+ deal share versus 2013. @cbinsights #VC2014 40


Слайд 40

With Internet companies staying private longer, 2014 saw Series E+ funding share continue to rise from 21% in 2013 to 26% in 2014. @cbinsights #VC2014 41


Слайд 41

Business Intelligence (BI) and Advertising, Sales & Marketing grabbed the highest share of Internet deals in 2014, followed by CRM and Monitoring & Security. Deal distribution across Internet sub-industries remains quite diverse across both consumer and enterprise markets. @cbinsights #VC2014 42


Слайд 42

BI saw double the VC funding versus any other internet area in 2014. Ad, Sales & Marketing, CRM, and Monitoring and security trailed with 5% funding share each. @cbinsights #VC2014 43


Слайд 43

@cbinsights #VC2014 44


Слайд 44

In Q4’14, VC funding to the mobile sector topped $3B for the first time ever due to megafinancings to Uber, Snapchat, Instacart, and Square. Overall VC funding to the mobile sector in 2014 was up 109% versus 2013, despite only a 10% increase in deals. The Uber impact was clear in the mobile numbers. Year $3.7 521 2014 $7.8 571 YoY Growth #VC2014 Deals 2013 @cbinsights Funding ($B) 109% 10% 45


Слайд 45

San Francisco and New York top the list of U.S. cities for Mobile & Telecom venture capital deals. Uber’s Series D and E rounds which cumulatively raised $2.4B were the largest mobile VC deals of 2014, while Snapchat closed the third-largest mobile deal shortly before the new year. Top Cities for Mobile: 2014 Top Cities Top Mobile Deals: 2014 Deals Dollars ($M) Company Round Amount ($M) Quarter San Francisco 139 $4,141 Uber Series E $1,200 Q4'14 New York 73 $394 Uber Series D $1,200 Q2'14 Palo Alto 19 $95 Snapchat Series D $486 Q4'14 Boston 19 $123 TangoMe Series D $280 Q1'14 Mountain View 17 $450 Lyft Series D $250 Q2'14 Austin 10 $53 Instacart Series C Q4'14 Redwood City 9 $76 Square Series E Seattle 9 $43 Lookout Series F Menlo Park 9 $26 NextNav Series D San Diego 9 $46 Yik Yak Series B $220 $210 $150 $150 $70 $62 Q4'14 Q3'14 Q3'14 Q4'14 Note: Venture capital deals included in the ranking may be tranched fundings. @cbinsights #VC2014 46


Слайд 46

The trifecta of California, New York and Massachusetts increased their mobile deal share to 76% in 2014, up from 71% in 2013. @cbinsights #VC2014 47


Слайд 47

California once again sits atop mobile venture capital by investment dollars. New York and Massachusetts were the only two states with funding share greater than 1%. @cbinsights #VC2014 48


Слайд 48

Early stage investments at the Seed and Series A stage made up 70% of VC deals in the mobile sector as investors increasingly bet on the promise of mobile. @cbinsights #VC2014 49


Слайд 49

Late-stage mega-deals saw 58% of funding going to Series D+ stages. @cbinsights #VC2014 50


Слайд 50

VCs chased deals in a wide range of mobile sub-industries in 2014, but none more than Health & Wellness, which took 8% of all deals in the mobile sector. Social, CRM, and Conferencing & Communication followed. @cbinsights #VC2014 51


Слайд 51

With the rise of Uber and Lyft in 2014, Travel dominated funding share in Mobile, accounting for 35% of all VC dollars to Mobile startups. Photo garnered the second most funding largely due to Snapchat’s $485.6M Series D at 7%. @cbinsights #VC2014 52


