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Contents
Cover
Overview 4
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Overview Cont. 5
Median Valuations 6
Seed Valuations and Trends 7
Seed Valuations and Trends Cont. 8
Series A Valuations and Trends 9
Series A Valuations and Trends Cont. 10
Series B Valuations and Trends 11
Series B Valuations and Trends Cont. 12
Series C Valuations and Trends 13
Series C Valuations and Trends Cont. 14
Series D+ Valuations and Trends 15
Series D+ Valuations and Trends Cont. 16
Hedge Fund Participation 17
Mutual Fund & Corporate Participation 18
Valuation Step-Ups & Time Between Rounds 19
Up, Flat or Down Rounds 20
panies and advisors.

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corresponding
report below

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 U.S. VC Activity by Quarter
2010 2011
1Q 2Q 3Q 4Q 1Q 2Q 3Q
Capital Invested ($B) $7.4 $8.4 $6.9 $7.4 $11.6 $10.2 $10.7
# of Rounds Closed 1321 1326 1268 1338 1737 1589 1625
Angel/Seed 410 356 395 409 665 559 588
Early VC 565 566 534 546 675 583 626
Later VC 346 404 339 383 397 447 411
*Through 2/29/2016
$25

$20

$15

$10

$5

$0
2010 2011 2012 2013 2014

Capital Invested ($B) # of Rounds Closed Angel/Seed

U.S. VC Activity by Year
2006 2007 2008 2009 2010 2011 2012
Capital Invested ($B) $28.4 $34.8 $36.1 $26.2 $30.0 $42.2 $40.1
# of Rounds Closed 3172 4165 4570 4349 5253 6542 7694
Angel/Seed 372 702 826 1,039 1,570 2,423 3,252
Early VC 1,782 2,188 2,299 1,970 2,211 2,498 2,758
Later VC 1,018 1,275 1,445 1,340 1,472 1,621 1,684
*Through 2/29/2016
$90 12
Capital Invested ($B) # of Rounds Closed
$80
Angel/Seed Early VC 10
$70
Later VC
$60 8,0

$50
6,0
$40

$30 4,0

$20
2,0
$10

$0 0
$40

$30 4,0

$20
2,0
$10

$0 0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
011 2012 2013
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
$9.6 $9.8 $10.9 $9.9 $9.4 $10.2 $10.4 $11.1 $12.1
1591 2047 1960 1861 1826 2203 2119 2169 2225
611 888 802 796 766 1,061 955 1,030 1,040
614 729 718 654 657 696 733 705 755
366 430 440 411 403 446 431 434 430

3000

2500

2000

1500

1000

500

0
2013 2014 2015 2016

d Angel/Seed Early VC Later VC

2013 2014 2015 2016*

$43.8 $67.2 $77.8 $13.3
8716 9605 9011 1174
4,086 4,610 4,669 589
2,889 3,114 2,724 332
1,741 1,881 1,618 253

12,000
osed

10,000

8,000

6,000

4,000

2,000

0
 4,000

2,000

0
13 2014 2015 2016*
 2014 2015 2016
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q*
$13.3 $19.2 $15.6 $19.1 $19.0 $20.4 $20.9 $17.5 $13.3
2462 2389 2408 2346 2389 2412 2203 2007 1174
1,191 1,026 1,217 1,176 1,198 1,282 1,143 1,046 589
802 822 762 728 733 737 647 607 332
469 541 429 442 458 393 413 354 253
 Median % Acquired by Series and Year in U.S.
2008 2009 2010 2011 2012 2013 2014 2015 2016*
Seed 22% 26% 24% 20% 20% 21% 20% 20% 20%
Series A 30% 31% 29% 27% 26% 27% 25% 27% 26%
Series B 26% 25% 25% 23% 22% 21% 22% 21% 22%
Series C 23% 22% 18% 20% 18% 17% 17% 17% 20%
Series D+ 15% 13% 16% 13% 14% 13% 12% 12% 16%
*Through 2/29/2016

35%

30%

25%

20%

15%

10%
Seed Series A Series B Series C
5% Series D+

0%
2008 2009 2010 2011 2012 2013 2014 2015 2016*

Average Age of U.S. VC-Backed Startups by Stage (Years)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Seed 1.4 1.7 1.5 1.4 1.4 1.6 1.7 2.1 2.1 2.5
Series A 3.2 3.5 3.4 3.4 3.5 3.3 3.5 3.9 3.9 4.2
Series B 4.4 4.9 4.8 5.0 5.4 5.0 5.8 5.5 5.7 5.6
Series C 6.0 6.3 6.4 6.5 5.9 6.7 7.1 6.9 7.2 7.3
Series D+ 7.3 8.1 8.3 8.4 8.5 8.2 8.6 9.2 9.3 8.8
*Through 2/29/2016

