Venture Capital funding report highlights 2019

2
Executive summary Q4 2019
US VC funding falls in 2019 from near-record levels
US VC funding fell in Q4’19 and YoY: US VC-backed
companies raise $23B in Q4’19, down 16% compared to
Q3. YoY funding falls 9% to $108B; third biggest year ever.
$100M+ rounds fall for the second-straight quarter: 38
companies raise rounds worth $100M or more in Q4’19,
a sharp decline from 58 in Q3’19 and a record 67 in
Q2’19. The most $100M+ rounds ever (213) raised $47B
in 2019; the second biggest year of mega-round funding.
US technology IPOs fall for the second-straight quarter,
though YoY exits remain elevated: 20 US VC-backed tech
companies exit in IPOs in Q4’19, compared to 22 in Q3’19.
YoY IPOs increase, with 90 technology companies exiting
in IPOs in 2019, compared to 86 in 2018.
At the end of 2019, a record number of unicorn companies
remain in the US: As of EoY 2019, there are 199 US VC-
backed private companies valued at $1B+; up significantly
from 149 at the end of 2018.
Geographic InsightsUS Insights
Global deal activity, funding declines in last quarter of
2019
North America, Asia, and Europe see combined funding
of $45B in Q4’19: Global VC funding falls 16% in Q4’19
compared to Q3’19.
Asia and Europe see increased deal activity, while North
American deals fall: North American deal activity declines for
the second consecutive quarter in Q4’19, and global financing
is down 12% in 2019.
Seattle is a bright spot amid quarterly declines in other US
Metros: Seattle quarterly funding hits a two-year high at
$897M as the region sees a $400M mega-round. Seattle VC-
backed startups raised $2.7B in 2019; their second largest
funding year ever.
Silicon Valley sees multiple $200M+ deals despite quarterly
drop in funding and deal activity: Silicon Valley funding falls
21% to $9B in Q3’19. Deals also fall sharply to 380
transactions; a 14% decline compared to Q3’19.

Source: PwC / CB Insights MoneyTree™ Report Q4 2019 3
1,648
1,753
1,582
1,469 1,485
1,616
1,481
1,324
$23.5 $25.1
$29.6
$40.0
$26.8
$30.7
$27.4
$23.0
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
US deals and dollars – Quarterly
US VC funding and deals fall for the second-straight quarter
Investments ($B) # of deals

2000 2005 2010 2015 2019
8,297
5,906
US deals and dollars – Annual
2019 funding falls short of 2018 levels, but remains elevated
$119
$108
Record
funding
(all-time)
$118
Record
funding
(this
century)

US funding – Quarterly seasonality
US annual VC funding remains elevated
$8.3 $12.3
$18.9 $16.7 $16.2
$23.5 $26.8
$9.0
$16.9
$20.7
$18.8 $19.9
$25.1
$30.7
$9.2
$13.8
$20.9
$15.9
$21.7
$29.6 $27.4
$10.1
$17.7
$17.7
$12.4
$21.5
$40.0
$23.0
2013 2014 2015 2016 2017 2018 2019
Record annual funding
(this century)
Q3Q2Q1 Q4 TotalInvestments ($B):
$36.6
$118.3
$79.2
$63.7
$78.2
$60.7
$107.8

Deal activity by round
Series B and C deals rose in Q4’19
Note: All deals include additional round types
1,467 All deals
553
115
58
322 SeriesA
208 Series B
128 Series C
39 Series E+
1,324
315 Seed
286
182
Q1’14 Q1’15 Q1’16 Q1’17 Q1’18 Q1’19

Q1’14 Q1’15 Q1’16 Q1’17 Q1’18 Q1’19
$30.0M Series D
Series A
$15.0M
$8.0M
$2.5M $2.5M Seed
Median deal size by round
Series E+ median deal size falls sharply after elevated Q3’19
$42.5M
Series C
$0.7M
$21.0M
$4.7M
$11.3M
$9.0M
Note: Overall median includes additional round types
Series E+
$31.0M

Mega-rounds – Investments and deal counts
Mega-rounds fall in Q4’19 from elevated levels throughout 2019
$8.2 $8.5
$14.6
$25.3
$12.3
$13.9 $13.6
$7.3
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Record
mega-rounds
(all-time)
Mega-round investments ($B) # of Mega-rounds
Note: Mega-rounds are $100M+ deals
35
50
55 54
50
67
58
38

35% 34%
49%
63%
46% 45%
49%
32%
Mega-rounds – Funding and share of deals
Mega-round deal share in Q4’19 drops below 2018 levels
$8.2 $8.5
$14.6
$25.3
$12.3 $13.9 $13.6
$7.3
$15.35
$16.67
$14.97
$14.70
$14.48
$16.81
$13.85
$15.70
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Record mega-
round share
(all-time)
Mega-round investments ($B) Non mega-round investments ($B) Mega-round share

Mega-rounds – Quarterly seasonality
US mega-rounds fall short of 2018 record, but remain elevated
$1.2
$2.9
$6.9
$4.3 $4.3
$8.2
$12.3$0.9
$4.4
$7.2
$7.4 $7.0
$8.5
$13.9
$0.8
$3.4
$7.8
$4.9
$9.0
$14.6
$13.6
$1.2 $6.9
$6.3
$2.3
$8.7
$25.3
$7.3
2013 2014 2015 2016 2017 2018 2019
Record annual
mega-round
funding
(all-time)
$4.1
$56.6
$29.1
$18.9
$28.2
$17.6
$47.0
Q3Q2Q1 Q4 TotalInvestments ($B):
Second largest annual
mega-round funding
(all-time)

Sector # of Deals Funding
1 Internet $10.0B
2 Healthcare $5.1B
3 Software (non-internet/mobile) $1.7B
4 Mobile & Telecommunications $2.7B
5 Consumer Products & Services $0.5B64
132
135
203
574
Deals and dollars – US sectors
Internet startups continue to receive outsized financing

12Source: PwC / CB Insights MoneyTree™ Report Q4 2019
Top 10 Verticals by deal activity
Seven Internet SaaS verticals dominate deal activity in Q4’19

Top 10 Verticals by investments
Investments in two verticals come to life this quarter

