MoneyTree™

Report
Q1 2020
Executive summary
US Insights
US VC deal activity declines in Q1’20, but mega-rounds
drive increase in funding
US VC deals fall for the third consecutive quarter in Q1’20:
Deal activity for US VC-backed companies falls 9% QoQ
and 16% YoY. In March 2020, US deals decrease 22% YoY,
with some of the decline likely attributable to the earlier
COVID-19 pandemic. Nonetheless, funding still rises 14%
QoQ on the back of larger deals. . likely attributable to the earlier outbreak of COVID-19
Nearly half of all US funding in Q1’20 comes from mega-
rounds: Despite a slowdown in deals at the end of the
quarter, 58 US companies raise rounds worth $100M or
more in Q1’20, close to the record of 67 in Q2’19. 21 of
these rounds took place in March 2020, suggesting COVID-
19’s impact may become more apparent in Q2’20.
The number of unicorn companies reaches a new high, but
aggregate valuation is falling: The number of VC-backed
startups valued at $1B+ continues to rise, hitting 204 private
companies in Q1’20. However, aggregate valuation dips for
the second consecutive quarter, to $624B.
2
Q1 2020
Geographic Insights
Global deal activity and funding see YoY declines
North America, Asia, and Europe see combined funding
of $50B in Q1’20: Global VC funding falls 10% in Q1’20
compared to Q1’19.
Asia sees the largest drop in funding, deal activity: Asia deal
activity declines 20% YoY, compared to declines of 17% in
North America and 10% in Europe, with some of the decline
pandemic. Funding to startups in Asia falls 19% YoY.
Atlanta, St. Louis, and Boston Metros hit eight-quarter highs
for funding activity: Atlanta Metro funding increases to $540M
in Q1’20, driven by two $200M+ mega-rounds, while St. Louis
Metro funding reaches $412M. Boston Metro sees a 19% YoY
increase in funding, rising to $3.5B.
The largest deals in the US all come from Silicon Valley:
Despite a 12% YoY decrease in deal activity, the top five
funding rounds in the US are all Silicon Valley startups that
raised $450M+ each.
Contents

Deals & Dollars Mega-rounds Sectors Unicorns

Exits Metros States Emerging Areas Global

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 3

 Dollars & Deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020

US VC deal activity declines for the third consecutive quarter
US deals and dollars – Quarterly

1,774
1,608 1,650
1,492 1,511 1,533
1,399
1,271

$40.1
$29.7 $30.9 $28.6
$25.3 Record $26.9 $26.4
funding $23.3
(all-time)

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($B) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 5

 Deal activity in 2020 off to slowest start since Q1’13
US deals and dollars – Annual
8,295

6,094
5,272

1,271

$119.2 $118.7

Record Record
funding funding
(all-time) (this $26.4
century)

2000 2005 2010 2015 2020 YTD

Investments ($B) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 6

US VC funding still above quarterly average despite fewer deals
US funding – Quarterly seasonality

Second highest
$118.7
(all-time) $109.7

$40.1 $23.3
$78.4 $79.6

$17.8 $63.8 $21.6 $28.6

$60.7 $29.7
$12.4
$17.6 $20.9
$15.9 $21.7
$30.9
$13.8 $25.3 $26.4
$20.7 $18.8 $20.0
$16.9
$12.3 $19.0 $16.7 $16.4 $23.6 $26.9 $26.4
2014 2015 2016 2017 2018 2019 2020

Investments ($B): Q1 Q2 Q3 Q4 Total

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 7

Seed deals see steep decline in Q1’20
Deal activity by round

1,571
1,271 All deals

544

323 331 Series A

267 Seed
196 198 Series B
117 128 Series C

63 41 Series E+
Q1’15 Q1’16 Q1’17 Q1’18 Q1’19 Q1'20

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 8 Note: All deals include additional round types
Series E+ median deal size ticks up slightly in Q1’20
Median deal size by round

$51.0M Series E+

$22.6M

$20.0M $29.0M Series C

$5.0M $7.3M Series A

$1.0M
Q1’15 Q1’16 Q1’17 Q1’18 Q1’19 Q1'20

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 9 Note: Overall median includes additional round types
 Mega-rounds

Source: PwC / CB Insights MoneyTree™ Report Q1 2020

Mega-rounds jump in Q1’20
Mega-rounds – Investments and deal counts
67
55 54
60 58
51 50
Record 39
mega-rounds
(all-time)

$25.3

$14.6 $13.9 $14.7

$12.3 $12.0
$8.6 $7.4

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Mega-round investments ($B) # of Mega-rounds

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 11 Note: Mega-rounds are $100M+ deals
45% of all deals in Q1’20 were mega-rounds
Mega-rounds – Funding and share of deals
63%
49% 51%
46% 45% 45%
34% 32%
Record mega-
round share
(all-time)

$40.1
$29.7 $30.9 $28.6
$25.3 $14.8 $26.9 $26.4
$23.3
$15.1 $14.6 $17.0 $13.9
$16.7 $14.5
$25.3 $15.9
$14.6 $12.3 $13.9 $14.7 $12.0
$8.6 $7.4
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Mega-round investments ($B) Non mega-round investments ($B) Mega-round share

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 12 Note: Mega-rounds are $100M+ deals
Q1’20 mega-round investments are off to a strong start
Mega-rounds – Quarterly seasonality
Second largest annual
mega-round funding
Record annual (all-time)
mega-round $56.7
funding
(all-time) $48.2
$25.3 $7.4

$28.2 $29.2 $14.7

$6.3 $8.7 $14.6

$17.6 $18.8
$7.8 $2.3 $13.9
$6.9 $4.9 $9.0 $12.0
$7.2 $8.6
$3.4 $7.4 $7.0
$4.4 $8.2 $12.3 $12.0
$2.9 $6.9 $4.2 $4.4
2014 2015 2016 2017 2018 2019 2020

Investments ($B): Q1 Q2 Q3 Q4 Total

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 13 Note: Mega-rounds are $100M+ deals
Five largest US rounds raise $450M+ each
Largest US deals of Q1’20

