PwC / CB Insights

MoneyTree
Report
Q4 and Full-year 2016
01
US Trends
1 Deals continue to fall,
hitting five-year
quarterly low
2 Broad-based decline
in deals across major
Tech hubs in CA and
NY; DC/Metroplex
emerged as one of
the brighter spots
3 Internet holds top
sector spot, Mobile &
Telecom bumps
Healthcare for
second place
4 Artificial Intelligence
companies beat
overall slowdown
5 Mega-round activity
and unicorn birth rate
remain low
PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016
02
US Sectors
Internet was the top US
sector in four of the past
five quarters
Q416 was led by
Internet, Healthcare,
Mobile, Software, and
Hardware
Within Internet, hot
spaces were Analytics;
Ad, Sales & Marketing;
and Marketplaces
03 04 05
US Movers
US Places and Shakers Global
Top five regions in the
US for venture capital:
The top five deals in
the US in the quarter
Global deals dropped
16% on a full-year
Silicon Valley, NY, DC, went to companies basis versus 2015.
New England, and based in New York,
LA/Orange County. Boston, San
North America saw
funding into the region
The top 10 US states Francisco, and drop below $13B for
for venture were led by Arlington, VA. the first time since
California, New York, The three most active Q114, but Canada
and Virginia. was a bright spot
venture capitalists in
the quarter were NEA, Funding jumped 22%
500 Startups, and True in Europe and deals
Ventures. rose
Asia saw deals and
dollars plunge
2
 01
US Trends:
Q4 & Full-year 2016

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 3

 Overall financing trends
Financing to US VC-backed companies continues to drop off:
Investor caution prevailed as Q416 saw a 14% slowdown in deals and 17% decline in total
funding from the prior quarter. 2016 saw a total of $58.6B invested across 4,520 deals, down
20% and 16%, respectively from 2015.
Quarterly deals and dollars both reached 8-quarter lows, with total deals dropping below 1,000
for the first time since Q411.
Quarterly deal count slipped in every quarter in 2016, while total funding has fallen for 2
consecutive quarters (following Q216, which saw $1B+ rounds going to Uber and Snap).

1,600
1,433 1,407
1,362
1,204 1,247 1,400
1,150 1,141 1,200
982
1,000

# Deals
800

600

400

200
$18.3 $20.8 $19.8 $14.4 $15.6 $17.3 $14.0 $11.7
0
Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16
Amount Invested ($B) # of Deals

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 4

 Regional trends
Broad-based decline across major Tech hubs:
Investment into Silicon Valley-based companies slowed sharply, with 37% less dollars invested
across 22% fewer deals than in Q316.
New England including Massachusetts trended similarly, with deals down 6% while total
funding fell 41%.
Deal activity in the New York Metro region fell 17%, although total dollars rose 12%, as
companies, including WeWork and Buzzfeed, secured $200M+ financings in the quarter.

Percentage change in dollars invested Q4/Q3 2016

37% 41%
Silicon Valley New England

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 5

 Regional trends (cont.)
Some regions emerged as brighter spots:
Midwest-based companies saw total funding tick up 1%, while deals also rose 4% for the quarter,
a noticeable contrast to the cooling of investment into other regions.
The DC/Metroplex area saw funding spike 132%, fueled by a $1.2B mega-round to satellite
broadband provider OneWeb.
The Northwest also saw quarterly deal count rising 15% from Q316. Financing held relatively
steady, falling just 3% from the quarter prior.

Percentage change in dollars invested Q4/Q3 2016

1% 132%
Midwest
DC/Metroplex

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 6

 Sector trends
Internet holds top spot, Mobile & Telecom bumps Healthcare for second:
Despite total funding dollars to Internet companies diving 26% from Q316, the sector retained the
top spot with $4.6B of funding.
Internet accounted for 39% of US dollars for the quarter, far more than any other sector (yet down
from 46% of total dollars in Q316).
Meanwhile, funding to Mobile & Telecom companies rose 19% from Q316, bumping out
Healthcare (which fell 43%) as the second-place sector by deal value.

Percentage change in dollars invested Q4/Q3 2016

26% 19% 43%

Internet Mobile Healthcare
& Telecom

7
PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016
 Thematic areas of interest

Artificial Intelligence beats broad

slowdown

Artificial intelligence: Investor interest in

AI outweighed the overall downturn, as AI
companies in the US secured $705M in
financing across 71 deals (rising 16% and
22%, respectively, on a quarterly basis).

