Q1 2020 MoneyTree™ Report 2 Executive summary Q1 2020 US VC deal activity declines in Q1’20, but mega-rounds drive increase in funding US VC deals fall for the third consecutive quarter in Q1’20: Deal activity for US VC-backed companies falls 9% QoQ and 16% YoY. In March 2020, US deals decrease 22% YoY, with some of the decline likely attributable to the earlier COVID-19 pandemic. Nonetheless, funding still rises 14% QoQ on the back of larger deals. Nearly half of all US funding in Q1’20 comes from mega- rounds: Despite a slowdown in deals at the end of the quarter, 58 US companies raise rounds worth $100M or more in Q1’20, close to the record of 67 in Q2’19. 21 of these rounds took place in March 2020, suggesting COVID- 19’s impact may become more apparent in Q2’20. The number of unicorn companies reaches a new high, but aggregate valuation is falling: The number of VC-backed startups valued at $1B+ continues to rise, hitting 204 private companies in Q1’20. However, aggregate valuation dips for the second consecutive quarter, to $624B. Geographic Insights US Insights Global deal activity and funding see YoY declines North America, Asia, and Europe see combined funding of $50B in Q1’20: Global VC funding falls 10% in Q1’20 compared to Q1’19. Asia sees the largest drop in funding, deal activity: Asia deal activity declines 20% YoY, compared to declines of 17% in North America and 10% in Europe, with some of the decline likely attributable to the earlier outbreak of COVID-19 pandemic. Funding to startups in Asia falls 19% YoY. Atlanta, St. Louis, and Boston Metros hit eight-quarter highs for funding activity: Atlanta Metro funding increases to $540M in Q1’20, driven by two $200M+ mega-rounds, while St. Louis Metro funding reaches $412M. Boston Metro sees a 19% YoY increase in funding, rising to $3.5B. The largest deals in the US all come from Silicon Valley: Despite a 12% YoY decrease in deal activity, the top five funding rounds in the US are all Silicon Valley startups that raised $450M+ each. Source: PwC / CB Insights MoneyTree™ Report Q1 2020 3 Mega-rounds Deals & Dollars Metros Unicorns States Emerging Areas Exits Contents Sectors Global Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Dollars & Deals Source: PwC / CB Insights MoneyTree™ Report Q1 2020 5 1,774 1,608 1,492 1,511 1,650 1,533 1,399 1,271 $25.3 $29.7 $40.1 $26.9 $30.9 $28.6 $23.3 $26.4 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 US deals and dollars – Quarterly US VC deal activity declines for the third consecutive quarter Investments ($B) # of deals Record funding (all-time) Source: PwC / CB Insights MoneyTree™ Report Q1 2020 6 $119.2 $118.7 $26.4 2000 2005 2010 2015 2020 YTD 8,295 5,272 6,094 1,271 US deals and dollars – Annual Deal activity in 2020 off to slowest start since Q1’13 Record funding (all-time) Investments ($B) # of deals Record funding (this century) Source: PwC / CB Insights MoneyTree™ Report Q1 2020 7 US funding – Quarterly seasonality US VC funding still above quarterly average despite fewer deals $12.3 $19.0 $16.7 $16.4 $23.6 $26.9 $26.4 $16.9 $20.7 $18.8 $20.0 $25.3 $30.9 $13.8 $20.9 $15.9 $21.7 $29.7 $28.6 $17.6 $17.8 $12.4 $21.6 $40.1 $23.3 $60.7 $78.4 $63.8 $79.6 $118.7 $109.7 $26.4 2014 2015 2016 2017 2018 2019 2020 Second highest (all-time) Q3 Q2 Q1 Q4 Total Investments ($B): Source: PwC / CB Insights MoneyTree™ Report Q1 2020 8 Q1’15 Q1’16 Q1’17 Q1’18 Q1’19 Q1'20 Deal activity by round Seed deals see steep decline in Q1’20 Note: All deals include additional round types 1,571 544 323 196 117 63 331 Series A 267 Seed 198 Series B 128 Series C 41 Series E+ 1,271 All deals Source: PwC / CB Insights MoneyTree™ Report Q1 2020 9 Q1’15 Q1’16 Q1’17 Q1’18 Q1’19 Q1'20 Median deal size by round Series E+ median deal size ticks up slightly in Q1’20 $29.0M Series C $7.3M Series A $22.6M $20.0M $5.0M $1.0M Note: Overall median includes additional round types $51.0M Series E+ Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Mega-rounds Source: PwC / CB Insights MoneyTree™ Report Q1 2020 11 51 55 54 50 67 60 39 58 Mega-rounds – Investments and deal counts Mega-rounds jump in Q1’20 $8.6 $14.6 $25.3 $12.3 $13.9 $14.7 $7.4 $12.0 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Record mega-rounds (all-time) Mega-round investments ($B) # of Mega-rounds Note: Mega-rounds are $100M+ deals Source: PwC / CB Insights MoneyTree™ Report Q1 2020 12 34% 49% 63% 46% 45% 51% 32% 45% Mega-rounds – Funding and share of total funding 45% of total funding in Q1’20 came from mega-rounds $8.6 $14.6 $25.3 $12.3 $13.9 $14.7 $7.4 $12.0 $16.7 $15.1 $14.8 $14.6 $17.0 $13.9 $15.9 $14.5 $25.3 $29.7 $40.1 $26.9 $30.9 $28.6 $23.3 $26.4 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Record mega- round share (all-time) Mega-round investments ($B) Non mega-round investments ($B) Mega-round share Note: Mega-rounds are $100M+ deals Source: PwC / CB Insights MoneyTree™ Report Q1 2020 13 Mega-rounds – Quarterly seasonality Q1’20 mega-round investments are off to a strong start Note: Mega-rounds are $100M+ deals $2.9 $6.9 $4.2 $4.4 $8.2 $12.3 $12.0 $4.4 $7.2 $7.4 $7.0 $8.6 $13.9 $3.4 $7.8 $4.9 $9.0 $14.6 $14.7 $6.9 $6.3 $2.3 $8.7 $25.3 $7.4 $17.6 $28.2 $18.8 $29.2 $56.7 $48.2 $12.0 2014 2015 2016 2017 2018 2019 2020 Q3 Q2 Q1 Q4 Total Investments ($B): Second largest annual mega-round funding (all-time) Record annual mega-round funding (all-time) Source: PwC / CB Insights MoneyTree™ Report Q1 2020 14 Largest US deals of Q1’20 Five largest US rounds raise $450M+ each Company Investment Round Select investors Vertical 1 JUUL Labs San Francisco, CA $700M Convertible Note Undisclosed Investor(s) Consumer Products Consumer Electronics 2 Joby Aviation Santa Cruz, CA $590M Series C 8VC, Jetblue Technology Ventures, Toyota Automotive & Transportation Air 3 Impossible Foods Redwood City, CA $500M Series E+ Khosla Ventures Food & Beverages Meat, Fish, Seafood & Alternative Proteins 4 Lyell Immunopharma South San Francisco,CA $493M Series C Undisclosed Investor(s) Healthcare Biotechnology 5 Snowflake Computing San Mateo, CA $479M Series E+ Sequoia Capital, Redpoint Ventures, Sutter Hill Ventures Internet Internet Software & Services Database Management Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Sectors Source: PwC / CB Insights MoneyTree™ Report Q1 2020 16 Sector # of Deals Funding 1 Internet $9.5B 2 Healthcare $6.0B 3 Software (non-internet/mobile) $2.6B 4 Mobile & Telecommunications $2.2B 5 Consumer Products & Services $1.1B 54 109 139 211 547 Deals and dollars – US sectors Internet startups continue to receive outsized financing 17 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Top 10 Verticals by deal activity Amid the pandemic start, Internet SaaS firms lead Top 10 18 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Top 10 Verticals by investments While Healthcare firms raise the most amongst top verticals Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Unicorns Source: PwC / CB Insights MoneyTree™ Report Q1 2020 20 9 19 23 17 20 17 16 12 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Unicorns – New US VC-backed unicorns by quarter US unicorn births on the decline Record new unicorns (all-time) Note: Unicorns are startups valued at $1B or more Source: PwC / CB Insights MoneyTree™ Report Q1 2020 21 117 131 148 163 174 185 198 204 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Unicorns – New US VC-backed unicorns by quarter Nonetheless the total US unicorn population hits new high Note: Unicorns are startups valued at $1B or more Record population (all-time) Source: PwC / CB Insights MoneyTree™ Report Q1 2020 22 $423 $485 $594 $629 $594 $639 $634 $624 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Record aggregate unicorn valuation (all-time) Unicorn valuations ($B) Note: Unicorns are startups valued at $1B or more Unicorns – US aggregate unicorn valuation Total value of US unicorns dips despite 12 new unicorn births Source: PwC / CB Insights MoneyTree™ Report Q1 2020 23 Company Valuation Vertical Emerging areas Select investors 1 JUUL Labs San Francisco, CA $50.0B Consumer Products & Services Consumer Electronics Consumer Hardware Coatue Management, D1 Capital Partners, Tiger Global Management 2 Stripe San Francisco, CA $35.3B Internet Software & Services Payments FinTech Khosla Ventures, Lowercase Capital, capital 3 Airbnb San Francisco, CA $35.0B Internet E-Commerce Travel On-Demand Sequoia Capital, Andreessen Horowitz, Greylock Partners, General Catalyst 4 SpaceX Hawthorne, CA $33.3B Industrial Aerospace & Defense Space Tech Founders Fund, Threshold Ventures, Fidelity Investments, Google 5 Palantir Technologies Palo Alto, CA $20.0B Software (non-internet/mobile) Business Intelligence Founders Fund, In-Q-Tel, REV Venture Partners Top 5 highest-valued US unicorns — Q1’20 Top valued US startups remain unchanged from Q4’19 Note: Most recently disclosed valuations associated with a funding round are included Source: PwC / CB Insights MoneyTree™ Report Q1 2020 24 Top 5 funded US companies – Q1’20 Top funded companies have raised $2B+ each Company Funding Vertical Emerging areas Select investors 1 JUUL Labs San Francisco, CA $14.6B Consumer Products & Services Consumer Electronics Consumer Hardware Coatue Management, D1 Capital Partners, Tiger Global Management 2 Airbnb San Francisco, CA $3.6B Internet E-Commerce Travel On-Demand Sequoia Capital, Andreessen Horowitz, Greylock Partners, General Catalyst 3 SpaceX Hawthorne, CA $2.9B Industrial Aerospace & Defense Space Tech Founders Fund, Threshold Ventures, Fidelity Investments, Google 4 Magic Leap Plantation, FL $2.6B Software (non-internet/mobile) Scientific, Engineering Software AR/VR Alibaba Group, Fidelity Investments, Google 5 SoFi San Francisco, CA $2.5B Internet eCommerce Marketplace FinTech BlockFi, Apex Clearing Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Exits Source: PwC / CB Insights MoneyTree™ Report Q1 2020 26 6.8 6.2 7.1 6.3 7.5 6.6 6.4 7.0 176 167 187 166 166 167 153 154 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 US M&A exits — Quarterly Q1’20 M&A exits nearly flat as years to exit rises Note: Average years to liquidate from first funding Record quarterly exits (all-time) M&A exits Years to liquidation Source: PwC / CB Insights MoneyTree™ Report Q1 2020 27 6.7 7.1 7.0 5.4 7.2 7.5 6.3 7.0 32 24 17 15 34 22 20 15 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 IPO activity Years to IPO US IPOs — Quarterly US IPO exits fall for third consecutive quarter Note: Average years to liquidate from first funding Source: PwC / CB Insights MoneyTree™ Report Q1 2020 28 6.8 6.2 7.1 6.3 7.5 6.6 6.4 7.0 6.7 7.1 7.0 5.4 7.2 7.5 6.3 7.0 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 M&A exits and IPOs — Time-to-exit IPO and M&A time-to-exit rise in Q1’20 Years to IPO Years to M&A Note: Average years to liquidate from first funding Source: PwC / CB Insights MoneyTree™ Report Q1 2020 29 176 167 187 166 166 167 153 154 32 24 17 15 34 22 20 15 208 191 204 181 200 189 173 169 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 M&A exits and IPOs — Number of exits Fewer IPOs take place in Q1’20 while M&A holds steady IPO exits M&A exits Source: PwC / CB Insights MoneyTree™ Report Q1 2020 30 Top 5 M&A exits of Q1’20 Accounting & finance startups see largest M&A exits in Q1’20 Company Valuation