Слайд 52

“We track dealflow, understand valuation multiples, analyze industry trends and identify comparable companies. It is great to see CB Insights innovating in the venture capital data space. Will Porteous General Partner RRE Ventures “We've found CBI to have the best data for the most accurate market view.” Jack Leeney Portfolio Manager Telefonica Ventures @cbinsights #VC2014 “CB Insights' intuitive user interface, analytical capabilities, and detailed investment information create a very powerful tool for our team's research needs.” Nate D’Anna Corporate Development Cisco “They have the best quality data in the market for anyone looking to get an inside look at private company financings.” Ian Sigalow Partner Greycroft Partners “CB Insights are changing the way investors access private company information.” Kevin Diestel Investor Sapphire Ventures “Designed by a VC insider who truly knows the space and understands end-user needs.” Greg Bae Investments & Biz Dev Comcast Ventures See what other customers have to say at http://www.cbinsights.com/customer-love


Слайд 53

@cbinsights #VC2014 54


Слайд 54

Healthcare VC funding totaled $8.2B in 2014, up 28% YoY. Q2’14 was the biggest quarter on both a funding and deals basis buoyed by Intarcia Therapeutics’ $200M growth equity round. Year $6.4 550 2014 $8.2 537 YoY Growth #VC2014 Deals 2013 @cbinsights Funding ($B) 28% -2% 55


Слайд 55

Leading life sciences hubs Cambridge and San Diego saw the most healthcare VC deals in 2014. RNA therapeutics company Moderna’s $450M Series E deal in December was the biggest of the year and in biotech history. Top Cities for Healthcare: 2014 Top Healthcare Deals: 2014 Top Cities Deals Dollars ($M) Company Round Amount ($M) Quarter Cambridge 41 $1,182 Moderna Series E $450 Q4'14 San Diego 30 $452 Intarcia Therapeutics Growth Equity $200 Q2'14 Redwood City 21 $556 Juno Therapeutics Series B $134 Q3'14 San Francisco 19 $377 Alignment Healthcare Growth Equity $125 Q2'14 Menlo Park 15 $261 InVitae Series F $120 Q4'14 Sunnyvale 11 $121 Naurex Series C $80 Q4'14 New York 11 $121 Spark Therapeutics Series B $73 Q2'14 Waltham 10 $171 Melinta Therapeutics Growth Equity $70 Q1'14 Seattle 9 $266 Data Driven Delivery Systems Series B $61 Q3'14 South San Francisco 9 $193 Kolltan Pharmaceuticals Series D $60 Q1'14 Note: Venture capital deals included in the ranking may be tranched fundings. @cbinsights #VC2014 56


Слайд 56

California and Massachusetts continued their dominance of healthcare venture deals in 2014, taking 55% of all deal activity in the sector. Pennsylvania’s growing life sciences hub took 5% of all deals. @cbinsights #VC2014 57


Слайд 57

California and Massachusetts owned healthcare VC funding in 2014, taking 65% of total funding share. @cbinsights #VC2014 58


Слайд 58

Seed and Series A deals took 36% of deal share in 2014, down from 38% in 2013. Laterstage deals both ticked up modestly, with Series D+ rounds accounting for 24% of all healthcare deals versus 21% in the year prior. @cbinsights #VC2014 59


Слайд 59

Series A rounds in the healthcare sector saw the largest drop in funding share across all stages to 16% from 23% in 2013. Late-stage rounds both saw modest increases on a YoY basis, while Series B deal share rose to 29% from 24%. @cbinsights #VC2014 60


Слайд 60

For the second straight year, medical device companies garnered the most healthcare deals of any industry. Biotech and drug discovery rounded out the top three, as the three industries combined to take over 7 of every 10 healthcare deals in 2014. @cbinsights #VC2014 61


Слайд 61

Funding share to medical devices firms took 28% of healthcare VC funding in 2014. Biotech firms trailed closely with a 27% funding share, while only three industries saw more than 10% of healthcare dollars. @cbinsights #VC2014 62


Слайд 62

@cbinsights #VC2014 63


Слайд 63

After deal activity fell 22% in 2013 compared to 2012, 2014 saw a smaller 2% drop in YoY deals. Total funding increased 17% YoY which was a good sign for green tech although the year ended on a sour note with funding and deals declining in both Q3’14 and Q4’14. Year $1.7 161 2014 $2.0 158 YoY Growth #VC2014 Deals 2013 @cbinsights Funding ($B) 17% -2% 64


