#CBI_Unicorns UNICORN TRENDS The data behind the world’s most valuable private companies
#CBI_Unicorns
UNICORN TRENDS The data behind the world’s most valuable private companies
#CBI_Unicorns
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#CBI_Unicorns
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#CBI_Unicorns
The technology market intelligence platform.
CB Insights software lets you predict, discuss and
communicate emerging technology trends using data in ways that are beyond human cognition.
www.cbinsights.com 4
#CBI_Unicorns www.cbinsights.com 5
The most publicly reference-able customers of anyone in the industry
A FEW OF OUR HAPPY CUSTOMERS
Kate Barrett
Director, New Enterprise Associates
“With CB Insights we can quickly and reliably aggregate data across the investing landscape, from sector trends to financing activity. The intuitive user interface and robust set of features have made it a go-to resource for our team, and the customer support is second to none...”
#CBI_Unicorns
William Altman
@AltmanW
www.cbinsights.com 6
ABOUT THE PRESENTER
Tech Industry Analyst, CB Insights
Focuses on cybersecurity and $1B+ companies; additional topics include marketing tech, travel tech, edtech, and macro venture capital trends
Published research and data analysis has been featured in The New York Times, CNN, Financial Times, and The Wall Street Journal, among other major media outlets
Previously worked as an Associate in the Wamda Research Lab in Amman, Jordan and Beirut, Lebanon
Graduate of Denison University 12’ (B.S.), and MIIS 14’ (M.A.)
#CBI_Unicorns
Stewart Butterfield
CEO, Slack Technologies
www.cbinsights.com 7
“Yes, it’s arbitrary because it’s a big round number. It does make a difference psychologically. One billion is better than $800 million because it’s the psychological threshold for potential customers, employees, and the press.”
UNICORNS: PRIVATE COMPANIES WORTH $1B+
Source: Fortune
#CBI_Unicorns
9
19
24
27
39
The current global unicorn club
Most active investors
Stalking the smart money
Historical unicorn trends
Unicorn trends to watch
www.cbinsights.com 8
TABLE OF CONTENTS
#CBI_Unicorns
The current global unicorn clubMARKET MAP, GEOGRAPHY, VALUATIONS, FUNDING, MOST ACTIVE VCs
www.cbinsights.com 9
#CBI_Unicorns
13 MOST POPULATED
MARKET SEGMENTS
Largest share of unicorns
(18%) are in E-commerce/ Marketplace.
Followed by Internet Software & Services
(14%), and Fintech (12%)
www.cbinsights.com 10
GLOBAL UNICORN CLUB: 185 PRIVATE COMPANIES VALUED
AT $1B+ MARKET MAP as of 2/1/2017
#CBI_Unicorns
24 COUNTRIES WITH 1+
UNICORN COMPANY
The United States is
home to over half (52%) of the unicorn club
23% of the world’s unicorns are based in
China
Followed by: India, the UK, Germany, and South Korea, respectively
No other country has 3+
unicorns
www.cbinsights.com 11
GLOBAL UNICORN CLUB: PRIVATE COMPANIES VALUED AT
$1B+ GEOGRAPHIC MAP as of 2/1/2017
#CBI_Unicorns
11 US STATES WITH 1+
UNICORN COMPANY
After California and New
York, Massachusetts, Illinois, and Utah rank fourth, and Florida comes
in fifth.
The top five most well-funded are: Uber ($12.5B), Airbnb ($3.9B), Infor
($2.6B), Snap ($2.6B), and Palantir ($1.9B). Infor is the only unicorn out of the
top 5 based outside California; it is located in New York.