Company Investment Round Select investors Vertical

1 JUUL Labs $700M Convertible Undisclosed Investor(s) Consumer Products

San Francisco, CA Note Consumer Electronics
2 Joby Aviation $590M Series C 8VC, Jetblue Technology Ventures, Automotive & Transportation
Santa Cruz, CA Toyota Air
3 Impossible Foods $500M Series E+ Khosla Ventures Food & Beverages
Redwood City, CA Meat, Fish, Seafood &
Alternative Proteins
4 Lyell Immunopharma $493M Series C Undisclosed Investor(s) Healthcare
South San Francisco, CA Biotechnology
5 Snowflake Computing $479M Series E+ Sequoia Capital, Redpoint Ventures, Internet
San Mateo, CA Sutter Hill Ventures Internet Software & Services
Database Management

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 14

 Sectors

Source: PwC / CB Insights MoneyTree™ Report Q1 2020

Internet startups continue to receive outsized financing
Deals and dollars – US sectors

Sector # of Deals Funding

1 Internet 547 $9.5B

2 Healthcare 211 $6.0B

3 Software (non-internet/mobile) 139 $2.6B

4 Mobile & Telecommunications 109 $2.2B

5 Consumer Products & Services 54 $1.1B

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 16

Amid the pandemic start, Internet SaaS firms lead Top 10
Top 10 Verticals by deal activity

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 17

While Healthcare firms raise the most amongst top verticals
Top 10 Verticals by investments

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 18

 Unicorns

Source: PwC / CB Insights MoneyTree™ Report Q1 2020

US unicorn births on the decline
Unicorns – New US VC-backed unicorns by quarter
Record new unicorns
(all-time)

23
20
19
17 17
16

12
9

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 20 Note: Unicorns are startups valued at $1B or more
Nonetheless the total US unicorn population hits new high
Unicorns – New US VC-backed unicorns by quarter Record
population
(all-time)

198 204
185
174
163
148
131
117

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 21 Note: Unicorns are startups valued at $1B or more
Total value of US unicorns dips despite 12 new unicorn births
Unicorns – US aggregate unicorn valuation
Record aggregate
unicorn valuation
(all-time)

$629 $639 $634

$594 $594 $624

$485
$423

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Unicorn valuations ($B)

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 22 Note: Unicorns are startups valued at $1B or more
Top valued US startups remain unchanged from Q4’19
Top 5 highest-valued US unicorns — Q1’20

Company Valuation Vertical Emerging areas Select investors

1 JUUL Labs $50.0B Consumer Products & Services Consumer Coatue Management, D1 Capital
San Francisco, CA Consumer Electronics Hardware Partners, Tiger Global Management
2 Stripe $35.3B Internet FinTech Khosla Ventures, Lowercase Capital,
San Francisco, CA Software & Services capital
Payments
3 Airbnb $35.0B Internet On-Demand Sequoia Capital, Andreessen Horowitz,
San Francisco, CA E-Commerce Greylock Partners, General Catalyst
Travel
4 SpaceX $33.3B Industrial Space Tech Founders Fund, Threshold Ventures,
Hawthorne, CA Aerospace & Defense Fidelity Investments, Google
5 Palantir $20.0B Software (non-internet/mobile) Business Founders Fund, In-Q-Tel, REV Venture
Technologies Intelligence Partners
Palo Alto, CA

Note: Most recently disclosed valuations associated

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 23 with a funding round are included
Top funded companies have raised $2B+ each
Top 5 funded US companies – Q1’20

Company Funding Vertical Emerging areas Select investors

1 JUUL Labs $14.6B Consumer Products & Services Consumer Coatue Management, D1 Capital
San Francisco, CA Consumer Electronics Hardware Partners, Tiger Global Management
2 Airbnb $3.6B Internet On-Demand Sequoia Capital, Andreessen Horowitz,
San Francisco, CA E-Commerce Greylock Partners, General Catalyst
Travel
3 SpaceX $2.9B Industrial Space Tech Founders Fund, Threshold Ventures,
Hawthorne, CA Aerospace & Defense Fidelity Investments, Google

4 Magic Leap $2.6B Software (non-internet/mobile) AR/VR Alibaba Group, Fidelity

Plantation, FL Scientific, Engineering Investments, Google
Software
5 SoFi $2.5B Internet FinTech BlockFi, Apex Clearing
San Francisco, CA eCommerce
Marketplace

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 24

 Exits

Source: PwC / CB Insights MoneyTree™ Report Q1 2020

Q1’20 M&A exits nearly flat as years to exit rises
US M&A exits — Quarterly
7.1 7.5 7.0
6.8 6.6 6.4
6.2 6.3

Record
quarterly
exits
(all-time)

176 187
167 166 166 167
153 154

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

M&A exits Years to liquidation

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 26 Note: Average years to liquidate from first funding
US IPO exits fall for third consecutive quarter
US IPOs — Quarterly
7.1 7.0 7.2 7.5 7.0
6.7 6.3
5.4

32 34

24 22 20
17 15 15

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

IPO activity Years to IPO

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 27 Note: Average years to liquidate from first funding
IPO and M&A time-to-exit rise in Q1’20
M&A exits and IPOs — Time-to-exit

7.5 7.5
6.8
7.1 7.1 7.0 7.0
6.3 7.2 6.4
7.0
6.7 6.6
6.2 6.3
5.4

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Years to IPO Years to M&A

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 28 Note: Average years to liquidate from first funding
Fewer IPOs take place in Q1’20 while M&A holds steady
M&A exits and IPOs — Number of exits

208 204 200

191 189
32 17 181
24 34 22 173 169
187 15
176 20 15
167 166 166 167
153 154

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

M&A exits IPO exits

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 29

Accounting & finance startups see largest M&A exits in Q1’20
Top 5 M&A exits of Q1’20