Слайд 64

San Francisco led the list for Green Tech VC by overall deals and dollars deployed. Solar service company SunRun had the biggest round of the year in a $150M Series E financing that valued the company at $1B. Top Cities for Green Tech: 2014 Top Cities Deals Dollars ($M) San Francisco 10 Oakland Top Green Tech Deals: 2014 Company Round Amount ($M) Quarter $213 SunRun Series E $150 Q2'14 9 $160 Atieva Series C $100 Q2'14 Boston 8 $88 Sungevity Growth Equity $70 Q2'14 Austin 7 $90 LanzaTech Series D $60 Q1'14 San Jose 5 $32 GlassPoint Solar Series C $53 Q3'14 New York 5 $9 Cool Planet Energy Systems Series D - III $51 Q1'14 San Diego 4 $32 SolarBridge Technologies Series E $42 Q1'14 Scotts Valley 4 $18 Quench USA Growth Equity $39 Q1'14 Menlo Park 4 $63 Kateeva Series D $38 Q3'14 Cambridge 2 $37 Chromatin Series E $36 Q1'14 Note: Venture capital deals included in the ranking may be tranched fundings. @cbinsights #VC2014 65


Слайд 65

California dominated green tech VC, taking 42% of deals in 2014 followed by Massachusetts and Texas at 12% and 7%, respectively. @cbinsights #VC2014 66


Слайд 66

California, Massachusetts and Texas combined to take 70% of green tech funding in 2014, down from 77% in 2013. Pennsylvania and Illinois each accounted for 6% as well behind multiple $20M+ financings. @cbinsights #VC2014 67


Слайд 67

Series B deal share fell from 26% to 18% YoY in 2014, while Series C deal share fell to 20%. Meanwhile each end of the spectrum saw deal share increase drastically as Seed jumped to 13% deal share, while Series E+ grew to 18% in 2014 from 10% a year prior. @cbinsights #VC2014 68


Слайд 68

Mid-stage funding share followed the deal share trends. Series E+ dollar share jumped drastically from 17% in 2013 to 30% in 2014 in part due to SunRun’s $150M Series E and Sungevity’s $70M growth equity financing. @cbinsights #VC2014 69


Слайд 69

Renewables took 20% of all green tech VC deals in 2014. Green tech software and services, energy efficiency, and green/environmental software companies each took 8% of deals in the space. @cbinsights #VC2014 70


Слайд 70

Renewables led all green tech industries in VC dollar share as the previously-mentioned SunRun $150M financing was the largest in all of green tech in 2014. @cbinsights #VC2014 71


Слайд 71

@cbinsights #VC2014 72


Слайд 72

The CB Insights platform has the details on each and every deal in 2014. That includes all 3,617 of the financings and 738 exits in this report. Click here to sign up for free Some of our happy customers @cbinsights #VC2014 73


Слайд 73

California saw another strong year in venture capital. On a year-over-year basis, California deals increased a modest 13% while funding levels were up 81%, ballooning to $26.8B in 2014. Year Deals 2013 $14.8 1449 2014 $26.8 1631 YoY Growth @cbinsights Funding ($B) 81% 13% #VC2014 74


Слайд 74

The usual suspects of SF, Palo Alto, and Mountain View dominated with the most deals in California in 2014. Snapchat was the only non-Valley based company to make the top 10. Top Cities in California: 2014 Top Cities Deals Dollars ($M) San Francisco 584 Palo Alto Top California Deals: 2014 Company Round Amount ($M) Quarter $10,948 Uber Series E $1,200 Q4'14 103 $2,872 Uber Series D $1,200 Q2'14 Mountain View 85 $1,715 Cloudera Series F $900 Q1'14 Sunnyvale 66 $731 Snapchat Series D $486 Q4'14 San Jose 62 $1,095 AirBnB Series D $475 Q2'14 San Diego 60 $715 Palantir Technologies Series H - III $337 Q3'14 San Mateo 59 $514 TangoMe Series D $280 Q1'14 Redwood City 59 $1,324 Private Equity - II $250 Q4'14 Menlo Park 55 $603 Lyft Series D $250 Q2'14 Santa Clara 39 $452 Pure Storage Series F $225 Q2'14 SurveyMonkey Note: Venture capital deals included in the ranking may be tranched fundings. @cbinsights #VC2014 75