Largest US deals of Q4’19
Top 5 deals led by Minnesota startup
Company Investment Round Select investors Vertical
1 Bright Health
Minneapolis, MN
$635M Series D New Enterprise Ventures, Bessemer
Venture Partners
Healthcare
Healthcare Plans
2 Chime
San Francisco, CA
$500M Series E+ Coatue Management, General Atlantic,
ICONIQ Capital
Mobile & Communications
Mobile Software & Services
Accounting & Finance
3 Databricks
San Francisco, CA
$400M Series E+ Andreessen Horowitz, New Enterprise
Associates, Coatue Management
Internet
Internet Software & Services
Data & Document Management
3 Convoy
Seattle, WA
$400M Series D Greylock Partners, T. Rowe Price, Fidelity
Investments
Mobile & Telecommunications
Supply Chain & Logistics
5 Vacasa
Portland, OR
$319M Series C Silver Lake Partners, Level Equity,
Riverwood Capital
Internet
eCommerce
Travel (internet)

Largest US deals of 2019
Softbank participates in 4 of the top mega-rounds in 2019
1 Cruise Automation
San Francisco, CA
$1.2B Other General Motors, Honda Motor Co.,
Softbank Group
Automotive & Transportation
Automobile Parts
2 Flexport
San Francisco, CA
$1.0B Series E+ Founders Fund, SoftBank Group Internet
2 WeWork
New York, NY
$1.0B Series E+ Softbank Group Business Products & Services
Facilities
2 OpenAI
San Francisco, CA
$1.0B Other Microsoft Computer Hardware &
Services
IT Services
5 Nuro
Mountain View, CA
$940M Series B Softbank Group Automotive & Transportation
Automobile Manufacturing

Top 5 funded US companies – Q4’19
Top funded companies have raised $2B+ each thru 2019
Company Funding Vertical Emerging areas Select investors
1 Juul Labs
San Francisco, CA
$13.6B 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

Unicorns – New US VC-backed unicorns by quarter
The US continues to produce new unicorn companies
8 7
9
19
23
16
20
17
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Record new unicorns
(all-time)
Note: Unicorns are startups valued at $1B or more
US VC-backed unicorn births

117 118
132
149
163
174
185
199
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Record
population
(all-time)
US unicorn population
The number of US unicorns sets new record high
Unicorn population count (US)

$411.9 $424.5
$486.5
$594.8
$628.4
$593.2
$638.5 $634.7
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Record aggregate
unicorn valuation
(all-time)
Unicorn valuations ($B)
Unicorns – US aggregate unicorn valuation
Total value of US unicorns remains near-record highs in Q4’19

Company Valuation Vertical Emerging areas Select investors
1 Juul Labs
San Francisco, CA
$50.0B Consumer Products & Services
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 — Q4’19
Most valuable US startup worth $50B
Note: Most recently disclosed valuations associated
with a funding round are included

640
609
593
610
701
649
2014 2015 2016 2017 2018 2019
US M&A exits — Annual
649 buyouts make 2019 the second busiest M&A year ever
Note: Median years to liquidate from first funding
Record
annual
exits
(all-time)
M&A exits

6.5
6.8
6.1
7.1
6.3
7.5
6.6 6.4
169
177
167
188
164 167 166
152
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
US M&A exits — Quarterly
Q4’19 M&A dips below average for recent quarters
Record
quarterly
exits
(all-time)
M&A exits Median years to liquidation

106
78
51
66
86 90
2014 2015 2016 2017 2018 2019
US IPO exits — Annual
IPO activity continues to climb in 2019
IPO Activity

4.5
6.7
7.1 7.0
5.4
7.3 7.5
6.3
13
32
24
17
15
33
22
20
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
IPO activity Years to IPO
US IPOs — Quarterly
US IPO exits dip in Q4’19 for the second-straight quarter

6.5 6.8
6.1
7.1
6.3
7.5
6.6
6.4
4.5
6.7
7.1 7.0
5.4
7.3
7.5
6.3
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
M&A exits and IPOs — Time-to-exit
IPO and M&A time-to-exit fall in Q4’19
Years to IPO Years to M&A

169 177 167
188
164 167 166
152
13
32
24
17
15
33
22 20
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
M&A exits and IPOs — Number of exits
IPO and M&A exits fall in Q4’19
IPO exitsM&A exits

Top 5 M&A exits of Q4’19
WeWork buyout leads M&A exits in Q4’19
Company Valuation Last round Verticals Select prior investors Buyer
1 WeWork
New York, NY
$8.0B Series H Business Products & Services
Facilities
SoftBank Group, Fidelity
Investments, Benchmark,
Wellington Management
SoftBank
Group
2 EdgeConneX
Herndon, VA
$2.5B Series B Mobile & Telecommunications
Telecom Services
Wireless
Comcast Ventures, TDF
Ventures, True Ventures
EQT
3 Shape Security
Santa Clara, CA
$1.0B Series F Internet
Monitoring & Security
Baseline Ventures, Google
Ventures, Kleiner Perkins
Caufield & Byers
F5
Networks
3 Rodin Therapeutics
Boston, MA
$1.0B Series B Healthcare
Drug Discovery
Atlas Venture, Johnson &
Johnson Innovation
Alkermes
4 Outbrain
New York, NY
$900M Series H Internet
Advertising Network or
Exchange
GlenRock Israel,
Lightspeed-Gemini Internet
Lab
Taboola

Top 5 IPOs of Q4 2019
Internet SaaS companies dominate top IPOs
Company Valuation Last round Verticals Select prior investors
1 Vir Biotechnology
San Francisco, CA
$2.2B Series B Healthcare
Biotechnology
ARCH Venture Partners, Alta
Partners, Altitude Life Science
Ventures
2 Bill.com
Palo Alto, CA
$1.6B Series H Internet
Payments
DCM Ventures, Emegence Capital
Partners, August Capital
3 Progyny
New York, NY
$1.1B Series B Internet
Health & Wellness
Kleiner Perkins Caufield & Byers,
Merk Ventures, SR One
4 Viela Bio
Gaithersburg, MD
$900M Series B Healthcare
Biotechnology
Temasek, Hillhouse Capital
Management, Boyu Capital
5 Sprout Social
Chicago, IL
$700M Series D Internet
Content Management
Lightbank, New Enterprise
Associates, Goldman Sachs