Last round Verticals Select prior investors Buyer 1 Credit Karma San Francisco, CA $7.1B Secondary Market Internet Internet & Software Services Accounting & Finance Tiger Global Management, Susquehanna Growth Equity Intuit 2 Plaid Technologies San Francisco, CA $5.3B Series C Internet Internet & Software Services Accounting & Finance New Enterprise Associates, Spark Capital, Citi Ventures, MasterCard Visa 3 CardWorks Woodbury, NY $2.7B Private Equity Financial Lending Consumer Parthenon Capital, Reverence Capital Partners Ally Financial 4 Vlocity San Francisco, CA $1.3B Series C Internet Internet Software & Services Customer Relationship Management Bessemer Venture Partners, Accenture, Sutter Hill Ventures Salesforce 5 Armis Palo Alto, CA $1.1B Series C Internet Internet Software & Services Monitoring & Security Sequoia Capital, Bain Capital Ventures, Tenaya Capital Insight Partners Source: PwC / CB Insights MoneyTree™ Report Q1 2020 31 Top 5 IPOs of Q1’20 Healthcare companies dominate top IPOs Company Valuation Last round Verticals Select prior investors 1 One Medical Group San Francisco, CA $1.8B Secondary Market Healthcare Medical Facilities & Services Medical Practice Management & Services Google Ventures, Oak Investment Partners 2 Open Lending Austin, TX $1.3B Private Equity Financial Lending Consumer Bregal Sagemount, Venio Capital Partners 3 Revolution Medicines Redwood City, CA $967M Series C Healthcare Drug Development The Column Group, Third Rock Ventures 4 Beam Therapeutics Cambridge, MA $822M Series B Healthcare Biotechnology ARCH Venture Partners, Google Ventures 5 Schrodinger New York, NY $821M Milestone Payment Software (non-internet/mobile) Healthcare Software Bill & Melinda Gates Foundation, Cascade Investment, Google Ventures Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Metros Source: PwC / CB Insights MoneyTree™ Report Q1 2020 33 Majority of top metros grow investments despite pandemic slowing down deal activity 34 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Top 10 Metros by deal activity Boston Metro deals grow 12% QoQ while others drop 10%+ 35 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Top 10 Metros by investments Majority of top metros grow investments Q1’20 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 36 Silicon Valley Metro Source: PwC / CB Insights MoneyTree™ Report Q1 2020 37 547 460 451 412 500 467 407 361 $10.5 $14.0 $25.7 $12.0 $14.3 $12.0 $9.4 $12.5 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($B) # of deals Silicon Valley deals and dollars – Quarterly Deal activity trends downward while funding rebounds in Q1’20 Record funding (all-time) Source: PwC / CB Insights MoneyTree™ Report Q1 2020 38 Top Silicon Valley deals – Q1’20 Silicon Valley deals are the largest in the US Company Investment Round Select investors Vertical 1 JUUL Labs San Francisco, CA $700M Convertible Note Undisclosed Investor(s) Consumer Products Consumer Electronics 2 Joby Aviation Santa Cruz, CA $600M Series C 8VC, Jetblue Technology Ventures, Toyota Automotive & Transportation Air 3 Impossible Foods Redwood City, CA $500M Series E+ Khosla Ventures Food & Beverages Meat, Fish, Seafood & Alternative Proteins 4 Lyell Immunopharma South San Francisco, CA $493M Series C Undisclosed Investor(s) Healthcare Biotechnology 5 Snowflake Computing San Mateo, CA $479M Series E+ Sequoia Capital, Redpoint Ventures, Sutter Hill Ventures Internet Internet Software & Services Database Management Source: PwC / CB Insights MoneyTree™ Report Q1 2020 39 New York Metro Source: PwC / CB Insights MoneyTree™ Report Q1 2020 40 256 230 200 248 260 233 207 210 $3.1 $6.0 $2.5 $5.0 $4.4 $4.8 $3.1 $3.2 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($B) # of deals New York Metro deals and dollars – Quarterly New York Metro financing nearly flat in Q1’20 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 41 Top 5 New York Metro deals – Q1’20 Three $200M+ mega-rounds lead New York Metro deals Company Investment Round Select investors Vertical 1 ClassPass New York, NY $285M Series E+ Apax Partners, L Catterton, Temasek Internet eCommerce Marketplace 2 Via Transportation New York, NY $200M Series E+ Macquarie Capital, RiverPark Ventures, Shell Ventures Mobile & Telecommunications Mobile Commerce Travel 2 AvePoint Jersey City, NJ $200M Series C Goldman Sachs, TSSP Internet Internet Software & Services Data & Document Management 4 iCapital Network New York, NY $146M Other BlackRock, Blackstone, Goldman Sachs, UBS Internet Internet Software & Services Asset & Financial Management & Trading 5 Kallyope New York, NY $112M Series C Bill Gates, Illumina Ventures, Two Sigma Ventures Healthcare Biotechnology Note: Mega-rounds are $100M+ deals Source: PwC / CB Insights MoneyTree™ Report Q1 2020 42 Boston Metro Source: PwC / CB Insights MoneyTree™ Report Q1 2020 43 137 146 126 141 132 106 110 123 $3.0 $2.6 $2.6 $3.0 $2.4 $1.9 $2.1 $3.5 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($B) # of deals Boston Metro deals and dollars – Quarterly Q1’20 financing rises in Boston Source: PwC / CB Insights MoneyTree™ Report Q1 2020 44 Top 5 Boston Metro deals – Q1’20 Biotechnology startups among top deals in Boston Metro Company Investment Round Select investors Vertical 1 Toast Boston, MA $400M Series E+ Bessemer Venture Partners, T. Rowe Price, Tiger Global Management Internet Internet & Software Services Retail & Inventory 2 Berkshire Grey Lexington, MA $263M Series B Khosla Ventures, New Enterprise Associates, SoftBank Group Industrial Machinery & Equipment Robotics 3 EQRx Cambridge, MA $200M Series A Andreessen Horowitz, ARCH Venture Partners, Google Ventures Healthcare