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FINANCING AND EXIT ANALYSIS

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New Enterprise Associates topped all venture investors by unique company deals in 2014. 4 . 2014 saw the highest number of seed VC deals since 2009 at 976. Moderna and Intarcia raised a total of $650M making them the year’s largest healthcare deals. Overall VC funding to the mobile sector was up 109% versus 2013 driven by these mega-deals. Seed VC dollars deployed hit a five-year high in 2014 at $1. and Square. followed by fellow mega-funds Andreessen Horowitz and Kleiner Perkins. Instacart. Deal growth was more modest climbing 8%. 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. In Q4’14. Seed VC deal sizes continued their steady increase with a sharp uptick in Q4’14. However.7M up 25% and 30% versus the same quarter a year prior. The healthcare IPO market continued its momentum from 2013 with 64 US-companies going public in 2014. the past year was huge as venture capital skyrocketed 62% YoY due to multiple $500M+ mega-rounds. they bumped up to their highest levels in four years with the average hitting $1. which ranked 5th in 2013. Healthcare VC funding totaled $8. the IPO picture was a bit mixed. @cbinsights #VC2014 As it targets a new $2. NY is a distant 3rd to Massachusetts.We tracked a number of mega-deals this quarter whose investors included hedge funds or mutual funds for example. Seed funding has increased for four straight quarters. on the IPO front.33B. Deal volume was up only 10%.9M and the median at $1. Snapchat. Although there were 738 VC-backed exits in 2014. Page 100 details the rules and definitions we use. Even versus 2013. respectively.2B in 2014.5B fund.S. Healthcare and tech M&A were up 27% and 34% YoY. In Q4’14. This report only includes only U. VC funding to the mobile sector topped $3B for the first time ever due to mega-financings to Uber. up 68% YoY.-based rounds in which VCs participated so that we can accurately reflect (and not inflate) VC investments. up 28% 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.

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

@cbinsights #VC2014 6 .

@cbinsights #VC2014 7 .2014 hit the highest funding mark since 2001. 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. A mix of traditional VC money coupled with corporate VCs.

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 .

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

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.

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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.

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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.

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1 .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 .25 26 .50 51 .75 76 .

8 42 West Virginia 1 0.4 5 Washington 97 1144.0 31 Vermont 7 14.0 9 Maryland 54 350. and also beat The Bay State with over $300M more in funding. Massachusetts.6 19 New Jersey 31 322.7 28 Nebraska 9 37.5 14 Ohio 38 257.9 31 Hawaii 7 11.4 10 Virginia 49 276.6 42 Alabama 1 0.6 8 Pennsylvania 73 711.9 4 Texas 143 1203.9 19 DC 31 247. Texas and Washington were the top five states for funding and deals for the second straight year.5 14 Connecticut 38 377.7 17 Florida 36 867.1 21 Arizona 29 254.5 11 Georgia 48 892.0 7 Colorado 77 690.6 31 New Mexico 7 10.8 2 New York 422 4510.3 6 Illinois 89 1051. Rank State Deals Dollars ($M) Rank State Deals Dollars ($M) Rank State Deals Dollars ($M) 1 California 1631 26840.4 38 Kentucky 4 60.2 31 Rhode Island 7 108.9 26 Indiana 15 48.5 42 South Dakota 1 3.0 25 Missouri 20 179.9 12 Utah 46 867. New York.0 30 South Carolina 8 93.8 42 Wyoming 1 4.6 36 Louisiana 5 6.0 27 New Hampshire 10 116.8 40 Maine 2 0.4 40 Arkansas 2 13.9 24 Oregon 25 160.0 42 Oklahoma 1 2. New York saw 22% more deals than Mass.2 42 Idaho 1 0.8 21 Minnesota 29 329.3 14 Michigan 38 296.2 42 Montana 1 26.3 31 Kansas 7 42.6 21 Wisconsin 29 144.California.4 3 Massachusetts 346 4163.6 28 Nevada 9 65.2 @cbinsights #VC2014 14 .5 42 Mississippi 1 1.9 12 North Carolina 46 355.8 38 Delaware 4 14.3 17 Tennessee 36 110.7 36 Iowa 5 12.

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

understand valuation multiples. analyze industry trends and identify comparable companies.” Ian Sigalow Partner Greycroft Partners “CB Insights are changing the way investors access private company information.cbinsights. analytical capabilities.com/customer-love .“We track dealflow. and detailed investment information create a very powerful tool for our team's research needs. 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.” Kevin Diestel Investor Sapphire Ventures “Designed by a VC insider who truly knows the space and understands end-user needs.” Jack Leeney Portfolio Manager Telefonica Ventures @cbinsights #VC2014 “CB Insights' intuitive user interface.” Greg Bae Investments & Biz Dev Comcast Ventures See what other customers have to say at http://www.” 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.