A few metros surprise amid
overall softening in the market

Top 10 Metros by deal activity
Denver beats out Seattle to make it in the top 5 metros of Q4’19

Top 10 Metros by investments
Minneapolis & Portland join top 10 metros with large Q4’19 deals

2,096 2,139
1,938 1,948 1,987
1,722
$27.8
$37.1
$27.7 $31.2
$61.0
$47.2
2014 2015 2016 2017 2018 2019
Silicon Valley deals and dollars – Annual
Despite declines 2019 was Silicon Valley’s second biggest year
Record funding
(all-time) Second largest
funding
(all-time)

551
538
455
443
407
491
444
380
$11.1 $10.4
$14.0
$25.6
$12.0
$14.3
$11.7
$9.3
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Silicon Valley deals and dollars – Quarterly
Silicon Valley financing declines two quarters in a row
Record funding
(all-time)

Top Silicon Valley deals – Q4’19
Silicon Valley’s top 5 deals are all $200M+ mega-rounds
1 Chime
San Francisco, CA
$500M Series E+ Access Technology Ventures, Coatue
Management, Menlo Ventures
2 Databricks
San Francisco, CA
$400M Series E+ Andreessen Horowitz, BlackRock, New
Enterprise Associates
Internet
3 Automation Anywhere
San Jose, CA
$290M Series B Goldman Sachs, Salesforce Ventures,
SoftBank Group
Software (non-internet/mobile)
Scientific, Engineering Software
4 Next Insurance
Palo Alto, CA
$250M Series C Munich Re Ventures Internet
eCommerce
Marketplace
5 Zoox
Foster City, CA
$200M Convertible
Note
Undisclosed Investor(s) Software (non-internet/mobile)
5 Ripple
San Francisco, CA
$200M Series C Route 66 Ventures, SBI Group,
Tetragon Financial Group
Internet
Payments
Note: Mega-rounds are $100M deals or larger

843
874
861
930
895
883
$6.1
$9.4 $8.7
$13.7 $14.4
$17.2
2014 2015 2016 2017 2018 2019
New York Metro deals and dollars – Annual
$17.2B invested startups makes 2019 NY’s biggest year ever

238
247
217
193
238
244
212
189
$2.9 $3.1
$6.0
$2.4
$5.0
$4.3
$4.9
$3.0
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
New York Metro deals and dollars – Quarterly
New York Metro deals decline for the second-straight quarter

Top 5 New York Metro deals – Q4’19
Top Healthcare deals raised $360M in Q4’19
1 Nuvation Bio
New York, NY
$275M Series A Altitude Life Science Ventures,
Fidelity Investments
Healthcare
Biotechnology
2 Vroom
New York, NY
$254M Series E+ Durable Capital Partners, L Catterton,
T. Rowe Price
Internet
eCommerce
Auto
3 Riskified
New York, NY
$165M Series E+ Fidelity Investments, General Atlantic,
Qumra Capital
Internet
4 Fabric
New York, NY
$110M Series B Aleph, Corner Ventures, Innovation
Endeavors
Supply Chain & Logistics Software
5 Zentalis
Pharmaceuticals
New York, NY
$85M Series C Surveyor Capital, Viking Global
Investors
Healthcare
Drug Discovery

488
526
455
484
498
440
$5.1
$6.9 $6.5
$7.2
$10.3
$8.8
2014 2015 2016 2017 2018 2019
Boston Metro deals and dollars – Annual
Boston funding levels remain near record highs in 2019
Second largest
(all-time) Third largest
(all-time)

125
122
133
118
125
120
93
102
$2.7 $2.9
$2.2
$2.5
$2.7
$2.3
$1.9 $1.8
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Boston Metro deals and dollars – Quarterly
Boston deals jump in Q4’19 amid declining funding

Top 5 Boston Metro deals – Q4’19
Three $100M+ mega-rounds lead Boston Metro’s Q4’19 deals
1 Duck Creek
Technologies
Boston, MA
$120M Other Dragoneer Investment Group,
Insight Partners, Neuberger Berman
Internet
Asset & Financial Management &
Trading
2 eGenesis
Cambridge, MA
$100M Series B ARCH Venture Partners, Khosla
Ventures
Healthcare
Biotechnology
2 Hometap
Boston, MA
$100M Series B American Family Ventures, G20
Ventures, ICONIQ Capital
Internet
Trading
4 Black Diamond
Therapeutics
Cambridge, MA
$85M Series C Deerfield Management, Janus
Henderson Investors, New Enterprise
Associates
Healthcare
Drug Development
5 CallMiner
Waltham, MA
$75M Other Goldman Sachs Internet
Customer Relationship Management

343
406
370
445
477
387
$3.8
$5.5
$4.8 $4.4
$6.2
$7.8
2014 2015 2016 2017 2018 2019
LA Metro deals and dollars – Annual
$7.8B invested makes 2019 LA’s second biggest year ever
Second largest
(all-time)

126 124
115
112
82
107 105
93
$1.8 $1.8
$0.7
$2.0
$1.6
$2.2
$2.4
$1.5
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
LA Metro deals and dollars – Quarterly
LA funding and deal activity fall in Q4’19

Top 5 LA Metro deals – Q4’19
Mobile & Telecommunications startups lead funding in LA Metro
1 Bird Rides
Santa Monica, CA
$275M Series D Caisse de depot et placement du
Quebec, Sequoia Capital
Travel
2 Scopely
Culver City, CA
$200M Series D Baillie Gifford & Co., Greycroft,
Revolution Growth
Gaming
3 Relativity Space
Inglewood, CA
$140M Series C Playground Global, Social Capital,
Y Combinator
Industrial
Aerospace & Defense
4 Arcutis
Biotherapeutics
Westlake Village, CA
$95M Series C Bain Capital, BlackRock,
Goldman Sachs
Healthcare
Biotechnology
5 Sonendo
Laguna Hills, CA
$85M Other Meritech Capital Partners,
OrbiMed Advisors
Healthcare
Dental Products & Services