6 5.8 5.7 5.7

5.5 5.6
5.4
4.9 4.8 5.0 5.0
5 4.7
4.4 4.2
3.9 3.9
4
3.5 3.4 3.4 3.5 3.5
3.2 3.3
3

2.5
2
2.1 2.1 2.3
1.4 1.5 1.4
1.7 1.7
1.6
1 1.4

Seed Series A Series B

 3.2 3.3
3

2.5
2
2.1 2.1 2.3
1.4 1.5 1.4
1.7 1.7
1.6
1 1.4

Seed Series A Series B

0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
 U.S VC Activity (#) by Stage and Quarter
2013 2014 2015
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
Angel/Seed 1,061 955 1,030 1,040 1,191 1,026 1,217 1,176 1,198
Early VC 696 733 705 755 802 822 762 728 733
Later VC 446 431 434 430 469 541 429 442 458
*Through 2/29/2016 2016
1Q*

4Q

3Q
2015

2Q

1Q

4Q

3Q
2014

2Q

1Q

4Q

3Q
2013

2Q

1Q

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

2016*
2.3 Later VC Early VC Angel/Seed
4.7
5.7
7.1
10.3

12

10.3
10 9.3
9.2
8.6 8.8
8.3 8.4 8.5 8.2
8.1
87.3

6.4 7.1 7.2 7.3

5.9 6.7 6.9 7.1
6 6.3 6.5
6.0

Series C Series D+
6 6.3 6.5
6.0

Series C Series D+
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
 2015 2016
2Q 3Q 4Q 1Q*
1,282 1,143 1,046 589
737 647 607 332
393 413 354 253

70% 80% 90% 100%

el/Seed
 Median Pre-Money Valuations ($M) by Year in U.S.
2006 2007 2008 2009 2010 2011 2012 2013
Seed $2.7 $1.5 $3.6 $2.7 $3.2 $3.9 $4.0 $4.7
Series A $7.0 $7.3 $7.0 $6.4 $6.5 $7.3 $8.2 $9.3
Series B $18.7 $21.5 $19.8 $17.9 $19.2 $21.1 $21.1 $25.7
Series C $37.5 $45.9 $41.8 $29.7 $38.1 $49.7 $50.0 $56.3
Series D+ $72.1 $79.3 $77.5 $51.4 $65.6 $83.5 $92.1 $99.0
*Through 2/29/2016

$45
$41
Seed Series A Series B $38
$40

$35 $33

$30
$26
$25
$21 $21 $21
$20 $19
$20$19 $18 $17
$14
$15 $12
$8 $9
$10 $7 $7 $7 $7
$6 $7
$5 $3 $4 $3 $3 $7
$1 $5 $5 $6
$4 $4
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
 2014 2015 2016*
$4.9 $5.5 $6.9
$12.3 $14.4 $17.4
$33.5 $41.1 $38.1
$60.0 $74.0 $95.8
$135.0 $180.0 $228.8

$250
$41 $229
$38 Series C Series D+
$200
$180

$150 $135

$17 $99
$100 $92
$14 $79 $77 $84
$72 $66 $96
$51 $74
$50 $42 $38 $56 $60
$46 $50 $50
$6 $7 $38
$30
$0
015 2016* 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
 Median Seed Valuations ($M) by Sector
2010 2011 2012 2013 2014 2015
All $3.21 $3.88 $4.00 $4.70 $4.88 $5.52
Software $3.29 $4.08 $4.00 $4.68 $4.89 $5.76
Commercial Services $3.21 $3.63 $3.37 $4.89 $5.50 $4.90
Healthcare Svcs/Supp./Sys. $2.96 $5.21 $4.00 $4.72 $3.74 $6.03

$7
All Software
$6

$5

$4

$3

$2

$1

$0
2010 2011 2012 2013 2014 2015

Median % Acquired at Seed by Sector

2010 2011 2012 2013 2014 2015
All 24% 20% 20% 21% 20% 20%
Software 24% 20% 20% 20% 20% 19%
Commercial Services 22% 24% 21% 21% 20% 22%
Healthcare Svcs/Supp./Sys. 31% 19% 25% 20% 24% 30%

