Q3 2020 MoneyTree™ Report 2 Executive summary Q3 2020 Q3’20 funding to US-based, VC-backed companies is the second strongest quarter ever Investments reach $36.5B in Q3’20, the second highest quarter ever: VC investments to US-based companies hit a 7-quarter high in Q3’20 at $36.5B, up 22% year-over-year (YoY) and 30% from Q2’20. The quarterly increase in deal activity is more modest: 1,461 VC deals take place in Q3’20, a 1% increase from 1,440 deals in Q2’20. While deal activity has shown small increases each quarter so far this year, Q3’20 deals are still down 11% YoY amid the pandemic. Number of quarterly mega-rounds climbs to a new record: Mega-rounds drive funding gains as 88 US-based companies raise rounds worth $100M or more in Q3’20, surpassing the record set in Q2’20. As a result, mega-round deal share rises to 54% of total funding. Seed deals rise for the second consecutive quarter: Seed deals continue their recovery after a sharp drop-off in Q4’19. Later-stage deal size is still high: Series D median deal size rises to $50M vs. $32M in Q2’20. Geographic insights US insights Global deal activity and funding see quarterly rises North America, Asia, and Europe see combined funding of $71.9B in Q3’20, a historical record: Global VC funding rises over 40% in Q3’20 compared to Q2’20. Asia sees the largest jump in funding and deals, deal activity surpasses North America: Asia deal activity rises over 14% in Q3’20, compared to a 1% rise in North America and a flat quarter in Europe. Funding to startups in Asia increases 74%, while jumping 29% in both Europe and North America in Q3’20 vs. Q2’20. Los Angeles and Seattle Metros see significant upticks in deal activity: Los Angeles deal activity increases to 115 in Q3’20, up from 86 in Q2’20. Seattle deal activity jumps 33% in Q3’20 compared to Q2’20. Most of the top metros see an increase in investments: While quarterly deal activity declines in six of the top ten metros, only two see a decline in investments in Q3’20, as mega- rounds drive funding gains across major metros. Source: PwC/CB Insights MoneyTree™ Report Q3 2020 3 Mega-rounds Deals and Dollars Metros Unicorns States Emerging areas Exits Contents Sectors Global Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Deals and Dollars Source: PwC/CB Insights MoneyTree™ Report Q3 2020 5 1,576 1,628 1,757 1,647 1,471 1,416 1,440 1,461 $40.5 $27.6 $31.1 $29.8 $25.1 $27.7 $28.1 $36.5 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 US deals and dollars – Quarterly US VC funding in Q3’20 is second highest ever Investments ($B) # of deals Historical record Second highest Source: PwC/CB Insights MoneyTree™ Report Q3 2020 6 $52 $121 $114 $92 2001 2005 2010 2015 2020 YTD 5,016 6,932 6,507 4,317 US deals and dollars – Annual 2020 funding pace is near record levels while deals fall short Second highest ever Investments ($B) # of deals Historical record Source: PwC/CB Insights MoneyTree™ Report Q3 2020 7 US funding – Quarterly seasonality Q3’20 is the strongest third quarter in over six years $12.4 $19.1 $17.2 $16.5 $23.7 $27.6 $27.7 $17.3 $21.0 $19.1 $20.7 $25.6 $31.1 $28.1 $14.1 $21.1 $17.1 $22.0 $31.0 $29.8 $36.5 $17.7 $18.3 $12.7 $21.7 $40.5 $25.1 $61.6 $79.4 $66.1 $80.9 $120.8 $113.7 $92.3 2014 2015 2016 2017 2018 2019 2020 Second highest (all-time) Q3 Q2 Q1 Q4 Total Investments ($B): Source: PwC/CB Insights MoneyTree™ Report Q3 2020 8 Q3'15 Q3'16 Q3'17 Q3'18 Q3'19 Q3'20 US deal activity by round Seed deal activity rises for second consecutive quarter Note: “All deals" includes additional round types 1,568 547 177 64 1,461 All deals 414 Seed 189 Series B 124 Series C 54 Series D 60 Series E+ Source: PwC/CB Insights MoneyTree™ Report Q3 2020 9 Q3'15 Q3'16 Q3'17 Q3'18 Q3'19 Q3'20 US median deal size by round Series D median deal size jumps in Q3’20 $50.0M Series D $18.0M $13.3M Note: “Overall" median includes additional round types Emerging Company Solutions Turn vision into reality. Let’s get going at pwc.com We’re focused on helping you clear the path for your next move, so you can act fast and grow. Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Mega-rounds Source: PwC/CB Insights MoneyTree™ Report Q3 2020 12 56 52 67 63 41 61 72 88 US mega-rounds – Investments and deal count Number of quarterly mega-rounds climbs to a new high $25.5 $12.6 $13.9 $15.6 $8.8 $12.5 $12.9 $19.8 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Historical record Mega-round investments ($B) # of mega-rounds Note: Mega-rounds are $100M+ deals Historical record Second highest Second highest Source: PwC/CB Insights MoneyTree™ Report Q3 2020 13 63% 46% 45% 52% 35% 45% 46% 54% US mega-rounds – Funding and share of total funding More than half of Q3’20 funding comes from mega-rounds $25.5 $12.6 $13.9 $15.6 $8.8 $12.5 $12.9 $19.8 $14.9 $15.0 $17.3 $14.2 $16.3 $15.2 $15.2 $16.7 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Historical record Mega-round investments ($B) Non-mega-round investments ($B) Mega-round share Note: Mega-rounds are $100M+ deals Source: PwC/CB Insights MoneyTree™ Report Q3 2020 14 US mega-rounds – Quarterly seasonality 2020 mega-round investments are growing at record pace Note: Mega-rounds are $100M+ deals $2.9 $6.9 $4.5 $4.4 $8.2 $12.6 $12.5 $4.6 $7.2 $7.4 $7.5 $8.6 $13.9 $12.9 $3.5 $7.8 $5.9 $9.3 $15.6 $15.6 $19.8 $6.9 $6.6 $2.4 $8.7 $25.5 $8.8 $17.9 $28.4 $20.2 $30.0 $57.9 $50.9 $45.2 2014 2015 2016 2017 2018 2019 2020 Q3 Q2 Q1 Q4 Total Mega-round investments ($B): Second largest year Historical record year Source: PwC/CB Insights MoneyTree™ Report Q3 2020 15 Largest US deals of Q3’20 Top 2 funding rounds in the US raise over $1B each Company Investment Round Select investors Vertical 1 SpaceX Hawthorne, CA $1.9B Series E+ Fidelity Investments, Legendary Ventures Industrial Aerospace & Defense 2 Epic Games Cary, NC $1.5B Private Equity Lightspeed Venture Partners, Fidelity Investments, KKR Software (non-internet/mobile) Gaming 3 Affirm San Francisco, CA $500M Series E+ Lightspeed Venture Partners, Spark Capital, Founders Fund Mobile & Telecommunications Mobile Software & Services Payments 3 Bright Health Minneapolis, MN $500M Series E+ New Enterprise Associates, Bessemer Venture Partners, Greenspring Associates Healthcare Health Plans 3 Diligent New York, NY $500M Private Equity Insight Partners, Blackstone, Clearlake Capital Group Internet Internet Software & Services Collaboration & Project Management Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Sectors Source: PwC/CB Insights MoneyTree™ Report Q3 2020 17 Sector # of Deals Funding 1 Internet $12.7B 2 Healthcare $8.0B 3 Mobile & Telecommunications $4.3B 4 Software (non-internet/mobile) $3.8B 5 Consumer Products & Services $0.5B 61 127 166 271 578 Deals and dollars – US sectors Internet startups continue to receive outsized financing 18 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Top 10 US verticals by deal activity Monitoring and security deals grow more than double in Q3’20 19 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Top 10 US verticals by investments Investments in four verticals more than doubled this quarter Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Unicorns Source: PwC/CB Insights MoneyTree™ Report Q3 2020 21 23 17 21 17 16 13 11 17 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Unicorns – New US VC-backed unicorns by quarter US unicorn births rebound in Q3’20 Historical record Note: Unicorns are startups valued at $1B or more Source: PwC/CB Insights MoneyTree™ Report Q3 2020 22 Unicorns – Total unicorn population The total US unicorn population continues to climb Note: Unicorns are startups valued at $1B or more Historical record 151 166 178 189 202 209 214 216 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 23 $577 $626 $577 $594 $594 $593 $628 $646 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Unicorn valuations ($B) Note: Unicorns are startups valued at $1B or more Unicorns – US aggregate unicorn valuation Aggregate valuation rises for the second consecutive quarter Source: PwC/CB Insights MoneyTree™ Report Q3 2020 24 Company Valuation Vertical Emerging areas Select investors 1 SpaceX Hawthorne, CA $46.0B Industrial Aerospace & Defense Space Tech Fidelity Investments, Google 2 Stripe San Francisco, CA $36.0B Internet Internet Software & Services Payments FinTech Tiger Global Management 3 Airbnb San Francisco, CA $18.0B Internet E-Commerce Travel On-Demand Sequoia Capital, Andreessen Horowitz, Greylock Partners, General Catalyst 4 Epic Games Cary, NC $17.0B Software (non-internet/mobile) Gaming Gaming Lightspeed Venture Partners, KKR, Smash Ventures, Tencent Holdings 5 DoorDash San Francisco, CA $16.0B Internet E-Commerce Food & Grocery On-Demand Sequoia Capital, DST Global, Khosla Ventures Top 5 highest-valued US unicorns – Q3’20 SpaceX rises to highest-valued unicorn after $1.9B funding round Note: Most recently disclosed valuations associated with a funding round are included Source: PwC/CB Insights MoneyTree™ Report Q3 2020 25 Top 5 most-funded US-based companies – Q3’20 Epic Games joins top 5 funded US startups after Palantir IPO Company Funding Vertical Emerging areas Select investors 1 Juul Labs San Francisco, CA $15.0B Consumer Products & Services Consumer Electronics Consumer Hardware Coatue Management, D1 Capital Partners, Tiger Global Management 2 SpaceX Hawthorne, CA $5.1B Industrial Aerospace & Defense Space Tech Founders Fund, Threshold Ventures, Fidelity Investments, Google 3 Airbnb San Francisco, CA $3.6B Internet E-Commerce Travel On-Demand Sequoia Capital, Andreessen Horowitz, Greylock