Company Valuation Last round Verticals Select prior investors Buyer

1 Credit Karma $7.1B Secondary Internet Tiger Global Management, Intuit

San Francisco, CA Market Internet & Software Services Susquehanna Growth
Accounting & Finance Equity
2 Plaid Technologies $5.3B Series C Internet New Enterprise Associates, Visa
San Francisco, CA Internet & Software Services Spark Capital, Citi Ventures,
Accounting & Finance MasterCard
3 CardWorks $2.7B Private Financial Parthenon Capital, Ally
Woodbury, NY Equity Lending Reverence Capital Financial
Consumer Partners
4 Vlocity $1.3B Series C Internet Bessemer Venture Partners, Salesforce
San Francisco, CA Internet Software & Services Accenture, Sutter Hill
Customer Relationship Ventures
Management
5 Armis $1.1B Series C Internet Sequoia Capital, Bain Insight
Palo Alto, CA Internet Software & Services Capital Ventures, Tenaya Partners
Monitoring & Security Capital
Source: PwC / CB Insights MoneyTree™ Report Q1 2020 30
Healthcare companies dominate top IPOs
Top 5 IPOs of Q1’20

Company Valuation Last round Verticals Select prior investors

1 One Medical Group $1.8B Secondary Healthcare Google Ventures, Oak Investment
San Francisco, CA Market Medical Facilities & Services Partners
Medical Practice Management &
Services
2 Open Lending $1.3B Private Equity Financial Bregal Sagemount, Venio Capital
Austin, TX Lending Partners
Consumer
3 Revolution Medicines $967M Series C Healthcare The Column Group, Third Rock
Redwood City, TX Drug Development Ventures

4 Beam Therapeutics $822M Series B Healthcare ARCH Venture Partners, Google

Cambridge, MA Biotechnology Ventures
5 Schrodinger $821M Milestone Software (non-internet/mobile) Bill & Melinda Gates Foundation,
New York, NY Payment Healthcare Software Cascade Investment, Google
Ventures

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 31

 Metros

Source: PwC / CB Insights MoneyTree™ Report Q1 2020

Majority of top metros grow
investments despite pandemic
slowing down deal activity

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 33

Boston Metro deals grow 12% QoQ while others drop 10%+
Top 10 Metros by deal activity

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 34

Majority of top metros grow investments Q1’20
Top 10 Metros by investments

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 35

Silicon Valley Metro

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 36

Deal activity trends downward while funding rebounds in Q1’20
Silicon Valley deals and dollars – Quarterly
547
500 467
460 451
412 407
361

Record funding
(all-time)

$25.7

$14.0 $14.3
$10.5 $12.0 $12.0 $12.5
$9.4

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($B) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 37

Silicon Valley deals are the largest in the US
Top Silicon Valley deals – Q1’20
Company Investment Round Select investors Vertical

1 JUUL Labs $700M Convertible Undisclosed Investor(s) Consumer Products

San Francisco, CA Note Consumer Electronics

2 Joby Aviation $600M Series C 8VC, Jetblue Technology Ventures, Automotive & Transportation
Santa Cruz, CA Toyota Air
3 Impossible Foods $500M Series E+ Khosla Ventures Food & Beverages
Redwood City, CA Meat, Fish, Seafood &
Alternative Proteins
4 Lyell Immunopharma $493M Series C Undisclosed Investor(s) Healthcare
South San Francisco, CA Biotechnology

5 Snowflake Computing $479M Series E+ Sequoia Capital, Redpoint Ventures, Internet

San Mateo, CA Sutter Hill Ventures Internet Software & Services
Database Management

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 38

New York Metro

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 39

New York Metro financing nearly flat in Q1’20
New York Metro deals and dollars – Quarterly

256 248 260

230 233
200 207 210

$6.0
$5.0 $4.8
$4.4
$3.1 $3.1 $3.2
$2.5

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($B) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 40

Three $200M+ mega-rounds lead New York Metro deals
Top 5 New York Metro deals – Q1’20

Company Investment Round Select investors Vertical

1 ClassPass $285M Series E+ Apax Partners, L Catterton, Internet

New York, NY Temasek eCommerce
Marketplace
2 Via $200M Series E+ Macquarie Capital, RiverPark Mobile & Telecommunications
Transportation Ventures, Shell Ventures Mobile Commerce
New York, NY Travel

2 AvePoint $200M Series C Goldman Sachs, TSSP Internet

Jersey City, NJ Internet Software & Services
Data & Document Management

4 iCapital Network $146M Other BlackRock, Blackstone, Goldman Internet

New York, NY Sachs, UBS Internet Software & Services
Asset & Financial Management &
Trading
5 Kallyope $112M Series C Bill Gates, Illumina Ventures, Two Healthcare
New York, NY Sigma Ventures Biotechnology
Source: PwC / CB Insights MoneyTree™ Report Q1 2020 41 Note: Mega-rounds are $100M+ deals
Boston Metro

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 42

Q1’20 financing rises in Boston
Boston Metro deals and dollars – Quarterly

137 146 141

126 132 123
106 110

$3.5
$3.0 $3.0
$2.6 $2.6 $2.4
$1.9 $2.1

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($B) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 43

Biotechnology startups among top deals in Boston Metro
Top 5 Boston Metro deals – Q1’20
Company Investment Round Select investors Vertical

1 Toast $400M Series E+ Bessemer Venture Partners, T. Rowe Internet

Boston, MA Price, Tiger Global Management Internet & Software Services
Retail & Inventory
2 Berkshire Grey $263M Series B Khosla Ventures, New Enterprise Industrial
Lexington, MA Associates, SoftBank Group Machinery & Equipment
Robotics
3 EQRx $200M Series A Andreessen Horowitz, ARCH Venture Healthcare
Cambridge, MA Partners, Google Ventures Biotechnology

4 Indigo AG $175M Convertible FedEx, Pacific Western Bank Agriculture

Boston, MA Note Crop Production

5 ElevateBio $170M Series B F2 Ventures, MPM Capital, Surveyor Healthcare

Cambridge, MA Capital Biotechnology

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 44 Note: Mega-rounds are $100M deals or larger
LA Metro

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 45

Los Angeles Metro funding increases in Q1’20
LA Metro deals and dollars – Quarterly
126 118 113 108 112
98 97
87

