Venture Capital Activity in Q2 2011 - EquityNet
www.pwc.com
PricewaterhouseCoopers National Venture Capital Association
MoneyTree Report TM
Q2 2011 Data provide by Thomson Reuters
The Q2 2011 MoneyTree™ results are in! This special report provides summary results of Q2 2010, Q1 2011, and Q2 2011. More detailed results, including an expanded version of this report, can be found on the MoneyTree™ website at www.pwcmoneytree.com.
Total equity investments into venture-backed companies
Venture capitalists invested $7.5 billion in 966 deals in the second quarter of 2011. Quarterly investment activity increased 19 percent in terms of both dollars and the number of deals compared to the first quarter of 2011 when $6.3 billion was invested in 814 deals. The quarterly investment level represents the highest total in a single quarter since the second quarter of 2008. The deal count for the first half of 2011 (1,780 deals) is nearly identical to that seen in the first half of 2010 (1,784 deals) while the $13.8 billion invested in the first half of 2011 represented a 12 percent increase over the $12.3 billion invested in the first half of 2010.
Investment in Internet-specific companies surged in the second quarter with $2.3 billion going into 275 companies. This level of investment represents a 72 percent increase in dollars and a 46 percent increase in deals from the first quarter when $1.4 billion went into 189 deals. The second quarter marks the most dollars going into Internet-specific companies in a decade, since the second quarter of 2001. Five of the top 10 deals this quarter, including the top two deals, were classified as Internet-specific investments, which is a discrete classification assigned to a company with a business model that is fundamentally dependent on the Internet, regardless of the company’s primary industry category.
The Life Sciences sector (biotechnology and medical device industries combined) saw an increase in venture capital dollars invested during the second quarter, rising 37 percent in dollars and 12 percent in deal volume from the prior quarter to $2.1 billion going into 206 deals.
$ in millions 20
`03
`04
`05
`06
`07
`08
`09
`10 `11
15
10
7,879 7,076 6,033 5
4,744
6,141
5,792
5,387
5,725
6,676
6,300
7,909 7,972
7,638
6,332
5,877 5,916 4,668
5,045
4,812
7,516
7,161
7,253
7,342
6,217
5,786
5,180 4,623
7,179
4,129
5,313
5,279
5,181
5,642
3,621
0 Quarter Number of deals
2
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
(719) (749) (731) (798) (726) (867) (706) (858) (747) (846) (802) (840) (889) (989) (932) (981) (884) (1,081) (1,031) (1,095) (1,042) (1,084) (1,027) (932) (664) (738) (733) (912) (786) (998) (840) (836) (814) (966)
PwC
Investments by industry Q2 2010, Q1 2011, and Q2 2011 The Software industry received the highest level of funding for all industries with $1.5 billion invested during the second quarter of 2011. This level of investment represents a 35 percent increase in dollars compared to the $1.1 billion invested in the first quarter. The Software industry also had the most deals completed in Q2 with 254 rounds, which represents a 25 percent increase from the 203 rounds completed in the first quarter.
The Clean Technology sector, which crosses traditional MoneyTree industries and comprises alternative energy, pollution and recycling, power supplies and conservation, saw a 23 percent decrease in dollars to $942 million in Q2 from the first quarter when $1.2 billion was invested. The number of deals completed in the second quarter, however increased 11 percent to 81 deals compared with 73 deals in the first quarter, marking the most active quarter for Clean Technology deals completed in MoneyTree history.
In terms of dollars invested, the Biotechnology industry returned to second place, rising 46 percent from the prior quarter to $1.2 billion in the second quarter of 2011. The number of deals also rose in the second quarter, increasing 20 percent to 116 from 97 in the first quarter of 2011. The Medical Devices and Equipment industry also experienced an increase, rising 26 percent in Q2 to $841 million, while the number of deals remained relatively flat at 90 deals in Q2. This sector ranked third overall in Q2 in terms of dollars invested. # of Deals
($ in millions) All results rounded
0
500
Software
257 203 254
Biotechnology
153 97 116
Medical Devices and Equipment
108 87 90
IT Services
79 82 83
Media and Entertainment
99 83 132
Industrial/Energy
77 77 85
Consumer Products and Services
36 28 34
Semiconductors
33 23 24
Telecommunications
30 35 29
Business Products and Services
30 17 24
Electronics/Instrumentation
19 18 18
$119 $119 $115
Networking and Equipment
24 17 21
Computers and Peripherals
16 8 13
Financial Services
17 16 14
Retailing/Distribution
7 7 19
Healthcare Services
9 11 8
Other
4 5 2
Ten of the 17 MoneyTree sectors experienced double-digit increases in dollars in the second quarter, including IT Services (19 percent increase), Media & Entertainment (27 percent), Consumer Products & Services (248 percent), and Semiconductors (22 percent increase).
