Shaking the MoneyTreeTM Q1 2015 Update Shaking the MoneyTree Q1... · 2016. 12. 30. · Shaking the MoneyTreeTM Q1 2015 Update PricewaterhouseCoopers/National Venture Capital Association

Shaking the MoneyTreeTM

Q1 2015 Update

www.pwc.com

PricewaterhouseCoopers/National Venture Capital Association MoneyTreeTM Report based on data from Thomson Reuters

HJ Paik Director, Emerging Company Services hj.paik@us.pwc.com (213) 356-6110

About the report

2 Shaking the MoneyTreeTM

• PricewaterhouseCoopers and the National Venture Capital Association produce the MoneyTree Report™, based on data from Thomson Reuters

• ‘Core’ measure of equity investments in venture-backed companies in the United States

• Companies have received at least one round of financing, involving a professional VC firm or equivalent

• Captures: tranches, not term sheets, foreign VCs, qualified private placement

• Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc.

• MoneyTree™ Report in its 21st year

• Results online at www.pwcmoneytree.com and www.nvca.org

Q1 2015

MoneyTree total investments Annual venture capital investments 1995 – Q1 2015 YTD

3

Shaking the MoneyTreeTM Q1 2015

$8.0 $11.3

$15.1 $21.5

$54.9

$105.0

$40.9

$22.2 $19.7 $22.9 $23.2

$27.9 $32.1 $30.4

$20.3 $23.4

$29.9 $27.6 $30.1

$49.5

$13.4

$0

$20

$40

$60

$80

$100

$120

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015Q1

($ in billions)

# of deals

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1

1897 2635 3232 3743 5605 8040 4595 3217 3038 3236 3300 3895 4230 4200 3172 3668 4040 3966 4251 4378 1020

MoneyTree total investments: Q1 2011 – Q1 2015


($ in billions)

Q1 2015

$6.6 $6.3 $6.1

$10.6

$13.4

$8.3

$7.5 $7.3

$13.6

$7.5

$6.7

$8.1

$10.4

$7.5 $7.0

$8.6

$14.9

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

2011 2012 2013 2014 2015Q1 Q2 Q3 Q4

2011 2012 2013 2014 2015

# of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Deals 912 1099 1021 1008 895 1001 980 1090 947 1045 1091 1168 1030 1175 1070 1103 1020

MoneyTree total investments

Quarterly venture capital investments Q1 2011 – Q1 2015

5 Shaking the MoneyTreeTM Q1 2015

$6.6

$8.3 $7.5 $7.5

$6.3 $7.5

$6.7 $7.0 $6.1

$7.3 $8.1 $8.6

$10.6

$13.6

$10.4

$14.9 $13.4

0

200

400

600

800

1000

1200

1400

Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15

# D

eals

Total amount invested ($B)

Average deal size ($M)

$7.2 $7.5 $7.4 $7.4 $7.1 $7.5 $6.9 $6.5 $6.5 $7.0 $7.4 $7.4

$10.3 $11.6

$9.7

$13.5 $13.2


$22.8

$29.7

$42.0

$94.7

$115.6

$134.1

$267.9

$329.9

$381.1

$400.6

$414.9

$426.6

$1393.8

$1407.7

$1919.6

$6039.7

- $1000 $2000 $3000 $4000 $5000 $6000 $7000

Upstate NY

South Central

Sacramento/N.Cal

North Central

Colorado

Philadelphia Metro

SouthWest

DC/Metroplex

Northwest

Midwest

Southeast

Texas

NY Metro

New England

Southern California

Silicon Valley

($ in millions)