$2.7
$2.3
$2.0
$1.8 $1.7 $1.8
$1.6

$0.7

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($B) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 46

LA Metro top deals go to later-stage startups
Top 5 LA Metro deals – Q1’20

Company Investment Round Select investors Vertical

1 Califia Farms $225M Series D Green Monday Ventures, Qatar Food & Beverages
Los Angeles, CA Investment Authority, Temasek Non-alcoholic Beverages

2 SpaceX $221M Series E+ Founders Fund, Future Ventures, Industrial

Hawthorne, CA Google, Valor Equity Partners Aerospace & Defense

3 Scopely $200M Series D Advance, The Chernin Group Mobile & Telecommunications
Culver City, CA Mobile Software & Services
Gaming
4 Alignment Healthcare $135M Series C Durable Capital Partners, Fidelity Healthcare
Orange, CA Investments, T. Rowe Price Healthcare Plans

5 ALPHAEON $97M Other Undisclosed Investor(s) Consumer

Newport Beach, CA Personal
Personal Care Products

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 47

Washington DC Metro

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 48

Washington DC Metro funding rises amid steady deals in Q1’20
Washington DC Metro deals and dollars – Quarterly
54
47 48
42 40 39 40
24

$639
$594
$492
$407 $446
$359 $355 $365

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($M) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 49

Top DC Metro deals include 2 healthcare startups
Top 5 Washington DC Metro deals – Q1’20

Company Investment Round Select investors Vertical

1 Clutch.co $80M Growth Equity Susquehanna Growth Equity Internet

Washington, DC Internet & Software Services
Information Providers & Portals

2 ZeroFOX $74M Series D Core Capital Partners, Highland Software (non-internet/mobile)

Baltimore, MD Capital Partners, New Enterprise Security Software
Associates

3 Advantia Health $45M Series C BlueMountain Capital Management Healthcare

Arlington, VA Medical Facilities & Services
Specialized Healthcare Services
4 Immunomic $30M Other HLB Healthcare
Therapeutics Pharmaceuticals / Drugs
Rockville, MD

5 IronNet Cybersecurity $21M Series C C5 Capital, ForgePoint Capital Computer Hardware & Services
Fulton, MD IT Services
Data Storage & Security
Source: PwC / CB Insights MoneyTree™ Report Q1 2020 50
Chicago Metro

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 51

Chicago Metro funding rises as deals decline in 1Q’20
Chicago Metro deals and dollars – Quarterly

48 51
38 41 38 38
37
29

$670.9
$512.5 $525.8
$400.6 $418.6 $426.6 $467.5
$302.9

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($M) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 52

2 Healthcare startups amid top Chicago Metro deals
Top 5 Chicago Metro deals – Q1’20

Company Investment Round Select investors Vertical

1 ActiveCampaign $100M Series B Silversmith Capital Partners, Internet

Chicago, IL Susquehanna Growth Equity Internet Software & Services
Customer Relationship
Management
1 Tempus $100M Series E+ New Enterprise Associates, T. Rowe Healthcare
Chicago, IL Price Biotechnology

2 Nature’s Fynd $80M Series B 1955 Capital, ADM Ventures Food & Beverages
Chicago, IL Meat, Fish, Seafood & Alternative
Proteins
3 Clearcover $50M Series C IA Capital Group, OMERS Ventures Internet
Chicago, IL Internet Software & Services
Accounting & Finance

4 HealthJoy $30M Series C Epic Ventures, Health Velocity Capital Internet

Chicago, IL Internet Software & Services
Healthcare

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 53

Atlanta Metro

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 54

Atlanta Metro funding rises to eight-quarter high
Atlanta Metro deals and dollars – Quarterly

26
23 24 24
20 20
17
13

$539.5
$394.3 $366.5 $359.2
$297.7
$179.4 $155.7
$74.4
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($M) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 55

Two $200M+ mega-rounds boost funding in Atlanta Metro
Top Atlanta Metro deals – Q1’20
Company Investment Round Select investors Vertical

1 Bakkt $300M Series B CMT Digital, Goldfinch Partners, Software (non-internet/mobile)

Atlanta, GA Pantera Capital Asset & Financial Management &
Trading Software

2 OneTrust $210M Series B Coatue Management, Insight Software (non-internet/mobile)

Atlanta, GA Partners Compliance

3 RoadSync $6M Series A Base10 Partners, Companyon, Internet

Atlanta, GA Hyde Park Venture Partners Internet & Software Services
Payments
4 HelloPackage $4.3M Series A Mesh Ventures, VentureSouth Software (non-internet/mobile)
Atlanta, GA Supply Chain & Logistics Software

5 Haste $4M Series A Hallett Capital, Konvoy Ventures Internet

Atlanta, GA Internet & Software Services
Networking & Connectivity

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 56 Note: Mega-rounds are $100M deals or larger
St. Louis Metro

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 57

Q1’20 St. Louis Metro funding jumps while deal activity is flat
St. Louis Metro deals and dollars – Quarterly
11 11
10
9 9
6
5 5

$412
$357

$52 $58 $68

$19 $8 $27

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($M) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 58

$320M TierPoint deal drives gains in St. Louis Metro funding
Top St. Louis Metro deals – Q1’20
Company Investment Round Select investors Vertical

1 Tierpoint $320M Other Argo Infrastructure Partners, Computer Hardware & Services
St. Louis, MO Ontario Teachers' Pension Plan IT Services
Infrastructure & Hosting
2 Sequoia Sciences $41M Other Undisclosed Investor(s) Healthcare
St. Louis, MO Drug Discovery
3 Adarza BioSystems $25M Series D Cultivation Capital, RiverVest Healthcare
St. Louis, MO Venture Partners, Serra Ventures Medical Devices & Equipment
Imaging & Diagnostic Equipment
4 NewLeaf Symbiotics $20M Series D Otter Capital, S2G Ventures Industrial
St. Louis, MO Basic Materials
Agricultural Chemicals
5 Transactly $3M Series A FINTOP Capital Internet
Saint Charles, MO Internet Software & Services
Real Estate
5 SentiAR $3M Series A Cultivation Capital Software (non-internet/mobile)
St. Louis, MO Healthcare Software

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 59

 States

Source: PwC / CB Insights MoneyTree™ Report Q1 2020

Together, startups in the top 3 states raised what percentage
of US investments in 2019?

