Boston and surrounding Unicorns >$500MM since 2003 - sorted by alpha By Juan Leung Li (@juanleungli) and Jeff Bussgang

(@bussgang) * Valuations reflect market cap as of 11/15/2013 if company is public and "peak" market cap if company is no longer public Sources: CapitalIQ, Crunchbase, Yahoo Finance, Wilmer Hale public reports, Boston Business Journal As of November 15, 2013 Name Acceleron Acme Packet Adnexus Therapeutics Advanced BioHealing Agios Pharmaceuticals Alnylam Pharmaceuticals athenahealth Avila Therapeutics BioVex BladeLogic Boston Biomedical Color Kinetics Constant Contact Demandware Emptoris Endeca Endurance Int'l Group Holdings Epizyme EqualLogic Fleetmatics FoldRx Pharmaceuticals, Inc. Foundation Medicine Gloucester Pharmaceuticals Health Dialog Idenix Pharmaceuticals Insulet IPG Photonics iRobot Ironwood Pharmaceuticals ITA Software Kayak Kiva Systems LogMeIn Momenta Netezza Open Solutions Phase Forward Precise Software Salient Surgical Technologies Sirtris Pharmaceuticals Starent Stromedix Synageva Tangoe Tesaro Tripadvisor Trusteer Virtusa Vistaprint Zipcar Year founded 2003 2000 2002 2003 2007 2002 1997 2006 1999 2001 2007 1997 1998 2004 1999 1999 1997 2007 2001 2004 2003 2009 2002 1997 1998 2000 1990 1990 1998 1996 2004 2003 2003 2001 2000 1992 1997 1990 1999 2004 2000 2005 1996 2000 2010 2000 2006 1996 1995 2000 Exit 2013 2013 2007 2011 2013 2004 2007 2012 2011 2008 2012 2004 2007 2012 2011 2011 2013 2013 2007 2012 2010 2013 2009 2007 2004 2007 2006 2005 2010 2010 2012 2012 2009 2004 2010 2003 2004 2003 2011 2008 2009 2012 2012 2011 2012 2011 2013 2007 2005 2013 Years to liquidity 10 13 5 8 6 2 10 6 12 7 5 7 9 8 12 12 16 6 6 8 7 4 7 10 6 7 16 15 12 14 8 9 6 3 10 11 7 13 12 4 9 7 16 11 2 11 7 11 10 13 Sector Life Sciences + Other Enterprise Life Sciences + Other Life Sciences + Other Life Sciences + Other Life Sciences + Other Enterprise Life Sciences + Other Life Sciences + Other Enterprise Life Sciences + Other Enterprise Enterprise Enterprise Enterprise Enterprise Enterprise Life Sciences + Other Enterprise Enterprise Life Sciences + Other Life Sciences + Other Life Sciences + Other Enterprise Life Sciences + Other Life Sciences + Other Life Sciences + Other Consumer Life Sciences + Other Enterprise Consumer Enterprise Enterprise Life Sciences + Other Enterprise Enterprise Enterprise Enterprise Life Sciences + Other Life Sciences + Other Enterprise Life Sciences + Other Life Sciences + Other Enterprise Life Sciences + Other Consumer Enterprise Enterprise Consumer Consumer Immigrant founder? N/A N/A Yes N/A Yes Yes N/A Yes Yes Yes Yes N/A N/A Yes Yes N/A N/A Yes N/A Yes Yes N/A N/A N/A Yes N/A Yes Yes N/A N/A N/A N/A Yes N/A Yes No No Yes No Yes Yes N/A N/A Yes N/A N/A Yes Yes Yes Yes Latest type of exit IPO M&A M&A M&A IPO IPO IPO M&A M&A M&A M&A M&A IPO IPO M&A M&A IPO IPO M&A IPO M&A IPO M&A M&A IPO IPO IPO IPO IPO M&A M&A M&A IPO IPO M&A IPO M&A M&A M&A M&A M&A M&A IPO IPO IPO IPO M&A IPO IPO M&A Valuation ($M)* $523 $2,045 $553 $750 $545 $3,410 $4,960 $925 $1,000 $891 $2,630 $785 $854 $1,980 ~$600 $1,075 $1,463 $539 $1,400 $1,440 $655 $665 $639 $775 $596 $1,940 $3,510 $975 $1,200 $700 $1,800 $775 $775 $869 $1,730 $776 $721 $609 $525 $727 $2,828 $563 $1,720 $594 $1,220 $12,500 $~800 $922 $1,840 $628 Notes

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50

^ $2.43B tied to milestones Exit year is IPO year

Exit year is IPO year Founded in Israel

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