Слайд 75

Tech sectors (Internet, mobile, software, computer hardware, electronics) accounted for 79% of all VC deals in California in 2014. @cbinsights #VC2014 76


Слайд 76

Mobile VC funding jumped from 15% to 23% in 2014 behind multiple mega-financings to Uber. The Internet sector led with 41% of total VC funding in California. Healthcare trailed at 13%. @cbinsights #VC2014 77


Слайд 77

Early-stage deal share at the Seed and Series A stage accounted for a combined 55% of all California deals in 2014. All other stages remained relatively range-bound versus 2013. @cbinsights #VC2014 78


Слайд 78

After a down 2013, Series D and E+ VC dollar share in California bounced back. All other stages were casualties, all falling YoY in 2014. @cbinsights #VC2014 79


Слайд 79

@cbinsights #VC2014 80


Слайд 80

Deal activity finished strong in Massachusetts giving the state 9% YoY growth in deals in 2014. Mass. also finished the year strong on a funding basis, with an eight quarter high in VC funding at $1.6B which resulted in 37% funding growth YoY. Year $3.0 318 2014 $4.2 346 YoY Growth #VC2014 Deals 2013 @cbinsights Funding ($B) 37% 9% 81


Слайд 81

Cambridge and Boston combined to take $2.42B across 195 deals. Healthcare accounted for 5 of the top 10 deals in Massachusetts in 2014. Top Cities in Massachusetts: 2014 Top Cities Top Massachusetts Deals: 2014 Deals Dollars ($M) Company Round Amount ($M) Quarter Boston 103 $817 Moderna Series E $450 Q4'14 Cambridge 92 $1,602 ActiFio Series E $100 Q1'14 Waltham 26 $429 SimpliSafe Series A $57 Q2'14 Burlington 10 $201 Thinking Phone Networks Series D $57 Q4'14 Woburn 9 $144 Civitas Therapeutics Series C $55 Q3'14 Watertown 8 $75 Syros Pharmaceuticals Series B $53 Q4'14 Acton 8 $59 Kaminario Series E $53 Q4'14 Wellesley Hills 4 $16 Blueprint Medicines Series C $50 Q4'14 Westborough 4 $20 Acquia Series F $50 Q2'14 Somerville 4 $10 Seres Health Series C $48 Q4'14 Note: Venture capital deals included in the ranking may be tranched fundings. @cbinsights #VC2014 82


Слайд 82

Internet led Massachusetts’ deal share in 2014 at 37% followed closely by healthcare, which fell to 26% deal share versus 30% in 2013. Mobile & Telecom came in a distant third in the state at 14%. @cbinsights #VC2014 83


Слайд 83

While the Internet sector topped 2014 deal activity in Mass., healthcare took a whopping 46% of funding share vs. Internet funding, which made up 25% of all VC Funding in the state. @cbinsights #VC2014 84


Слайд 84

Series E+ deal share grew from 7% of overall deal volume in Mass. in 2013 to 10% in 2014. Series A saw the most deals across the spectrum taking 28% of deal share in the state. @cbinsights #VC2014 85


Слайд 85

After 2013 saw Series B deals take 31% of all funding, funding share fell to 20%, while Series E+ funding share skyrocketed from 17% to 29% funding share in 2014 behind Moderna’s $450M Series E and ActiFio’s $100M Series E. @cbinsights #VC2014 86


Слайд 86

@cbinsights #VC2014 87


Слайд 87

Venture capital funding levels broke out in NY in 2014 with every quarter clocking in above $1B in total funding. NY VC funding was up 53% YoY while deals grew at a more modest 7% YoY. Year Deals 2013 $2.9 396 2014 $4.5 422 YoY Growth @cbinsights Funding ($B) 53% 7% #VC2014 88