New York

California Massachusetts

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 61

Together, startups in the top 3 states raised 80% of US funding

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 62 Note: Due to rounding, percentages may not total 100%
Six states see substantial
investment growth amid lower
deal activity

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 63

Four top states see material decline in deal activity
Top 10 States by deal activity

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 64

Georgia and Missouri see huge investments and others gain too
Top 10 States by investments

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 65

California State

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 66

California deals decrease for third quarter but funding rises
California deals and dollars – Quarterly
732
620 661 622
606
536 554
497

$28.5

$15.9 $17.4
$14.1 $15.6 $14.9
$13.2 $11.7

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($B) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 67

Five $450M+ mega-rounds dominate California funding
Top 5 California deals – Q1’20
Company Investment Round Select investors Vertical

1 JUUL Labs $700M Convertible Undisclosed Investor(s) Consumer Products

San Francisco, CA Note Consumer Electronics

2 Joby Aviation $600M Series C 8VC, Jetblue Technology Ventures, Automotive & Transportation
Santa Cruz, CA Toyota Air

3 Impossible Foods $500M Series E+ Khosla Ventures Food & Beverages

Redwood City, CA Meat, Fish, Seafood & Alternative
Proteins
4 Lyell Immunopharma $493M Series C Undisclosed Investor(s) Healthcare
South San Francisco, CA Biotechnology
5 Snowflake Computing $479M Series E+ Salesforce Ventures, Sequoia Internet
San Mateo, CA Capital, Sutter Hill Ventures Internet & Software Services
Database Management

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 68 Note: Mega-rounds are $100M+ deals
Texas State

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 69

Texas Q1’20 funding increases while deal activity falls
Texas deals and dollars – Quarterly

85 81
76 70
67
56 59
51

$1,070

$769 $762 $772

$671
$481 $545
$389

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($M) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 70

The HighRadius mega-round leads top Texas funding in Q1’20
Top 5 Texas deals – Q1’20
Company Investment Round Select investors Vertical

1 HighRadius $125M Series B Citi Ventures, ICONIQ Capital, Internet

Houston, TX Susquehanna Growth Equity Internet Software & Services
Billing, Expense Management and
Procurement
2 Vapor IO $90M Series C Berkshire Partners, Crown Castle Computer & Hardware Services
Austin, TX International IT Services
Infrastructure & Hosting
3 Recode Therapeutics $80M Series A Colt Ventures, Hunt Technology Healthcare
Irving, TX Ventures, Vida Ventures Biotechnology

4 AST & Science $79M Series B American Tower, Samsung NEXT, Mobile & Telecommunications
Midland, TX Vodafone Telecom Devices & Equipment
Satellite & Broadcast Network
Equipment
5 RigUp $29M Series D Andreessen Horowitz, Founders Software (non-internet/mobile)
Austin, TX Fund Collaboration & Project
Management Software

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 71 Note: Mega-rounds are $100M+ deals
Illinois State

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 72

Illinois deal activity dips amid rise in funding
Illinois deals and dollars – Quarterly
55
50
40 41 41 41 40
31

$672
$514 $535
$429
$478
$401 $425
$304

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($M) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 73

Expansion-stage startups gain traction in Illinois
Top 5 Illinois deals – Q1’20

Company Investment Round Select investors Vertical

1 ActiveCampaign $100M Series B Silversmith Capital Partners, Internet

Chicago, IL Susquehanna Growth Equity Internet & Software Services
Customer Relationship
Management
1 Tempus $100M Series E+ Baillie Gifford & Co., New Healthcare
Chicago, IL Enterprise Associates Biotechnology
3 Nature’s Fynd $80M Series B 1955 Capital, ADM Ventures, Food & Beverages
Chicago, IL Breakthrough Energy Ventures Meat, Fish, Seafood & Alternative
Proteins
4 Clearcover $50M Series C American Family Ventures, Cox Internet
Chicago, IL Enterprises Internet & Software Services
Accounting & Finance
5 HealthJoy $30M Series C Chicago Ventures, Epic Ventures, Internet
Chicago, IL Health Velocity Capital Internet & Software Services
Healthcare

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 74

Massachusetts State

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 75

Massachusetts financing rises in Q1’20
Massachusetts deals and dollars – Quarterly

131 140 140 133

125 118
102 106

$3.5
$2.9 $3.0
$2.6 $2.6 $2.4
$1.9 $2.0

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($B) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 76

Mega-rounds push Massachusetts funding to eight-quarter high
Top 5 Massachusetts deals – Q1’20

Company Investment Round Select investors Vertical

1 Toast $400M Series E+ Bessemer Venture Partners, Internet

Boston, MA T. Rowe Price, Tiger Global Internet & Software Services
Management Retail & Inventory
2 Berkshire Grey $263M Series B Khosla Ventures, New Enterprise Industrial
Lexington, MA Associates, SoftBank Group Machinery & Equipment
Robotics
3 EQRx $200M Series A Andreessen Horowitz, ARCH Healthcare
Cambridge, MA Venture Partners, Google Ventures Biotechnology
4 Indigo AG $175M Convertible FedEx, Pacific Western Bank Agriculture
Boston, MA Note Crop Production
5 ElevateBio $170M Series B F2 Ventures, MPM Capital, Healthcare
Cambridge, MA Surveyor Capital Biotechnology

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 77

Georgia State

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 78

Two $200M+ mega-rounds boost Georgia funding in Q1’20
Georgia deals and dollars – Quarterly

25 25 26
23
21 21
18
15

$550
$396 $373 $365
$298
$179 $165
$74
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($M) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 79