32%

30%

28%

26%

24%

22%

20%

18%
All Software
16%
Commercial Services Healthcare Svcs/Supp./Sys.
14%
2010 2011 2012 2013 2014 2015
 Median Seed Round Size ($M) by Sector
2010 2011 2012 2013 2014 2015
All $0.50 $0.50 $0.50 $0.54 $0.75 $1.10
Software $0.50 $0.58 $0.53 $0.58 $0.75 $1.20
Commercial Services $0.50 $0.50 $0.50 $0.50 $0.75 $1.20
Healthcare Svcs/Supp./Sys. $0.60 $0.50 $0.50 $0.35 $0.50 $1.40

$1.6
All Software
$1.4

$1.2

$1.0

$0.8

$0.6

$0.4

$0.2

$0.0
2010 2011 2012 2013 2014 2015
 Median Seed Round Size/Valuation ($M)
2010 2011 2012 2013 2014 2015
Round Size $0.50 $0.50 $0.50 $0.54 $0.75 $1.10
Pre-Money Valuation $3.21 $3.88 $4.00 $4.70 $4.88 $5.52

$6
$5.5

$5 $4.9
$4.7

$3.9 $4.0
$4
$3.2
$3

$2

$1.1
$1 $0.8
$0.5 $0.5 $0.5 $0.5

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size

Median Seed Round Size/Valuation ($M) HC Services, Supplies & Systems

2010 2011 2012 2013 2014 2015
Round Size $0.60 $0.50 $0.50 $0.35 $0.50 $1.40
Pre-Money Valuation $2.96 $5.21 $4.00 $4.72 $3.74 $6.03

$7
$6.0
$6
$5.2
$5 $4.7

$4.0
$4 $3.7

$3.0
$3

$2
$1.4
$1 $0.6 $0.5 $0.5 $0.4 $0.5

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size
 Median Seed Round Size/Valuation ($M) in Software
2010 2011 2012 2013 2014 2015
Round Size $0.50 $0.58 $0.53 $0.58 $0.75 $1.20
Pre-Money Valuation $3.29 $4.08 $4.00 $4.68 $4.89 $5.76

$7

$6 $5.8

$4.9
$5 $4.7
$4.1 $4.0
$4
$3.3
$3

$2
$1.2
$1 $0.6 $0.6 $0.8
$0.5 $0.5

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size

Median Seed Round Size/Valuation ($M) in Commerical Services

2010 2011 2012 2013 2014 2015
Round Size $0.50 $0.50 $0.50 $0.50 $0.75 $1.20
Pre-Money Valuation $3.21 $3.63 $3.37 $4.89 $5.50 $4.90

$6
$5.5

$4.9 $4.9
$5

$4 $3.6
$3.4
$3.2
$3

$2
$1.2
$1 $0.8
$0.5 $0.5 $0.5 $0.5

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size
 Median Series A Valuations ($M) by Sector
2010 2011 2012 2013 2014 2015
All $6.50 $7.26 $8.22 $9.27 $12.25 $14.36
Software $6.69 $7.63 $8.49 $10.18 $12.70 $16.09
IT Hardware $6.14 $6.44 $11.00 $11.75 $14.05 $13.87
Commercial Services $6.00 $7.55 $7.86 $7.56 $11.70 $14.24

$18

$16

$14

$12

$10

$8

$6

$4

$2

$0
2010 All2011 2012 2013
Software 2014 2015
IT Hardware Commercial Services

Median % Acquired at Series A by Sector

2010 2011 2012 2013 2014 2015
All 29% 27% 26% 27% 25% 27%
Software 28% 27% 26% 26% 25% 25%
IT Hardware 38% 31% 27% 28% 26% 28%
Commercial Services 29% 22% 24% 27% 26% 27%

40%

35%

30%

25%

20%

15%
2010 2011 2012 2013 2014 2015
All Software IT Hardware
Commercial Services
15%
2010 2011 2012 2013 2014 2015
All Software IT Hardware
Commercial Services
 Median Series A Round Size ($M) by Sector
2010 2011 2012 2013 2014 2015
All $2.50 $2.62 $3.00 $3.35 $4.00 $5.00
Software $2.51 $2.83 $3.00 $3.80 $4.00 $5.05
IT Hardware $2.95 $3.88 $3.66 $3.71 $5.00 $5.50
Commercial Services $2.00 $2.50 $2.00 $3.00 $3.63 $4.86

$6

$5

$4

$3

$2

$1

$0
2010 All2011 2012 2013
Software 2014 2015
IT Hardware Commercial Services
 Median Series A Round Size/Valuation ($M)
2010 2011 2012 2013 2014 2015
Round Size $2.50 $2.62 $3.00 $3.35 $4.00 $5.00
Pre-Money Valuation $6.50 $7.26 $8.22 $9.27 $12.25 $14.36