Слайд 88

New York saw multiple nine-figure deals in 2014. Top deals covered a broad array of industries ranging from eCommerce to Media to Finance. Real estate venture, WeWork, which offers co-working spaces, had 2 of the 3 largest NY deals of the year. Top Cities in New York: 2014 Top New York Deals: 2014 Top Cities Deals Dollars ($M) Company Round Amount ($M) Quarter New York 365 $3,957 WeWork Series B $355 Q4'14 Brooklyn 33 $446 Vice Media Growth Equity $250 Q3'14 Long Island City 5 $48 WeWork Series A $157 Q1'14 Rochester 3 $5 Flatiron Health Series B $130 Q2'14 Troy 2 $3 Oscar Health Insurance Co. Series A $80 Q2'14 West Henrietta 2 $6 OnDeck Capital Series E $77 Q1'14 Forest Hills 2 $5 IEX Group Series C $75 Q3'14 Geneva 1 $2 Harry's Razor Company Series B $75 Q4'14 Victor 1 $1 Harry's Razor Company Series A $75 Q1'14 Tappan 1 $1 FanDuel Series D $70 Q3'14 Note: Venture capital deals included in the ranking may be tranched fundings. @cbinsights #VC2014 89


Слайд 89

63% of deals in New York went to Internet firms in 2014. Mobile saw an increased deal share for the second straight year at 19%, coming in at a solid #2 to Internet in NY. @cbinsights #VC2014 90


Слайд 90

2014 saw 67% of venture capital dollars in NY go to the Internet sector, followed by Mobile & Telecom at 9% of funding share. Business Products & Services were buoyed by a combined $512M in funding to co-working space WeWork. @cbinsights #VC2014 91


Слайд 91

Seed deal share grew from 34% to 40% of all NY VC deals in 2014. Series A deal share decreased for the third straight year, falling from 31% in 2012 to 28% in 2013 and reaching just 26% in 2014. @cbinsights #VC2014 92


Слайд 92

With huge deals including Flatiron Health in 2014, Series B jumped to a 32% funding share for the year. Series C and D deal share fell drastically as a result of this, while Series E+ deals saw modest growth to 19% funding share behind large deals including now-public OnDeck Capital. @cbinsights #VC2014 93


Слайд 93

@cbinsights #VC2014 94


Слайд 94

Washington funding grew 34% YoY behind several sizable deals led by Juno Therapeutics. But yearly deal totals were down 17% YoY. Year $0.9 117 2014 $1.1 97 YoY Growth #VC2014 Deals 2013 @cbinsights Funding ($B) 34% -17% 95


Слайд 95

Seattle took the lion’s share of venture capital deals and dollars in Washington. Juno Therapeutics saw the largest deal in the state for the second straight year, followed by real estate tech company Redfin and wire data analytics company ExtraHop Networks. Top Cities in Washington: 2014 Top Cities Deals Dollars ($M) Seattle 71 Redmond Top Washington Deals: 2014 Company Round Amount ($M) Quarter $853 Juno Therapeutics Series B $134 Q3'14 7 $45 Redfin Series G $71 Q4'14 Bellevue 7 $86 ExtraHop Networks Series C $41 Q2'14 Kirkland 5 $56 Avvo Series D $38 Q2'14 Bainbridge Island 2 $56 SmartSheet Series E $35 Q2'14 Bellingham 1 $4 Skytap Series D $35 Q4'14 Tacoma 1 $14 Juno Therapeutics Series A - III $31 Q2'14 Renton 1 $5 Integrated Diagnostics Series B $30 Q2'14 Arlington 1 $17 Julep Beauty Series C $30 Q2'14 Liberty Lake 1 $10 Avalara Series E $30 Q1'14 Note: Venture capital deals included in the ranking may be tranched fundings. @cbinsights #VC2014 96


Слайд 96

The Internet sector took nearly half of the venture capital deals in Washington in 2014. Mobile overtook healthcare in 2014, taking 16% of deals, as healthcare fell from 20% in 2013 to just 13% in 2014. @cbinsights #VC2014 97


Слайд 97

Internet funding in Washington accounted for 44% of all VC dollars in 2014 taking three of the five largest deals in the state. Healthcare fell to a 28% funding share, while mobile and software were the only other sectors with more than 5% funding share. @cbinsights #VC2014 98