Georgia software startups raise over $500M funding
Top 5 Georgia deals – Q1’20

Company Investment Round Select investors Vertical

1 Bakkt $300M Series B CMT Digital, Goldfinch Partners, Software (non-internet/mobile)

Atlanta, GA Pantera Capital Asset & Financial Management &
Trading Software

2 OneTrust $210M Series B Coatue Management, Insight Software (non-internet/mobile)

Atlanta, GA Partners Compliance

3 Meredian Group $11M Other Undisclosed Investor(s) Industrial

Holdings Basic Materials
Bainbridge, GA Plastics & Fibers
4 RoadSync $6M Series A Base10 Partners, Companyon, Internet
Atlanta, GA Hyde Park Venture Partners Internet & Software Services
Payments

5 HelloPackage $4M Series A Mesh Ventures, VentureSouth Software (non-internet/mobile)

Atlanta, GA Supply Chain & Logistics Software

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 80

Missouri State

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 81

Missouri investments increase sharply in Q1’20
Missouri deals and dollars – Quarterly
19
16
13 13
10 10 11
9

$386 $421

$110 $88 $90

$72 $68
$34

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($M) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 82

Missouri IT Services startup drives investments in Q1’20
Top 5 Missouri deals – Q1’20

Company Investment Round Select investors Vertical

1 Tierpoint $320M Other Argo Infrastructure Partners, Computer Hardware & Services
St. Louis, MO Ontario Teachers' Pension Plan IT Services
Infrastructure & Hosting

2 Sequoia Sciences $41M Other Undisclosed Investor(s) Healthcare

St. Louis, MO Drug Discovery

3 Adarza BioSystems $25M Series D Cultivation Capital, RiverVest Healthcare

St. Louis, MO Venture Partners, Serra Ventures Medical Devices & Equipment
Imaging & Diagnostic Equipment
4 NewLeaf Symbiotics $20M Series D Otter Capital, S2G Ventures Industrial
St. Louis, MO Basic Materials
Agricultural Chemicals

5 DisruptOps $9M Series A Drive Capital, Rally Ventures Internet

Kansas City, MO Internet Software & Services
Business Intelligence, Analytics &
Performance Mgmt
Source: PwC / CB Insights MoneyTree™ Report Q1 2020 83
 Emerging Areas

Source: PwC / CB Insights MoneyTree™ Report Q1 2020

Amid declines, five Emerging Areas
show promising signs

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 85

Emerging Areas comprise half of venture funding
Top 20 Emerging Areas – Financing Share

100%

50%

0%
1995 2000 2005 2010 2015 2020

Share of deals Share of investments

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 86

Three Emerging Areas dominate deal activity among the Top 20
250 AI
FinTech
Digital Health
Medical Devices
Cybersecurity
Supply Chain & Logistics Tech
E-Commerce
InsurTech
Smart Cities
Real Estate Tech
IoT
Payments
Blockchain
Capital Markets Tech
Regtech
In-Store Retail Tech
Wealth Tech
Advanced Manufacturing
Augmented Reality/Virtual Reality
0 Auto Tech
Q1’14 Q1’20

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 87

Supply Chain Tech, Smart Cities & InsurTech heat up
Top 10 Emerging Areas by deal activity

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 88

Supply Chain Tech, Smart Cities, Cyber, & AI surge
Top 10 Emerging Areas by investments

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 89

Artificial Intelligence
Emerging Area

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 90

AI funding ticks up while deal activity declines in Q1’20
Artificial Intelligence deals and dollars – Quarterly

179 187 184

160 164
137 143 148

$5.6
$4.4
$3.6 $4.0
$2.9 $2.9 $3.0 $2.9

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($B) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 91

Largest AI deals raise $200M+ in Q1’20
Top Artificial Intelligence deals – Q1’20
Company Investment Round Select investors Vertical

1 Pony.ai $462M Series B Toyota, Morningside Venture Capital Software (non-internet/mobile)

Fremont, CA Scientific, Engineering Software

2 Netskope $340M Series E+ Lightspeed Venture Partners, Internet

Santa Clara, CA Sequoia Capital, Accel Internet Software & Services
Business Intelligence, Analytics
& Performance Mgmt
3 Berkshire Grey $263M Series B Khosla Ventures, New Enterprise Industrial
Lexington, MA Associates, SoftBank Group Machinery & Equipment
Robotics
4 SambaNova Systems $250M Series C BlackRock, Google Ventures, Software (non-internet/mobile)
Palo Alto, CA Intel Capital Business Intelligence, Analytics
& Performance Mgmt Software
5 SentinelOne $200M Series E+ Insight Partners, Accel, Tiger Global Computer Hardware & Services
Mountain View, CA Management, Redpoint Ventures IT Services
Data Storage & Security

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 92

Cybersecurity
Emerging Area

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 93

Cybersecurity funding ticks upward in Q1’20
Cybersecurity deals and dollars – Quarterly

77 74 80
62 68 67 68
57

$2.2
$1.8 $1.8

$1.2 $1.3
$1.1 $1.0 $1.1

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($B) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 94

Cybersecurity sees two $200M+ mega-rounds in Q1’20
Top Cybersecurity deals – Q1’20

Company Investment Round Select investors Vertical

1 Netskope $340M Series E+ Lightspeed Venture Partners, Sequoia Internet

Santa Clara, CA Capital, Accel Internet Software & Services
Business Intelligence, Analytics
& Performance Mgmt
2 SentinelOne $200M Series E+ Insight Partners, Accel, Computer Hardware & Services
Mountain View, CA Redpoint Ventures IT Services
Data Storage & Security
3 ZeroFOX $74M Series D New Enterprise Associates, Highland Software (non-internet/mobile)
Baltimore, MD Capital Partners, Intel Capital Security Software

4 Sysdig $70M Series E+ Insight Partners, Accel, Bain Capital Internet

San Francisco, CA Ventures Internet Software & Services
Application & Data Integration
5 Arctic Wolf Networks $60M Series D Blue Cloud Ventures, Delta-V Capital Computer Hardware & Services
Sunnyvale, CA IT Services
Data Storage & Security