Biotechnology 4 Indigo AG Boston, MA $175M Convertible Note FedEx, Pacific Western Bank Agriculture Crop Production 5 ElevateBio Cambridge, MA $170M Series B F2 Ventures, MPM Capital, Surveyor Capital Healthcare Biotechnology Note: Mega-rounds are $100M deals or larger Source: PwC / CB Insights MoneyTree™ Report Q1 2020 45 LA Metro Source: PwC / CB Insights MoneyTree™ Report Q1 2020 46 126 118 113 87 108 112 98 97 $1.8 $0.7 $2.0 $1.7 $2.3 $2.7 $1.6 $1.8 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($B) # of deals LA Metro deals and dollars – Quarterly Los Angeles Metro funding increases in Q1’20 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 47 Top 5 LA Metro deals – Q1’20 LA Metro top deals go to later-stage startups Company Investment Round Select investors Vertical 1 Califia Farms Los Angeles, CA $225M Series D Green Monday Ventures, Qatar Investment Authority, Temasek Food & Beverages Non-alcoholic Beverages 2 SpaceX Hawthorne, CA $221M Series E+ Founders Fund, Future Ventures, Google, Valor Equity Partners Industrial Aerospace & Defense 3 Scopely Culver City, CA $200M Series D Advance, The Chernin Group Mobile & Telecommunications Mobile Software & Services Gaming 4 Alignment Healthcare Orange, CA $135M Series C Durable Capital Partners, Fidelity Investments, T. Rowe Price Healthcare Healthcare Plans 5 ALPHAEON Newport Beach, CA $97M Other Undisclosed Investor(s) Consumer Personal Personal Care Products Source: PwC / CB Insights MoneyTree™ Report Q1 2020 48 Washington DC Metro Source: PwC / CB Insights MoneyTree™ Report Q1 2020 49 54 47 24 42 48 40 39 40 $492 $594 $639 $359 $407 $355 $365 $446 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($M) # of deals Washington DC Metro deals and dollars – Quarterly Washington DC Metro funding rises amid steady deals in Q1’20 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 50 Top 5 Washington DC Metro deals – Q1’20 Top DC Metro deals include 2 healthcare startups Company Investment Round Select investors Vertical 1 Clutch.co Washington, DC $80M Growth Equity Susquehanna Growth Equity Internet Internet & Software Services Information Providers & Portals 2 ZeroFOX Baltimore, MD $74M Series D Core Capital Partners, Highland Capital Partners, New Enterprise Associates Software (non-internet/mobile) Security Software 3 Advantia Health Arlington, VA $45M Series C BlueMountain Capital Management Healthcare Medical Facilities & Services Specialized Healthcare Services 4 Immunomic Therapeutics Rockville, MD $30M Other HLB Healthcare Pharmaceuticals / Drugs 5 IronNet Cybersecurity Fulton, MD $21M Series C C5 Capital, ForgePoint Capital Computer Hardware & Services IT Services Data Storage & Security Source: PwC / CB Insights MoneyTree™ Report Q1 2020 51 Chicago Metro Source: PwC / CB Insights MoneyTree™ Report Q1 2020 52 38 48 41 51 37 38 38 29 $670.9 $512.5 $400.6 $418.6 $525.8 $426.6 $302.9 $467.5 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($M) # of deals Chicago Metro deals and dollars – Quarterly Chicago Metro funding rises as deals decline in 1Q’20 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 53 Top 5 Chicago Metro deals – Q1’20 2 Healthcare startups amid top Chicago Metro deals Company Investment Round Select investors Vertical 1 ActiveCampaign Chicago, IL $100M Series B Silversmith Capital Partners, Susquehanna Growth Equity Internet Internet Software & Services Customer Relationship Management 1 Tempus Chicago, IL $100M Series E+ New Enterprise Associates, T. Rowe Price Healthcare Biotechnology 2 Nature’s Fynd Chicago, IL $80M Series B 1955 Capital, ADM Ventures Food & Beverages Meat, Fish, Seafood & Alternative Proteins 3 Clearcover Chicago, IL $50M Series C IA Capital Group, OMERS Ventures Internet Internet Software & Services Accounting & Finance 4 HealthJoy Chicago, IL $30M Series C Epic Ventures, Health Velocity Capital Internet Internet Software & Services Healthcare Source: PwC / CB Insights MoneyTree™ Report Q1 2020 54 Atlanta Metro Source: PwC / CB Insights MoneyTree™ Report Q1 2020 55 23 24 20 24 26 20 13 17 $179.4 $155.7 $394.3 $366.5 $297.7 $359.2 $74.4 $539.5 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($M) # of deals Atlanta Metro deals and dollars – Quarterly Atlanta Metro funding rises to eight-quarter high Source: PwC / CB Insights MoneyTree™ Report Q1 2020 56 Top Atlanta Metro deals – Q1’20 Two $200M+ mega-rounds boost funding in Atlanta Metro Company Investment Round Select investors Vertical 1 Bakkt Atlanta, GA $300M Series B CMT Digital, Goldfinch Partners, Pantera Capital Software (non-internet/mobile) Asset & Financial Management & Trading Software 2 OneTrust Atlanta, GA $210M Series B Coatue Management, Insight Partners Software (non-internet/mobile) Compliance 3 RoadSync Atlanta, GA $6M Series A Base10 Partners, Companyon, Hyde Park Venture Partners Internet Internet & Software Services Payments 4 HelloPackage Atlanta, GA $4.3M Series A Mesh Ventures, VentureSouth Software (non-internet/mobile) Supply Chain & Logistics Software 5 Haste Atlanta, GA $4M Series A Hallett Capital, Konvoy Ventures Internet Internet & Software Services Networking & Connectivity Note: Mega-rounds are $100M deals or larger Source: PwC / CB Insights MoneyTree™ Report Q1 2020 57 St. Louis Metro Source: PwC / CB Insights MoneyTree™ Report Q1 2020 58 10 11 5 6 11 5 9 9 $19 $357 $52 $8 $58 $27 $68 $412 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($M) # of deals St. Louis Metro deals and dollars – Quarterly Q1’20 St. Louis Metro funding jumps while deal activity is flat Source: PwC / CB Insights MoneyTree™ Report Q1 2020 59 Top St. Louis Metro deals – Q1’20 $320M TierPoint deal drives