169 172 172
195 191 196
$1.6
$1.9
$1.2
$1.8
$2.1
$2.7
2014 2015 2016 2017 2018 2019
Seattle Metro deals and dollars – Annual
$2.7B invested made 2019 Seattle’s second biggest year ever
Second largest
(all-time)

41
62
48
40
54
47
55
40
$352
$813
$659
$233
$511
$679
$629
$897
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Investments ($M) # of deals
Seattle Metro deals and dollars – Quarterly
Seattle funding jumps amid falling deal activity in Q4’19

Top Seattle Metro deals
Convoy’s mega-round takes top funding round in Seattle
1 Convoy
Seattle, WA
$400M Series D Bailie Gifford & Co., capitalG,
Fidelity Investments
2 Highspot
Seattle, WA
$75M Series D ICONIQ Capital,
Salesforce Ventures
Internet
Customer Relationship Management
3 Icosavax
Seattle, WA
$51M Series A Adams Street Partners,
Sanofi Ventures
Healthcare
Biotechnology
4 Spaceflight
Seattle, WA
$39M Series C Mithril Capital Management,
Razors Edge Ventures,
RRE Ventures
Industrial
Aerospace & Defense
Parts Manufacturing & Distribution
5 CorneaGen
Seattle, WA
$37M Series B Falcon Vision, Flying L Partners Healthcare
Medical Devices & Equipment
Surgical Devices

150
183
166
201 196 195
$914.1
$1,041.9
$708.0
$1,194.1
$1,403.5
$1,694.6
2014 2015 2016 2017 2018 2019
Denver Metro deals and dollars – Annual
Denver funding rises for the third-straight year in 2019

49
44
60
43
54
49 50
42
$361.4 $331.7
$451.5
$258.9
$333.8
$428.8
$291.0
$641.0
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Denver Metro deals and dollars – Quarterly
Denver funding levels jump amid declining deals in Q4’19

Top Denver Metro deals
Two $100M+ mega-rounds lead Denver Q4’19 deals
1 Guide Education
Denver, CO
$157M Series D Bessemer Venture Partners,
Emerson Collective,
Felicis Ventures
Internet
HR & Workforce Management
2 Inscripta
Boulder, CO
$125M Series D JS Capital Management,
Oak HC/FT,
Paladin Capital Group
Healthcare
Biotechnology
3 ArcherDx
Boulder, CO
$55M Series C ArrowMark Partners, Soleus Capital
Management, Boulder Ventures
Healthcare Software
4 CyberGRX
Denver, CO
Blackstone, Google Ventures
Internet
5 Havenly
Denver, CO
$32M Series C BN Capital, Foundry Group,
Lerer Hippeau Ventures
Internet
eCommerce
Marketplace

48
43
49
61
76
52
$618.8
$415.2 $419.7
$566.4
$733.1
$878.3
2014 2015 2016 2017 2018 2019
Minneapolis Metro deals and dollars – Annual
Minneapolis funding rises for the fourth-straight year in 2019

16
19
27
14 13
15
9
15
$85
$202
$157
$289
$41 $48 $37
$751
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Minneapolis Metro deals and dollars – Quarterly
$635M Bright Health deal pushes Minneapolis Q4’19 funding up

Top Minneapolis Metro deals
Healthcare startups dominate Minneapolis top deals
1 Bright Health
Minneapolis, MN
Cross Creek,
New Enterprise Associates
Healthcare
Healthcare Plans
2 Total Expert
Minneapolis, MN
$52M Series C Emergence Capital Partners,
Georgian Partners,
Rally Ventures
Internet
Advertising, Sales & Marketing
3 ShiraTronics
Minneapolis, MN
$33M Series A Amzak Capital Management,
Aperture Venture Partners
Healthcare
4 4C Medical
Maple Grove, MN
$8.2M Series B SightLine Partners Healthcare
Surgical Devices
5 Spineology
Saint Paul, MN
$7.0M Other Affinity Capital Management,
River Cities Capital Fund
Healthcare
Surgical Devices

69
66
54
59
71
38
$280.8 $260.6 $225.9
$436.3
$662.1 $679.1
2014 2015 2016 2017 2018 2019
Portland Metro deals and dollars – Annual
Portland Metro deal activity drops sharply in 2019

15
22
9
25
9
4
14
11
$53
$406
$76
$127
$90 $44 $92
$455
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Portland Metro deals and dollars – Quarterly
$319M Series C raised by Vacasa pushes Portland Q4’19 funding up

Top Portland Metro deals
Vacasa raises the top deal in Portland in Q4’19
1 Vacasa
Portland, OR
$319.0M Series C Silver Lake Level Equity,
NewSpring Capital
HR Travel
2 SheerID
Portland, OR
$64.0M Series C Centana Growth Partners,
CVC Capital Partners,
Voyager Capital
Internet
3 Energy Storage
Systems
Wilsonville, OR
$30.0M Series C BASF Venture Capital,
Breakthrough Energy Ventures,
Cycle Capital
Electronics
Electrical Product Distribution
Power Generation & Storage
4 CrowdStreet
Portland, OR
$12.0M Series D Grotech Ventures, Rally Ventures,
Seven Peaks Ventures
Internet
eCommerce
Marketplace
5 Boulder Care
Portland, OR
$10.5M Series A First Round Capital, Tusk Ventures Software (non-internet/mobile)
Healthcare Software

Together, startups in the top 3 states raised what percentage
of US investments in 2019?
California
New York
Massachusetts

Together, startups in the top 3 states raised 77% of US funding

Top 10 States by deal activity
Texas and New Jersey get more deals amid overall slowdown

Top 10 States by investments
Four states more than double investments while most decline

$1.8
$2.3 $2.1
$1.5
$1.8
$2.3
$3.0
2013 2014 2015 2016 2017 2018 2019
253
258 256
251
238
275
267
Texas deals and dollars – Annual
Funding and deal activity remain at healthy levels

72
83
54
66
73
78
50
66
$743 $721
$374
$481
$1,065
$738
$671
$499
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Texas deals and dollars – Quarterly
Texas deal activity climbs 32% QoQ in 2019 despite less funding