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 95 Note: Mega-rounds are $100M+ deals
Supply Chain Tech
Emerging Area

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 96

Q1’20 Supply Chain Tech funding and deals rise
Supply Chain Tech deals and dollars – Quarterly
50 48
43 40 42 43
36
30

$3.2

$1.5 $1.4
$1.3
$0.6 $0.5 $0.8 $0.8

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($B) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 97

2 Robotics startups amid top Supply Chain Tech deals
Top Supply Chain Tech deals – Q1’20
Company Investment Round Select investors Vertical

1 Toast $400M Series E+ Bessemer Venture Partners, T. Rowe Internet

Boston, MA Price, Tiger Global Management Internet & Software Services
Retail & Inventory
2 Berkshire Grey $263M Series B Khosla Ventures, New Enterprise Industrial
Lexington, MA Associates, SoftBank Group Machinery & Equipment
Robotics
3 Outrider $53M Series A New Enterprise Associates, 8VC Software (non-internet/mobile)
Golden, CO Manufacturing, Warehousing &
Industrial Software
4 Flock Freight $50M Series B SignalFire, GLP Capital Partners Automotive & Transportation
Solana Beach, CA Transportation Services
Logistics Services
4 Vecna Robotics $50M Series B Highland Capital Partners, Drive Capital Industrial
Waltham, MA Machinery & Equipment
Robotics

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 98

Smart Cities
Emerging Area

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 99

Smart Cities funding and deals grow in Q1’20
Smart Cities deals and dollars – Quarterly

39
29 30
26 27 26 26
23

$1.5
$1.2
$1.0
$0.7 $0.7
$0.6 $0.6
$0.3

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($B) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 100

Smart Cities sees one $400M+ mega-round in Q1’20
Top Smart Cities deals – Q1’20
Company Investment Round Select investors Vertical

1 Pony.ai $462M Series B Toyota, Morningside Venture Capital Software (non-internet/mobile)

Fremont, CA Scientific, Engineering Software
2 Bird Rides $75M Series D Goldman Sachs Mobile & Telecommunications
Santa Monica, CA Mobile Software & Services
Travel
3 Carbon Relay $63M Series B Tiger Global Management Software (non-internet/mobile)
Boston, MA Business Intelligence, Analytics
& Performance Mgmt Software
4 Molekule $58M Series C Google Ventures, Silicon Valley Bank Consumer Products & Services
San Francisco, CA Consumer Electronics

5 Cepton $50M Series C Lightspeed Venture Partners, Khosla Software (non-internet/mobile)

Technologies Ventures, Munich Re Ventures Scientific, Engineering Software
San Jose, CA

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 101 Note: Mega-rounds are $100M+ deals
InsurTech
Emerging Area

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 102

InsurTech deals increase while funding drops moreso in Q1’20
InsurTech deals and dollars – Quarterly

41 43 40
35 38
33 33 34

$1.5

$1.1 $1.2 $1.1

$0.9
$0.7
$0.6
$0.2

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Investments ($B) # of deals

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 103

Top 5 deals raise $301M, 59% of InsurTech’s Q1’20 funding
Top InsurTech deals – Q1’20

Company Investment Round Select investors Vertical

1 PolicyGenius $100M Series D Norwest Venture Partners, Internet

New York, NY KKR eCommerce
Comparison Shopping
2 Unqork $51M Series B Goldman Sachs, BlackRock, Aquiline Internet
New York, NY Capital Partners Internet Software & Services
Accounting & Finance
3 Albert $50M Series B American Express Ventures Internet
Sunnyvale, CA Internet Software & Services
Accounting & Finance
3 Justworks $50M Series E+ Spark Capital, Union Square Ventures, Internet
New York, NY FirstMark Capital Internet Software & Services
HR & Workforce Management
3 Clearcover $50M Series C OMERS Ventures, Cox Enterprises Internet
Chicago, IL Internet Software & Services
Accounting & Finance

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 104 Note: Mega-rounds are $100M+ deals
Are VCs keeping busy?

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 105

The top 5 VCs each raised over $10B thru Q1 2020
Top VCs by amount raised in last five years

Funds raised Year

Investor (Q2’15 - Q1’20) founded Select investments Location

1 Sequoia Capital* $22.4B 1972 Netskope, Jumpstart, Verkada Menlo Park, CA

2 Insight Partners $12.5B 1995 Dremio, OneTrust, Hinge Health New York, NY

3 Andreessen Horowitz $10.6B 2009 Netlify, Workboard, Cresta Menlo Park, CA

4 Summit Partners $10.2B 1984 Zenoss, Broklinen, Klaviyo Boston, MA

5 New Enterprise Associates $10.2B 1977 Pager, Moda Operandi, Bright Health Menlo Park, CA

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 106 Note: includes all funds under the Sequoia Capital umbrella
Khosla Ventures takes the lead as most active VC in Q1’20
Most active VCs in Q1 2020

Investor Deals Select investments Location

1 Khosla Ventures 20 Impossible Foods, Berkshire Grey, Karius San Francisco, CA

2 Insight Partners 17 OneTrust, SentinelOne, UserTesting New York, NY
3 Andreessen Horowitz 16 EQRx, Roblox Menlo Park, CA
4 New Enterprise Associates 15 Berkshire Grey, Akouos, Tempus Menlo Park, CA
4 Greycroft 15 Flutterwave, Roadrunner Recycling New York, NY
4 General Catalyst 15 Karius, Olive, Securiti.ai Palo Alto, CA
7 Kleiner Perkins Caufield & Byers 14 Plastiq, Zumper, Netlify Menlo Park, CA

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 107

 Global

Source: PwC / CB Insights MoneyTree™ Report Q1 2020

Global regional comparison – Q1’20

Deals

763
1,357 $6.5B
$27.3B Europe 1,072
$15.7B
North America
Asia

3,344 Deals
$50.7B
Invested Globally
Source: PwC / CB Insights MoneyTree™ Report Q1 2020 109
Deals decline across North America, Asia, and Europe
Global deal activity: North America, Asia, and Europe