$16
$14.4
$14
$12.3
$12

$10 $9.3
$8.2
$8 $7.3
$6.5
$6 $5.0
$4.0
$4 $3.0 $3.4
$2.5 $2.6
$2

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size

Median Series A Round Size/Valuation ($M) HC Services, Supplies & Systems

2010 2011 2012 2013 2014 2015
Round Size $2.60 $2.50 $2.63 $2.50 $3.63 $3.73
Pre-Money Valuation $5.00 $6.12 $6.43 $7.47 $9.30 $10.37

$12
$10.4
$10 $9.3

$8 $7.5
$6.4
$6.1
$6
$5.0

$4 $3.6 $3.7
$2.6 $2.5 $2.6 $2.5
$2

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size
 Median Series A Round Size/Valuation ($M) in Software
2010 2011 2012 2013 2014 2015
Round Size $2.51 $2.83 $3.00 $3.80 $4.00 $5.05
Pre-Money Valuation $6.69 $7.63 $8.49 $10.18 $12.70 $16.09

$18
$16.1
$16

$14
$12.7
$12
$10.2
$10
$8.5
$8 $7.6
$6.7
$6 $5.1
$3.8 $4.0
$4 $2.8 $3.0
$2.5
$2

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size

Median Series A Round Size/Valuation ($M) in Commerical Services

2010 2011 2012 2013 2014 2015
Round Size $2.00 $2.50 $2.00 $3.00 $3.63 $4.86
Pre-Money Valuation $6.00 $7.55 $7.86 $7.56 $11.70 $14.24

$16
$14.2
$14

$12 $11.7

$10

$7.6 $7.9 $7.6

$8
$6.0
$6
$4.9
$4 $3.6
$3.0
$2.5
$2.0 $2.0
$2

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size
 Median Series B Valuations ($M) by Sector
2010 2011 2012 2013 2014 2015
All $19.18 $21.07 $21.11 $25.72 $33.49 $41.12
Software $17.64 $24.07 $22.73 $30.18 $35.09 $49.30
IT Hardware $24.25 $17.40 $17.21 $26.97 $38.28 $35.50
Commercial Services $14.50 $19.46 $24.54 $21.57 $32.07 $38.16

$60

$50

$40

$30

$20

$10

$0
2010 All2011 2012 2013
Software 2014 2015
IT Hardware Commercial Services

Median % Acquired at Series B by Sector

2010 2011 2012 2013 2014 2015
All 25% 23% 22% 21% 22% 21%
Software 24% 23% 22% 21% 21% 21%
IT Hardware 26% 28% 31% 23% 22% 25%
Commercial Services 24% 23% 20% 19% 20% 20%

33%
31%

29%

27%

25%
23%

21%

19%

17%
15%
2010 2011 2012 2013 2014 2015
All Software IT Hardware
Commercial Services
15%
2010 2011 2012 2013 2014 2015
All Software IT Hardware
Commercial Services
 Median Series B Round Size ($M) by Sector
2010 2011 2012 2013 2014 2015
All $6.95 $7.21 $7.25 $7.10 $10.00 $12.41
Software $6.91 $7.30 $8.00 $8.60 $10.52 $12.50
IT Hardware $10.00 $9.73 $8.17 $10.14 $12.18 $13.21
Commercial Services $5.46 $6.06 $6.73 $6.06 $8.61 $10.75

$14

$12

$10

$8

$6

$4

$2

$0
2010 All2011 2012 2013
Software 2014 2015
IT Hardware Commercial Services
 Median Series B Round Size/Valuation ($M)
2010 2011 2012 2013 2014 2015
Round Size $6.95 $7.21 $7.25 $7.10 $10.00 $12.41
Pre-Money Valuation $19.18 $21.07 $21.11 $25.72 $33.49 $41.12

$45
$41.1
$40

$35 $33.5

$30
$25.7
$25
$21.1 $21.1
$20 $19.2

$15 $12.4
$10.0
$10 $7.0 $7.2 $7.3 $7.1
$5

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size

Median Series B Round Size/Valuation ($M) HC Services, Supplies & Systems

2010 2011 2012 2013 2014 2015
Round Size $6.05 $5.50 $5.79 $6.75 $7.41 $10.00
Pre-Money Valuation $18.11 $14.40 $16.19 $18.01 $21.53 $29.47

$35

$29.5
$30

$25
$21.5
$20 $18.1 $18.0
$16.2
$14.4
$15
$10.0
$10
$6.8 $7.4
$6.0 $5.5 $5.8
$5

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size
 Median Series B Round Size/Valuation ($M) in Software
2010 2011 2012 2013 2014 2015
Round Size $6.91 $7.30 $8.00 $8.60 $10.52 $12.50
Pre-Money Valuation $17.64 $24.07 $22.73 $30.18 $35.09 $49.30

$60

$49.3
$50

$40
$35.1
$30.2
$30
$24.1 $22.7
$20 $17.6
$12.5
$10.5
$10 $7.3 $8.0 $8.6
$6.9

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size

Median Series B Round Size/Valuation ($M) in Commerical Services

2010 2011 2012 2013 2014 2015
Round Size $5.46 $6.06 $6.73 $6.06 $8.61 $10.75
Pre-Money Valuation $14.50 $19.46 $24.54 $21.57 $32.07 $38.16

$45

$40 $38.2

$35 $32.1
$30
$24.5
$25
$21.6
$19.5
$20
$14.5
$15
$10.8
$10 $8.6
$6.1 $6.7 $6.1
$5.5
$5

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size
 Median Series C Valuations ($M) by Sector
2010 2011 2012 2013 2014 2015
All $38.06 $49.67 $50.02 $56.25 $60.00 $74.00
Software $26.50 $52.97 $56.23 $67.68 $89.23 $104.05
IT Hardware $47.00 $58.20 $56.29 $66.91 $45.19 $59.66
Commercial Services $54.68 $79.51 $40.63 $70.18 $50.41 $75.93

$120

$100

$80

$60

$40

$20

$0
2010 All2011 2012 2013
Software 2014 2015
IT Hardware Commercial Services

Median % Acquired at Series C by Sector

2010 2011 2012 2013 2014 2015
All 18% 20% 18% 17% 17% 17%
Software 16% 17% 15% 17% 16% 17%
IT Hardware 21% 18% 18% 21% 15% 14%
Commercial Services 15% 14% 18% 15% 18% 15%

22%
21%
20%
19%
18%
17%
16%
15%
14%
13%
12%
2010 2011 2012 2013 2014 2015
All Software IT Hardware
Commercial Services
12%
2010 2011 2012 2013 2014 2015
All Software IT Hardware
Commercial Services
 Median Series C Round Size ($M) by Sector
2010 2011 2012 2013 2014 2015
All $10.01 $12.52 $12.00 $12.30 $15.00 $20.00
Software $8.00 $10.01 $12.05 $15.00 $17.00 $25.00
IT Hardware $10.51 $15.34 $10.50 $22.39 $15.40 $11.50
Commercial Services $10.25 $9.50 $8.25 $12.28 $12.48 $17.50

$30

$25

$20

$15

$10

$5

$0
2010 All2011 2012 2013
Software 2014 2015
IT Hardware Commercial Services
 Median Series C Round Size/Valuation ($M)
2010 2011 2012 2013 2014 2015
Round Size $10.01 $12.52 $12.00 $12.30 $15.00 $20.00
Pre-Money Valuation $38.06 $49.67 $50.02 $56.25 $60.00 $74.00

$80
$74.0
$70
$60.0
$60 $56.3
$49.7 $50.0
$50

$40 $38.1

$30
$20.0
$20 $15.0
$12.5 $12.0 $12.3
$10.0
$10

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size

Median Series C Round Size/Valuation ($M) HC Services, Supplies & Systems

2010 2011 2012 2013 2014 2015
Round Size $11.59 $11.70 $12.50 $10.21 $9.13 $17.95
Pre-Money Valuation $36.05 $28.08 $35.25 $45.63 $29.67 $61.04

$70
$61.0
$60

$50 $45.6

$40 $36.1 $35.3

$28.1 $29.7
$30

$20 $18.0
$11.6 $11.7 $12.5
$10.2 $9.1
$10

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size
 Median Series C Round Size/Valuation ($M) in Software
2010 2011 2012 2013 2014 2015
Round Size $8.00 $10.01 $12.05 $15.00 $17.00 $25.00
Pre-Money Valuation $26.50 $52.97 $56.23 $67.68 $89.23 $104.05

$120
$104.0
$100
$89.2

$80
$67.7

$60 $56.2
$53.0

$40
$26.5 $25.0
$20 $15.0 $17.0
$10.0 $12.0
$8.0

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size

Median Series C Round Size/Valuation ($M) in Commerical Services

2010 2011 2012 2013 2014 2015
Round Size $10.25 $9.50 $8.25 $12.28 $12.48 $17.50
Pre-Money Valuation $54.68 $79.51 $40.63 $70.18 $50.41 $75.93

$90
$79.5
$80 $75.9
$70.2
$70

$60 $54.7
$50.4
$50
$40.6
$40

$30

$20 $17.5
$10.3 $12.3 $12.5
$9.5 $8.3
$10

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size
 Median Series D+ Valuations ($M) by Sector
2010 2011 2012 2013 2014 2015
All $65.75 $83.52 $92.07 $98.96 $134.98 $180.00
Software $50.96 $91.96 $95.22 $141.50 $217.52 $242.79
IT Hardware $48.57 $108.77 $101.62 $74.95 $150.95 $211.13
Commercial Services $91.22 $57.00 $85.33 $130.96 $139.53 $137.45

$300

$250

$200

$150

$100

$50

$0
2010 All2011 2012 2013
Software 2014 2015
IT Hardware Commercial Services

Median % Acquired at Series D+ by Sector

2010 2011 2012 2013 2014 2015
All 16% 13% 14% 13% 12% 12%
Software 16% 11% 12% 12% 12% 11%
IT Hardware 15% 14% 13% 11% 7% 10%
Commercial Services 14% 13% 12% 13% 12% 14%

18%

16%

14%

12%

10%

8%

6%
2010 2011 2012 2013 2014 2015
All Software IT Hardware
Commercial Services
6%
2010 2011 2012 2013 2014 2015
All Software IT Hardware
Commercial Services
 Median Series D+ Round Size ($M) by Sector
2010 2011 2012 2013 2014 2015
All $12.54 $15.06 $16.20 $16.00 $25.00 $31.01
Software $10.00 $12.00 $15.35 $19.93 $31.52 $35.00
IT Hardware $12.58 $14.52 $14.00 $10.82 $10.57 $20.00
Commercial Services $10.00 $8.72 $7.50 $16.36 $17.50 $25.00

$40

$35

$30

$25

$20

$15

$10

$5

$0
2010 All2011 2012 2013
Software 2014 2015
IT Hardware Commercial Services
 Median Series D+ Round Size/Valuation ($M)
2010 2011 2012 2013 2014 2015
Round Size $12.54 $15.06 $16.20 $16.00 $25.00 $31.01
Pre-Money Valuation $65.75 $83.52 $92.07 $98.96 $134.98 $180.00

$200
$180.0
$180
$160
$140 $135.0

$120
$99.0
$100 $92.1
$83.5
$80
$65.8
$60
$40 $31.0
$25.0
$20 $12.5 $15.1 $16.2 $16.0

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size

Median Series D+ Round Size/Valuation ($M) HC Services, Supplies & Systems

2010 2011 2012 2013 2014 2015
Round Size $15.00 $14.13 $16.20 $17.49 $18.67 $15.00
Pre-Money Valuation $44.85 $54.91 $57.75 $79.22 $82.08 $110.45

$120
$110.5

$100

$79.2 $82.1
$80

$60 $54.9 $57.8

$44.9
$40

$16.2 $17.5 $18.7

$20 $15.0 $14.1 $15.0

$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size
 Median Nasdaq Price vs. Median U.S. Series D+ Pre-Money Valuation by Year
2007 2008 2009 2010 2011 2012 2013
NASDAQ Composite 1.23 1.10 0.88 1.11 1.29 1.42 1.67
Series D+ 1.80 1.75 1.16 1.49 1.89 2.09 2.24

5 NASDAQ Composite

Series D+
4

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
 Median Series D+ Round Size/Valuation ($M) in Software
2010 2011 2012 2013 2014 2015
Round Size $10.00 $12.00 $15.35 $19.93 $31.52 $35.00
Pre-Money Valuation $50.96 $91.96 $95.22 $141.50 $217.52 $242.79

$300

$250 $242.8
$217.5

$200

$150 $141.5

$92.0 $95.2
$100

$51.0
$50 $31.5 $35.0
$15.3 $19.9
$10.0 $12.0
$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size

s & Systems Median Series D+ Round Size/Valuation ($M) in Commerical Services

2010 2011 2012 2013 2014 2015
Round Size $10.00 $8.72 $7.50 $16.36 $17.50 $25.00
Pre-Money Valuation $91.22 $57.00 $85.33 $130.96 $139.53 $137.45

$160
$139.5 $137.4
$140 $131.0

$120

$100 $91.2
$85.3
$80

$60 $57.0

$40
$25.0
$16.4 $17.5
$20 $10.0 $8.7 $7.5
$0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size
 $0
2010 2011 2012 2013 2014 2015
Pre-Money Valuation Round Size

tion by Year
2014 2015 2016*
2.09 2.39 2.16
3.06 4.08 5.18

3 2014 2015 2016*

 U.S. VC Rounds with Hedge Fund Participation
2006 2007 2008 2009 2010 2011 2012 2013 2014
Capital Invested ($B) $1.3 $1.7 $2.0 $1.0 $0.7 $2.4 $1.1 $2.1 $7.0
Deal Count 43 66 61 27 30 42 42 63 117
*Through 2/29/2016
$12
127
117
$10

$8

$6 66 63
61

$4 43 42 42

27 30
$2
13

$0.5
$10.8
$1.7

$2.0

$1.0

$0.7

$2.4

$1.1

$2.1

$7.0
$0
$1.3

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Capital Invested ($B) Deal Count

Median U.S. Round Size ($M) with Hedge Fund Participation

2006 2007 2008 2009 2010 2011 2012 2013 2014
Median Round Size ($M) $24.8 $20.5 $15.0 $17.8 $12.0 $18.3 $14.0 $15.0 $33.0
*Through 2/29/2016
$50
$46
$45

$40

$35

$30

$25

$20

$15

$10

$5

$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2
$5

$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2
 2015 2016*
$10.8 $0.5
127 13

140
127
117 120

100

80

60

40

13 20
$0.5
$10.8
$7.0

0
2014 2015 2016*
ount

2015 2016*
$45.5 $35.0

$46

$35

3 2014 2015 2016*

3 2014 2015 2016*
 U.S. VC Activity with Mutual Fund Participation
2006 2007 2008 2009 2010 2011 2012 2013 2014
Capital Invested ($B) $1.5 $2.0 $1.9 $1.3 $0.7 $5.8 $2.0 $2.1 $11.3
Deal Count 66 72 67 42 29 50 56 61 113

$16 140

$14 117 120

113

$12
100
$10
72 80
$8 66 67
61
56 60
$6 50
42
40
$4 29
16 20
$2

$11.3

$13.8
$2.0

$1.9

$1.3

$0.7

$5.8

$2.0

$2.1
$0 0
$1.5

$3.5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*

Capital Invested ($B) Deal Count

Median Pre-Money Valuation ($M) of U.S. Early Stage VC Rounds with CVC Participation
2006 2007 2008 2009 2010 2011 2012 2013 2014
CVC Investor $15.6 $15.5 $13.4 $13.7 $14.8 $17.1 $16.4 $20.4 $25.0
No CVC Investor $10.0 $9.9 $10.6 $8.5 $9.2 $9.8 $10.4 $12.0 $15.2

$45

$40 $3

$35

$30 $29

$25
$1
$20 $18

$15

$10

$5

$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201

CVC Investor No CVC Investor

$5

$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201

CVC Investor No CVC Investor

 Median U.S. Round Size ($M) with Mutual Fund Participation
2015 2016* 2006 2007 2008 2009 2010
$13.8 $3.5 Median Round Size ($M) $18.0 $25.0 $19.2 $17.8 $20.0
117 16 *Through 2/29/2016
$70
140
$60
117 120
113
$50
100

$40
80

60 $30

40 $20

16 20 $10
$11.3

$13.8

0
$0
$3.5

2014 2015 2016*

2006 2007 2008 2009 2010 2011 201
ount

CVC Participation Median Pre-Money Valuation ($M) of U.S. Late Stage VC Roun
2015 2016* 2006 2007 2008 2009 2010
$28.5 $38.6 CVC Investor $73.8 $69.6 $76.8 $46.3 $63.7
$18.4 $19.5 No CVC Investor $41.3 $50.6 $45.2 $39.6 $41.3
*Through 2/29/2016
$200
$39 $180

$160

$29 $140

$120

$19 $100
$18
$80

$60

$40

$20

$0
3 2014 2015 2016* 2006 2007 2008 2009 2010 2011 2012

CVC Investor No CVC In

 $20

$0
3 2014 2015 2016* 2006 2007 2008 2009 2010 2011 2012

CVC Investor No CVC In

 Mutual Fund Participation
2011 2012 2013 2014 2015 2016*
$39.9 $21.0 $26.0 $50.0 $60.0 $55.5

$60
$56

09 2010 2011 2012 2013 2014 2015 2016*

) of U.S. Late Stage VC Rounds with CVC Participation

2011 2012 2013 2014 2015 2016*
$79.2 $94.2 $113.3 $138.1 $167.2 $174.4
$58.2 $62.6 $67.7 $79.8 $102.5 $122.2

$174
$167

$122

$102

9 2010 2011 2012 2013 2014 2015 2016*

VC Investor No CVC Investor

9 2010 2011 2012 2013 2014 2015 2016*

VC Investor No CVC Investor

 Median Early-Stage Round Step-Ups by Year in U.S.
2006 2007 2008 2009 2010 2011 2012 2013 2014
Median Step-Up 1.6x 1.6x 1.6x 1.1x 1.4x 1.7x 1.7x 1.5x 1.7x
*Through 2/29/2016
2.0x
1.8x
1.8x 1.7x 1.7x 1.7x
1.6x 1.6x 1.6x 1.6x
1.6x 1.5x
1.4x
1.4x

1.2x 1.1x

1.0x

.8x

.6x

.4x

.2x

.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*

Median Late-Stage Round Step-Ups by Year in U.S.

2006 2007 2008 2009 2010 2011 2012 2013 2014
Median Step-Up 1.3x 1.2x 1.3x 1.0x 1.1x 1.3x 1.3x 1.2x 1.3x
*Through 2/29/2016
1.6x

1.4x
1.4x 1.3x 1.3x
1.3x 1.3x 1.3x 1.3x
1.2x 1.2x
1.2x 1.1x
1.0x
1.0x

.8x

.6x

.4x

.2x

.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
 Median Time (years) Between Rounds in U.S. by Series
2015 2016* 2007 2008 2009 2010 2011 2012
1.8x 1.6x Seed 0.7 0.9 1.0 0.9 0.8 0.8
Series A 1.1 1.0 1.1 1.2 1.1 1.1
Series B 1.3 1.3 1.5 1.3 1.4 1.4
Series C 1.4 1.4 1.6 1.6 1.4 1.4
1.8x
Series D+ 1.5 1.4 1.5 1.4 1.4 1.3
1.7x *Through 2/29/2016
1.6x
1.6

1.4

1.2

0.8

0.6

Seed Series A S
2014 2015 2016* 0.4

0.2
2015 2016*
2007 2008 2009 2010 2011 2012 2013 2014
1.4x 1.3x

1.6
1.4x
1.3x
1.3x
x
1.5

1.4

1.3

1.2

Series C Series D+
3 2014 2015 2016*
1.1
2007 2008 2009 2010 2011 2012 2013 201
 Series C Series D+

1.1
2007 2008 2009 2010 2011 2012 2013 201
S. by Series
2013 2014 2015 2016*
0.9 0.9 0.9 1.0
1.1 1.1 1.2 1.3
1.4 1.2 1.3 1.5
1.5 1.4 1.4 1.5
1.3 1.3 1.3 1.3

1.5

1.3 1.3
1.2

1.0
0.9

Series A Series B

1 2012 2013 2014 2015 2016*

1.5

1.4

1.3
1.3

Series D+

1 2012 2013 2014 2015 2016*

 Series D+

1 2012 2013 2014 2015 2016*

 U.S. Venture Up, Flat or Down Rounds by Year
2006 2007 2008 2009 2010 2011 2012 2013 2014
Up 549 711 802 459 689 937 1,059 1,091 1,421
Flat 170 217 245 344 344 353 439 547 522
Down 149 192 245 395 351 302 266 320 304
*Through 2/29/2016

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20

Down Flat Up
U.S. Venture Up, Flat or Down Rounds in Software U.S. Venture Up, Flat or
2012 2013 2014 2015 2016* 2012
Up 439 462 618 562 88 Up 123
Flat 141 168 190 116 13 Flat 38
Down 85 109 114 117 13 Down 29
*Through 2/29/2016 *Through 2/29/2016
100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0%
2012 2013 2014 2015 2016* 2012 2013
40% 40%

30% 30%

20% 20%

10% 10%

0% 0%
2012 2013 2014 2015 2016* 2012 2013

Down Flat Up Down

 2015 2016*
1,286 180
358 40
287 43

3 2014 2015 2016*

Up
U.S. Venture Up, Flat or Down Rounds in Comercial Services U.S. Venture Up, Flat or Down Rounds HC S
2013 2014 2015 2016* 2012 2013
117 159 120 12 Up 131 119
59 54 40 4 Flat 74 97
36 26 34 6 Down 49 53
*Through 2/29/2016
100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0%
2012 2013 2014 2015 2016* 2012 2013 2014 2015
40% 40%

30% 30%

20% 20%

10% 10%

0% 0%
2012 2013 2014 2015 2016* 2012 2013 2014 2015

Down Flat Up Down Flat U

e Up, Flat or Down Rounds HC Services/Supplies/Systems
2014 2015 2016*
157 141 15
95 68 9
47 30 6

012 2013 2014 2015 2016*

012 2013 2014 2015 2016*

Down Flat Up