gains in St. Louis Metro funding Company Investment Round Select investors Vertical 1 Tierpoint St. Louis, MO $320M Other Argo Infrastructure Partners, Ontario Teachers' Pension Plan Computer Hardware & Services IT Services Infrastructure & Hosting 2 Sequoia Sciences St. Louis, MO $41M Other Undisclosed Investor(s) Healthcare Drug Discovery 3 Adarza BioSystems St. Louis, MO $25M Series D Cultivation Capital, RiverVest Venture Partners, Serra Ventures Healthcare Medical Devices & Equipment Imaging & Diagnostic Equipment 4 NewLeaf Symbiotics St. Louis, MO $20M Series D Otter Capital, S2G Ventures Industrial Basic Materials Agricultural Chemicals 5 Transactly Saint Charles, MO $3M Series A FINTOP Capital Internet Internet Software & Services Real Estate 5 SentiAR St. Louis, MO $3M Series A Cultivation Capital Software (non-internet/mobile) Healthcare Software Source: PwC / CB Insights MoneyTree™ Report Q1 2020 States Source: PwC / CB Insights MoneyTree™ Report Q1 2020 61 Together, startups in the top 3 states raised what percentage of US investments in 2019? California New York Massachusetts Source: PwC / CB Insights MoneyTree™ Report Q1 2020 62 Together, startups in the top 3 states raised 80% of US funding Note: Due to rounding, percentages may not total 100% Source: PwC / CB Insights MoneyTree™ Report Q1 2020 63 Six states see substantial investment growth amid lower deal activity 64 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Top 10 States by deal activity Four top states see material decline in deal activity 65 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Top 10 States by investments Georgia and Missouri see huge investments and others gain too Source: PwC / CB Insights MoneyTree™ Report Q1 2020 66 California State Source: PwC / CB Insights MoneyTree™ Report Q1 2020 67 732 620 606 536 661 622 554 497 $13.2 $15.9 $28.5 $14.1 $17.4 $15.6 $11.7 $14.9 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($B) # of deals California deals and dollars – Quarterly California deals decrease for third quarter but funding rises Source: PwC / CB Insights MoneyTree™ Report Q1 2020 68 Top 5 California deals – Q1’20 Five $450M+ mega-rounds dominate California funding Company Investment Round Select investors Vertical 1 JUUL Labs San Francisco, CA $700M Convertible Note Undisclosed Investor(s) Consumer Products Consumer Electronics 2 Joby Aviation Santa Cruz, CA $600M Series C 8VC, Jetblue Technology Ventures, Toyota Automotive & Transportation Air 3 Impossible Foods Redwood City, CA $500M Series E+ Khosla Ventures Food & Beverages Meat, Fish, Seafood & Alternative Proteins 4 Lyell Immunopharma South San Francisco, CA $493M Series C Undisclosed Investor(s) Healthcare Biotechnology 5 Snowflake Computing San Mateo, CA $479M Series E+ Salesforce Ventures, Sequoia Capital, Sutter Hill Ventures Internet Internet & Software Services Database Management Note: Mega-rounds are $100M+ deals Source: PwC / CB Insights MoneyTree™ Report Q1 2020 69 Texas State Source: PwC / CB Insights MoneyTree™ Report Q1 2020 70 85 56 67 76 81 51 70 59 $769 $389 $481 $1,070 $762 $671 $545 $772 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($M) # of deals Texas deals and dollars – Quarterly Texas Q1’20 funding increases while deal activity falls Source: PwC / CB Insights MoneyTree™ Report Q1 2020 71 Top 5 Texas deals – Q1’20 The HighRadius mega-round leads top Texas funding in Q1’20 Company Investment Round Select investors Vertical 1 HighRadius Houston, TX $125M Series B Citi Ventures, ICONIQ Capital, Susquehanna Growth Equity Internet Internet Software & Services Billing, Expense Management and Procurement 2 Vapor IO Austin, TX $90M Series C Berkshire Partners, Crown Castle International Computer & Hardware Services IT Services Infrastructure & Hosting 3 Recode Therapeutics Irving, TX $80M Series A Colt Ventures, Hunt Technology Ventures, Vida Ventures Healthcare Biotechnology 4 AST & Science Midland, TX $79M Series B American Tower, Samsung NEXT, Vodafone Mobile & Telecommunications Telecom Devices & Equipment Satellite & Broadcast Network Equipment 5 RigUp Austin, TX $29M Series D Andreessen Horowitz, Founders Fund Software (non-internet/mobile) Collaboration & Project Management Software Note: Mega-rounds are $100M+ deals Source: PwC / CB Insights MoneyTree™ Report Q1 2020 72 Illinois State Source: PwC / CB Insights MoneyTree™ Report Q1 2020 73 40 50 41 55 41 41 40 31 $672 $514 $401 $425 $535 $429 $304 $478 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($M) # of deals Illinois deals and dollars – Quarterly Illinois deal activity dips amid rise in funding Source: PwC / CB Insights MoneyTree™ Report Q1 2020 74 Top 5 Illinois deals – Q1’20 Expansion-stage startups gain traction in Illinois Company Investment Round Select investors Vertical 1 ActiveCampaign Chicago, IL $100M Series B Silversmith Capital Partners, Susquehanna Growth Equity Internet Internet & Software Services Customer Relationship Management 1 Tempus Chicago, IL $100M Series E+ Baillie Gifford & Co., New Enterprise Associates Healthcare Biotechnology 3 Nature’s Fynd Chicago, IL $80M Series B 1955 Capital, ADM Ventures, Breakthrough Energy Ventures Food & Beverages Meat, Fish, Seafood & Alternative Proteins 4 Clearcover Chicago, IL $50M Series C American Family Ventures, Cox Enterprises Internet Internet & Software Services Accounting & Finance 5 HealthJoy Chicago, IL $30M Series C Chicago Ventures, Epic Ventures, Health Velocity Capital Internet Internet & Software Services Healthcare Source: PwC / CB Insights MoneyTree™ Report Q1 2020 75 Massachusetts State Source: PwC / CB Insights MoneyTree™ Report Q1 2020 76 $2.9 $2.6 $2.6 $3.0 $2.4 $1.9 $2.0 $3.5 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 131 140 125 140 133 102 106 118 Investments ($B) # of deals Massachusetts deals and dollars – Quarterly Massachusetts financing rises in Q1’20 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 77 Top 5 Massachusetts deals – Q1’20 Mega-rounds push Massachusetts funding to eight-quarter high Company Investment Round Select investors Vertical 1 Toast Boston, MA $400M Series E+ Bessemer Venture Partners, T. Rowe Price, Tiger Global Management Internet Internet & Software Services Retail & Inventory 2 Berkshire Grey Lexington, MA $263M Series B Khosla Ventures, New Enterprise Associates, SoftBank Group Industrial Machinery & Equipment Robotics 3 EQRx Cambridge, MA $200M Series A Andreessen Horowitz, ARCH Venture Partners, Google Ventures Healthcare Biotechnology 4 Indigo AG Boston, MA $175M Convertible Note FedEx, Pacific Western Bank Agriculture Crop Production 5 ElevateBio Cambridge, MA $170M Series B F2 Ventures, MPM Capital, Surveyor Capital Healthcare Biotechnology Source: PwC / CB Insights MoneyTree™ Report Q1 2020 78 Georgia State Source: PwC / CB Insights MoneyTree™ Report Q1 2020 79 23 25 21 25 26 21 15 18 $179 $165 $396 $373 $298 $365 $74 $550 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($M) # of deals Georgia deals and dollars – Quarterly Two $200M+ mega-rounds boost Georgia funding in Q1’20 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 80 Top 5 Georgia deals – Q1’20 Georgia software startups raise over $500M funding Company Investment Round Select investors Vertical 1 Bakkt Atlanta, GA $300M Series B CMT Digital, Goldfinch Partners, Pantera Capital Software (non-internet/mobile) Asset & Financial Management & Trading Software 2 OneTrust Atlanta, GA $210M Series B Coatue Management, Insight Partners Software (non-internet/mobile) Compliance 3 Meredian Group Holdings Bainbridge, GA $11M Other Undisclosed Investor(s) Industrial Basic Materials Plastics & Fibers 4 RoadSync Atlanta, GA $6M Series A Base10 Partners, Companyon, Hyde Park Venture Partners Internet Internet & Software Services Payments 5 HelloPackage Atlanta, GA $4M Series A Mesh Ventures, VentureSouth Software (non-internet/mobile) Supply Chain & Logistics Software Source: PwC / CB Insights MoneyTree™ Report Q1 2020 81 Missouri State Source: PwC / CB Insights MoneyTree™ Report Q1 2020 82 13 19 10 10 16 9 11 13 $34 $386 $72 $110 $88 $90 $68 $421 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($M) # of deals Missouri deals and dollars – Quarterly Missouri investments increase sharply in Q1’20 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 83 Top 5 Missouri deals – Q1’20 Missouri IT Services startup drives investments in Q1’20 Company Investment Round Select investors Vertical 1 Tierpoint St. Louis, MO $320M Other Argo Infrastructure Partners, Ontario Teachers' Pension Plan Computer Hardware & Services IT Services Infrastructure & Hosting 2 Sequoia Sciences St. Louis, MO $41M Other Undisclosed Investor(s) Healthcare Drug Discovery 3 Adarza BioSystems St. Louis, MO $25M Series D Cultivation Capital, RiverVest Venture Partners, Serra Ventures Healthcare Medical Devices & Equipment Imaging & Diagnostic Equipment 4 NewLeaf Symbiotics St. Louis, MO $20M Series D Otter Capital, S2G Ventures Industrial Basic Materials Agricultural Chemicals 5 DisruptOps Kansas City, MO $9M Series A Drive Capital, Rally Ventures Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Emerging Areas Source: PwC / CB Insights MoneyTree™ Report Q1 2020 85 Amid declines, five Emerging Areas show promising signs Source: PwC / CB Insights MoneyTree™ Report Q1 2020 86 0% 50% 100% 1995 2000 2005 2010 2015 2020 Top 20 Emerging Areas – Financing Share Emerging Areas comprise half of venture funding Share of deals Share of investments Source: PwC / CB Insights MoneyTree™ Report Q1 2020 87 Three Emerging Areas dominate deal activity among the Top 20 0 250 AI FinTech Digital Health Medical Devices Cybersecurity Supply Chain & Logistics Tech E-Commerce InsurTech Smart Cities Real Estate Tech IoT Payments Blockchain Capital Markets Tech Regtech In-Store Retail Tech Wealth Tech Advanced Manufacturing Augmented Reality/Virtual Reality Auto Tech Q1’14 Q1’20 88 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Top 10 Emerging Areas by deal activity Supply Chain Tech, Smart Cities & InsurTech heat up 89 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Top 10 Emerging Areas by investments Supply Chain Tech, Smart Cities, Cyber, & AI surge Source: PwC / CB Insights MoneyTree™ Report Q1 2020 90 Artificial Intelligence Emerging Area Source: PwC / CB Insights MoneyTree™ Report Q1 2020 91 $2.9 $2.9 $3.0 $2.9 $5.6 $4.4 $3.6 $4.0 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 179 137 143 160 187 184 164 148 Investments ($B) # of deals Artificial Intelligence deals and dollars – Quarterly AI funding ticks up while deal activity declines in Q1’20 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 92 Top Artificial Intelligence deals – Q1’20 Largest AI deals raise $200M+ in Q1’20 Company Investment Round Select investors Vertical 1 Pony.ai Fremont, CA $462M Series B Toyota, Morningside Venture Capital Software (non-internet/mobile) Scientific, Engineering Software 2 Netskope Santa Clara, CA $340M Series E+ Lightspeed Venture Partners, Sequoia Capital, Accel Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt 3 Berkshire Grey Lexington, MA $263M Series B Khosla Ventures, New Enterprise Associates, SoftBank Group Industrial Machinery & Equipment Robotics 4 SambaNova Systems Palo Alto, CA $250M Series C BlackRock, Google Ventures, Intel Capital Software (non-internet/mobile) Business Intelligence, Analytics & Performance Mgmt Software 5 SentinelOne Mountain View, CA $200M Series E+ Insight Partners, Accel, Tiger Global Management, Redpoint Ventures Computer Hardware & Services IT Services Data Storage & Security Source: PwC / CB Insights MoneyTree™ Report Q1 2020 93 Cybersecurity Emerging Area Source: PwC / CB Insights MoneyTree™ Report Q1 2020 94 77 62 68 74 80 67 68 57 $1.8 $1.1 $1.2 $1.8 $2.2 $1.0 $1.1 $1.3 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($B) # of deals Cybersecurity deals and dollars – Quarterly Cybersecurity funding ticks upward in Q1’20 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 95 Top Cybersecurity deals – Q1’20 Cybersecurity sees two $200M+ mega-rounds in Q1’20 Company Investment Round Select investors Vertical 1 Netskope Santa Clara, CA $340M Series E+ Lightspeed Venture Partners, Sequoia Capital, Accel Internet Internet Software & Services Business Intelligence, Analytics & Performance Mgmt 2 SentinelOne Mountain View, CA $200M Series E+ Insight Partners, Accel, Redpoint Ventures Computer Hardware & Services IT Services Data Storage & Security 3 ZeroFOX Baltimore, MD $74M Series D New Enterprise Associates, Highland Capital Partners, Intel Capital Software (non-internet/mobile) Security Software 4 Sysdig San Francisco, CA $70M Series E+ Insight Partners, Accel, Bain Capital Ventures Internet Internet Software & Services Application & Data Integration 5 Arctic Wolf Networks Sunnyvale, CA $60M Series D Blue Cloud Ventures, Delta-V Capital Computer Hardware & Services IT Services Data Storage & Security Note: Mega-rounds are $100M+ deals Source: PwC / CB Insights MoneyTree™ Report Q1 2020 96 Supply Chain Tech Emerging Area Source: PwC / CB Insights MoneyTree™ Report Q1 2020 97 43 40 42 36 50 43 30 48 $0.6 $1.5 $0.5 $3.2 $1.4 $0.8 $0.8 $1.3 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($B) # of deals Supply Chain Tech deals and dollars – Quarterly Q1’20 Supply Chain Tech funding and deals rise Source: PwC / CB Insights MoneyTree™ Report Q1 2020 98 Top Supply Chain Tech deals – Q1’20 2 Robotics startups amid top Supply Chain Tech deals Company Investment Round Select investors Vertical 1 Toast Boston, MA $400M Series E+ Bessemer Venture Partners, T. Rowe Price, Tiger Global Management Internet Internet & Software Services Retail & Inventory 2 Berkshire Grey Lexington, MA $263M Series B Khosla Ventures, New Enterprise Associates, SoftBank Group Industrial Machinery & Equipment Robotics 3 Outrider Golden, CO $53M Series A New Enterprise Associates, 8VC Software (non-internet/mobile) Manufacturing, Warehousing & Industrial Software 4 Flock Freight Solana Beach, CA $50M Series B SignalFire, GLP Capital Partners Automotive & Transportation Transportation Services Logistics Services 4 Vecna Robotics Waltham, MA $50M Series B Highland Capital Partners, Drive Capital Industrial Machinery & Equipment Robotics Source: PwC / CB Insights MoneyTree™ Report Q1 2020 99 Smart Cities Emerging Area Source: PwC / CB Insights MoneyTree™ Report Q1 2020 100 26 27 23 29 26 30 26 39 $0.6 $1.5 $1.2 $0.7 $0.6 $0.3 $0.7 $1.0 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($B) # of deals Smart Cities deals and dollars – Quarterly Smart Cities funding and deals grow in Q1’20 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 101 Top Smart Cities deals – Q1’20 Smart Cities sees one $400M+ mega-round in Q1’20 Company Investment Round Select investors Vertical 1 Pony.ai Fremont, CA $462M Series B Toyota, Morningside Venture Capital Software (non-internet/mobile) Scientific, Engineering Software 2 Bird Rides Santa Monica, CA $75M Series D Goldman Sachs Mobile & Telecommunications Mobile Software & Services Travel 3 Carbon Relay Boston, MA $63M Series B Tiger Global Management Software (non-internet/mobile) Business Intelligence, Analytics & Performance Mgmt Software 4 Molekule San Francisco, CA $58M Series C Google Ventures, Silicon Valley Bank Consumer Products & Services Consumer Electronics 5 Cepton Technologies San Jose, CA $50M Series C Lightspeed Venture Partners, Khosla Ventures, Munich Re Ventures Software (non-internet/mobile) Scientific, Engineering Software Note: Mega-rounds are $100M+ deals Source: PwC / CB Insights MoneyTree™ Report Q1 2020 102 InsurTech Emerging Area Source: PwC / CB Insights MoneyTree™ Report Q1 2020 103 33 35 33 41 38 43 34 40 $0.2 $1.1 $0.7 $1.2 $0.9 $1.1 $1.5 $0.6 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Investments ($B) # of deals InsurTech deals and dollars – Quarterly InsurTech deals increase while funding drops moreso in Q1’20 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 104 Top InsurTech deals – Q1’20 Top 5 deals raise $301M, 59% of InsurTech’s Q1’20 funding Company Investment Round Select investors Vertical 1 PolicyGenius New York, NY $100M Series D Norwest Venture Partners, KKR Internet eCommerce Comparison Shopping 2 Unqork New York, NY $51M Series B Goldman Sachs, BlackRock, Aquiline Capital Partners Internet Internet Software & Services Accounting & Finance 3 Albert Sunnyvale, CA $50M Series B American Express Ventures Internet Internet Software & Services Accounting & Finance 3 Justworks New York, NY $50M Series E+ Spark Capital, Union Square Ventures, FirstMark Capital Internet Internet Software & Services HR & Workforce Management 3 Clearcover Chicago, IL $50M Series C OMERS Ventures, Cox Enterprises Internet Internet Software & Services Accounting & Finance Note: Mega-rounds are $100M+ deals Source: PwC / CB Insights MoneyTree™ Report Q1 2020 105 Are VCs keeping busy? Source: PwC / CB Insights MoneyTree™ Report Q1 2020 106 Top VCs by