Top 5 Texas deals – Q4’19
Texas sees one $100M mega-round in Q4’19
1 SparkCognition
Austin, TX
$100M Series C Boeing HorizonX, Temasek Internet
Manufacturing, Warehousing &
Industrial
2 The Zebra
Austin, TX
$39M Series C Accel, Ballast Point Ventures Internet
eCommerce
Comparison Shopping
3 Shipwell
Austin, TX
$35M Series B Aspect Ventures,
First Round Capital
Internet
4 Expedi
Houston, TX
$25M Series B Bowery Capital,
Crosslink Capital
Internet
eCommerce
Marketplace
5 Airstrip Technologies
San Antonio, TX
$21M Series D Undisclosed Investor(s) Mobile & Telecommunications
Healthcare

53 54
49
43
52
51
58
$544 $585
$1,200
$468
$697 $714
$1,191
2013 2014 2015 2016 2017 2018 2019
New Jersey deals and dollars – Annual
2019 funding exceeds $1B and deal activity rises in New Jersey

15
11
15
10
15
13
11
19
$318
$45 $112
$239
$634
$87
$273
$197
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
New Jersey deals and dollars – Quarterly
Q4’19 funding falls while deal activity increases in New Jersey

Top 5 New Jersey deals – Q4’19
Q4’19 sees New Jersey Healthcare startup raise top funding
1 PMW
Pharmaceuticals
Cranbury, NJ
$62M Series C Euclidean Capital,
InterWest Partners
Healthcare
Drug Development
2 Flow
Hoboken, NJ
$37M Series B American Express Ventures,
New Enterprise Associates
Internet
eCommerce
eCommerce Enablement
3 Cross River Bank
Fort Lee, NJ
$27M Other Battery Ventures Financial
Retail Banking
4 OpenLegacy
Princeton, NJ
$20M Other Silverhorn Investment Partners Internet
Internet & Software Services
Networking & Connectivity
5 Duality Technologies
Maplewood, NJ
$16M Series A Hearst Ventures,
Innovation Endeavors
Software

49 49
44
51
65
79
57
$305
$618
$416 $421
$573
$736
$908
2013 2014 2015 2016 2017 2018 2019
Minnesota deals and dollars – Annual
2019 funding climbs 23% while deals drop in Minnesota
Second largest
(all-time)

$85 $205 $157
$289
$41 $49 $42
$775
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
16
21
28
14 13
17
11
16
Minnesota deals and dollars – Quarterly
Quarterly funding in Minnesota jumps after $635M Series D raise
Record funding
(all-time)

Top 5 Minnesota deals – Q4’19
Healthcare startups dominate top deals in Minnesota
1 Bright Health
Minneapolis, MN
$635M Series D Bessemer Venture Partners, New
Enterprise Associates, Redpoint
Ventures
Healthcare
Healthcare Plans
2 Total Expert
Minneapolis, MN
$52M Series C Emergence Capital Partners,
Georgian Partners
Internet
3 ShiraTronics
Minneapolis, MN
$33M Series A Strategic Healthcare Investment
Partners
Healthcare
4 Vryiad
Rochester, MN
$24M Series A Flagship Pioneering,
Regeneron Pharmaceuticals
Healthcare
Biotechnology
5 4C Medical
Maple Grove, MN
$8M Series B Sightline Partners Healthcare
Surgical Devices

156
194
183
212 213
208
$0.9
$1.1
$0.9
$1.3
$1.7 $1.8
2014 2015 2016 2017 2018 2019
Colorado deals and dollars – Annual
Colorado funding rises for the third-straight year
Third largest
(all-time)
Record
deals
(all-time)
Second highest
deals
(all-time)

53
51
63
46
56
51
57
44
$377
$522 $487
$276
$344
$433
$324
$656
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Colorado deals and dollars – Quarterly
Colorado quarterly funding doubles to two-year high in Q4’19

Top 5 Colorado deals – Q4’19
Expansion and late-stage startups win funding in Colorado
1 Guild Education
Denver, CO
$157M Other SC30 Internet
2 Inscripta
Boulder, CO
$125M Series D JS Capital Management,
Paladin Capital Group
Healthcare
Biotechnology
3 ArcherDx
Boulder, CO
$55M Series C Boulder Ventures,
Sands Capital Ventures
Healthcare Software
4 CyberGRX
Denver, CO
Google Ventures,
ICONIQ Capital
Internet
5 Havenly
Denver, CO
$32M Series C Foundry Group, Lerer Hippeau
Ventures
Internet
eCommerce
Marketplace

72
96 94 94
84
72
$415
$972
$674
$937
$2,327
$1,056
2014 2015 2016 2017 2018 2019
North Carolina deals and dollars – Annual
North Carolina funding at record levels despite declines
Third largest
(all-time)
Record funding
(all-time)

16
21
28
14 13
17
11
16
$211
$463
$234
$1,419
$82
$389
$48
$537
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
North Carolina deals and dollars – Quarterly
North Carolina investments rebound in Q4’19
Third largest
(all-time)
Record funding
(all-time)

Top 5 North Carolina Metro deals
Accounting and payments software dominate top NC deals
1 AvidXchange
Charlotte, NC
$150M Other Undisclosed Investor(s) Internet
Billing
2 Pendo
Raleigh, NC
$100M Series E Battery Ventures,
FirstMark Capital,
Sapphire Ventures
Internet
Application & Data Integration
3 nCino
Wilmington, NC
$80M Series F Insight Partners, Salesforce
Ventures, T. Rowe Price
Internet
4 Spreedly
Durham, NC
$75M Growth
Equity
Spectrum Equity Internet
Payments
5 Passport
Charlotte, NC
$65M Series D Bain Capital, Rho Ventures,
Grotech Ventures
Travel

74 73
58
64
74
43
$297 $322
$229
$412
$652 $698
2014 2015 2016 2017 2018 2019
Oregon deals and dollars – Annual
Oregon funding sets record in 2019 despite fewer deals
Record
deals
(all-time)
Record funding
(all-time)