Partners, General Catalyst 4 Epic Games Cary, NC $3.4B Software (non-internet/mobile) Gaming Gaming Lightspeed Venture Partners, KKR, Smash Ventures, Tencent Holdings 5 Magic Leap Plantation, FL $3.0B Software (non-internet/mobile) Scientific, Engineering Software AR/VR Alibaba Group, Fidelity Investments, Google Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Exits Source: PwC/CB Insights MoneyTree™ Report Q3 2020 27 7.2 6.3 7.6 6.7 6.3 6.9 6.5 7.2 192 173 169 174 154 161 120 154 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 US M&A exits – Quarterly Q3’20 M&A exits rebound after a fall in activity in Q2’20 Note: Average years to liquidate from first funding Historical record M&A exits Years to liquidation Source: PwC/CB Insights MoneyTree™ Report Q3 2020 28 7.0 5.4 7.2 7.5 6.1 7.2 6.7 6.9 17 15 34 22 18 14 24 51 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 IPO activity Years to IPO US IPOs – Quarterly US IPO exits more than double in Q3’20 to reach new high Note: Average years to liquidate from first funding Second highest quarter ever Source: PwC/CB Insights MoneyTree™ Report Q3 2020 29 7.2 6.3 7.6 6.7 6.3 6.9 6.5 7.2 7.0 5.4 7.2 7.5 6.1 7.2 6.7 6.9 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 US M&A exits and IPOs – Time-to-exit IPO and M&A time-to-exit tick upward in Q3’20 Years to IPO Years to M&A Note: Average years to liquidate from first funding Source: PwC/CB Insights MoneyTree™ Report Q3 2020 30 192 173 169 174 154 161 120 154 17 15 34 22 18 14 24 51 209 188 203 196 172 175 144 205 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 US M&A exits and IPOs – Number of exits Both M&A and IPO exits see significant quarterly rise in Q3’20 IPO exits M&A exits Source: PwC/CB Insights MoneyTree™ Report Q3 2020 31 Top 5 US M&A exits of Q3’20 Healthcare startup GRAIL is the top M&A exit of Q3’20 Company Valuation Last round Vertical Select prior investors Buyer 1 GRAIL Menlo Park, CA $8.0B Series D Healthcare Disease Diagnosis ARCH Venture Partners, Kleiner Perkins Caufield & Byers Illumina 2 OSIsoft San Leandro, CA $5.0B Secondary Market Internet Internet & Software Services Business Intelligence, Analytics & Performance Mgmt Kleiner Perkins Caufield & Byers, Technology Crossover Ventures AVEVA 3 Postmates San Francisco, CA $2.7B Series H Mobile & Telecommunications Mobile Software & Services Supply Chain & Logistics AngelPad, Founders Fund, Tiger Global Management Uber 4 CradlePoint Boise, ID $1.1B Series C Internet Internet Software & Services Networking & Connectivity OVP Venture Partners, Highway 12 Ventures Ericsson 5 Silver Peak Systems Santa Clara, CA $0.9B Growth Equity Mobile & Telecommunications Telecom Services Wireless Greylock Partners, DAG Ventures Hewlett Packard Enterprise Source: PwC/CB Insights MoneyTree™ Report Q3 2020 32 Top 5 US IPOs of Q3’20 Company Valuation Last round Vertical Select prior investors 1 Snowflake Computing San Mateo, CA $33B Secondary Market Internet Internet & Software Services Database Management Sutter Hill Ventures, Altimeter Capital, Redpoint Ventures, Sequoia Capital 2 Palantir Technologies Denver, CO $22B Corporate Minority Software (non-internet/mobile) Business Intelligence, Analytics & Performance Mgmt Software Founders Fund, Tiger Global Management 3 Unity San Francisco, CA $14B Series E+ Software (non-internet/mobile) Multimedia & Graphics Sequoia Capital, Silver Lake 4 GoodRx Santa Monica, CA $13B Option/Warrant Internet Internet & Software Services Information Providers & Portals Founders Fund, Highland Capital Partners, Upfront Ventures 5 Oak Street Health Chicago, IL $5B Unattributed VC Healthcare Medical Facilities & Services Long-term Care General Atlantic, Aberdare Ventures Snowflake Computing’s IPO is the largest exit in Q3’20 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Metros Source: PwC/CB Insights MoneyTree™ Report Q3 2020 34 Majority of the top metros grow investments despite declines in deal activity in several areas 35 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Top 10 Metros by deal activity LA and Seattle deals grow by over 30% QoQ 36 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Top 10 Metros by investments Majority of the top metros grow investments in Q3’20 Emerging Company Solutions Growth is within reach. See how at pwc.com Realize your growth ambitions with the experience, know-how and mindset you need to innovate and disrupt. Source: PwC/CB Insights MoneyTree™ Report Q3 2020 38 LA Metro Source: PwC/CB Insights MoneyTree™ Report Q3 2020 39 118 98 114 123 105 108 86 115 $2.0 $1.7 $2.3 $2.9 $1.6 $1.9 $1.1 $3.9 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Investments ($B) # of deals LA Metro deals and dollars – Quarterly Los Angeles Metro financing rebounds in Q3’20 