amount raised in last five years The top 5 VCs each raised over $10B thru Q1 2020 Investor Funds raised (Q2’15 - Q1’20) Year founded Select investments Location 1 Sequoia Capital* $22.4B 1972 Netskope, Jumpstart, Verkada Menlo Park, CA 2 Insight Partners $12.5B 1995 Dremio, OneTrust, Hinge Health New York, NY 3 Andreessen Horowitz $10.6B 2009 Netlify, Workboard, Cresta Menlo Park, CA 4 Summit Partners $10.2B 1984 Zenoss, Broklinen, Klaviyo Boston, MA 5 New Enterprise Associates $10.2B 1977 Pager, Moda Operandi, Bright Health Menlo Park, CA Note: includes all funds under the Sequoia Capital umbrella Source: PwC / CB Insights MoneyTree™ Report Q1 2020 107 Most active VCs in Q1 2020 Khosla Ventures takes the lead as most active VC in Q1’20 Investor Deals Select investments Location 1 Khosla Ventures 20 Impossible Foods, Berkshire Grey, Karius San Francisco, CA 2 Insight Partners 17 OneTrust, SentinelOne, UserTesting New York, NY 3 Andreessen Horowitz 16 EQRx, Roblox Menlo Park, CA 4 New Enterprise Associates 15 Berkshire Grey, Akouos, Tempus Menlo Park, CA 4 Greycroft 15 Flutterwave, Roadrunner Recycling New York, NY 4 General Catalyst 15 Karius, Olive, Securiti.ai Palo Alto, CA 7 Kleiner Perkins Caufield & Byers 14 Plastiq, Zumper, Netlify Menlo Park, CA Source: PwC / CB Insights MoneyTree™ Report Q1 2020 Global Source: PwC / CB Insights MoneyTree™ Report Q1 2020 109 Deals 1,072 $15.7B Asia 3,344 Deals $50.7B Invested Globally Global regional comparison – Q1’20 1,357 $27.3B North America 763 $6.5B Europe Source: PwC / CB Insights MoneyTree™ Report Q1 2020 110 Global deal activity: North America, Asia, and Europe Deals decline across North America, Asia, and Europe # of deals: North America Asia Europe 1,911 1,721 1,589 1,633 1,772 1,654 1,504 1,357 1,693 1,720 1,394 1,348 1,299 1,423 1,499 1,072 848 768 834 848 883 821 891 763 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 111 $26 $30 $41 $28 $32 $31 $24 $27 $24 $22 $22 $20 $15 $16 $14 $16 $6 $5 $5 $8 $9 $8 $7 $7 Q2’18 Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19 Q1'20 Global dollar funding: North America, Asia, and Europe Total funding is down compared to Q1’19 Investments ($B): Europe Asia North America Source: PwC / CB Insights MoneyTree™ Report Q1 2020 112 Largest global deals of Q1 2020 China-based companies were 3 of the 5 largest deals in Q1’20 Company Investment Round Select investors Vertical 1 Beiki Zhaofang Beijing, China $1.5B Series D Sequoia Capital, Tencent Holdings, SoftBank Group Internet Internet Software & Services Real Estate 2 Gojek Jakarta, Indonesia $1.2B Series E+ Undisclosed Investor(s) Mobile & Telecommunications Mobile Software & Services Supply Chain & Logistics 3 Ziroom Beijing, China $1.0B Series C Softbank Group Internet Internet Software & Services Real Estate 3 Yuanfudao Beijing, China $1.0B Series E+ Tencent Holdings, IDG Capital Mobile & Telecommunications Mobile Software & Services Education & Training 5 Grab Singapore, Singapore $856M Series E+ Mitsubishi UFJ Financial Group, TIS INTEC Group Mobile & Telecommunications Mobile Commerce Travel Note: Mega-rounds are $100M deals or larger Appendix PwC / CB Insights MoneyTree™ Report Q1 2020 Source: PwC / CB Insights MoneyTree™ Report Q1 2020 114 US States: Full listing of Q1 2020 deals and investments State $M Deals State $M Deals State $M Deals State $M Deals Alabama 2 2 Indiana 41 12 Nevada 5 2 Rhode Island 34 3 Arizona 49 8 Iowa 13 4 New Hampshire 5 3 South Carolina 9 3 Arkansas 0.2 2 Kansas 14 4 New Jersey 271 12 Tennessee 69 7 California 14,866 497 Kentucky 15 4 New Mexico 21 5 Texas 772 59 Colorado 275 30 Maine 3 4 New York 2,904 193 Utah 110 11 Connecticut 61 15 Maryland 227 21 North Carolina 233 19 Vermont 18 3 DC 102 6 Massachusetts 3,481 118 North Dakota 2 2 Virginia 123 16 Delaware 3 4 Michigan 27 8 Ohio 140 17 Washington 381 43 Florida 208 25 Minnesota 103 6 Oklahoma 5 1 West Virginia - 1 Georgia 550 18 Missouri 421 13 Oregon 73 9 Wisconsin 7 4 Idaho 6 1 Montana 5 3 Pennsylvania 281 17 Illinois 478 31 Nebraska 32 3 Puerto Rico 1 1 115 What is included: • Equity financings into private companies. Fundings must be to VC-backed companies, which are defined as companies that have received funding at any point from: venture capital firms, corporate venture arms, or super angel investors. • Fundings of private companies only. 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 from a venture firm. • 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. • Equity fundings to joint ventures and spinoffs/spinouts are included, given that they meet the VC-backed criteria. • Geography note: Israel funding figures are classified in Asia. What is excluded: • 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), are not included even if made by a venture capital firm. • 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 non-equity government funding. Grants or loans by the federal government, state agencies, or public-private partnerships to emerging, startup companies are not included. • No fundings to subsidiaries of a larger parent corporation. PwC (pwc.com/moneytree) and CB Insights (cbinsights.com) 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 firm’s investment data is up-to-date. Rankings, e.g. top states and top sectors, are done by quarterly deal activity (that is, deal count for the given quarter). Methodology MoneyTree definitions 116 Disclaimer This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. Data is current as of April 9, 2020. 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. © 2020 PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, 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.