15
23
13
23
12
6
13 12
$52
$395
$84
$121 $97 $49 $102
$450
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Oregon deals and dollars – Quarterly
Oregon funding sets record in Q4’19
Third highest
deals
(all-time)
Third highest
deals
(all-time)
Record funding
(all-time)

Top 5 Oregon Metro deals
Vacasa raises the top deal in Oregon in Q4’19
1 Vacasa
Portland, OR
$319.0M Series C Silver Lake Level Equity,
NewSpring Capital
HR Travel
2 SheerID
Portland, OR
$64.0M Series C Centana Growth Partners, CVC
Capital Partners, Voyager Capital
Internet
3 Energy Storage
Systems
Wilsonville, OR
$30.0M Series C BASF Venture Capital,
Breakthrough Energy Ventures,
Cycle Capital
Electronics
Electrical Product Distribution
Power Generation & Storage
4 CrowdStreet
Portland, OR
$12.0M Series D Grotech Ventures, Rally Ventures,
Seven Peaks Ventures
Internet
eCommerce
Marketplace
5 Boulder Care
Portland, OR
$10.5M Series A First Round Capital,
Tusk Ventures
Healthcare Software

How much are Emerging Areas
disrupting venture financing?

0%
50%
100%
1995 2000 2005 2010 2015 2019
Top 20 Emerging Areas – Financing Share
Emerging Areas now get majority of venture funding
Share of deals Share of investments

Three Emerging Areas dominate deal activity among the Top 20
0
250 FinTech
AI
Digital Health
Medical Devices
Cybersecurity
E-Commerce
IoT
Real Estate Tech
Capital Markets Tech
Payments
InsurTech
Blockchain
RegTech
Supply Chain & Logistics Tech
Smart Cities
Advanced Manufacturing
In-Store Retail Tech
Wealth Tech
Auto Tech
Augmented Reality/Virtual Reality
Q1’14 Q4’19

Top 10 Emerging Areas by deal activity
Three emerging areas materially increase deals amid softening

Top 10 Emerging Areas by investments
Six emerging areas materially increase investments in Q4’19

444
563
631 629
687
794
722
$2.5
$5.8
$9.0
$6.0
$8.4
$12.6
$17.6
2013 2014 2015 2016 2017 2018 2019
FinTech deals and dollars – Annual
2019 FinTech funding rises 40% compared to 2018

232
192 197
173
198
175 175 174
$2.5
$3.4 $3.2
$3.5 $3.8
$5.3
$3.9
$4.6
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
FinTech deals and dollars – Quarterly
FinTech sees funding increase in Q4’19

Top FinTech deals – Q4’19
Top 5 deals raise $1.75B, 38% of FinTech’s Q4’19 funding
1 Bright Health
Minneapolis, MN
Enterprise Associates, Redpoint Ventures
Healthcare
Healthcare Plans
2 Chime
San Francisco, CA
$500M Series E+ Access Technology Ventures, Coatue
Management, Menlo Ventures
3 Next Insurance
Palo Alto, CA
eCommerce
Marketplace
4 Ripple
San Francisco, CA
Internet
Payments
5 Riskified
New York, NY
Qumra Capital
Internet

387
507
585
563 566
585
546
$2.0
$4.7 $4.6
$5.7
$7.6
$9.1
$8.4
2013 2014 2015 2016 2017 2018 2019
Digital Health deals and dollars – Annual
Annual financing declines despite strong activity in Q4’19

134
195
141
115
129
157
127
133
$2.1 $2.1
$2.9
$2.1
$1.6
$2.7
$1.7
$2.5
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Digital Health deals and dollars – Quarterly
Digital Health financing rises in Q4’19

Top Digital Health deals – Q4’19
Late-stage Digital Health startups raise $830M+
1 Bright Health
Minneapolis, MN
Enterprise Associates, Redpoint Ventures
Healthcare
Healthcare Plans
2 GRAIL
Menlo Park, CA
$125M Series D ARCH Venture Partners,
Decheng Capital
Healthcare
Disease Diagnosis
3 GenapSys
Redwood City, CA
$90M Series C Foresite Capital Healthcare
Biotechnology
4 ArsenalBio
South San
Francisco, CA
$85M Series A Euclidean Capital,
Kleiner Perkins Caufield & Byers
Healthcare
Biotechnology
5 Weave
Lehi, UT
$70M Series D Bessemer Venture Partners, Catalyst
Investors, Tiger Global Management
Internet
Customer Relationship
Management

241
276 281
243
257 254
206
$1.8
$2.5
$4.2
$1.9
$3.9
$4.7 $4.6
2013 2014 2015 2016 2017 2018 2019
E-Commerce deals and dollars – Annual
2019 E-Commerce funding remains elevated

$0.9
$1.1
$1.7
$1.0
$1.2
$1.1
$1.5
$0.9
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
71 72
65
46
53
56
45
52
E-Commerce deals and dollars – Quarterly
E-Commerce deal activity climbs in Q4’19

Top E-Commerce deals – Q4’19
Expansion-stage startups dominate top deals in E-Commerce
1 Vroom
New York, NY
$254M Series E+ L Catterton, T. Rowe Price Internet
eCommerce
Auto
2 ACV Auctions
Buffalo, NY
$150M Series E+ Bain Capital Ventures, Bessemer
Venture Partners, Fidelity Investments
Mobile Commerce
Auction & Classifieds
3 Zeus
San Francisco, CA
$55M Series B Airbnb, Comcast Ventures Internet
eCommerce
Marketplace
4 Eight Sleep
New York, NY
$41M Series C Founders Fund, Khosla Ventures Consumer Products & Services
5 Dolls Kill
San Francisco, CA
$37M Series B Sequoia Capital Internet
eCommerce
Apparel & Accessories

47
63
71
94
125
133
139
$0.2 $0.7
$1.4 $1.4 $1.2
$2.5
$4.6
2013 2014 2015 2016 2017 2018 2019
InsurTech deals and dollars – Annual
InsurTech financing continues to climb in 2019

42
31 31
29
37
33
38
31
$0.6
$0.2
$1.1
$0.7
$1.1
$0.9
$1.1
$1.5
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
InsurTech deals and dollars – Quarterly
Q4’19 InsurTech deals decline while funding rises