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 40 Top LA Metro deals – Q3’20 Aerospace & Defense startups see major funding in Q3’20 Company Investment Round Select investors Vertical 1 SpaceX Hawthorne, CA $1.9B Series E+ Fidelity Investments, Legendary Ventures Industrial Aerospace & Defense 2 Zwift Long Beach, CA $450M Series C KKR, Amazon Alexa Fund, Zone 5 Ventures Internet Internet Software & Services Sports 3 Anduril Irvine, CA $200M Series C Founders Fund, General Catalyst, Andreessen Horowitz Industrial Aerospace & Defense 3 Surf Air Santa Monica, CA $200M Private Equity Global Emerging Markets Automotive & Transportation Air 5 Beyond Limits Glendale, CA $113M Series C BP Ventures, G42 Software (non-internet/mobile) Scientific, Engineering Software Source: PwC/CB Insights MoneyTree™ Report Q3 2020 41 Raleigh Metro Source: PwC/CB Insights MoneyTree™ Report Q3 2020 42 13 8 20 12 14 15 14 13 $1.3 $0.1 $0.4 $0.0 $0.3 $0.1 $0.1 $1.9 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Investments ($B) # of deals Raleigh Metro deals and dollars – Quarterly Epic Games’ $1.5B mega-round lifts funding in Raleigh Metro Note: Mega-rounds are $100M+ deals Source: PwC/CB Insights MoneyTree™ Report Q3 2020 43 Top 5 Raleigh Metro deals – Q3’20 Epic’s billion-dollar raise surpasses their Q4’18 $1.25B raise Company Investment Round Select investors Vertical 1 Epic Games Cary, NC $1.5B Private Equity Lightspeed Venture Partners, Fidelity Investments, KKR Software (non-internet/mobile) Gaming 2 ServiceTrade Durham, NC $49M Growth Equity Frontier Growth, Bull City Venture Partners Mobile & Telecommunications Mobile Software & Services Business Intelligence, Analytics & Performance Mgmt 3 Metabolon Morrisville, NC $22M Series E+ Sevin Rosen Funds, EW Healthcare Partners Healthcare Biotechnology 4 Levitate Raleigh, NC $6M Seed / Angel Bull City Venture Partners, Tippet Venture Partners Internet Internet Software & Services Advertising, Sales & Marketing 5 BioAesthetics Durham, NC $5M Series A Hemi Ventures Healthcare Medical Devices & Equipment Surgical Devices Source: PwC/CB Insights MoneyTree™ Report Q3 2020 44 Seattle Metro Source: PwC/CB Insights MoneyTree™ Report Q3 2020 45 42 60 48 62 47 48 43 57 $0.3 $0.7 $0.7 $0.6 $1.0 $0.4 $0.9 $1.2 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Investments ($B) # of deals Seattle Metro deals and dollars – Quarterly Q3’20 financing rises in Seattle Source: PwC/CB Insights MoneyTree™ Report Q3 2020 46 Top 5 Seattle Metro deals – Q3’20 Seattle Metro top deals go to later-stage startups in Q3’20 Company Investment Round Select investors Vertical 1 OfferUp Bellevue, WA $294M Series D Andreessen Horowitz Mobile & Telecommunications Mobile Commerce Auction & Classifieds 2 Qumulo Seattle, WA $125M Series E+ Kleiner Perkins Caufield & Byers, Highland Capital Partners, Amity Ventures Computer Hardware & Services IT Services Data Storage & Security 3 Auth0 Bellevue, WA $120M Series E+ Bessemer Venture Partners, Sapphire Ventures, Salesforce Ventures Internet Internet Software & Services Monitoring & Security 4 Kymeta Redmond, WA $85.2M Series E+ Bill Gates Mobile & Telecommunications Telecom Devices & Equipment Satellite & Broadcast Network Equipment 5 Remitly Seattle, WA $85M Series E+ Threshold Ventures, Owl Rock Capital Partners Mobile & Telecommunications Mobile Software & Services Payments 5 Silverback Therapeutics Seattle, WA $85M Series C U.S. Venture Partners, Hunt Technology Ventures Healthcare Biotechnology Source: PwC/CB Insights MoneyTree™ Report Q3 2020 47 Chicago Metro Source: PwC/CB Insights MoneyTree™ Report Q3 2020 48 43 53 40 42 38 31 28 33 $402 $425 $533 $368 $303 $479 $253 $938 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Investments ($M) # of deals Chicago Metro deals and dollars – Quarterly Chicago Metro funding sees an 8-quarter high Note: Mega-rounds are $100M deals or larger Source: PwC/CB Insights MoneyTree™ Report Q3 2020 49 Top 5 Chicago Metro deals – Q3’20 Top 2 deals make up 63% of Chicago Metro’s funding in Q3’20 Company Investment Round Select investors Vertical 1 Ryan Specialty Group Chicago, IL $317M Private Equity Onex Corporation Financial Insurance Insurance Broker 2 VillageMD Chicago, IL $275M Series C Kinnevik, Walgreens Boots Alliance Healthcare Medical Facilities & Services Medical Practice Management & Services 3 ShipBob Chicago, IL $68M Series D SoftBank Group Internet Internet Software & Services Supply Chain & Logistics 4 Keeper Security Chicago, IL $60M Growth Equity Insight Partners Internet Internet Software & Services Monitoring & Security 5 Kin Insurance Chicago, IL $35M Series B QED Investors, Commerce Ventures, Alpha Edison, University of Chicago Mobile & Telecommunications Mobile Commerce Comparison Shopping Source: PwC/CB Insights MoneyTree™ Report Q3 2020 50 Minneapolis Metro Source: PwC/CB Insights MoneyTree™ Report Q3 2020 51 14 14 16 10 16 6 11 13 $294 $120 $48 $38 $750 $103 $79 $600 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Investments ($M) # of deals Minneapolis Metro deals and dollars – Quarterly Minneapolis Metro total funding saw a significant increase Source: PwC/CB Insights MoneyTree™ Report Q3 2020 52 Top 5 Minneapolis Metro deals – Q3’20 Healthcare startups are 4 of the 5 top deals in Minneapolis Metro Company Investment Round Select investors Vertical 1 Bright Health Minneapolis, MN $500M Series E+ New Enterprise Associates, Bessemer Venture Partners, Tiger Global Management Healthcare Healthcare Plans 2 CVRx Minneapolis, MN $50M Series E+ New Enterprise Associates, Gilde Healthcare Partners, Johnson & Johnson Innovation Healthcare Medical Devices & Equipment Surgical Devices 3 Nuvaira Minneapolis, MN $17M Series E+ U.S. Venture Partners, Endeavour Vision, Lightstone Ventures Healthcare Medical Devices & Equipment Therapeutic Devices 4 Dispatch Bloomington, MN $11M Series B Trinity Private Equity Group, Labora Group, Great North Labs Internet eCommerce Travel (internet) 5 Monteris Medical Minneapolis, MN $9M Series D The Vertical Group, 3x5 Partners, Vensana Capital Healthcare Medical Devices & Equipment Surgical Devices Source: PwC/CB Insights MoneyTree™ Report Q3 2020 53 Dallas Metro Source: PwC/CB Insights MoneyTree™ Report Q3 2020 54 15 19 17 8 16 18 13 16 $63 $280 $148 $67 $85 $178 $115 $472 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Investments ($M) # of deals Dallas Metro deals and dollars – Quarterly Dallas Metro funding rises to 8-quarter high Source: PwC/CB Insights MoneyTree™ Report Q3 2020 55 Top Dallas Metro deals – Q3’20 Two mega-rounds boost funding in Dallas Metro Company Investment Round Select investors Vertical 1 Instil Bio Dallas, TX $170M Series B Venrock, Vivo Capital Healthcare Biotechnology 2 Alkami Technology Plano, TX $140M Series E+ S3 Ventures, Fidelity Investments, D1 Capital Partners Internet Internet & Software Services Accounting & Finance 3 Taysha Gene Therapies Dallas, TX $95M Series B Google Ventures, Venrock, BlackRock Healthcare Biotechnology 4 K2View Dallas, TX $28M Series A Genesis Partners, Forestay Capital Computer Hardware & Services IT Services IT Solutions & Software Development 5 Goodman Solutions Frisco, TX $16M Other Undisclosed Investor(s) Mobile & Telecommunications Telecom Services Wireless Note: Mega-rounds are $100M deals or larger Source: PwC/CB Insights MoneyTree™ Report Q3 2020 States Source: PwC/CB Insights MoneyTree™ Report Q3 2020 57 Together, startups in the top 3 states raised 71% of US funding Note: Due to rounding, percentages may not total 100% Source: PwC/CB Insights MoneyTree™ Report Q3 2020 58 Seven states see substantial investment growth amid heightened deal activity 59 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Top 10 states by deal activity Seven top states see increase in deal activity 60 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Top 10 states by investments North Carolina, Illinois, and Minnesota see big investment gains Source: PwC/CB Insights MoneyTree™ Report Q3 2020 61 North Carolina State Source: PwC/CB Insights MoneyTree™ Report Q3 2020 62 20 16 25 21 19 22 21 20 $1,427 $136 $410 $57 $594 $236 $288 $2,075 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Investments ($M) # of deals North Carolina deals and dollars – Quarterly North Carolina investments jump 620% from Q2’20 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 63 Top 5 North Carolina deals – Q3’20 Epic Games mega-round leads North Carolina funding in Q3’20 Company Investment Round Select investors Vertical 1 Epic Games Cary, NC $1,530M Private Equity Lightspeed Venture Partners, T. Rowe Price, BlackRock Software (Non-Internet/Mobile) Gaming 2 AvidXchange Charlotte, NC $119M Series E+ Foundry Group, Bain Capital Ventures, QED Investors Consumer Products & Services Consumer Electronics 3 ServiceTrade Durham, NC $49M Growth Equity Frontier Growth, Bull City Venture Partners Mobile & Telecommunications Mobile Software & Services Business Intelligence, Analytics & Performance Mgmt 4 Metabolon Morrisville, NC $22M Series E+ Sevin Rosen Funds, Fletcher Spaght Ventures Healthcare Biotechnology 5 Fluree Winston-Salem, NC $7M Seed / Angel Ray Rothrock, 4490 Ventures, Engage Venture Internet Internet & Software Services Database Management Note: Mega-rounds are $100M+ deals Source: PwC/CB Insights MoneyTree™ Report Q3 2020 64 Minnesota State Source: PwC/CB Insights MoneyTree™ Report Q3 2020 65 14 14 18 12 17 6 11 14 $294 $120 $49 $43 $775 $103 $79 $600 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Investments ($M) # of deals Minnesota deals and dollars – Quarterly Financing activity increases in Minnesota in Q3’20 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 66 Top 5 Minnesota deals – Q3’20 Bright Health mega-round leads top Minnesota funding in Q3’20 Company Investment Round Select investors Vertical 1 Bright Health Minneapolis, MN $500M Series E+ New Enterprise Associates, Bessemer Venture Partners, Tiger Global Management Healthcare Healthcare Plans 2 CVRx Minneapolis, MN $50M Series E+ New Enterprise Associates, Venrock, Hatteras Venture Partners Healthcare Medical Devices & Equipment Surgical Devices 3 Nuvaira Minneapolis, MN $17M Series E+ U.S. Venture Partners, Endeavour Vision, Lightstone Ventures, Vertex Ventures HC Healthcare Medical Devices & Equipment Therapeutic Devices 4 Dispatch Bloomington, MN $11M Series B Trinity Private Equity Group, Revolution Rise Of The Rest Seed Fund Internet eCommerce Travel (Internet) 5 Monteris Medical Minneapolis, MN $9M Series D The Vertical Group, 3x5 Partners, Vensana Capital Healthcare Medical Devices & Equipment Surgical Devices Note: Mega-rounds are $100M+ deals Source: PwC/CB Insights MoneyTree™ Report Q3 2020 67 Illinois State Source: PwC/CB Insights MoneyTree™ Report Q3 2020 68 43 56 43 45 40 32 30 35 $402 $427 $542 $371 $304 $481 $253 $944 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Investments ($M) # of deals Illinois deals and dollars – Quarterly Illinois funding activity reaches an 8-quarter high Source: PwC/CB Insights MoneyTree™ Report Q3 2020 69 Top 5 Illinois deals – Q3’20 Late-stage startups gain traction in Illinois Company Investment Round Select investors Vertical 1 Ryan Specialty Group Chicago, IL $317M Private Equity Onex Corporation Financial Insurance Insurance Broker 2 VillageMD Chicago, IL $275M Series C Kinnevik, Walgreens Boots Alliance Healthcare Medical Facilities & Services Medical Practice Mgmt & Services 3 ShipBob Chicago, IL $68M Series D SoftBank Group Internet Internet & Software Services Supply Chain & Logistics 4 Keeper Security Chicago, IL $60M Growth Equity Insight Partners Internet Internet & Software Services Monitoring & Security 5 Kin Insurance Chicago, IL $35M Series B August Capital, QED Investors, Commerce Ventures, Alpha Edison Mobile & Telecommunications Mobile Commerce Comparison Shopping Source: PwC/CB Insights MoneyTree™ Report Q3 2020 70 Texas State Source: PwC/CB Insights MoneyTree™ Report Q3 2020 71 $490 $1,075 $763 $684 $536 $904 $446 $1,084 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 71 81 82 55 74 62 63 59 Investments ($M) # of deals Texas deals and dollars – Quarterly Texas funding rises over 140% in Q3’20 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 72 Top 5 Texas deals – Q3’20 Mega-rounds push Texas funding to 8-quarter high Company Investment Round Select investors Vertical 1 Instil Bio Dallas, TX $170M Series B Venrock, Vivo Capital Healthcare Biotechnology 2 Alkami Technology Plano, TX $140M Series E+ S3 Ventures, Franklin Templeton, Fidelity Investments, MissionOG Internet Internet Software & Services Accounting & Finance 3 Preventice Solutions Houston, TX $137M Series B Novo Holdings, Vivo Capital, Boston Scientific Mobile & Telecommunications Mobile Software & Services Healthcare 4 Taysha Gene Therapies Dallas, TX $95M Series B Google Ventures, Venrock, Invus Group Healthcare Biotechnology 5 Triumvira Immunologics Austin, TX $55M Series A Bloom Burton & Co., Oceanpine Capital Healthcare Biotechnology Note: Mega-rounds are $100M+ deals Source: PwC/CB Insights MoneyTree™ Report Q3 2020 73 Florida State Source: PwC/CB Insights MoneyTree™ Report Q3 2020 74 26 25 30 30 23 27 23 36 $209 $161 $779 $256 $171 $214 $444 $898 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Investments ($M) # of deals Florida deals and dollars – Quarterly Two $300M+ mega-rounds boost funding along with more deals Note: Mega-rounds are $100M+ deals Source: PwC/CB Insights MoneyTree™ Report Q3 2020 75 Top 5 Florida deals – Q3’20 Late-stage startups win funding in Florida Company Investment Round Select investors Vertical 1 Fanatics Jacksonville, FL $350M Series E+ CMT Digital, Goldfinch Partners, Pantera Capital Internet eCommerce Apparel & Accessories 2 ReliaQuest Tampa, FL $300M Private Equity Coatue Management, Insight Partners Computer Hardware & Services IT Services Data Storage & Security 3 MDLIVE Miramar, FL $50M Growth Equity N/A Internet Internet & Software Services Healthcare 4 PayCargo Miami, FL $35M Series A Base10 Partners, Companyon, Hyde Park Venture Partners Internet Internet & Software Services Payments 5 Ubicquia Melbourne, FL $30M Series C Mesh Ventures, VentureSouth Software (non-internet/mobile) Networking & Connectivity Software Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Emerging areas Source: PwC/CB Insights MoneyTree™ Report Q3 2020 77 Four emerging areas show promising signs Source: PwC/CB Insights MoneyTree™ Report Q3 2020 78 Four emerging areas get majority of deal activity among Top 20 0 50 100 150 200 250 300 Digital Health Fintech Artificial Intelligence Medical Devices E-Commerce Cybersecurity In-Store Retail Tech Internet of Things - ( IoT ) Smart Cities Capital Markets Tech Payments Real Estate Tech Blockchain Regtech Supply Chain & Logistics Tech Wealth Tech InsurTech Advanced Manufacturing Augmented Reality / Virtual Reality Auto Tech Q3’14 Q3’20 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 79 0% 50% 100% 1995 2000 2005 2010 2015 2020 Top 20 emerging areas – Financing share Overall emerging areas account for half of venture financing Share of deals Share of investments 80 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Top 10 emerging areas by deal activity Six emerging areas see increased deals in Q3’20 81 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Top 10 emerging areas by investments Most emerging areas grow investments in Q3’20 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 82 Digital Health emerging area Source: PwC/CB Insights MoneyTree™ Report Q3 2020 83 134 153 185 155 155 166 182 172 $2.4 $1.9 $3.1 $1.8 $2.9 $3.2 $3.1 $5.8 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Investments ($B) # of deals Digital Health deals and dollars – Quarterly Digital Health funding rises significantly in Q3’20 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 84 Top Digital Health deals – Q3’20 Top 3 Digital Health deals raise over $300M each in Q3’20 Company Investment Round Select investors Vertical 1 Bright Health Minneapolis, MN $500M Series E+ New Enterprise Associates, Bessemer Venture Partners, Tiger Global Management Healthcare Healthcare Plans 2 XtalPi Cambridge, MA $319M Series C Sequoia Capital China, Tencent Holdings Internet Internet Software & Services Healthcare 3 Zymergen Emeryville, CA $300M Series D True Ventures, SoftBank Group, Baron Capital Management, Data Collective Software (non-internet/mobile) Healthcare Software 4 VillageMD Chicago, IL $275M Series C Kinnevik, Walgreens Boots Alliance Healthcare Medical Facilities & Services Medical Practice Mgmt & Services 5 Freenome South San Francisco, CA $270M Series C Google Ventures, Kaiser Permanente Ventures, T. Rowe Price, Andreessen Horowitz Healthcare Disease Diagnosis Source: PwC/CB Insights MoneyTree™ Report Q3 2020 85 Artificial Intelligence emerging area Source: PwC/CB Insights MoneyTree™ Report Q3 2020 86 $2.9 $2.8 $5.7 $4.5 $3.6 $3.9 $2.9 $4.7 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 151 166 199 190 170 155 148 149 Investments ($B) # of deals Artificial Intelligence deals and dollars – Quarterly AI funding jumps while deal activity holds steady in Q3’20 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 87 Top Artificial Intelligence deals – Q3’20 Healthcare companies account for four of the largest AI deals Company Investment Round Select investors Vertical 1 Affirm San Francisco, CA $500M Series B Toyota, Morningside Venture Capital Mobile & Telecommunications Mobile Software & Services Payments 2 XtalPi Cambridge, MA $319M Series C Sequoia Capital China, Tencent Holdings Internet Internet Software & Services Healthcare 3 Zymergen Emeryville, CA $300M Series D True Ventures, SoftBank Group, Baron Capital Management, Data Collective Software (non-internet/mobile) Healthcare Software 4 Freenome South San Francisco, CA $270M Series C Google Ventures, Kaiser Permanente Ventures, T. Rowe Price, Andreessen Horowitz Healthcare Disease Diagnosis 5 Recursion Pharmaceuticals Salt Lake City, UK $239M Series E+ Insight Partners, Accel, Tiger Global Management, Redpoint Ventures Healthcare Biotechnology Source: PwC/CB Insights MoneyTree™ Report Q3 2020 88 eCommerce emerging area Source: PwC/CB Insights MoneyTree™ Report Q3 2020 89 55 67 69 56 65 51 45 67 $1.1 $1.3 $1.2 $1.6 $1.1 $1.0 $0.9 $2.6 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Investments ($B) # of deals eCommerce deals and dollars – Quarterly eCommerce financing rises considerably in Q3’20 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 90 Top eCommerce deals – Q3’20 eCommerce sees four $200M+ mega-rounds in Q3’20 Company Investment Round Select investors Vertical 1 Fanatics Jacksonville, FL $350M Series E+ CMT Digital, Goldfinch Partners, Pantera Capital Internet eCommerce Apparel & Accessories 2 OfferUp Bellevue, WA $294M Series D Andreessen Horowitz Mobile & Telecommunications Mobile Commerce Auctions & Classifieds 3 Thrasio Walpole, MA $260M Series C Advent International Business Products & Services Consulting & Outsourcing Mgmt & Strategy Consulting 4 Ro New York, NY $200M Series C FirstMark Capital, General Catalyst Internet