1,911
1,721 1,772
1,589 1,633 1,654 1,504
1,720
1,693 1,357
1,499
1,394 1,423
1,348 1,299

1,072
848 834 891
848 883 821
768 763

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

# of deals: North America Asia Europe

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 110

Total funding is down compared to Q1’19
Global dollar funding: North America, Asia, and Europe

$41

$32 $31
$30
$26 $28 $27
$24 $24
$22 $22
$20
$15 $16
$14 $16
$8 $9 $8
$6 $5 $5
$7 $7

Q2’18 Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19 Q1'20

Investments ($B): North America Asia Europe

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 111

China-based companies were 3 of the 5 largest deals in Q1’20
Largest global deals of Q1 2020

Company Investment Round Select investors Vertical

1 Beiki Zhaofang $1.5B Series D Sequoia Capital, Tencent Holdings, Internet

Beijing, China SoftBank Group Internet Software & Services
Real Estate
2 Gojek $1.2B Series E+ Undisclosed Investor(s) Mobile & Telecommunications
Jakarta, Indonesia Mobile Software & Services
Supply Chain & Logistics
3 Ziroom $1.0B Series C Softbank Group Internet
Beijing, China Internet Software & Services
Real Estate
3 Yuanfudao $1.0B Series E+ Tencent Holdings, IDG Capital Mobile & Telecommunications
Beijing, China Mobile Software & Services
Education & Training
5 Grab $856M Series E+ Mitsubishi UFJ Financial Group, Mobile & Telecommunications
Singapore, Singapore TIS INTEC Group Mobile Commerce
Travel

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 112 Note: Mega-rounds are $100M deals or larger
Appendix
PwC / CB Insights
MoneyTree™ Report
Q1 2020
US States: Full listing of Q1 2020 deals and investments
State $M Deals State $M Deals State $M Deals State $M Deals

Alabama 2 2 Indiana 41 12 Nevada 5 2 Rhode Island 34 3

Arizona 49 8 Iowa 13 4 New Hampshire 5 3 South Carolina 9 3
Arkansas 0.2 2 Kansas 14 4 New Jersey 271 12 Tennessee 69 7
California 14,866 497 Kentucky 15 4 New Mexico 21 5 Texas 772 59
Colorado 275 30 Maine 3 4 New York 2,904 193 Utah 110 11
Connecticut 61 15 Maryland 227 21 North Carolina 233 19 Vermont 18 3
DC 102 6 Massachusetts 3,481 118 North Dakota 2 2 Virginia 123 16
Delaware 3 4 Michigan 27 8 Ohio 140 17 Washington 381 43
Florida 208 25 Minnesota 103 6 Oklahoma 5 1 West Virginia - 1
Georgia 550 18 Missouri 421 13 Oregon 73 9 Wisconsin 7 4
Idaho 6 1 Montana 5 3 Pennsylvania 281 17
Illinois 478 31 Nebraska 32 3 Puerto Rico 1 1

Source: PwC / CB Insights MoneyTree™ Report Q1 2020 114

Methodology MoneyTree definitions

PwC (pwc.com/moneytree) and CB Insights (cbinsights.com) encourage you to review the methodology and definitions employed to better understand
the numbers presented in this report. If you have any questions about the definitions or methodological principles used, we encourage you to reach out to
CB Insights directly. Additionally, if you feel your firm has been underrepresented, please send an email to info@cbinsights.com and we can work together to
ensure your firm’s investment data is up-to-date.
Rankings, e.g. top states and top sectors, are done by quarterly deal activity (that is, deal count for the given quarter).

What is included: What is excluded:

• Equity financings into private companies. Fundings must be to VC-backed
companies, which are defined as companies that have received funding at
any point from: venture capital firms, corporate venture arms, or super angel
investors.
• Fundings of private companies only. Funding rounds raised by public companies of
any kind on any exchange (including Pink Sheets) are excluded from our numbers,
even if they received investment from a venture firm.
• Only includes the investment made in the quarter for tranched investments. If a
company does a second closing of its Series B round for $5M and previously had
closed $2M in a prior quarter, only the $5M is reflected in our results.
• Round numbers reflect what has closed, not what is intended. If a company
indicates the closing of $5M out of a desired raise of $15M, our numbers reflect
only the amount which has closed.
• Only verifiable fundings are included. Fundings are verified via (1) various federal
and state regulatory filings; (2) direct confirmation with firm or investor; (3) press
release; or (4) credible media sources.
• Equity fundings to joint ventures and spinoffs/spinouts are included, given that they
meet the VC-backed criteria.
• Geography note: Israel funding figures are classified in Asia.
115 • No fundings to subsidiaries of a larger parent corporation.
• No contingent funding. If a company receives a commitment for $20M subject to
hitting certain milestones but first gets $8M, only the $8M is included in our data.
• No business development/R&D arrangements, whether transferable into equity
now, later, or never. If a company signs a $300M R&D partnership with a larger
corporation, this is not equity financing nor is it from venture capital firms. As a
result, it is not included.
• No buyouts, consolidations, or recapitalizations. All three of these transaction types
are commonly employed by private equity firms and are tracked by CB Insights.
However, they are excluded for the purposes of this report.
• No private placements. These investments, also known as PIPEs (Private
Investment in Public Equities), are not included even if made by a venture
capital firm.
• No debt/loans of any kind (except convertible notes). Venture debt or any kind of
debt/loan issued to emerging, startup companies, even if included as an additional
part of an equity financing, is not included. If a company receives $3M with $2M
from venture investors and $1M in debt, only the $2M is included in these statistics.
• No non-equity government funding. Grants or loans by the federal government,
state agencies, or public-private partnerships to emerging, startup companies
are not included.
Disclaimer

This content is for general information purposes only, and should not be used as a substitute for consultation with
professional advisors. Data is current as of April 9, 2020. PricewaterhouseCoopers and CB Insights have taken
responsible steps to ensure that the information contained in the MoneyTree™ Report has been obtained from reliable
sources. However, neither PwC nor CB Insights 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.
© 2020 PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may
sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure
for further details.

116