Top InsurTech deals – Q4’19
Internet SaaS companies raise majority of InsurTech top 5 deals
1 Bright Health
Minneapolis, USA
New Enterprise Associates,
Redpoint Ventures
Healthcare
Healthcare Plans
2 Next Insurance
Palo Alto, CA
eCommerce
Marketplace
3 Duck Creek
Technologies
Boston, MA
$120M Other Dragoneer Investment Group,
Insight Partners,
Neuberger Berman
Internet
Trading
4 Unqork
New York, NY
$80M Series B BlackRock, capitalG Internet
5 Qualia
San Francisco, CA
$55M Series C Menlo Ventures,
Tiger Global Management
Internet
Real Estate

84
138 138
146
155 156 154
0.6
1.4 1.6 1.7
2.4
4.9 4.8
2013 2014 2015 2016 2017 2018 2019
Capital Markets Tech deals and dollars – Annual
Overall funding and deal activity remain at healthy levels in 2019

48
37
31
40
47
39
32
36
$0.9
$1.6
$0.9
$1.4
$0.8
$1.6
$1.1
$1.4
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Capital Markets Tech deals and dollars – Quarterly
Capital Markets Tech financing ticks upward in Q4’19

Top Capital Markets Tech deals – Q4’19
Capital Markets Tech sees two $200M mega-rounds in Q4’19
1 Automation
Anywhere
San Jose, CA
$290M Series B Goldman Sachs, Salesforce Ventures,
SoftBank Group
2 Ripple
San Francisco, CA
Internet
Payments
3 nCino
Wilmington, NC
$80M Series E+ Insight Partners, Salesforce Ventures,
T. Rowe Price
Internet
3 Unqork
New York, NY
$80M Series B BlackRock, capitalG Internet
4 Galileo Financial
Technologies
Salt Lake City, UT
$77M Growth
Equity
Accel Internet
Payments

69
91
138
149
132
153
162
$0.4 $0.5 $0.8
$1.3
$1.7
$2.8
$4.0
2013 2014 2015 2016 2017 2018 2019
Real Estate Tech deals and dollars – Annual
Funding and deals hit new seven-year high in 2019

45
49
31
28
48
38 37
39
$0.4
$0.9
$1.2
$0.3
$1.1
$0.9 $0.9
$1.1
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Real Estate Tech deals and dollars – Quarterly
Q4’19 Real Estate Tech investment and deals increase

Top Real Estate Tech deals – Q4’19
Expansion Real Estate Tech startups win majority of top deals
1 Figure
Technologies
San Francisco, CA
$103M Series C DST Global, RPM Ventures Internet
Asset & Financial Management & Trading
2 Hometap
Boston, MA
$100M Series B American Family Ventures,
G20 Ventures, ICONIQ Capital
Internet
Asset & Financial Management & Trading
3 Juniper Square
San Francisco, CA
$75M Series C Redpoint Ventures, Ribbit Capital Internet
4 HomeLight
San Francisco, CA
$63M Series C Menlo Ventures, Stereo Capital Internet
Real Estate
5 Reonomy
New York, NY
$60M Series D Citi Ventures,
Wells Fargo Strategic Capital
Internet
Real Estate
5 PeerStreet
Los Angeles, CA
$60M Series C Andreessen Horowitz,
World Innovation Lab
Internet
eCommerce
Marketplace

75
88
97
112
116
133
104
$0.5
$1.9
$1.2 $1.4
$2.3
$2.8
$4.0
2013 2014 2015 2016 2017 2018 2019
Payments deals and dollars – Annual
Payments sees larger deals in 2019 as annual funding hits $4B

38
30
35
30
30
21
19
34
$418
$880 $879
$623
$752
$1,160
$1,000 $1,100
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Payments deals and dollars – Quarterly
Payments deal activity jumps as quarterly funding crosses $1B

Top Payments deals – Q4’19
North Carolina-based startups rise in top Payments deals
1 Ripple
San Francisco, CA
Internet
Payments
2 Riskified
New York, NY
Qumra Capital
Internet
3 AvidXchange
Charlotte, NC
$150M Other Undisclosed Investor(s) Internet
Billing, Expense Management
and Procurement
4 Galileo Financial
Technologies
Salt Lake City, UT
$77M Growth
Equity
Accel Internet
Payments
5 Spreedly
Durham, NC
$75M Growth
Equity
Spectrum Equity Internet
Payments

Is less capital being raised
to invest in startups?

$269B
$402B
$482B
$544B
$983B
2015 2016 2017 2018 2019
No…Investor fundraising nearly doubled in 2019
US startup investors – Aggregate funds raised

2015 2016 2017 2018 2019
After outpacing VCs in 2018, SoftBank raises only $4B in 2019
US startup investors – Funds raised
$51B
$136B VCs
$4B SoftBank$0

Top VCs by amount raised
The top 5 VCs have raised over $27B in 2019
Note: includes all funds under the Sequoia Capital umbrella
Investor
Funds raised
(2019)
Year
founded Select investments Location
1 Sequoia Capital* $7.4B 1972 Clari, Freshworks, Thumbtack Menlo Park, CA
2 Andreessen Horowitz $6.5B 2009 Forward Networks, RigUp, Tenfold Menlo Park, CA
3 General Atlantic $5.2B 1980 Benevity, Immunocore, NoBroker Greenwich, CT
4 Summit Partners $4.9B 1984 Immersive Labs, Odoo, Zenoss Boston, MA
5 Adams Street Partners $3.4B 1972 Epirium, Punchh, VillageMD Chicago, IL

Most active VCs in 2019
New Enterprise Associates tops most active VCs in 2019
Investor Deals Select investments Location
1 New Enterprise Associates 87 Bright Health, Databricks, Robinhood Menlo Park, CA
2 Plug and Play Ventures 76 Click Diagnostics, Beyond Pricing,
Credit Sesame
Sunnyvale, CA
3 Andreessen Horowitz 71 Databricks, Lime, Samsara Networks Menlo Park, CA
4 Founders Fund 68 Flexport, SpaceX, RigUp San Francisco, CA
5 SOSV 66 Clara Foods, Particle, Prellis Biologics Princeton, NJ
5 Google Ventures 66 Lime, Lemonade, Impossible Foods Mountain View, CA