Cybersecurity: After rising in Q316, US

Cybersecurity funding plunged 51% to
$370M. Deals also dropped to 32, down
from 40 in the previous quarter.

Auto Tech: This space saw a relatively quiet

quarter with $90M in total funding in the US,
compared to $290M in Q216.

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 8

 Thematic areas of interest

Artificial Intelligence is becoming a major disruptor

across a number of sectors. This is evidenced by the
record level of investments in AI in 2016. This is likely to
continue in 2017, as AI moves from the Technology sector
to other traditional enterprise sectors like automotive,
financial services and healthcare.

Anand Rao, Partner, PwC

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016

9
 US mega-round and unicorn trends

$100M+ mega-rounds drop to Unicorn birth rate remains low

5-quarter low
Q416 featured 11 financings of $100M 4 new unicorns, or private companies
or more to US VC-backed companies, valued at $1B+, were minted in the US, equal
down from 19 in Q116 and 15 in Q316. to the figure from Q316.

OneWebs $1.2B financing was the Unicorn creation is a fraction of what was seen
sole round larger than $500M, while in 2015, which peaked at 16 in Q315. That
previous quarters saw multiple such said, US still led the world with 101 unicorns
deals (e.g., Uber, Snap, Airbnb, etc.). in total through 2016.

New York City-based WeWorks California saw a pair of new unicorns in

$260M Series F tranche ranked construction tech company Procore
second, while OpenDoor Labs Technologies and real estate tech startup
$210M Series D was the largest round OpenDoor Labs.
to a California company in the quarter.

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 10

 02
US Sector Activity:
Q416

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 11

 Top five US sectors in the past five quarters
Mobile & Software (non-

Q4 Telecomm. internet /mobile Computer Hardware

Healthcare & Services

Trends: 2016
Internet
$0.7B $0.4B
$4.6B $2.5B $1.9B
Total funding to
462 Deals 155 Deals 119 Deals 76 Deals 29 Deals
Mobile & Telecom
companies rose 19%
Q3
Healthcare Mobile & Software (non-
Telecomm. Computer Hardware
internet /mobile & Services
from Q316, bumping Internet
out Healthcare as 2016 $0.6B $0.4B
the second-place $6.2B $3.3B $2.1B
sector by deal value. 558 Deals 151 Deals 142 Deals 67 Deals 33 Deals

Q2
Software (non-
Meanwhile, both Healthcare internet /mobile
Electronics
quarterly deals and Internet

funding dollars in
2016 Mobile &
Telecomm. $0.8B $0.4B
$6.2B $5.5B $2.7B
Internet and
174 Deals 558 Deals 135 Deals 60 Deals 27 Deals
Healthcare fell Software (non-

Q1
Mobile & Business Products
significantly for the Healthcare Telecomm. internet /mobile
& Services

quarter. Internet
2016 $1.5B
$0.6B
$5.7B $3.2B $2.7B
568 Deals 172 Deals 195 Deals 50 Deals 12 Deals
Mobile &

Q4 Telecomm. Software (non- Computer Hardware

Healthcare internet /mobile & Services

2015 Internet
$1.5B $1.0B $0.7B
$6.6B $2.7B
582 Deals 165 Deals 166 Deals 71 Deals 28 Deals
PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 12
 Top 10 Sectors in the US based on
dollars invested in the last 20 years

Internet
$187.1B

Healthcare
$150.4B
Mobile &
Telecomm. Software
$115.2B (non-internet/
mobile)
$95.7B
Computer
Hardware &
Services
$55.0B Business
Electronics Media Energy Products &
$33.7B (Traditional) & Utilities Services Industrial
$28.5B $25.0B $21.5B $21.0B

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 13

 Q416 Deep Dive:
Internet sector

Although overall funding is down and valuations seemed to have leveled

off, anticipation of the IPO market opening still remains attractive for
investors when looking at models that have the potential to be disruptive to
their markets."
Mark McCaffrey, Partner, PwC

26%
Largest Q416 Internet deals:

$210M OpenDoor Labs

Real estate

Drop in funding
compared to Q316 $200M Buzzfeed
News & Discussion

$150M Stripe
Payments

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 14

 Q416 Deep Dive:
Internet sector (cont.)
Internet retains top spot among
sectors amid broad slowdown in
investment

Total funding to US Internet companies fell

26% to $4.6B on a quarterly basis, with deal
activity also tumbling 17% to 462 for the
quarter.

The sector accounted for 39% of US deal value

for the quarter, far more than any other sector
(yet down from 46% in Q316).

Internet companies, including OpenDoor Labs,

Buzzfeed, and Stripe, secured 8 of the 20
largest deals in the quarter.

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 15

 Q416 Deep Dive:
Mobile & Telecom sector

Funding for the Mobile & Telecom sector bucks the downward trend in
overall VC funding and was driven by the only billion dollar deal for the
quarter (OneWeb). The strong performance of the sector was also driven by
large deals in video and advertising network sub-industries.
Bart Spiegel, US Entertainment, Media and Communications Deals Partner

19%
Largest Q416 Mobile & Telecom deals:

$1.2B OneWeb
Cable & satellite

Rise in funding
compared to Q316
$141M Postmates
Supply chain & logistics

$92M Crossover Health

Healthcare

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 16

 Q416 Deep Dive:
Healthcare

Healthcare, which was the second largest sector by dollar amount in the
third quarter, fell to third place in Q4. Despite the drop, the sector still had
two of the 10 largest deals for the quarter.

Thaddeus Kresho, Partner, Health Services Deals Leader

Largest Q416 Healthcare deals:

43% $206M Intarcia Therapeutics

Pharmaceuticals / Drugs

Drop in funding
compared to Q316
$116M Unity Biotechnology
Biotechnology

$80M Biohaven
Biotechnology

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 17

 Q416 number and value of deals by sector

462 Deals
Avg. Deal Internet $4.6B
Size: $9.9M

155 Deals
Avg. Deal Mobile & Telecomm $2.5B
Size: $16.0M

119 Deals
Avg. Deal Healthcare $1.9B
Size: $15.8M

76 Deals
Avg. Deal $0.7B Software
Software (Non-Internet / Mobile)
Size: $9.0M

26 Deals
Avg. Deal $0.4B Computer Hardware & Services
Size: $14.1M

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 18

 03
US Places:
Q416

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 19

 US: Top five regions by deal value

310 Deals
Avg. Deal Silicon Valley $3.9B
Size: $12.6M

129 Deals
Avg. Deal NY Metro $2.0B
Size: $15.2M

38 Deals
Avg. Deal DC/Metroplex $1.4B
Size: $37.9M

104 Deals
Avg. Deal New England $1.3B
Size: $12.4M

54 Deals
Avg. Deal LA/O.C. $0.9B
Size: $16.3M

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 20

 US: All US regions
Upstate
NY New England
$20M $1,285M

Northwest
$360M North
Central NY Metro
Sacramento/N. Cal $140M Midwest $1,961M
$80M $434M
Southwest CO Philadelphia
Silicon Valley $226M $118M Metro
$3,921M $68M

Southeast
$372M DC/Metroplex
LA/Orange County $1,441M
Texas
$879M
San Diego $181M
$179M
South Central
$9M
AK/HI/PR
N/A

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 21

 8-quarter financing trend:
Silicon Valley
Top Tech hub sees significant drop off
Compared to Q316, 37% less dollars were invested in Silicon Valley companies across 22% fewer
deals. Full-year funding stood at $24.9B, down 28% from 2015, while cumulative deal count was
down 21% at 1,484.
The absence of $500M+ or $1B+ rounds contributed to the dramatic funding dip; such outsized deals
to companies like Uber and Airbnb had lifted investment totals in Q216 and Q316.

600
520
473 492
500
383
382 395 396
400
310

# Deals
300

200

100
$8.8 $10.4 $9.5 $5.7 $6.0 $8.8 $6.2 $3.9
0
Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16
Amount Invested ($B) # of Deals

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 22

 8-quarter financing trend:
NY Metro
Deal and dollar activity diverges in NY Metro
Investors continued to pull back from NY deals for the third consecutive quarter, while funding rose
for the second straight quarter. Full-year 2016 figures for the region were down in both deal (12%)
and dollar (9%) terms.
Several mega-rounds of $100M or more drove the Q416 funding bump, raised by established startups
such as WeWork ($260M Series F tranche) and Buzzfeed ($200M Series G).

250

198 167
181 171 173 200
158 155
129 150

# Deals
100

50

$1.7 $2.3 $2.4 $2.2 $2.7 $1.5 $1.7 $2.0

0
Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16
Amount Invested ($B) # of Deals

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 23

 8-quarter financing trend:
DC/Metroplex
DC/Metroplex financing propelled by OneWeb deal
On a full-year basis, dollars invested in DC/Metroplex companies was up 26% from 2015, while total
deal activity ticked down 5%.
Of course, OneWebs deal accounted for the lions share of Q416 funding with its $1.2B round, the
largest to any VC-backed company (US or global) of the quarter.

55 60
50 52
50
41 43 43
40 38 40

# Deals
30

20

10
$445 $432 $506 $767 $434 $210 $622 $1,441
0
Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16
Amount Invested ($M) # of Deals

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 24

 8-quarter financing trend:
New England
Annual deals and dollars decline in New England
Deal activity in New England has been relatively consistent through 2016, but has declined 19% from
full-year 2015 to 435 deals. Annual funding was also down 12% to $6.2B.
The funding spike in Q316 was a relative outlier for the year, with biotech firms Moderna and Intarcia
Therapeutics, as well as daily fantasy site DraftKings, all receiving $150M+ deals.

180
157
160
138
122 123 140
112 108 111 104 120

# Deals
100

80

60

40

20
$1.5 $2.2 $1.8 $1.6 $1.5 $1.2 $2.2 $1.3
0
Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16
Amount Invested ($B) # of Deals

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 25

 8-quarter financing trend:
LA/Orange County
In LA/Orange County, Snap fuels funding, but deal activity falls
As with other regions, deal activity has generally trended downward for the year, with 2016s total of
278 deals down 18% from 2015. Total financing was up 13% to $5B, buoyed by Snap (fka Snapchat).
Q416 saw a variety of companies in the region receiving $50M+ rounds, such as transportation
developer Hyperloop One, construction software company Procore, and VR gaming startup Survios.

120

97
91 100
83 85
70 70 69 80

# Deals
54 60

40

20
$679 $1,621 $1,128 $977 $963 $2,474 $647 $879
0
Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16
Amount Invested ($M) # of Deals

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 26

 US: Top 10 states by deal value

1. CA $5,060M 6. IL $225M
394 Deals, 39 Deals,
Avg. Deal Size: $12.8M Avg. Deal Size:$5.8M

2. NY $1,698M 7. NJ $209M
124 Deals, 9 Deals,
Avg. Deal Size:$13.7M Avg. Deal Size:$23.2M

3. VA $1,346M 8. TX $181M
19 Deals, 44 Deals,
Avg. Deal Size:$70.8M Avg. Deal Size:$4.1M

4. MA $1,270M 9. UT $170M
97 Deals, 19 Deals,
Avg. Deal Size:$13.1M Avg. Deal Size:$8.9M

5. WA $322M 10. NC $167M

34 Deals, 15 Deals,
Avg. Deal Size:$9.5M Avg. Deal Size:$11.1M

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 27

 US: Top 20 states based on total
dollars invested in the last 20 years
Pennsylvania
$17.7B

Minnesota
$8.2B New York
$58.3B
Washington Illinois
$23.8B Massachusetts
$16.3B $80.0B

Oregon Connecticut
$4.3B $9.7B

New Jersey
Ohio
$20.1B
$5.6B Maryland
Utah Colorado $12.9B
$6.9B $21.0B
Virginia
California $17.2B
$367.8B North
Arizona Carolina
$4.7B $10.9B

Georgia
Texas
$14.2B
$38.6B

Florida
$14.7B

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 28

 04
US Movers
and Shakers:
Q416

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 29

 Largest Deals

Company Location Sector Industry

Stage of $ Value Select Investors
Funding of Deal

Mobile & Telecom

OneWeb Arlington, VA
Telecom Services $1.2B SoftBank Group

Business
WeWork New York, NY Products & Facilities $260M Jinjiang International Group
Services

Internet Norwest Venture Partners, New

OpenDoor Labs San Francisco, CA Internet Software & $210M Enterprise Associates, Khosla
Services Ventures, Felicis Ventures

Intarcia Pharma. /
Boston, MA Healthcare
Drugs $206M Bill & Melinda Gates Foundation
Therapeutics

Internet
Buzzfeed New York, NY Internet Software & $200M NBCUniversal
Services

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 Seed Early Expansion Later 30
Stage Stage Stage Stage
 Most active venture capital firms

No. of
Investor Location
Companies
Select Q416 Investments

OpenDoor Labs, VidMe, Datrium,

1. New Enterprise Associates Mountain View, CA 17 TravelBank

Albert, Fingertips Lab, Prynt, Happy

2. 500 Startups Mountain View, CA 16 Inspector

3. True Ventures Palo Alto, CA 13 Baffle, Cloverpop, Zymergen, Tend AI

Lemonade, Elysium Health, Stripe,

4. General Catalyst Partners Cambridge, MA 13 Sunflower Labs

Genalyte, Ellevest, Message.io,

5. Khosla Ventures San Francisco, CA 13 OpenDoor Labs

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 31

 05
Global Trends:
Q416 & Full-year 2016

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 32

 Global: Global regions comparisons

Deals

$3.0B
Deals

498 Deals $5.5B

$12.2B 337 Deals

1065 Deals

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 33

 Overall Financing Trends

Financing globally to VC-backed companies hits deal and dollar lows:

Deal count dropped below 2000 for the first time since Q413. In the whole of 2016,VC-backed
companies received $100.8B across 8,372 deals (down 23% and 10%, respectively).
Funding also fell for the second-straight quarter, seeing just $21B invested in Q416. This
represents an 89% drop since the 8-quarter peak in Q315, which saw nearly $40B in funding.
Q416 only saw a single deal above $1B, and 32 rounds above $100M. There were 38 $100M+
rounds the same quarter a year earlier.

3,000
2,428
2,318 2,371 2,500
2,138 2,186 2,082 2,133
1,971
2,000

# Deals
1,500

1,000

500
$28.4 $35.2 $39.7 $28.2 $27.1 $28.3 $24.4 $21.0
0
Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16
Amount Invested ($B) # of Deals

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 34

 Thematic areas of interest

Global venture capital (VC) financings ended 2016 on a cautionary note.

The soft IPO market and rationalization of market valuations toned down
investor enthusiasm with both valuations and number of new financings
experiencing sequential and year-over-year declines. The decline was not
unusual, given the spike in investor interest in 2015, which led to minting
of a record number of Unicorns. Absence of major Unicorn IPOs in 2016
also influenced investor enthusiasm toward new investments. VC
investment trends in 2017 will be impacted by the reaction of capital
markets to upcoming Unicorn IPOs, as strong investor receptiveness to
IPOs generally boosts VC investments.
Raman Chitkara, Partner, PwC

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016

35
 Trends:
Europe
Europe beats the global slowdown
In Q416, both deals and dollars went up in Europe. Funding jumped by 22%, hitting $3B of
investment in the quarter. Deals increased for a third-consecutive quarter, hitting 498 deals.
Healthcare saw the biggest jump in funding (113%), breaking $700M in Q416. Mobile deals
jumped, 27% from 71 deals in Q316 to 90 this past quarter.
Corporate participation reached a 5-quarter high, with a quarter of all deals into VC-backed
companies including a corporation or its venture arm.
Europe saw zero new VC-backed unicorns in the quarter.

Percentage change in dollars invested Q4/Q3 2016

22% 113%
Rise in Europe Healthcare
funding compared
to Q316

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 36

 Trends:
Asia
Asia continues to stall:
Asia decreased in both deals and dollars in Q416, dropping to $5.5B in funding for the quarter,
down 25% from $7.3B the quarter before. There were 337 deals into VC-backed Asian companies,
the third quarter in a row below 400.
Every major sector in Asia saw a slowdown in Q416, with internet companies dropping the most by
43% in funding. Conversely, non-internet/mobile software jumped by 178%, fueled by a $120M
Series B to computer vision developer SenseTime.
While Q316 saw corporates participate in 43% of all deals in Asia, we saw a pullback and reversion to
the norm with corporate participation reaching 34%.
Early-stage deal size jumped from $2M in every other quarter in 2016, to $3M in Q416.

Percentage change in dollars invested Q4/Q3 2016

25% 43%
Drop in Asia Internet
funding compared
to Q316
PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 37
 Trends:
North America
North America sees funding low:
North America saw $12.2B invested across 1,065 deals. This is the first time funding into the area
has dropped below $13B since Q114.
While the US dropped in funding, Canada saw a jump of 49% between Q316 and Q416.
Internet and Healthcare saw a significant slowdown, dropping by 16% and 17%, respectively since
the last quarter. Mobile had a stronger quarter, seeing a slight uptick in Q416 with 163 deals, a jump
of 10% from Q316.
Early-stage median deal size increased for the third-straight quarter, hitting a high of $3M.

Percentage change in dollars invested Q4/Q3 2016

15% 49%
Drop in North Canada
America funding
compared to Q316
PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 38
 Largest Deals

Company Location Sector Industry

Stage of $ Value Select Investors
Funding of Deal

Mobile & Telecom

OneWeb Virginia, US
Telecom Services $1.2B SoftBank Group

Mobile
Mobile & Shanghai Media Group, Sina
Yixia Beijing, China
Telecom
Software & $500M Weibo
Services

Careem Dubai, United Arab Mobile & Mobile The Abraaj Group, Rakuten,
Emirates Telecom Commerce $350M BECO Capital
Networks

Innovent Ping An Insurance, Legend

Suzhou, China Healthcare Drug Mfr. $385M Capital, Temasek Holdings
Biologics

Business
WeWork New York, NY Products & Facilities $260M Jinjiang International Group
Services

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 Seed Early Expansion Later 39
Stage Stage Stage Stage
 Most active venture capital firms

No. of
Investor Location Select Q416 Investments
Companies

Talent Garden, Pomelo, Happy

1. 500 Startups California, US 45 Inspector, Prynt

Opendoor Labs, GoEuro,

2. New Enterprise Associates California, US 20 Databricks, Datrium

SigFox, Cloudian, Paxata,

3. Intel Capital California, US 16 Carecloud

Hollar, Glossier, Iterable,

4. Index Ventures London, UK 14 SafetyCulture

Stripe, Lemonade, Elysium

5. General Catalyst Partners Massachusetts, US 14 Health, Singular

Freshdesk, Paxata, Osmo,

6. Accel Partners California, US 14 JobToday

WellTok, SendGrid, Quantopian,

7. Bessemer Venture Partners New York, US 14 Periscope Data

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 40

Appendix
 US States: Full listing

No. of No. of No. of No. of No. of

State $M Deals State $M Deals State $M Deals State $M Deals State $M Deals

Alabama $5 1 Illinois $226 39 Minnesota $56 3 Oregon $31 8 West Virginia $7 1

Arizona $44 10 Indiana $14 8 Missouri $4 6 Pennsylvania $92 18 Wisconsin $69 6

California $5,060 394 Iowa $15 2 Montana $5 3 Rhode Island $12 5

South
Colorado $118 24 Kansas $9 3 Nebraska N/A 1 $2 2
Carolina

Connecticut $84 4 Kentucky <$1 2 Nevada $12 4 Tennessee $67 8

DC $50 6 Louisiana N/A 1 New Jersey $209 9 Texas $181 44

Delaware $1 1 Maine $3 1 New York $1,698 124 Utah $170 19

North
Florida $99 10 Maryland $38 12 $167 15 Vermont <$1 1
Carolina

Georgia $34 7 Massachusetts $1,270 97 Ohio $142 16 Virginia $1,346 19

Idaho $2 1 Michigan $15 10 Oklahoma N/A 1 Washington $322 34

No disclosed quarterly activity: AK, AR, HI, MS, NH, NM, ND, SD, WY

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 42

 Notes on methodology
CB Insights and PwC 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 firms investment data is up-to-date.

Unless otherwise noted, percent changes reflect deal value changes from the preceding quarter (e.g., from Q316 to Q416).
Rankings are done by quarterly deal value (that is, total funding dollars for Q416).

What is included: What is excluded:

Equity financings into emerging companies. Fundings must come
from VC-backed companies, which are defined as companies who
have received funding at any point from either: venture capital
firms, corporate venture group or super angel investors.
Fundings of only private companies. 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 by a venture firm(s).
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.
Geography note: Israel funding figures are classified in Asia.
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), even if made by a venture
capital firm(s).
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 government funding. Grants, loans or equity financings by the
federal government, state agencies, or public-private partnerships to
emerging, startup companies are not included.

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 43

Data is current as of January 9, 2017. 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.

2017 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. PwC refers to the US member firm, 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.

PwC | CB Insights MoneyTree Report Q4 and Full-Year 2016 44