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Venture Capital 2016
Data & Views from VCs and LPs

VC Survey Data

1
With more money (and new non VC entrants) venture financings have
obviously increased. 2015 was an enormous year (2x pre recession)

US VC financing activity

$100 Capital invested ($B) 8,563 9,381 8,097 10,000
$75 # of rounds closed $44 $68 $77 7,500
$50 5,000
$25 3,145 4,119 4,533 4,316 5,193 6,428 7,572 2,500
$28 $35 $36 $26 $30 $42 $40

2,574
$23

$0 0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

2 Source: PitchBook 2015 Annual U.S. Venture Industry Report; Upfront analysis.
Angel & Seed deals have grown fastest but dollars have scaled massively into
a smaller number of later-stage deals (doubling in just 2 years)

US VC # of rounds closed by stage US VC capital invested ($B) by stage

5,000 CAGR 50 CAGR
4,000
3,000 Late 36%
2,000 Stage
1,000 Angel/ 22%
Seed 40

30

Early 3% Early 16%
Stage Stage

20

Late 1% 10 Angel/
Stage Seed
0
2010 21%

0 2011 2012 2013 2014 2015
2010 2011 2012 2013 2014 2015

3 Source: PitchBook 2015 Annual U.S. Venture Industry Report; Upfront analysis.
And the dollars into late-stage deals has largely been driven by non-
traditional VCs entering the market (up 50% in the last 3 years)

Non-VC participation in US $20 million-plus rounds

60%

45%

CAGR
’12-’15

30% 55% 15%

47% 47%

37%
15%

0% 2013 2014 2015
2012

4 Source: CBInsights, VC-backed $20M+ rounds; non-VC defined as Asset Mgmt, Corporate/Corporate VC, Family Office, Hedge & Mutual Funds; Upfront analysis.
M&A pace hasn’t matched the increases in funding pace so VC mark-ups
have been good but cash distributions less so

US VC-backed M&A activity

$150 Amount Paid ($B) 600
542 Number of M&As

$113 510 525

462 470 473

$75 $81 450

$38 $47 $43 $42 $54
375

$0 2012 2013 2014 300
2011 2015

5 Source: Dow Jones VentureSource Venture Capital Report 4Q’15; Upfront analysis.
IPO exits are down 32% in volume and 38% in value

US VC-backed IPO activity

$15 Raised ($B) through IPO 107 120

Number of IPOs 90
66
$11 $11
60
73 $6

$9 30

$8 5500 $8 0
46 2015

$5
$4

$0 2012 2013 2014
2011

6 Source: Dow Jones VentureSource Venture Capital Report 4Q’15; Upfront analysis.
With fewer VC exits many partners are more overloaded with boards and
financings. 77% of surveyed VCs sit on or observe 4+ boards

How many boards do you sit on or observe?

11 - 14 15+ 0

7 - 10 3%2% 9%

23%
1-3

24%

39%
4-6

7 Source: Upfront Survey Jan 2016, 158 VCs.
About 2/3rd of respondents and their partners write 1-4 first checks each year

How many first check investments do you and a typical partner at your
firm make each year?

100% 6% 6%

27% 32%

75%

28% 34%

50%

25% 1
25%
24% 2
13%
0% 3-4

Respondent 5-10

5% 10+

Typical partner at respondent's firm

8 Source: Upfront Survey Jan 2016, 159 VCs for Respondent and 158 VCs for Typical partner at respondent’s firm.
88% o


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