www.cbinsights.com 12
THE UNITED STATES OF UNICORNS: PRIVATE COMPANIES
VALUED AT $1B+ as of 2/1/2017
#CBI_Unicorns
SOME COMPANIES
REACH $1B+ FAST
Magic Leap and Snap:
< 2 years
Stripe and Airbnb: > 3 years
SpaceX and Tanium: > 6 years
DocuSign and Intarcia:
> 9 years
www.cbinsights.com 13
TIME TO UNICORN VALUATIONSelect US unicorns, first equity financing to $1B+ valuation
#CBI_Unicorns
LOTS OF $1B+
COMPANIES EMERGING IN RECENT YEARS
Largest share (15%) of
the current club achieved $1B+ valuation in Q3’15
3 unicorns added in Q1’17: Zhihu, Zoom
Communications, and URWork
www.cbinsights.com 14
THE INCREASINGLY CROWDED UNICORN CLUB: PRIVATE
COMPANIES VALUED AT $1B+ as of 2/1/2017
#CBI_Unicorns
Collectively valued at
$663 BILLIONwith combined total funding of
$126 BILLION
www.cbinsights.com 15
#CBI_Unicorns
8% OF UNICORNS HAVE
51% OF THE VALUE
Top 15 unicorns:
(decacorns worth $10B+) are worth more than the next 170 combined
Top 5 unicorns account
for 30% of the value
www.cbinsights.com 16
THE POWER-LAW OF UNICORN VALUATIONS ($M) as of 2/1/2017
$0
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Top 15 unicorns: $338B, 51% of collective value
Next 170 unicorns: $325B, 49% of collective value
#CBI_Unicorns
6% OF UNICORNS HAVE
37% OF THE FUNDING
Top 11 unicorns:
(all with $2B+ in funding) account for nearly 1/3 of unicorn funding
Top 5 most well-funded
account for 25% of the funding
www.cbinsights.com 17
THE POWER-LAW OF UNICORN FUNDING ($M) as of 2/1/2017
$50
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Top 11 unicorns: $47B, 37% of combined funding
Next 170 unicorns: $72B, 49% of collective funding
#CBI_Unicorns
UBER ON TOP
No unicorns outside the
United States and China in the top five most highly-valued
Last two years have not
seen a top five most highly-valued unicorn
3/5 emerged in 2011
www.cbinsights.com 18
TOP 5 MOST HIGHLY-VALUED UNICORN COMPANIES as of 2/1/2017
•Select Investors: Lowercase Capital, Benchmark Capital, Google VenturesUber (USA)
$68B – 8/23/2013
•Select Investors: Digital Sky Technologies, QiMing Venture Partners, Qualcomm Ventures
Xiaomi (China)
$46B – 12/21/2011
•Select Investors: Matrix Partners, Tiger Global Management, Softbank Corp.Didi Chuxing (China)
$33.8B -- 12/31/2014
•Select Investors: Morningside Group, GGV Capital, Banyan CapitalAirbnb (USA)
$30B – 7/26/2011
•Select Investors: RRE Ventures, Founders Fund, In-Q-TelPalantir Technologies (USA)
$20B – 5/5/2011
#CBI_Unicorns
UBER ON TOP AGAIN
Uber, Didi, Airbnb, and
Xiaomi among the most highly valued and most well-funded unicorns
www.cbinsights.com 19
MOST WELL-FUNDED PRIVATE COMPANIES VALUED AT $1B+ as of 2/1/2017
Rank Company DisclosedFunding
Valuation Select Investors
1 Uber $12.5B $68B Lowercase Capital, Benchmark Capital, Google Ventures
2 Didi Chuxing $8.6B $33.8B Matrix Partners, Tiger Global Mgmt., Softbank Corp.
3 Airbnb $3.9B $30B Morningside Group, GGV Capital, Banyan Capital
4 China Internet Plus
$3.3B $18B Broadline Capital, UBS
5 Flipkart $3.2B $16B Accel Partners, Digital Sky Technologies, Iconiq Capital
6 Global Switch $2.9B $6B Essence Financial, Ping An Insurance
7 Infor $2.63B $10B Blackstone Group, Koch Industries
8 Snap $2.61 $18B capitalG, Benchmark Capital, Lightspeed Venture Partners
9 Xiaomi $2.4B $46B Digital Sky Technologies, QiMing Venture Partners, Qualcomm
10 Ele.me $2.3B $4.5B Sequoia Capital China, GSR Ventures, Horizons Ventures
#CBI_Unicorns
2,800 investors with a stake in the unicorn club
www.cbinsights.com 20
#CBI_Unicorns
VENTURE CAPITALISTS
ARE MOST ACTIVE