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.

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#VC2014

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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.

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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.

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

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

33B as funding has increased in four straight quarters. Overall. @cbinsights #VC2014 22 . seed VC funding hit a five-year high in 2014 at $1. 4 of the 5 most active quarters for seed deals since 2011 occurred in 2014.2014 saw the highest number of seed VC deals since 2009 with 976 financings.

In Q4’14.Seed VC deal sizes continued their steady increase with a sharp uptick in Q4’14.7M up 25% and 30% versus the same quarter a year prior.9M and the median at $1. they bumped up to their highest levels in four years with the average hitting $1. @cbinsights #VC2014 23 .

@cbinsights #VC2014 24 .

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

@cbinsights #VC2014 26 . while Massachusetts and New York increased 105% and 28% respectively.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. The only state to see fewer VC-backed exits versus 2013 was New Jersey.

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

Some of our happy customers @cbinsights #VC2014 28 . That includes all 3.617 of the financings and 738 exits in this report.The CB Insights platform has the details on each and every deal in 2014.

The IPO market for healthcare companies caught fire in 2013 and continued in 2014 with 64 US-based VC-backed healthcare companies going public. 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 . up 68% YoY.

@cbinsights #VC2014 30 .S.California and Mass took 62% of the U. 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.-headquartered venture-backed IPOs in 2014.

@cbinsights #VC2014 31 .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.

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

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.Just click this button (yes. you can also sign up for our newsletter here @cbinsights #VC2014 info@cbinsights.com (212) 292-3148 33 .

the 10 exits saw $48.Facebook’s acquisition of Sequoia Capital-backed WhatsApp for $22B was the largest venture-backed exit of 2014.55B in aggregate value. Together.67 IPO Public Zayo Group Holdings Colorado Mobile & Telecomm 4447.04 IPO Public Illinois Internet 2038. followed by the IPOs of Lending Club and Zayo Group Holdings. Top Venture Backed Exits of 2014 Company State Sector Valuation ($M) Exit Type Acquirer WhatsApp California Mobile & Telecomm 22000 M&A Facebook Lending Club California Financial 5416.53 IPO Public California Healthcare 1750 M&A Johnson & Johnson GrubHub Seamless Oculus VR Juno Therapeutics Alios BioPharma @cbinsights #VC2014 34 .03 IPO Public California Software 2000 M&A Facebook Washington Healthcare 1870.9 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.

@cbinsights #VC2014 35 .

5B and $4. Still. @cbinsights #VC2014 Year Funding ($B) Deals 2013 $11.6 1675 YoY Growth 67% 7% 36 .8 1562 2014 $19.VC funding in the Internet sector hit $5. Q4 funding was up 39% compared to the same period last year. but cooled off a bit to $4.6B in Q3 and Q4. Internet VC deal activity was up modestly versus 2013 climbing 7%.6B in Q2’14.

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. cities for Internet venture capital deals and funding.S. @cbinsights #VC2014 37 .198 Cloudera Series F $900 Q1'14 New York 237 $2.San Francisco topped the list of U. The top two largest Internet deals of the year went to Cloudera’s $900M Series F and AirBnB’s $475M Series D.554 AirBnB Series D $475 Q2'14 Palo Alto 56 $1. Top Cities for Internet: 2014 Top Cities Top Internet Deals: 2014 Deals Dollars ($M) Company Round Amount ($M) Quarter San Francisco 343 $5.

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 .

@cbinsights #VC2014 39 . 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.California again took the majority of Internet VC funding (57%).

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

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

@cbinsights #VC2014 42 . 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.Business Intelligence (BI) and Advertising.

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

@cbinsights #VC2014 44 .

7 521 2014 $7. despite only a 10% increase in deals. Overall VC funding to the mobile sector in 2014 was up 109% versus 2013. @cbinsights #VC2014 Year Funding ($B) Deals 2013 $3. The Uber impact was clear in the mobile numbers.8 571 YoY Growth 109% 10% 45 . Instacart.In Q4’14. VC funding to the mobile sector topped $3B for the first time ever due to megafinancings to Uber. and Square. Snapchat.

Top Cities for Mobile: 2014 Top Cities Top Mobile Deals: 2014 Deals Dollars ($M) Company Round Amount ($M) Quarter San Francisco 139 $4. while Snapchat closed the third-largest mobile deal shortly before the new year.San Francisco and New York top the list of U. Uber’s Series D and E rounds which cumulatively raised $2.200 Q4'14 New York 73 $394 Uber Series D $1. @cbinsights #VC2014 46 . cities for Mobile & Telecom venture capital deals.S.4B were the largest mobile VC deals of 2014.141 Uber Series E $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.