eCommerce Pharmacies 5 AppDirect San Francisco, CA $185M Series E+ Caisse de depot et placement du Quebec Internet eCommerce eCommerce Enablement Note: Mega-rounds are $100M+ deals Source: PwC/CB Insights MoneyTree™ Report Q3 2020 91 Medical Devices emerging area Source: PwC/CB Insights MoneyTree™ Report Q3 2020 92 104 126 134 122 120 110 121 142 $1.6 $1.4 $2.2 $1.1 $1.8 $1.9 $2.1 $2.9 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Investments ($B) # of deals Medical Devices deals and dollars – Quarterly Medical Devices financing increases materially in Q3’20 Source: PwC/CB Insights MoneyTree™ Report Q3 2020 93 Top Medical Devices deals – Q3’20 Disease diagnosis startups lead Medical Devices deals in Q3’20 Company Investment Round Select investors Vertical 1 Freenome South San Francisco, CA $270M Series C Google Ventures, Kaiser Permanente Ventures, T. Rowe Price, Andreessen Horowitz Healthcare Disease Diagnosis 2 Thrive Earlier Detection Cambridge, MA $257M Series B Lux Capital, T. Rowe Price, The Blue Venture Fund Healthcare Disease Diagnosis 3 Preventice Solutions Houston, TX $137M Series B Novo Holdings, Vivo Capital, Boston Scientific Mobile & Telecommunications Mobile Software & Services Healthcare 4 Sema4 Stamford, CT $121M Series C Connecticut Innovations, Deerfield Management, Blackstone Healthcare Disease Diagnosis 5 Warby Parker New York, NY $120M Series E+ T. Rowe Price, Baillie Gifford & Co., D1 Capital Partners, Durable Capital Partners Internet eCommerce Apparel & Accessories Source: PwC/CB Insights MoneyTree™ Report Q3 2020 94 InsurTech emerging area Source: PwC/CB Insights MoneyTree™ Report Q3 2020 95 37 43 40 46 35 45 31 40 $0.8 $1.2 $0.9 $1.3 $1.5 $0.6 $1.1 $1.3 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Investments ($B) # of deals InsurTech deals and dollars – Quarterly Q3’20 InsurTech financing ticks up amid rise in deal activity Source: PwC/CB Insights MoneyTree™ Report Q3 2020 96 Top InsurTech deals – Q3’20 Late-stage startups lead top InsurTech deals in Q3’20 Company Investment Round Select investors Vertical 1 Bright Health Minneapolis, MN $500M Series E+ New Enterprise Associates, Bessemer Venture Partners, Tiger Global Management Healthcare Healthcare Plans 2 Next Insurance Palo Alto, CA $250M Series D capitalG, Munich Re Ventures, FinTLV Financial Insurance 3 Hippo Palo Alto, CA $150M Series E+ Horizons Ventures, Felicis Ventures, RPM Ventures Internet Internet & Software Services Accounting & Finance 4 Extend San Francisco, CA $40M Series B Meritech Capital Partners, GreatPoint Ventures Software (non-internet/mobile) Legal Software 4 Growers Edge Financial Johnston, IA $40M Series B Finistere Ventures, Cox Enterprises, Skyline Global Partners Internet Internet & Software Services Accounting & Finance Source: PwC/CB Insights MoneyTree™ Report Q3 2020 97 Are VCs keeping busy? Source: PwC/CB Insights MoneyTree™ Report Q3 2020 98 Top VCs by amount raised in Q3’20 Three of the top 5 VCs raised over $1B each in Q3’20 Investor Funds raised (Q3 2020) Year founded Select investments Location 1 Valor Equity Partners $3.0B 1995 Sonder, MODE Analytics Chicago, IL 2 Sequoia Capital $1.4B 2000 Unacademy, Groww, smallcase Menlo Park, CA 3 SVB Capital $1.0B 2000 Olive, Roofstock, BlueVine Menlo Park, CA 4 Silversmith Capital Partners $0.8B 2015 Appfire, Absorb Software Boston, MA 4 DCM Ventures $0.8B 1996 VIPThink, Ujet Menlo Park, CA Note: Includes all funds under the Sequoia Capital umbrella Source: PwC/CB Insights MoneyTree™ Report Q3 2020 99 Top VCs by amount raised in last five years Sequoia Capital leads VCs in total fundraising since Q4’15 Investor Funds raised (last five years) Year founded Select investments Location 1 Sequoia Capital $19.7B 1972 Robinhood, Rappi, UiPath Menlo Park, CA 2 General Atlantic $17.7B 1980 Reliance Retail, Neon, Blend New York, NY 3 Insight Partners $17.3B 1995 Checkout.com, Duck Creek Technologies New York, NY 4 Summit Partners $12.1B 1984 Brooklinen, NinjaRMM, Podium Boston, MA 5 Andreessen Horowitz $11.5B 2009 Dialpad, Tanium, Robinhood Menlo Park, CA Note: Includes all funds under the Sequoia Capital umbrella Source: PwC/CB Insights MoneyTree™ Report Q3 2020 100 Most active VCs in Q3’20 SOSV takes the lead as most active VC in Q3’20 Investor Deals Select investments Location 1 SOSV 20 FoodMarble, optimize.health, Finless Foods Princeton, NJ 2 Lightspeed Venture Partners 17 Seismic, ShareChat, Outschool, Affirm Menlo Park, CA 2 Andreessen Horowitz 17 Tanium, Robinhood, Deel, Silo Menlo Park, CA 2 Google Ventures 17 Veem, Lambda School, Science 37 Mountain View, CA 5 Khosla Ventures 16 Kernel, Oscar Health, True Link Financial San Francisco, CA 5 General Catalyst 16 Cazoo, Olive, Melio Palo Alto, CA Source: PwC/CB Insights MoneyTree™ Report Q3 2020 Global