Investments by region: Q1 2015


Unknown region totals not included

Region # of Deals % Change $ from Q4’ 14

Silicon Valley 323 -7%

New England 115 -29%

NY Metro 103 18%

Southern California 94 39%

Midwest 90 -50%

Southeast 68 -59%

Texas 48 -13%

DC/Metroplex 38 -9%

Northwest 30 -13%

SouthWest 24 133%

Colorado 23 -66%

Philadelphia Metro 23 -15%

North Central 21 -25%

South Central 9 243%

Upstate NY 8 227%

Sacramento/N.Cal 3 275%

Total -10%

Q1 2015 Total Investments - $13,420.8 million in 1,020 deals

Q1 2015

NV = no value in prior quarter NM = not meaningful

53%

8% 9% 9%

3%

57%

5%

9% 9%

2%

45%

8% 7%

17%

3%

44%

9%

13%

8%

3%

45%

14%

10% 10%

3%

0%

10%

20%

30%

40%

50%

60%

Silicon Valley Southern California New England NY Metro Texas

(% of total dollars)

Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15

Investments by region – Quarterly percent of total U.S. investments


Top 5 US regions : Q1 2014 – Q1 2015

Q1 2015

Investments by industry: Q1 2015


Visit www.pwcmoneytree.com for Industry definitions

$0.2

$6.0

$71.3

$99.6

$99.9

$107.7

$172.8

$176.0

$366.1

$469.2

$476.1

$520.3

$911.1

$1277.9

$1,360.5

$1,730.4

$5,575.8

- $2000 $4000 $6000

Other

Business Products and Services

Computers and Peripherals

Networking and Equipment

Electronics/Instrumentation

Retailing/Distribution

Healthcare Services

Semiconductors

Telecommunications

Medical Devices and Equipment

Consumer Products and Services

Financial Services

IT Services

Media and Entertainment

Industrial/Energy

Biotechnology

Software

($ in millions)

Q1 2015 Total Investments - $13,420.8 million in 1,020 deals

Industry # 0f

Deals % Change in $

from Q4' 14

Software 434 -8%

Biotechnology 124 -14%

Media and Entertainment 89 -9%

Medical Devices and Equipment 69 -30%

IT Services 68 1%

Industrial/Energy 63 133%

Consumer Products and Services 49 -42%

Semiconductors 18 -31%

Telecommunications 17 308%

Financial Services 16 80%

Healthcare Services 16 141%

Computers and Peripherals 14 -93%

Electronics/Instrumentation 13 -64%

Retailing/Distribution 12 -9%

Networking and Equipment 9 -57%

Business Products and Services 7 -97%

Other 2 -91%

Total 1,020 -10%

NV = no value in prior quarter

Q1 2015

Investments by industry – Quarterly percent of total U.S. investments


(% of Total Dollars)

Top 5 Industries : Q1 2014 – Q1 2015

Q1 2015

46%

10% 9% 8% 5%

45%

14% 11%

5% 5%

37%

10%

20%

8% 5%

40%

13%

9%

6% 4%

42%

13%

10% 7%

10%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Software Biotechnology Industrial/Energy Media andEntertainment

IT Services

Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15

Life science investments – Percent of total U.S. investments Life science sector – Q1 2014 – Q1 2015


10%

6%

15%

14%

5%

19%

10%

6%

17%

13%

4%

18%

13%

3%

16%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Biotechnology Medical Devices and Equipment Life Sciences

(% of total dollars)

Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15

Internet-specific & Software investments


Q1 2011 – Q1 2015

Q1 2015

Internet-specific investments ($B)

$1.4

$2.3

$1.7 $1.7 $1.6 $1.9

$1.7 $1.5

$1.3

$1.9

$1.5

$2.5 $2.5

$3.2 $3.4

$3.0 $3.1

0

50

100

150

200

250

300

350


$ Invested

# of deals

Software investments ($B)

$1.5 $2.0

$2.3 $1.9 $1.8

$2.5 $2.1 $2.3 $2.3 $2.3

$3.7

$2.9

$4.9

$6.1

$3.8

$6.0 $5.6

0

50

100

150

200

250

300

350

400

450

500


$ Invested

# of deals

Investments by stage of development: Q1 2015


Q1 2015 Total Investments - $13,421 million in 1,020 deals

($) in millions

Q1 2015

$126

$3,698

$5,385

$4,212

Seed Stage Early Stage

Expansion Stage Later Stage

Stage of Development # of

Deals

% Change in $ from Q4 2014

Seed Stage 26 -32%

Early Stage 492 -34%

Expansion Stage

295 -15%

Later Stage 207 50%

Total 1,020 -10%

US Investments by stage: Quarterly Q1 2013 – Q1 2015


Amount Invested by Stage ($M)

$189 $248 $231 $354 $143 $219 $195 $186 $126

$1,663

$2,668 $2,937 $3,076 $3,326 $3,872

$3,039

$5,588

$3,698

$2,091

$2,198 $2,527

$2,980

$4,554

$6,257

$3,615

$6,334

$5,385

$2,195

$2,169

$2,366

$2,204

$2,616

$3,275

$3,509

$2,804

$4,212

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15

Later Stage

ExpansionStage

Early Stage

Seed Stage

US Investments by stage: Quarterly Q1 2013 – Q1 2015


Number of Deals by Stage

Q1 2015

54 49 63 74 45 62 48 40 26

442

560 596 583

510 550 538 572

492

244

239

244 299

276

323

267 292

295

207

197 188

212

199

240

217 199

207

0

200

400

600

800

1,000

1,200

1,400

Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15

Later Stage

ExpansionStage

Early Stage

Seed Stage

Investments by sequence of financing: Q1 2015

15

($) in millions

Shaking the MoneyTreeTM

Q1 2015 Total Investments - $13,420 million in 1,020 deals

Q1 2015

$1,817

$11,604

First Sequence Follow-on

Financing # of Deals % Change in $ from Q4 2014

First Sequence 305 -30%

Follow-on 715 -6%

Total 1020 -10%

First sequence financing Investment amount: Q1 2011 – Q1 2015

First sequence investments


$1.3

$0.9 $1.0

$1.3

$1.8

$1.6

$1.2 $1.3

$1.8

$1.3

$1.1

$1.3

$1.7

$1.2 $1.3

$1.5

$2.6

-

$1

$1

$2

$2

$3

$3

2011 2012 2013 2014 2015

($ in billions) Q1 Q2 Q3 Q4

First sequence financing Number of deals: Q1 2011 – Q1 2015

First sequence deals


305

267

298 313 305

368

341 357

374

347 335

389

355 337

383 382 374

-

100

200

300

400

500

2011 2012 2013 2014 2015

Q1 Q2 Q3 Q4

Number of First-Time vs. Follow-On Deals US Venture Capital deals 2010 – Q1 2015 YTD

Number of Deals


1,095 1,357 1,326 1,426 1,416

305

2,573

2,683 2,640 2,825 2,962

715

0

500

1000

1500

2000

2500

3000

3500

4000

4500

2010 2011 2012 2013 2014 2015 Q1 YTD

Follow on First sequence

First sequence financing – Percent of total U.S. investments: 2011 – Q1 2015 YTD


19% 20%

18% 17%

14% 16%

17% 18%

16%

17% 17%

17%

12% 13%

16% 17%

14%

33% 33%

34% 33%

30%

34% 34% 35%

31%

34% 36%

33%

30%

32% 33%

34%

30%

0%

5%

10%

15%

20%

25%

30%

35%

40%

% of Total Dollars % of Total Deals

Quarterly percent of total first sequence dollars – Stage of development

20

Stage of Development – Q1 2014 – Q1 2015


9%

71%

11% 9% 7%

50%

25%

17%

11%

50%

24%

16%

5%

47%

41%

8% 5%

73%

19%

3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Seed Stage Early Stage Expansion Stage Later Stage

(% of first sequence dollars)

Q1 '14

Q2 '14

Q3 '14

Q4 '14

Q1 '15

Quarterly percent of total first sequence deals – Stage of development

21

Stage of Development – Q1 2014 – Q1 2015


12%

71%

11% 7%

11%

64%

15% 10% 12%

69%

12%

7% 9%

68%

18%

5% 8%

75%

14%

4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Seed Stage Early Stage Expansion Stage Later Stage