Слайд 98

After seed-stage deals grew from 20% in 2012 to 28% in 2013, it fell back to 24% in 2014. @cbinsights #VC2014 99


Слайд 99

Funding share to Series A rounds fell from 30% in 2013 to 22% in 2014, while all later stages saw modest gains. Series B rounds saw the largest growth driven by Juno Therapeutics $134M financing. @cbinsights #VC2014 100


Слайд 100

@cbinsights #VC2014 101


Слайд 101

Texas saw funding activity hit an eight-quarter high in Q1’14. Compared to 2013, funding was up 21% while deals steadily grew up 8%. Year $1.0 132 2014 $1.2 143 YoY Growth #VC2014 Deals 2013 @cbinsights Funding ($B) 21% 8% 102


Слайд 102

Austin dominated Texas venture capital financing activity in 2014, seeing over 5x as much funding as the second most active city, Houston. Geospatial solutions provider Surveying and Mapping’s $123M growth equity round was the biggest of the year. Top Cities in Texas: 2014 Top Cities Top Texas Deals: 2014 Deals Dollars ($M) Company Round Amount ($M) Quarter Austin 83 $741 Surveying and Mapping Growth Equity - II $123 Q1'14 Houston 15 $141 Spiceworks Series E $57 Q1'14 Dallas 8 $74 ZS Pharma Series D $55 Q1'14 Plano 7 $57 Bellicum Pharmaceuticals Series C $55 Q3'14 San Antonio 6 $41 TelaDoc Series F $50 Q3'14 Tomball 2 $4 BigCommerce Series D $50 Q4'14 Georgetown 2 $7 SolarBridge Technologies Series E $42 Q1'14 Richardson 2 $1 Surveying and Mapping Growth Equity $37 Q1'14 Grand Prairie 2 $18 Spredfast Series D $33 Q1'14 Spring 2 $2 Phunware Series E $30 Q1'14 Note: Venture capital deals included in the ranking may be tranched fundings. @cbinsights #VC2014 103


Слайд 103

Concentrated primarily in Austin, Internet and mobile combined to take 50% of Texas VC deals in 2014. Healthcare saw 16% of deals in the state. @cbinsights #VC2014 104


Слайд 104

On the funding front, Internet, healthcare, and software all took over 20% of overall share. Software’s 22% funding share was largely driven by the state’s biggest deal of the year, a $123M growth equity financing for Surveying and Mapping. @cbinsights #VC2014 105


Слайд 105

Seed and Series A activity took a combined 49% of deal volume in Texas versus 44% in 2013 as VCs invested in more seed-stage deals. Series D deal share grew modestly to 8%, while all other stages ticked down YoY. @cbinsights #VC2014 106


Слайд 106

After eRecyclingCorps $105M round buoyed Series C dollar share in 2013, Series D and E+ funding share grew drastically behind multiple $50M+ fundings. @cbinsights #VC2014 107


Слайд 107

“We track dealflow, understand valuation multiples, analyze industry trends and identify comparable companies. It is great to see CB Insights innovating in the venture capital data space. Will Porteous General Partner RRE Ventures “We've found CBI to have the best data for the most accurate market view.” Jack Leeney Portfolio Manager Telefonica Ventures @cbinsights #VC2014 “CB Insights' intuitive user interface, analytical capabilities, and detailed investment information create a very powerful tool for our team's research needs.” Nate D’Anna Corporate Development Cisco “They have the best quality data in the market for anyone looking to get an inside look at private company financings.” Ian Sigalow Partner Greycroft Partners “CB Insights are changing the way investors access private company information.” Kevin Diestel Investor Sapphire Ventures “Designed by a VC insider who truly knows the space and understands end-user needs.” Greg Bae Investments & Biz Dev Comcast Ventures See what other customers have to say at http://www.cbinsights.com/customer-love


Слайд 108

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. What is included? What is not? 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. • • • • • • • • • • • • • • • • @cbinsights #VC2014 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. 109


Слайд 109


×

HTML:





Ссылка: