www.pwc.

com

PricewaterhouseCoopers National Venture Capital Association

MoneyTree Report
TM

Q4 2010/Full-year 2010
Data provide by Thomson Reuters

The Q4 2010 MoneyTree results are in! This special, expanded report provides detailed results of Q4 2010 as well as comprehensive findings for full-years 2009 and 2010. More detailed results, including historical data back to 1995, can be found on the MoneyTree website at www.pwcmoneytree.com.

Total equity investments into venture-backed companies

Venture capitalists invested $21.8 billion in 3,277 deals in 2010, an increase of 19 percent in dollars and a 12 percent rise in deals over the prior year. The rise in venture investments in 2010 represents the first time the annual investment level has increased since 2007. Investments in the fourth quarter of 2010 totaled $5.0 billion in 765 deals, a 2 percent increase in dollars but a 3 percent decrease in deals from the third quarter of 2010 when $4.9 billion went into 789 deals.

Double-digit increases in investments in 2010 were spread across almost every industry, including the Clean Technology and Internet-Specific sectors. Investment dollars also increased across every stage of development category, with the exception of a 2 percent decrease in Seed stage investments. First-time financings rose in 2010 compared to the prior year, however, fourth quarter investing did show a decline in both first-time dollars and deals when compared to Q3 2010.

$ in millions 20

`05 `06 `07 `08 `09 `10

6,941 6,094 5,694 5,739 5,008 3,390 6,284 6,644 7,142 7,207 6,142 7,761 7,791 7,807 7,355 7,089 5,854 4,290 4,961 4,945 5,212 5,384 6,900 5,017

15

10

0 Quarter Number of deals Q1 (739) Q2 (837) Q3 (794) Q4 (831) Q1 (883) Q2 (978) Q3 (924) Q4 (969) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (875) (1,067) (1,017) (1,076) (1,027) (1,072) (1,005) (921) Q1 (637) Q2 (710) Q3 (716) Q4 (864) Q1 Q2 (763) (960) Q3 (789) Q4 (765)

PwC

Investments by industry
2009 to 2010
The Software industry recaptured its status as the single largest investment sector for the year, rising 20 percent over 2009 to $4.0 billion in 2010, which was invested into 835 deals; a 21 percent rise over the prior year. Biotechnology funding increased modestly in 2010 by 3 percent in dollars and 8 percent in deals, with $3.7 billion going into 460 deals, dropping it to the second largest investment sector for the year in terms of dollars and deals. The Medical Device industry fell 9 percent in dollars and was flat in terms of deals in 2010, finishing the year as the fourth largest sector with $2.3 billion going into 324 deals. The Life Sciences sector (Biotech and Medical Devices combined) accounted for 28 percent of all venture capital dollars invested in 2010 compared to 33 percent in 2009. The Clean Technology sector experienced a significant increase in 2010 with $3.7 billion invested in 267 deals. This investment level represents a 76 percent increase in dollars and a 37 percent increase in deal volume from 2009 when $2.1 billion went into 195 deals. These investment levels remained below 2008 levels of $4.0 billion into 277 deals, which was an all-time high. With five of the top ten deals going to Clean Technology, funding in the sector accounted for 17 percent of all venture capital dollars in 2010 compared to 11 percent in 2009. Internet-specific companies also saw an increase in investing in 2010. The $3.78 billion going into 729 deals represented a 28 percent increase in dollars and 14 percent in deals from 2009 when $2.9 billion went into 638 deals. Internet-specific is a discrete classification assigned to a company whose business model is fundamentally dependent on the Internet, regardless of the companys primary industry category. These companies accounted for 17 percent of all venture capital dollars in 2010, up from 16 percent in 2009. Industry sectors experiencing some of the biggest dollar increases in 2010 included: IT Services (44 percent); Telecommunications (77 percent); and Media & Entertainment (18 percent).

# of Deals

($ in millions) All results rounded

1,000

2,000

3,000
$3,299 $3,566 $3,686 $2,418 $2,540 $2,316 $3,358

4,000
$3,964

Software Biotechnology Industrial/Energy Medical Devices and Equipment IT Services Media and Entertainment Semiconductors Telecommunications Networking and Equipment Consumer Products and Services Financial Services Computers and Peripherals Business Products and Services Electronics/Instrumentation Healthcare Services Retailing/Distribution Other

692 835 426 460 234 277 323 324 218 272 252 292 126 124 132 136 105 64 84 104 52 70 57 70 82 90 61 65 38 42 29 26 16 26 $9 $26 $136 $273 $146 $177 $262 $448 $300 $375 $361 $529 $371 $528 $388 $517 $518 $919 $807 $666 $792 $952 $1,160 $1,668 $1,202 $1,422

2009 2010

($ in millions) All results rounded

10,000
$18,276

20,000
$21,823

30,000

Grand Total

2,927 3,277

Definitions of the Industry categories can be found on the MoneyTree web site at www.pwcmoneytree.com

MoneyTree Report
TM

Industry
Q4 2009, Q3 2010 and Q4 2010
Software investing also increased in the fourth quarter of 2010 to the highest quarterly dollar level since Q3 2007 with $1.1 billion going into 218 deals. Software was the number one sector for dollars invested and total number of deals in the fourth quarter and was the only industry sector to receive more than $1 billion in the fourth quarter. For the fourth quarter, Biotechnology funding declined 24 percent in dollars and fell 15 percent in the number of deals from the third quarter with $685 million going into 94 rounds. For the fourth quarter, Medical Devices saw a drop of 31 percent in dollars and 15 percent in deals from Q3 2010 with $400 million going into 71 deals. In the fourth quarter, venture capitalists invested $765 million into 57 Clean Technology deals. Four of the top 10 deals in the fourth quarter fell into the Clean Technology category. Clean Technology crosses traditional MoneyTree industries and comprises alternative energy, pollution and recycling, power supplies and conservation. Fourth quarter Internet-specific investment increased 65 percent in dollars and 19 percent in deals with $1.2 billion going into 190 deals compared to $745 million going into 160 deals in the third quarter of 2010.

# of Deals

250

400

600

800

1,000
$972

($ in millions) All results rounded

1,200

Software Industrial/Energy Biotechnology Media and Entertainment IT Services Medical Devices and Equipment Computers and Peripherals Networking and Equipment Consumer Products and Services Telecommunications Semiconductors Electronics/Instrumentation Business Products and Services Financial Services Healthcare Services Retailing/Distribution Other

215 201 218 73 59 72 116 110 94 80 60 70 56 68 65 93 83 71 15 14 20 24 14 13 25 18 27 46 38 29 43 34 23 18 17 11 18 25 16 18 19 12 8 16 9 9 6 5 7 7 10

$28 $59 $72 $54 $139 $60 $79 $77 $72 $73 $77 $90 $72 $151 $92 $91 $149 $236 $254 $435 $481 $775 $426 $533 $418 $621 $853 $903

$1,041 $1,126

$1,106

$685

$400

$578

$143 $118 $135 $117 $112 $134 $175 $126 $248 $236 $357

$125

Q4 09 Q3 10

Q4 10

$24 $3 $7 $7

# of Deals

1,000

2,000

3,000

4,000

5,000
$4,945 $5,017

($ in millions) All results rounded

6,000

Grand Total

864 789 765

$5,384

Definitions of the Industry categories can be found on the MoneyTree web site at www.pwcmoneytree.com

PwC

Investments by stage of development

2009 to 2010
Investments into Seed Stage companies decreased 2 percent in terms of dollars but increased 4 percent in terms of deals with $1.7 billion going into 363 companies in 2010. Seed Stage companies attracted 8 percent of dollars and 11 percent of deals in 2010 compared to 10 percent of dollars and 12 percent of deals in 2009. Early Stage investments experienced double-digit increases, rising 15 percent in terms of dollars and 25 percent in terms of deals in 2010 to $5.3 billion in 1,147 deals. Early Stage companies attracted 24 percent of dollars and 35 percent of deals in 2010 compared to 25 percent of dollars and 31 percent of deals in 2009. Expansion Stage investments increased in 2010 by 47 percent in dollars and 21 percent in deals with $8.5 billion going into 1,021 deals. Expansion Stage companies attracted 39 percent of dollars and 31 percent of deals in 2010 compared to 32 percent of dollars and 29 percent of deals in 2009. In 2010, $6.3 billion was invested into 746 Later Stage deals, a 3 percent increase in dollars and a 9 percent decrease in deals for the year. Later Stage companies attracted 29 percent of dollars and 23 percent of deals in 2010 compared to 34 percent of dollars and 28 percent of deals in 2009.

# of Deals

1,000

2,000

3,000

4,000

5,000

6,000
$6,161 $6,315 $5,772

7,000

($ in millions) All results rounded

8,000

9,000

Later Stage Expansion Early Stage Startup/Seed

820 746 843 1,021 915 1,147 349 363 $1,739 $1,712 $4,603 $5,304

$8,493

# of Deals

5,000

10,000

15,000
$18,276

20,000

($ in millions) All results rounded

25,000

Grand Total

2,927 3,277

$21,823

Definitions of the Stage of Development categories can be found on MoneyTree web site at www.pwcmoneytree.com

2009 2010

MoneyTree Report
TM

Investments by stage of development

Q4 2009, Q3 2010 and Q4 2010
For the fourth quarter, venture capitalists invested $243 million into 80 seed stage companies, a 14 percent decrease in dollars and a 7 percent decline in deals compared to the third quarter of the year. Fourth quarter Early Stage deals increased with $1.4 billion going into 285 deals, a 7 percent increase in dollars and 4 percent increase in deals from Q3. Expansion funding rose in the fourth quarter, increasing 32 percent from the prior quarter to $2.2 billion. The number of deals also increased during the quarter, improving 7 percent to 245. Fourth quarter Later Stage funding decreased 29 percent in terms of dollars and a 22 percent in terms of deals from the third quarter of 2010.

# of Deals

500

1,000
$1,219 $1,648 $1,721 $1,701 $1,635 $1,307 $1,393 $1,641

2,000

($ in millions) All results rounded

2,500

Later Stage Expansion Early Stage Startup/Seed

203 198 155 255 230 245 305 275 285 101 86 80 $282 $243 $394

$2,162

Q4 09 Q3 10

Q4 10
2,000 3,000 4,000 5,000
$4,945 $5,017
($ in millions) All results rounded

# of Deals

1,000

6,000

Grand Total

864 789 765

$5,384

Definitions of the Stage of Development categories can be found on MoneyTree web site at www.pwcmoneytree.com

PwC

Investments by sequence of financing

2009 to 2010
First-time financings in 2010 jumped 29 percent both in terms of dollars and deals from the prior year, rising to $4.3 billion going into 999 companies. Industries receiving the most dollars in first-time financings in 2010 were Software, Biotechnology, and Industrial/Energy. Industries with the most first-time deals in 2010 were Software, Biotechnology, and Media/Entertainment. Fifty-one percent of first-time deals in 2010 were in the Early Stage of development followed by the Seed Stage of development at 24 percent, Expansion Stage companies at 17 percent and Later Stage companies at 8 percent.

# of Deals

1,000

2,000

3,000
$3,327

4,000
$4,283

5,000
$5,645

6,000

7,000

($ in millions) All results rounded

8,000

First Second & Third Fourth, Fifth, & Sixth Seventh & Beyond

774 999 1,003 1,005 736 807 414 466

$7,035 $6,074 $6,908

2009 2010

$3,229 $3,598

# of Deals

5,000

10,000

15,000
$18,276

20,000

($ in millions) All results rounded

25,000

Grand Total

2,927 3,277

$21,823

MoneyTree Report
TM

Investments by sequence of financing

Q4 2009, Q3 2010 and Q4 2010
In contrast to 2010 investment trends, the dollar level and number of companies receiving venture capital for the first time decreased in the fourth quarter by 32 and 8 percent, respectively, over the third quarter, dropping to $836 million into 235 companies. The fourth quarter of 2010 was the first time since the third quarter of 2007 in which first-time financings did not exceed one billion dollars.

# of Deals

500
$836

1,000
$1,112 $1,224

1,500

($ in millions) All results rounded

2,000

First Second & Third Fourth, Fifth, & Sixth Seventh & Beyond

255 255 235 295 233 249 194 187 183 120 114 98

$1,513 $1,304 $1,019

$1,640 $1,745 $1,614 $1,619

Q4 09 Q3 10

$818

$904

Q4 10
4,000 5,000
$4,945 $5,017
($ in millions) All results rounded

# of Deals

1,000

2,000

3,000

6,000
$5,384

Grand Total

864 789 765

PwC

Investments by region
2009 to 2010
Half of the top ten regions to attract venture-backed funding in 2010 recorded an increase in funding over the prior year. The Midwest reported the greatest jump in 2010 investment with a 77 percent increase in funding followed by Colorado with a 51 percent increase. Silicon Valley was the top region for the year attracting 40 percent of total US venture capital dollars and 30 percent of total US deals. New England was a distant second at 11 percent of total US funding and 12 percent of total deals. Taken together, the top three regions Silicon Valley, New England, and New York Metro accounted for 61 percent of venture-backed funding and 53 percent of deals reported in 2010.

# of Deals

2,000
$2,199 $2,537 $1,490 $1,876 $955 $1,584 $788 $1,195 $933 $1,049 $688 $891 $944 $847 $598 $833 $727 $806 $463 $468 $435 $431 $383 $324 $282 $278

4,000

6,000
$7,327

8,000
$8,513

10,000

($ in millions) All results rounded

12,000

Silicon Valley New England NY Metro LA/Orange County Midwest Southeast Texas San Diego DC/Metroplex Northwest Colorado Philadelphia Metro North Central South West South Central Upstate NY Sacramento/N.Cal AK/HI/PR

915 961 360 387 254 350 168 205 228 245 139 187 120 143 109 115 131 136 134 156 79 77 95 118 59 50 68 58 36 42 12 23 10 8 3 6

$23 $78 $10 $46 $18 $34 $7 $16

2009 2010

0 Grand total
2,927 3,277

10,000
$18,276

20,000
$21,823

($ in millions) All results rounded

30,000

Unknown region totals not included

MoneyTree Report
TM

Investments by region
Q4 2009, Q3 2010 and Q4 2010
In the fourth quarter, seven of the top ten regions saw an increase in funding compared to third quarter 2010. Half of the top ten regions reported an increase in funding compared to investment the same time last year. Funding going to Silicon Valley was up nine percent from the third quarter but down five percent compared to the fourth quarter 2009. New England deals were up two percent compared to third quarter 2010 but down 23 percent from the fourth quarter 2009. Silicon Valley, New England and New York Metro were the top regions for the quarter and accounted for 61 percent of dollars and 53 percent of the deals reported in the fourth quarter 2010.

# of Deals

500
$692

1,000

1,500
$ 1,833

2,000
$2,001

2,500

($ in millions) All results rounded

3,000

Silicon Valley New England NY Metro Midwest LA/Orange County Colorado San Diego Southeast Northwest DC/Metroplex Texas Philadelphia Metro North Central South Central SouthWest Upstate NY AK/HI/PR Sacramento/N.Cal

281 217 231 108 101 88 68 84 83 69 59 62 45 40 48 25 19 24 32 30 26 32 51 33 34 37 33 48 33 23 33 41 34 30 33 30 21 11 14 9 5 18 21 16 8 4 5 4 1 2 1 3 -

$2,075

$341 $378 $284 $229 $305 $168 $213 $258

$526 $536 $486 $513

$254 $344 $223 $193 $166 $265 $191 $185 $194 $160 $209 $259 $143 $215 $389 $138 $152 $148 $85 $130 $99 $46 $2 $5 $34 $53 $72 $31 $6 $4 $2 $0 $5 0 $3 $5 0

$88

Q4 09 Q3 10 Q4 10

($ in millions) All results rounded

0 Grand total
864 789 765

1,000

2,000

3,000

4,000

5,000
$4,945 $ 5,017 $5,384

6,000

Unknown region totals not included

Definitions of the Region categories can be found on MoneyTree web site at www.pwcmoneytree.com

10

PwC

Investment by state
2009 to 2010
California was the top state to receive funding in 2010, with 50 percent of total US venture-backed investment for the third consecutive year. Massachusetts was in second place, capturing 11 percent of total US dollars. New York and Texas attracted 6 percent and 4 percent of total dollars, respectively. All but one of the top ten states reported an increase in 2010 funding when compared to full year 2009.

# of Deals

0
$2,073 $2,373 $935 $1,339 $688 $891 $607 $613 $237 $575 $419 $508 $463 $468 $245 $456 $545 $451

4,000

($ in millions) All results rounded

8,000
$9,245

12,000
$10,978

16,000

20,000

California Massachusetts New York Texas Washington Illinois Pennsylvania Colorado North Carolina New Jersey

1,202 1,289 317 351 180 266 120 143 109 116 44 60 133 153 79 77 34 57 73 71

2009 2010

# of Deals

4,000

8,000

12,000

Top 10 total

2,291 2,583

$15,457

16,000

($ in millions) All results rounded

20,000

$18,652

MoneyTree Report
TM

11

Most active venture investors

Full-year 2010
The most active US venture firms closed 21 or more deals in 2010. Kleiner Perkins Caufield & Byers topped the list of most active venture firms, completing a total of 76 deals in 2010. First Round Capital and New Enterprise Associates, round out the top three firms. For the year, the most active firms invested in 25 percent of total deals completed in 2010.

Firm
Kleiner Perkins Caufield & Byers First Round Capital New Enterprise Associates, Inc. Draper Fisher Jurvetson North Bridge Venture Partners Polaris Venture Partners Sequoia Capital Venrock Associates Canaan Partners Domain Associates LLC Accel Partners Menlo Ventures U.S. Venture Partners Austin Ventures, L.P. Intel Capital Rho Capital Partners, Inc. Foundation Capital Khosla Ventures Bessemer Venture Partners Redpoint Ventures Ben Franklin Technology Partners Southeastern PA True Ventures Benchmark Capital Kansas Technology Enterprise Corporation ARCH Venture Partners Flagship Ventures Highland Capital Partners LLC InterWest Partners Oak Investment Partners

City
Menlo Park, CA West Conshohocken, PA Menlo Park, CA Menlo Park, CA San Mateo, CA Waltham, MA Menlo Park, CA Palo Alto, CA Westport, CT Princeton, NJ Palo Alto, CA Menlo Park, CA Menlo Park, CA Austin, Texas Santa Clara, CA New York, NY Menlo Park, CA Menlo Park, CA Larchmont, NY Menlo Park, CA Philadelphia, PA Palo Alto, CA Menlo Park, CA Topeka, KS Chicago, IL Cambridge, MA Lexington, MA Menlo Park, CA Westport, CT

# of deals
76 69 67 58 55 53 47 46 42 39 38 38 38 37 36 36 35 35 34 34 33 33 32 32 30 30 30 30 30

Firm
Norwest Venture Partners Sigma Partners Battery Ventures, L.P. Connecticut Innovations, Inc. Lightspeed Venture Partners OVP Venture Partners Alloy Ventures Frazier Healthcare and Technology Ventures Innovation Works, Inc. Adams Street Partners LLC Advanced Technology Ventures Charles River Ventures Alta Partners Greycroft Partners Greylock Partners Matrix Partners Founder Collective HealthCare Ventures LLC RRE Ventures LLC Village Ventures Advantage Capital Partners Duff Ackerman & Goodrich LLC Edison Venture Fund JAFCO Ventures Mohr Davidow Ventures Morgenthaler Ventures Shasta Ventures Management LLC Trident Capital

City
Palo Alto, CA Menlo Park, CA Waltham, MA Rocky Hill, CT Menlo Park, CA Kirkland, WA Palo Alto, CA Seattle, WA Pittsburgh, PA Chicago, IL Waltham, MA Waltham, MA San Francisco, CA New York, NY Cambridge, MA Waltham, MA Somerville, MA Cambridge, MA New York, NY Williamstown, MA New Orleans, LA San Francisco, CA Lawrenceville, NJ Palo Alto, CA Menlo Park, CA Menlo Park, CA Menlo Park, CA Palo Alto, CA

# of deals
29 29 27 27 26 26 25 25 25 24 24 24 23 23 23 23 22 22 22 22 21 21 21 21 21 21 21 21

12

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Most active venture investors

Q4 2010
The most active US venture firms in the fourth quarter 2010 closed six or more deals each. Kleiner Perkins Caufield & Byers topped the fourth quarters most active list with a total off 24 deals, followed by Sequoia Capital, which participated in 21 investments during the quarter.

Firm
Kleiner Perkins Caufield & Byers Sequoia Capital First Round Capital New Enterprise Associates, Inc. North Bridge Venture Partners Kansas Technology Enterprise Corporation U.S. Venture Partners Draper Fisher Jurvetson Intel Capital Polaris Venture Partners Bessemer Venture Partners Austin Ventures, L.P. Charles River Ventures Venrock Associates Sigma Partners True Ventures Accel Partners Frazier Healthcare and Technology Ventures InterWest Partners Lightspeed Venture Partners Mission Ventures Oak Investment Partners Andreessen Horowitz HealthCare Ventures LLC Innovation Works, Inc. Khosla Ventures Menlo Ventures

City
Menlo Park, CA Menlo Park, CA West Conshohocken, PA Menlo Park, CA San Mateo, CA Topeka, KS Menlo Park, CA Menlo Park, CA Santa Clara, CA Waltham, MA Larchmont, NY Austin, TX Waltham, MA Palo Alto, CA Menlo Park, CA Palo Alto, CA Palo Alto, CA Seattle, WA Menlo Park, CA Menlo Park, CA San Diego, CA Westport, CT Menlo Park, CA Cambridge, MA Pittsburgh, PA Menlo Park, CA Menlo Park, CA

# of deals
24 21 17 16 16 15 15 14 14 14 12 11 11 11 10 10 9 9 9 9 9 9 8 8 8 8 8

Firm
OVP Venture Partners Redpoint Ventures Rho Capital Partners, Inc. Adams Street Partners LLC Domain Associates LLC Foundation Capital Google Ventures Madrona Venture Group Norwest Venture Partners Spark Capital Tenaya Capital Advanced Technology Ventures ARCH Venture Partners Ben Franklin Technology Partners Southeastern PA Benchmark Capital Connecticut Innovations, Inc. Duff Ackerman & Goodrich LLC Essex Woodlands Health Ventures Foundry Group Greylock Partners Highland Capital Partners LLC JumpStart, Inc. Matrix Partners MPM Capital Rockport Capital Partners RRE Ventures LLC Trident Capital Union Square Ventures

City
Kirkland, WA Menlo Park, CA New York, NY Chicago, IL Princeton, NJ Menlo Park, CA Mountain View, CA Seattle, WA Palo Alto, CA Boston, MA New York, NY Waltham, MA Chicago, IL Philadelphia, PA Menlo Park, CA Rocky Hill, CT San Francisco, CA New York, NY Boulder, CO Cambridge, MA Lexington, MA Cleveland, OH Waltham, MA Boston, MA Boston, MA New York, NY Palo Alto, CA New York, NY

# of deals
8 8 8 7 7 7 7 7 7 7 7 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

MoneyTree Report
TM

13

Venture-backed merger and acquisitions exits

2008 to 2010
The 2010 venture-backed exit market appeared to be on the rebound. The year ended with 420 venture-backed Mergers and Acquisitions (M&A) deals with a total disclosed value of $18,307.2 million. In 2009, by comparison, there were 273 M&A transactions with a total disclosed value of $13,552.9 million.

$ in millions 10,000

`08 `09 `10

$8,924 $5,676 $4,983 $5,587

8,000

6,000

4,000
$3,268

$4,023 $3,235 $2,391 $2,570 $3,022

2,000
$1,392 $666

0 Quarter Number of IPOs

Q1 (109)

Q2 (85)

Q3 (89)

Q4 (65)

Q1 (65)

Q2 (65)

Q3 (69)

Q4 Q1 (74) (122)

Q2 (99)

Q3 (111)

Q4 (88)

Source: Thomson Reuters & National Venture Capital Association Data current as of January 03, 2011

14

PwC

Venture-backed initial public offerings (IPO)

2008 to 2010
The tally of venture-backed IPOs completed in the fourth quarter of 2010 was more than double the number reported in the third quarter. The year also ended on a high note with 72 exits valued at $7,017.5 million. In contrast, there were 12 venture-backed IPOs 2009 and only 6 completed in 2008.

$ in millions 4,000

`08 `09 `10

$3.557

3,000

2,000

$1,275 $936 $1,249

1,000

$721 $572 $283 $0

$188 $0 $0 $349

0 Quarter Number of IPOs

Q1 (5)

Q2 (0)

Q3 (1)

Q4 (0)

Q1 (0)

Q2 (5)

Q3 (3)

Q4 (4)

Q1 (9)

Q2 (17)

Q3 (14)

Q4 (32)

Source: Thomson Reuters & National Venture Capital Association Includes all companies with at least one US VC investor that trade on US exchanges, regardless of domicile. Data current as of January 03, 2011

MoneyTree Report
TM

15

pwcmoneytree.com

Contacts
Tracy T. Lefteroff Global Managing Partner Venture Capital Practice tracy.t.lefteroff@us.pwc.com David Silverman Emerging Company Services Practice Co-lead david.silverman@us.pwc.com Danny Wallace Emerging Company Services Practice Co-lead danny.wallace@us.pwc.com Deborah Volpe MoneyTree Project Manager deborah.volpe@us.pwc.com

PricewaterhouseCoopers and the National Venture Capital Association have taken responsible steps to ensure that the information contained in the MoneyTreeTM 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. Before making any decision or taking any action, you should consult a competent professional adviser.

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