(% of first sequence deals)

Q1 '14

Q2 '14

Q3 '14

Q4 '14

Q1 '15

First sequence deals in seed & early stage companies 1995 – Q1 2015 YTD


53

7 710

82

0 96

2

1,7

77

2,5

02

914

59

7

59

1 713

74

7 89

5

1,0

14

94

2

617

83

2

1,0

77

1,0

80

1,18

4

1,11

3

25

1

60% 62% 63%

67% 72%

74% 74% 70%

76% 73%

70% 70% 72% 72% 74% 76%

79%

81%

83% 79% 82%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

1000

2000

3000

Seq 1 Deals in Seed/Early Stage

% of Total Seq 1 DealsSeed stage

Early stage

Median deal size vs. mean deal size – Quarterly total U.S. investments: Q1 2010 – Q1 2015

23

($ in millions)


$2.8 $3.0 $2.6 $2.7 $2.5 $3.0 $2.9 $2.5 $2.8 $2.9

$2.1 $2.0 $2.3 $2.4 $2.6 $2.5

$3.1 $3.4 $3.0

$3.9 $4.1

$6.2 $7.0

$6.1 $6.2

$7.2 $7.5 $7.4 $7.4

$7.1 $7.5

$6.9 $6.5 $6.5 $7.0 $7.4 $7.4

$10.3

$11.6

$9.7

$13.5

$13.2

-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

Median Deal Size Mean Deal Size

SoCal MoneyTree total investments: 2009 – Q1 2015


($ in millions)

Q1 2015

# of

Deals

2009 2010 2011 2012 2013 2014 2015

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

64 75 79 76 89 106 81 83 77 99 91 83 96 99 87 104 92 84 95 95 97 99 108 84 94

$3

85

.0

$6

41.

3

$5

97

.5 $

95

9.6

$5

52

.6

$8

02

.9

$1,

919

.6

$5

77

.5 $

88

7.7

$8

78

.0

$8

96

.9

$5

99

.8

$7

21.

2

$4

35

.4

$4

48

.2

$6

56

.4

$7

12.6

$6

98

.6

$8

06

.5

$5

97

.3

$5

19.0

$8

44

.9

$7

27

.1

$6

21.

0

$1,

38

4.4

$0.0

$200.0

$400.0

$600.0

$800.0

$1,000.0

$1,200.0

$1,400.0

$1,600.0

$1,800.0

$2,000.0

2009 2010 2011 2012 2013 2014 2015

Q1 Q2 Q3 Q4

$2.7

$3.0

$3.4

$8.3

$14.7

$18.6

$26.0

$34.2

$48.5

$74.8

$165.3

$198.6

$317.0

$1,004.1

$0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0 $900.0 $1,000.0 $1,100.0




Telecommunications

Financial Services




IT Services

Healthcare Services


Biotechnology


Software

Industrial/Energy

($ in millions)

Southern California investments by industry: Q1 2015


$2.0

NV - no value in prior quarter NM - not meaningful

Q1 2015

Industry # of Deals

% Change $ from Q4

2014

Software 46 -70%

Biotechnology 9 129%

Media and Entertainment 8 161%


Industrial/Energy 5 44,016%


Healthcare Services 3 NV%

IT Services 3 176%

Retailing/Distribution 2 NV

Telecommunications 2 -76%

Networking and Equipment 1 NV

Financial Services 1 -33%

Electronics/Instrumentation 1 NV



Total 94 39%

Q1 2015 Total: $1,919.6

$0.5

$0.7

$2.7

$3.0

$3.4

$6.5

$14.7

$16.0

$26.0

$26.9

$34.2

$140.1

$197.9

$1,004.1

$0.0 $250.0 $500.0 $750.0 $1,000.0





Telecommunications

Healthcare Services


Biotechnology



IT Services

Software


Industrial/Energy

($ in millions)

Los Angeles investments by industry: Q1 2015


Q1 2015 Total: $1,476.7

Industry # of Deals

% Change $ from Q4

2014

Software 24 -84%

Media and Entertainment 7 225%


Industrial/Energy 4 NV

IT Services 3 194%

Retailing/Distribution 2 NV

Telecommunications 2 -76%

Biotechnology 1 20%

Networking and Equipment 1 NV

Healthcare Services 1 NV

Electronics/Instrumentation 1 NV


Medical Devices and Equipment 1 NV


Total 54 33%

NV - no value in prior quarter NM – not meaningful

Q1 2015

NM

$16.0

$42.0

$47.9

$66.9

$0.0 $20.0 $40.0 $60.0 $80.0 $100.0

Industrial/Energy


Healthcare Services


Software

($ in millions)

NV - no value in prior quarter NM – not meaningful

Orange County investments by industry: Q1 2015


Q1 2015 Total: $172.8

Industry # of Deals

% Change $ from Q4 2014

Software 14 -46%

Consumer Products and Services 2 NV

Healthcare Services 2 NV

Medical Devices and Equipment 2 5%

Industrial/Energy 1 NV

Total 21 11%

Q1 2015

$0.7

$2.0

$8.3

$109.9

$149.3

$0.0 $50.0 $100.0 $150.0 $200.0 $250.0



Financial Services

Software

Biotechnology

($ in millions)

Industry # of Deals

% Change $ from Q4

2014

Biotechnology 8 172%

Financial Services 1 NV

Media and Entertainment 1 -77%


Software 8 238%

Total 19 121%

San Diego investments by industry: Q1 2015


Q1 2015 Total: $270.2

NV - no value in prior quarter NM - not meaningful

Q1 2015

SoCal venture capital firms: Q1 2015 investments


Venture capital firm Location Investments

Upfront Ventures Los Angeles 9

Frost Data Capital San Juan Capistrano 8

Qualcomm Ventures San Diego 8

Wavemaker Partners Santa Monica 7

Correlation Ventures LP San Diego 5

Tech Coast Angels Los Angeles 4

Queensbridge Venture Partners LLC Los Angeles 3

CrossCut Ventures Management LLC Manhattan Beach 3

Double M Partners LP Brentwood 3

RINCON VENTURE PARTNERS L P Santa Barbara 3

J. F. Shea Co Inc Walnut 2

Revolution Ventures LLC San Diego 2

venture51 Capital Fund LLP Encinitas 2

Karlin Ventures Los Angeles 2

31 Other Firms 1 each

Venture capital firms: Q1 2015 investments in SoCal


Venture capital firm Location Investments

Frost Data Capital CA,San Juan Capistrano 8

Upfront Ventures CA,Los Angeles 7

Wavemaker Partners CA,Santa Monica 6

Kleiner Perkins Caufield & Byers LLC CA,Menlo Park 4

New Enterprise Associates, Inc. CA,Menlo Park 3

First Round Capital PA,Philadelphia 3

Double M Partners LP CA,Brentwood 3

Tech Coast Angels CA,Los Angeles 3

Trinity Ventures LLP CA,Menlo Park 2

Accel Partners & Co Inc CA,Palo Alto 2

Polaris Venture Partners MA,Waltham 2

Canaan Partners CA,Menlo Park 2

Bessemer Venture Partners NY,Larchmont 2

Carrick Capital Management Company LLC CA,San Francisco 2

True Ventures CA,Palo Alto 2

Frazier Management LLC WA,Seattle 2

Alta Partners CA,San Francisco 2

RINCON VENTURE PARTNERS L P CA,Santa Barbara 2

Bain Capital Venture Partners LLC MA,Boston 2

CrossCut Ventures Management LLC CA,Manhattan Beach 2

Karlin Ventures CA,Los Angeles 2

InterWest Partners LLC CA,Menlo Park 2

Domain Associates LLC NJ,Princeton 2

Draper Fisher Jurvetson CA,Menlo Park 2

102 Other Firms 1 each

Q1 2015 – Most active U.S. venture investors


VC Firm Location Number of Deals

New Enterprise Associates, Inc. Menlo Park, California 29

Kleiner Perkins Caufield & Byers LLC Menlo Park, California 26

First Round Capital Philadelphia, Pennsylvania 20

Andreessen Horowitz LLC Menlo Park, California 19

Atlas Venture Cambridge, Massachusetts 18

Sequoia Capital Menlo Park, California 16

Bessemer Venture Partners Larchmont, New York 16

True Ventures Palo Alto, California 16

Polaris Venture Partners Waltham, Massachusetts 15

Google Ventures Mountain View, California 13

Accel Partners & Co., Inc. Palo Alto, California 13

Canaan Partners Menlo Park, California 13

Battery Ventures LP Boston, Massachusetts 13

Khosla Ventures LLC Menlo Park, California 13

Redpoint Ventures Menlo Park, California 12

Data Collective LLC San Francisco, California 12

RRE Ventures LLC New York, New York 12

Innovation Works, Inc. Pittsburgh, Pennsylvania 12

Draper Fisher Jurvetson Menlo Park, California 11

Foundation Capital LLC Menlo Park, California 11

Ben Franklin Technology Partners Southeastern PA Philadelphia, Pennsylvania 11

Greycroft Partners LLC New York, New York 10

Lightspeed Management Company LLC Menlo Park, California 10

InterWest Partners LLC Menlo Park, California 10

Analysis of venture-backed IPO and M&A activity


Date Total M&A Deals

Average M&A deal size ($M)*

Number of IPOs**

Total Offer Amount ($M)

Average IPO Offer

Amount ($M)

2010 545 116.7 67 8,069.6 120.4

2011 502 142.3 50 10,441.1 208.8

2012 491 173.2 49 21,459.9 438.0

Q1 2013 85 92.7 8 716.9 89.6

Q2 2013 98 218.6 22 2,249.9 102.3

Q3 2013 116 161.9 27 2,781.4 103.0

Q4 2013 94 196.0 24 5,320.1 221.7

2013 393 178.0 81 11,068.2 136.6

Q1 2014 115 245.8 37 3,404.5 92.0

Q2 2014 119 98.4 29 5,0039.9 173.8

Q3 2014 135 238.6 23 2,592.2 112.7

Q4 2014 110 817.3 27 4,363.4 161.6

2014 479 345.2 116 15,400.0 132.8

Q1 2015 86 128.1 17 1,432.6 84.3

Source: Thomson Reuters and National Venture Capital Association *Only accounts for deals with disclosed values **Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile

Venture capital fundraising


Source: Thomson Reuters & National Venture Capital Association Data current as of April 9, 2015

Q1 2015

Year First Time Funds

Follow-On Funds Total Number of Funds

VC Raised ($M)

2011 64 127 191 19,060.5

2012 76 142 218 19,838.2

2013 64 144 208 17,702.0

2014 96 163 259 30,161.5

2015 YTD 18 44 61 7,043.0

Quarter

Q1 ’14 31 40 71 10,040.0

Q2 ’14 23 60 83 8,133.4

Q3 ’14 24 43 67 6,185.7

Q4 ’14 27 53 80 5,802.3

Q1 ’15 18 44 61 7,043.0

HJ Paik

Director, Emerging Company Services (213) 356-6110 hj.paik@us.pwc.com

www.pwcmoneytree.com

Data is current as of April 14, 2015. PricewaterhouseCoopers and the National Venture Capital Association have taken responsible steps to ensure that the information contained in the MoneyTree™ Report has been obtained from reliable sources. However, neither of the parties nor Thomson Reuters 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.

© 2015 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.

Shaking the MoneyTreeTM Q1 2015 Update Shaking the MoneyTree Q1... · 2016. 12. 30. · Shaking the MoneyTreeTM Q1 2015 Update PricewaterhouseCoopers/National Venture Capital Association

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