Most active VCs in Q4 2019
Founders Fund takes the lead in Q4’19
Investor Deals Select investments Location
1 Founders Fund 22 Faire, Tmunity Therapeutics,
Ghost Locomotion
San Francisco, CA
2 Andreessen Horowitz 17 Databricks, Instabase, Tmunity Therapeutics Menlo Park, CA
2 Accel 17 Freshworks, Algolia, Galileo Financial
Technologies
Palo Alto, CA
4 Sequoia Capital 15 Bird Rides, Cerebras, Gong Menlo Park, CA
5 Plug and Play Ventures 14 Truebill, ZecOps, MediView XR Sunnyvale, CA
5 Lightspeed Venture Partners 14 Faire, Pensando Systems, BlueVine Menlo Park, CA
5 New Enterprise Associates 14 Bright Health, Databricks, Instabase Menlo Park, CA

Global regional comparison - 2019
Deals
6,366
$113B
North America
5,295
$63B
Asia
3,345
$32B
Europe
15,564 Deals
$213B Invested
Globally

Global regional comparison – Q4’19
Deals
1,432
$24.2B
North America
1,381
$13.5B
Asia
842
$7.1B
Europe
3,803 Deals
$46.1B Invested
Globally

Global deal activity: North America, Asia, and Europe
Europe & Asia deals rise, North America sees decline in activity
# of deals: North America Asia Europe
1,781
1,888
1,694
1,564 1,598
1,734 1,602
1,432
1,318
1,657 1,672
1,366
1,280 1,254
1,380 1,381
801 828 749 817 827 875 801 842
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

$24 $26
$30
$41
$28
$32
$29
$24
$21
$24
$22 $22
$19
$14 $16
$14
$6 $6 $5 $5
$8 $9 $8 $7
Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19
Global dollar funding: North America, Asia, and Europe
Overall financing declines around the world
Investments ($B): EuropeAsiaNorth America

Largest global deals of 2019
SoftBank Group invests in 4 out of the 5 top deals in 2019
1 Chehaoduo
Beijing, China
$1.5B Series D SoftBank Group Internet
eCommerce
Auto
2 Grab
Mumbai, India
$1.45B Series E+ Softbank Group Internet
3 OneWeb
London, UK
$1.3B Series D Airbus Ventures, Qualcomm
Ventures, SoftBank Group
Telecom Services
Cable & Satellite
4 Beike Zhaofang
Beijing, China
$1.2B Series D New Horizon Capital, Tencent
Holdings
Internet
Real Estate
5 Cruise Automation
San Francisco, USA
$1.15B Other General Motors, Honda Motor Co.,
Softbank Group
Automotive & Transportation
Automobile Parts

Largest global deals of Q4 2019
Q4’19 sees one $1B mega-round
1 One97
Communication
Noida, India
$1.0B Series E+ Ant Financial Services Group,
Discovery Capital, SoftBank Group
Payments
2 Greensill
London, UK
$655M Other Softbank Group Financial
Lending
Commercial
3 Bright Health
Minneapolis, USA
New Enterprise Associates,
Redpoint Ventures
Healthcare
Healthcare Plans
4 Chime
San Francisco, USA
$500M Series E+ Access Technology Ventures,
Coatue Management,
Menlo Ventures
5 ironSource
Tel Aviv, Israel
$430M Private Equity CVC Capital Partners Internet
Application & Data Integration

Appendix
PwC / CB Insights
MoneyTree™ Report
Q4 2019

US States: Full listing of 2019 deals and investments
State $M Deals State $M Deals State $M Deals State $M Deals
Alabama 15 7 Indiana 183 54 Nebraska 54 21 Rhode Island 56 7
Arizona 308 46 Iowa 12 10 Nevada 40 11 South Carolina 57 19
Arkansas 20 4 Kansas 265 9 New Hampshire 95 10 Tennessee 388 49
California 58,146 2,311 Kentucky 120 11 New Jersey 1,191 58 Texas 2,973 267
Colorado 1,757 208 Louisiana 101 9 New Mexico 264 15 Utah 1,077 71
Connecticut 406 48 Maine 110 11 New York 16,052 842 Vermont 67 8
DC 311 27 Maryland 607 72 North Carolina 1,056 72 Virginia 694 100
Delaware 136 14 Massachusetts 9,170 464 North Dakota 37 2 Washington 2,800 211
Florida 1,226 95 Michigan 506 48 Ohio 802 78 Wisconsin 165 33
Georgia 1,113 88 Minnesota 908 57 Oklahoma 11 2 Wyoming 20 3
Hawaii 32 8 Mississippi 3 1 Oregon 698 43
Idaho 51 5 Missouri 357 46 Pennsylvania 1,561 127
Illinois 1,707 175 Montana 76 8 Puerto Rico 1 3

US States: Full listing of Q4 2019 deals and investments
State $M Deals State $M Deals State $M Deals State $M Deals
Alabama - 1 Illinois 297 38 Montana 40 2 Pennsylvania 386 29
Arizona 23 12 Indiana 36 13 Nebraska 30 8 Rhode Island 24 3
Arkansas 7 2 Iowa 3 1 Nevada 4 2 South Carolina 24 7
California 11,610 525 Kansas 7 1 New Hampshire 21 5 Tennessee 31 11
Colorado 656 44 Louisiana 77 2 New Jersey 197 19 Texas 499 66
Connecticut 67 9 Maine 2 3 New Mexico 57 3 Utah 235 15
DC 154 10 Maryland 115 17 New York 2,998 176 Vermont 28 3
Delaware 32 3 Massachusetts 1,946 102 North Carolina 537 16 Virginia 126 18
Florida 146 20 Michigan 80 9 North Dakota 20 1 Washington 912 43
Georgia 74 15 Minnesota 775 16 Ohio 80 16 Wisconsin 86 10
Hawaii 4 2 Mississippi 3 1 Oklahoma 7 1
Idaho 5 1 Missouri 68 11 Oregon 450 12

119
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

120
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 January 3, 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.

Q4 2019
Shaking the
MoneyTree™

Venture Capital funding report highlights 2019

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