40% of unicorn investors
are VCs
Followed by: corporations and their venture capital arms
(16%), angel investors (8%), and asset/ investment managers
(6%)
No other group accounts for more than 5%
www.cbinsights.com 21
SHARE OF INVESTOR TYPES WITH STAKE IN THE GLOBAL
UNICORN CLUB as of 2/1/2017
#CBI_Unicorns
DIVERSITY OF
INVESTOR TYPES
SV Angel, Sequoia
Capital, and Tiger Global tie for 1st
Fidelity, DST Global, and A16Z tie for 4th
Wellington and KPCB tie
for 7th
Airbnb is the only unicorn in all top 8 unicorn hunters’ portfolios
www.cbinsights.com 22
UNICORN HUNTERS: INVESTORS RANKED BY # OF
PORTFOLIO COMPANIES IN THE GLOBAL UNICORN CLUBas of 2/1/2017
#CBI_Unicorns
SV ANGEL ON TOP
Over half of SV Angel’s
unicorns were backed at an early stage
Nearly half of Sequoia Capital’s unicorns
backed at an early stage
www.cbinsights.com 23
EFFICIENCY OF TOP INVESTORS IN THE GLOBAL UNICORN CLUBas of 2/1/2017
Rank Investor # of unicorns in portfolio
Early-stage unicorn deals
1 SV Angel 23 16
2 Sequoia Capital 22 10
3 Tiger Global Management 22 2
4 Fidelity Investments 20 0
5 DST Global 20 0
6 Andreessen Horowitz 20 7
7 Wellington Management 19 1
8 Kleiner Perkins Caufield Byers 19 4
9 Goldman Sachs 19 1
10 Tencent Holdings 17 2
#CBI_Unicorns
SV ANGEL ON TOP
WITH 16 EARLY-STAGE DEALS
Sequoia Capital in 2nd
A16z, Khosla Ventures,
and YC tie for 3rd
Accel Partners and Benchmark tie for 6th
General Catalyst, First Round Capital, and
Qiming tie for 8th
www.cbinsights.com 24
UNICORN HUNTERS: INVESTORS RANKED BY # OF EARLY-
STAGE DEALS (SEED/SERIES A) IN THE GLOBAL UNICORN CLUBas of 2/1/2017
#CBI_Unicorns
STALKING THE SMART MONEY MOST ACTIVE INVESTORS & CO-INVESTMENTS
www.cbinsights.com 25
#CBI_Unicorns
SEQUOIA CAPITAL ON
TOP
Sequoia and a16z are the
only smart money VCs with 20+ unicorns
Of it’s unicorns, Sequoia has participated in
follow-on rounds to Stripe the most
A16Z has the most cybersecurity unicorns
including: Okta, Illumio, Tanium, and Lookout
www.cbinsights.com 26
MOST ACTIVE SMART MONEY INVESTORS IN THE GLOBAL UNICORN CLUB
as of 2/1/2017
Rank Investor Select Investments
1 Sequoia Capital Carbon3D, Zoom, Snap, Stripe
2 Andreessen Horowitz (a16z) Magic Leap, Pinterest, Illumio, Tanium
3 Kleiner Perkins Caufield & Byers Gusto, Instacart, Uber, Spotify
4 Accel Partners DJI, Illumio, Qualtrics, Funding Circle
5 New Enterprise Associates Uptake, Snap, Houzz, Mulesoft
5 Founders Fund Oscar, Compass, Domo, Wish
7 Khosla Ventures Instacart, Stripe, Okta, Lookout
8 General Catalyst Partners Datto, Oscar, Illumio, Gusto
9 Benchmark Capital Snap, WeWork, Nextdoor, Domo
9 Greylock Partners Airbnb, Lookout, Domo, Docker
10 Index Ventures Adyen, TransferWise, BlaBlaCar, FarFetch
#CBI_Unicorns
THE TOP 3 MOST
ACTIVE SMART MONEY INVESTORS (2012 -2016)
All three firms have
backed: Instacart, Airbnb, and Jawbone
www.cbinsights.com 27For our full list of 24 smart money investors, please see this post.
2012 – 2016
#CBI_Unicorns
Rank
Investor Select Investments
1 Fidelity Investments Airbnb, Snap, Uber, SpaceX
2 Wellington Management Airbnb, Uber, SoFi, Magic Leap
3 Goldman Sachs Oscar, Compass, Uber, Xiaomi
4 Tiger Global Management GrabTaxi, Hike, Souq.com, Avant
5 T. Rowe Price Magic Leap, Snap, OfferUp, WeWork
6 Baillie Gifford & Co. Auto1 Group, Souq.com, Flatiron Health, Funding Circle
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$8,851 $3,933 $19,714 $38,115 $33,874
15
26
98
155
133
2012 2013 2014 2015 2016
Disclosed Funding ($M)
Historical trendsHow do unicorns fare in the private markets over time?
www.cbinsights.com 28
#CBI_Unicorns
FUNDING ACTIVITY
PEAKED IN 2015
9 unicorns obtained
$1B+ rounds in 2015: Didi Chuxing, Uber, and SpaceX, among others
7 unicorns obtained
$1B+ rounds in 2016: Didi Chuxing, Uber, and Snap, among others
www.cbinsights.com 29
ANNUAL UNICORN FINANCING HISTORY2012 – 2016
$8,851 $3,933 $19,714 $38,115 $33,874
15
26
98
155
133
2012 2013 2014 2015 2016
Disclosed Funding ($M)
#CBI_Unicorns
Q3’15 MOST $/DEALS
$1B deals in Q3’15:
- Didi Chuxing ($2B Series F)
- Uber ($1B Series F)
- SoFi ($1B Series E)
6 unicorns funded in
2017: Zoom, Zhihu, URWork, Insidesales.com,
Homelink, and Funding Circle
*This analysis excludes Uptake Technologies’ $40M Series C round (2/1/2017)
www.cbinsights.com 30
QUARTERLY UNICORN FINANCING HISTORY2012 – 2017 YTD (1/30/2017)
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Disclosed Funding ($M) Deals
#CBI_Unicorns
UPTAKE FASTEST TO
$1B+
Magic Leap, only other
startup to reach $1B+ in under one year
All 11 of the fastest unicorns achieved $1B+
in under two years
www.cbinsights.com 31
FASTEST $1B+ VALUATION FINANCINGS FOR US VC BACKED COMPANIES 2009 – 2017 YTD (2/1/2017)
714
640
626
624
601
600
508
463
372
258
236
Apttus
Oscar
Snap
Insidesales.com
Pluralsight
Square
JetSmarter
Jet.com
Zoox
Magic Leap
Uptake
Days From First Equity Financing To Billion Dollar Valuation Financing
#CBI_Unicorns
CROSSOVER PARTICIPATIONFUNDING ACTIVITY, ACTIVE CROSSOVERS
www.cbinsights.com 32
#CBI_Unicorns
2015 PEAK ACTIVITY
Q3’15 saw $1B deals with
crossover participation to: Didi Chuxing, Uber, and SoFi
2017 has seen two
unicorn financings with crossover participation:
- URWork: $58M Series B
- Funding Circle: $100M Series F
www.cbinsights.com 33
CROSSOVER PARTICIPATION QUARTERLY UNICORN FINANCING HISTORY Q1’12 – 2017 QTD (2/1/2017)
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Disclosed Funding ($M) Deals
#CBI_Unicorns
FIDELITY ON TOP
Fidelity, participated in
$1B+ funding rounds to unicorns: Airbnb, Snap, Uber, and SpaceX
Wellington, participated in
$1B+ funding rounds to unicorns: Airbnb, Uber, and SoFi
Goldman Sachs,
participated in $1B+ funding rounds to unicorns: Uber and
Xiaomi
www.cbinsights.com 34
MOST ACTIVE CROSSOVER INVESTORS IN UNICORNS2012 – 2017 YTD (2/1/2017)
Rank Investor Select Investments
1Fidelity Investments Airbnb, Snap, Uber, SpaceX
2Wellington Management Airbnb, Uber, SoFi, Magic Leap
3Goldman Sachs Oscar, Compass, Uber, Xiaomi
4Tiger Global Management GrabTaxi, Hike, Souq.com, Avant
5T. Rowe Price Magic Leap, Snap, OfferUp, WeWork
6Baillie Gifford & Co. Auto1 Group, Souq.com, Flatiron Health, Funding Circle
#CBI_Unicorns
CORPORATE PARTICIPATIONINVESTMENTS, ACTIVE CORPORATES
www.cbinsights.com 35
#CBI_Unicorns
Q3’15 MOST ACTIVE
Q3’15 saw corporates
participate in $1B+ funding rounds to: Didi Chuxing, Uber, SoFi
2017 has seen 5 rounds
with corporate participation: Zoom ($100M Series D), Zhihu
($100M Series D), Homelink ($375M Other), URWork ($58M Series B),
Insidesales.com ($50M Series F)
www.cbinsights.com 36
CORPORATE PARTICIPATION QUARTERLY UNICORN FINANCING HISTORY Q1’12 – 2017 QTD (2/1/2017)
$8
1
$2
14
$4
75
$3
00
$2
05
$4
05
$1
,07
8
$3
14
$2
,98
1
$2
,32
8
$2
,62
1
$3
,21
8
$4
,58
4
$4
,89
3
$1
0,8
94
$3
,54
6
$5
,31
0
$5
,07
2
$4
,85
6
$5
,29
6
$6
83
13 3 2 3 3
5
3
12
7
11
13
15
22
28
17
22
15 1614
5
2012 2013 2014 2015 2016 2017
Disclosed Funding ($M) Deals
#CBI_Unicorns
CHINESE CORPS ON TOP
Tencent’s largest unicorn
rounds include: Didi Chuxing, Homelink, STX Entertainment
Alibaba’s largest unicorn
rounds include: Didi Chuxing, Ele.me, Magic Leap
www.cbinsights.com 37
MOST ACTIVE CORPORATE INVESTORS IN UNICORNS2012 – 2017 YTD (2/1/2017)
Rank Investor Select Investments
1Tencent Holdings iCarbonX, Huochebang, Didi Chuxing, STX Entertainment
2Alibaba Group Didi Chuxing, Magic Leap, One97 Communications, Lyft
3Google Ventures (GV) Carbon3D, Oscar, Flatiron Health, Gusto
4capitalG Snap, Ten-X, Stripe, Thumbtack
5Salesforce Ventures Gusto, Anaplan, Domo, Apttus
6Comcast Ventures Instacart, Houzz, Vox Media, DocuSign
#CBI_Unicorns
CISCO SYSTEMS MOST
ACTIVE
Cisco Systems, acquired
two unicorns since 2016: AppDynamics and Jasper Technologies
Simplivity’s last private
market valuation before the acquisition was $1.1B, HP acquired the company
for $650M in a down exit
www.cbinsights.com 38
SELECT CORPORATE ACQUISITIONS OF UNICORNS 2016 – 2017 YTD (2/1/2017)
* AppDynamics deal is not finalized
#CBI_Unicorns
2X LAST PRIVATE
MARKET VALUATION
Last raise was $158M
Series F, valued at $1.88B
97% increase from 2016 valuation
10 years from $12M to exiting for $3.7B
www.cbinsights.com 39
APPDYNAMICS VALUATION HISTORY ($M)Q2’08 – 2017 YTD (1/24/2017)
*AppDynamics deal is not finalized
$12 $42 $180
$550
$1,118
$1,878
$3,700
Q2'08 2009 2010 2011 2012 2013 2014 2015 2016 2017
Q2'08
APPDYNAMICS VALUATION HISTORY$Ms, Q2'08 - 2017 YTD (1/24/2017)
97%
#CBI_Unicorns
EXIT TRENDS M&A & IPOs, TOP EXITS
www.cbinsights.com 40
#CBI_Unicorns
31 IPOS & 24 M&AS
SINCE 2012
2016 most active despite
low number of IPOs
United States and China have the most exited unicorns
Top 3 IPOs: Alibaba
Group (2014), Facebook (2012), JD.com (2014)
www.cbinsights.com 41
ANNUAL UNICORN M&A/ IPO ACTIVITY2012 – 2017 YTD (2/1/2017)
1 4 4 13 233
13 7
5
2012 2013 2014 2015 2016 2017 YTD(1/27/2017M&A IPO
#CBI_Unicorns
M&A ACTIVITY RISING
63% of M&As since 2013,
occurred since 2016
Top 3 M&As: WhatsApp (2014), Stemcentrx (2016), Uber China (2016)
2017: Simplivity (acq. by
HP), AppDynamics (acq. by Cisco)
www.cbinsights.com 42
UNICORN M&A TIMELINE2013 – 2017 YTD (2/1/2017)
#CBI_Unicorns
SNAP INC. FILED FOR
IPO THAT COULD VALUE THE COMPANY NORTH OF $22B
Snap last valued at $18B
in private markets, just behind: Uber, Airbnb, Palantir, above WeWork
Snap’s IPO could be the
first in 2017, and would be the first since Meitu went public in December
2016, at a valuation of $4.9B
www.cbinsights.com 43
VALUATION HISTORY OF THE TOP 5 US UNICORNSQ3’13 – 2016 *Snap’s valuation is the mid-range estimate for its reported early 2017 IPO
#CBI_Unicorns
SNAP’S PRICE/USER
MULTIPLE IS 100X
Although investors may
be betting on future Pinterest growth, it still means that Snap is
cheaper on this basis than Pinterest
That would also make Snap roughly twice as
valuable as Twitter
Facebook dominates
www.cbinsights.com 44
SOCIAL MEDIA GIANT’S PRICE/USER MULTIPLE*Snap’s valuation is the mid-range estimate for its reported early 2017 IPO
185x 110x 100x 47x 41x 39x 20x 14x 9x
Facebook Pinterest Snap Whatsapp Twitter Line Instagram Hike Viber
Price/Users
#CBI_Unicorns
ALIBABA BIGGEST EXIT
The last two years has
not seen a top six VC-backed unicorn exit
3 of the top 6 exited with IPO in 2014
1 acquisition in the top 6:
WhatsApp, acq. by Facebook
www.cbinsights.com 45
TOP VC-BACKED UNICORN EXITS BY VALUATIONas of 2017 YTD (2/1/2017)
Rank Company Date Of Exit Valuation At Exit
1Alibaba Group (IPO) 9/19/2014 $167B
2Facebook (IPO) 5/18/2012 $104B
3JD.com (IPO) 5/22/2014 $28B
4WhatsApp (Acq.) 2/19/2014 $22B
5Twitter (IPO) 11/7/2013 $14B
6Groupon (IPO) 11/4/2011 $12B
#CBI_Unicorns
JD.COM ON TOP
7 of the 10 companies are
US based, and 3 are Chinese companies: JD.com, Dianping, Ucar
Group
www.cbinsights.com 46
MOST WELL-FUNDED VC BACKED UNICORNS BEFORE EXIT as of 2017 YTD (2/1/2017)
Rank Company Total Disclosed Funding Date Of Exit
1 JD.com $2.8B (IPO) 5/22/2014
2 Facebook $2.5B (IPO) 5/18/2012
3 Rocket Internet $1.5B (IPO) 10/2/2014
4 Legendary Entertainment $1.5B (Acq.) 1/12/2016
5 Dianping $1.4B (Mrg.) 10/8/2015
6 Fisker Automotive $1.3B (Acq.) 2/24/2014
7 Ucar Group $1.3B (IPO) 7/22/2016
8 Groupon $1.1B (IPO) 11/4/2011
9 Sunrun $986M (IPO) 8/5/2015
10 LivingSocial $919M (Acq.) 10/26/2016
#CBI_Unicorns
UNICORN TRENDS TO WATCH
www.cbinsights.com 47
#CBI_Unicorns
THREE NEW UNICORNS
IN 2017 YTD (1/31/2017)
Zhihu is a Q&A website,
and URWork offers co-working spaces, both are based in China
Zoom offers a cloud-
based enterprise video conferencing platform
www.cbinsights.com 48
NEWEST MEMBERS OF THE GLOBAL UNICORN CLUB
(Zhihu)
as of 2017 YTD (2/1/2017)
#CBI_Unicorns
NOT ALL UNICORNS
WILL THRIVE
GFG down $2.3B
Jawbone down $2B
Lianjia down $500M
www.cbinsights.com 49
WOUNDED UNICORNS: SELECT $1B+ COMPANIES’ DOWNROUNDS
$3.4B $1.1B
$3.2B $1.7B $1.2B
$6.2B $5.7B
(Homelink)
as of 2017 YTD (2/1/2017)
#CBI_Unicorns
SOME UNICORNS
WON’T SURVIVE
Mode Media shut down
without new investors or an acquirer
Fisker Automotive acquired in a bankruptcy
auction
Powa Technologies’ filed for bankruptcy and had its assets sold off
www.cbinsights.com 50
DEAD UNICORNS: PAST $1B+ COMPANIES OUT OF BUSINESS
#CBI_Unicorns
$1B+ ROUNDS ARE
SHOWING UP MORE OFTEN
Late-stage private
companies that are among the most valuable in the world are staying
private longer
These companies are also raising $1B+ rounds of funding from large
institutional investors
www.cbinsights.com 51
SELECT $1B+ ROUNDS FOR LATE STAGE UNICORNSas of 2017 YTD (2/1/2017)
#CBI_Unicorns
INVESTORS HOPE SNAPCHAT WILL UNLOCK IPO MARKET FOR TECH UNICORNS
11/16/2016
IPO CHATTER IS UP: SNAP COULD LEAD THE WAY
www.cbinsights.com 52
#CBI_Unicorns
Thank you, any questions?
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#CBI_Unicorns
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