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

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

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 .

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

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

Photo garnered the second most funding largely due to Snapchat’s $485. Travel dominated funding share in Mobile.With the rise of Uber and Lyft in 2014. accounting for 35% of all VC dollars to Mobile startups.6M Series D at 7%. @cbinsights #VC2014 52 .

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

@cbinsights #VC2014 54 .

up 28% YoY.2 537 YoY Growth 28% -2% 55 . @cbinsights #VC2014 Year Funding ($B) Deals 2013 $6.2B in 2014.4 550 2014 $8. Q2’14 was the biggest quarter on both a funding and deals basis buoyed by Intarcia Therapeutics’ $200M growth equity round.Healthcare VC funding totaled $8.

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 .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.

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

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

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 . down from 38% in 2013.Seed and Series A deals took 36% of deal share in 2014.

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

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

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

@cbinsights #VC2014 63 .

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 Q4’14.7 161 2014 $2. @cbinsights #VC2014 Year Funding ($B) Deals 2013 $1.After deal activity fell 22% in 2013 compared to 2012.0 158 YoY Growth 17% -2% 64 .

@cbinsights #VC2014 65 .San Francisco led the list for Green Tech VC by overall deals and dollars deployed. 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 . Solar service company SunRun had the biggest round of the year in a $150M Series E financing that valued the company at $1B.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 66 . taking 42% of deals in 2014 followed by Massachusetts and Texas at 12% and 7%.California dominated green tech VC. respectively.

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

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

Mid-stage funding share followed the deal share trends. @cbinsights #VC2014 69 . 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.

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

@cbinsights #VC2014 71 .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 72 .

The CB Insights platform has the details on each and every deal in 2014.617 of the financings and 738 exits in this report. That includes all 3. Click here to sign up for free Some of our happy customers @cbinsights #VC2014 73 .

ballooning to $26.8 1449 2014 $26. On a year-over-year basis. California deals increased a modest 13% while funding levels were up 81%. @cbinsights Year Funding ($B) Deals 2013 $14.8B in 2014.8 1631 YoY Growth 81% 13% #VC2014 74 .California saw another strong year in venture capital.

III $337 Q3'14 San Mateo 59 $514 TangoMe Series D $280 Q1'14 Redwood City 59 $1.The usual suspects of SF.324 Private Equity . Snapchat was the only non-Valley based company to make the top 10.948 Uber Series E $1.095 AirBnB Series D $475 Q2'14 San Diego 60 $715 Palantir Technologies Series H . Palo Alto. and Mountain View dominated with the most deals in California in 2014. @cbinsights #VC2014 75 .715 Cloudera Series F $900 Q1'14 Sunnyvale 66 $731 Snapchat Series D $486 Q4'14 San Jose 62 $1. Top Cities in California: 2014 Top Cities Deals Dollars ($M) San Francisco 584 Palo Alto Top California Deals: 2014 Company Round Amount ($M) Quarter $10.872 Uber Series D $1.200 Q4'14 103 $2.200 Q2'14 Mountain View 85 $1.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.

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

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

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

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

@cbinsights #VC2014 80 .

Deal activity finished strong in Massachusetts giving the state 9% YoY growth in deals in 2014. Mass.6B which resulted in 37% funding growth YoY. also finished the year strong on a funding basis.2 346 YoY Growth 37% 9% 81 . with an eight quarter high in VC funding at $1.0 318 2014 $4. @cbinsights #VC2014 Year Funding ($B) Deals 2013 $3.

Healthcare accounted for 5 of the top 10 deals in Massachusetts in 2014. @cbinsights #VC2014 82 .Cambridge and Boston combined to take $2.42B across 195 deals. Top Cities in Massachusetts: 2014 Top Cities Top Massachusetts Deals: 2014 Deals Dollars ($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 83 . Mobile & Telecom came in a distant third in the state at 14%. which fell to 26% deal share versus 30% in 2013.Internet led Massachusetts’ deal share in 2014 at 37% followed closely by healthcare.

healthcare took a whopping 46% of funding share vs.. @cbinsights #VC2014 84 . Internet funding. which made up 25% of all VC Funding in the state.While the Internet sector topped 2014 deal activity 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 .Series E+ deal share grew from 7% of overall deal volume in Mass.

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 . funding share fell to 20%.After 2013 saw Series B deals take 31% of all funding.

@cbinsights #VC2014 87 .

Venture capital funding levels broke out in NY in 2014 with every quarter clocking in above $1B in total funding.9 396 2014 $4. @cbinsights Year Funding ($B) Deals 2013 $2.5 422 YoY Growth 53% 7% #VC2014 88 . NY VC funding was up 53% YoY while deals grew at a more modest 7% YoY.

Top deals covered a broad array of industries ranging from eCommerce to Media to Finance. which offers co-working spaces. @cbinsights #VC2014 89 . Real estate venture.New York saw multiple nine-figure deals in 2014.957 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 $3 Oscar Health Insurance Co. WeWork. Top Cities in New York: 2014 Top New York Deals: 2014 Top Cities Deals Dollars ($M) Company Round Amount ($M) Quarter New York 365 $3. 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. had 2 of the 3 largest NY deals of the year.

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

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

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.Seed deal share grew from 34% to 40% of all NY VC deals in 2014. @cbinsights #VC2014 92 .

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

@cbinsights #VC2014 94 .

9 117 2014 $1.Washington funding grew 34% YoY behind several sizable deals led by Juno Therapeutics.1 97 YoY Growth 34% -17% 95 . @cbinsights #VC2014 Year Funding ($B) Deals 2013 $0. But yearly deal totals were down 17% YoY.

@cbinsights #VC2014 96 . followed by real estate tech company Redfin and wire data analytics company ExtraHop Networks.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 $30 Q1'14 Note: Venture capital deals included in the ranking may be tranched fundings.Seattle took the lion’s share of venture capital deals and dollars in Washington. Top Cities in Washington: 2014 Top Cities Deals Dollars ($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 . Juno Therapeutics saw the largest deal in the state for the second straight year.

Mobile overtook healthcare in 2014. taking 16% of deals.The Internet sector took nearly half of the venture capital deals in Washington in 2014. as healthcare fell from 20% in 2013 to just 13% in 2014. @cbinsights #VC2014 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. @cbinsights #VC2014 98 . while mobile and software were the only other sectors with more than 5% funding share.

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

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

@cbinsights #VC2014 101 .

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

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 .Austin dominated Texas venture capital financing activity in 2014. @cbinsights #VC2014 103 .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. seeing over 5x as much funding as the second most active city. Geospatial solutions provider Surveying and Mapping’s $123M growth equity round was the biggest of the year. Houston.

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

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

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. while all other stages ticked down YoY. Series D deal share grew modestly to 8%. @cbinsights #VC2014 106 .

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

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

Round #s reflect what has closed –not what is intended. our numbers reflect only the amount which has closed. • • • • • • • • • • • • • • • • @cbinsights #VC2014 Angel investment. However. startup companies are not included. If a company receives $3M with $2M from venture investors and $1M in debt. Funding close date matters. only the $5M is reflected in our results. No business development/R&D arrangements whether transferable into equity now. If a company does a second closing of its Series B round for $5M and previously had closed $2M in a prior quarter. Fundings are provided based on funding close date and not on announcement date. If a company signs a $300M R&D partnership with a larger corporation. equity financings by the federal government. our results reflect only this HQ address. Government funding. Private placements. they are excluded for the purposes of this report. later or never. it is not included. If a company receives a commitment for $20M subject to hitting certain milestones but first gets $8M. As a result. These investments also known as PIPEs (Private Investment in Public Equities) even if made by a venture capital firm(s) are not included. All three of these of transaction types are commonly employed by private equity firms and are tracked by CB Insights. Incubator investments. • Fundings of only private companies. Grants. 109 . this is not equity financing nor is it from venture capital firms. These are not included in numbers unless an investment round included Angels investing alongside a venture capital firm or corporate venture group.We encourage you to review the methodology and definitions employed by us to better understand the numbers presented in this report. we encourage you to reach out to us directly. Strategic corporate investments. Debt/loans of any kind. No contingent funding. only the $8M is included in our data. startup companies even if included as an additional part of an equity financing is not included. 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. Consolidations and Recapitalizations. If a company indicates the closing of $5M out of a desired raise of $15M. only the $2M is included in these statistics. Private equity investments into companies which may have received venture capital investment prior are also not included. Our geographic data is based on the city and state where the company receiving investment is headquartered. Corporations making strategic investments in companies but not as part of a specific organized venture group are not included. If you have any questions about our definitions or methodological principles. Only include the investment made in the quarter for tranched investments. Investments of money as equity or debt and/or services by incubators are not included. What is included? What is not? Equity financings into emerging companies. If a company has a satellite office/presence in multiple cities or was founded in a particular city but has moved its HQ. Venture debt or any kind of debt/loan issued to emerging. Fundings are verified via (1) various federal & state regulatory filings (2) direct confirmation with firm or investor or (3) press release. state agencies or public -private partnerships to emerging. loans. Strictly venture or corporate venture outfits. Only verifiable fundings are included. Funding must come from venture capital firms including corporate venture groups. Buyouts.