1,000
1,500 $1,123
$410
$642
$335
$595
$1,239
$771 $841 $764 $753 $1,114
$720 $146
$1,518 $1,368
$847 $669
2,000
$1,279
$1,349
$231 $507 $293 $266 $325
$165 $188 $169 $19
$141 $121 $185
$315 $303
$81 $61 $111 $136 $130 $87 $40 $13 $66 $59 $61 $51
Q2 10 Q1 11 Q2 11
$14 $24 $11 ($ in millions) All results rounded
0
Grand Total
998 814 966
5,000
10,000 $6,332
15,000
20,000
$7,161 $7,516
Definitions of the industry categories can be found on the MoneyTree™ web site at www.pwcmoneytree.com
MoneyTree Report TM
3
Investments by stage of development Q2 2010, Q1 2011 and Q2 2011 Seed and Early stage investments rose 24 percent over the prior quarter in both dollars and deals with $2.4 billion going into 464 deals in the second quarter. Seed/Early stage deals accounted for 48 percent of total deal volume in Q2, compared to the first quarter when it accounted for 46 percent of all deals. The average Seed deal in the second quarter was $3.2 million, up from $1.8 million in the first quarter. The average Early stage deal was $5.8 million in Q2, down slightly from $6.0 million in the prior quarter.
Investments in Later stage deals increased 24 percent in dollars and 16 percent in deals to $2.8 billion going into 242 rounds. Later stage deals accounted for 25 percent of total deal volume in Q2, compared to 26 percent in Q1 when $2.2 billion went into 209 deals. The average Later stage deal in the first quarter was $11.5 million, which increased from $10.8 million in the prior quarter and represents the largest average deal size for Later stage companies since the first quarter of 2004.
Expansion stage dollars increased 9 percent in the second quarter, with $2.3 billion going into 260 deals. Overall, Expansion stage deals accounted for 27 percent of venture deals in the second quarter, down slightly from 28 percent in the first quarter of 2011. The average Expansion stage deal was $9.0 million, down from $9.3 million in the prior quarter.
# of Deals
Seed
113 74 117
Early Stage
349 300 347
Expansion
307 231 260
Later Stage
229 209 242
# of Deals
Grand Total
998 814 966
0
1,000 $130
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
$768 $376
Q2 2010
$1,662 $1,805 $2,017 $2,149 $2,339 $1,889 $2,248
0
($ in millions) All results rounded
Q1 2011
$2,843
Q2 2011 $2,784
5,000
10,000
15,000
20,000
($ in millions) All results rounded
25,000
$7,161 $6,332 $7,516
Definitions of the Stage of development categories can be found on MoneyTree™ web site at www.pwcmoneytree.com
4
PwC
Investments by sequence of financing Q2 2010, Q4 2010, and Q1 2011 First-time financing (companies receiving venture capital for the first time) dollars increased 30 percent and the number of deals rose 22 percent with $1.5 billion going into 310 deals. First-time financings accounted for 20 percent of all dollars and 32 percent of all deals in the second quarter, compared to 18 percent of all dollars and 31 percent of all deals in the first quarter of 2011.
# of Deals
First
281 254 310
Second & Third
308 243 296
Fourth, Fifth, & Sixth
266 203 231
Seventh & Beyond
143 114 129
# of Deals
Grand Total
998 814 966
Companies in the Software, Biotechnology, and Media & Entertainment industries received the highest level of first-time dollars. The average first-time deal in the second quarter was $4.8 million, up from $4.5 million in the prior quarter. Seed/Early stage companies received the bulk of first-time investments, garnering 61 percent of the dollars and 77 percent of the deals, an increase from 56 percent of dollars and 75 percent of deals seen in Q1 2011.
($ in millions) All results rounded
0
1,000
2,000
$1,173 $1,137
3,000
4,000
5,000
6,000
$1,477
0
8,000 Q2 2010
$2,332 $1,856 $2,036 $2,583 $1,898 $2,502 $1,073
7,000
Q1 2011 Q2 2011
$1,441 $1,501
5,000
10,000
15,000
20,000
($ in millions) All results rounded
25,000
$7,161 $6,332 $7,516
Definitions of the Financing Sequence categories can be found on the MoneyTree™ web site at www.pwcmoneytree.com
MoneyTree Report TM
5
Investments by region Q2 2010, Q1 2011, and Q2 2011 Silicon Valley continued to dominate venture capital dollars, capturing 39 percent of the $7.5 billion invested in USbased companies throughout the quarter. The New England Region remained in second place, with a 44 percent increase in dollars compared to Q2 2010 funding and a 24 percent increase in deals over last quarter. New York Metro received 8 percent of total US dollars and 10 percent of deals in the second quarter. The Midwest was the only region in the top five to report a decrease in funding compared to the first quarter of 2011.
Definitions of the Stage of development categories can be found on MoneyTree™ web site at www.pwcmoneytree.com # of Deals
Silicon Valley
306 238 319
New England
108 96 119
NY Metro
103 77 98
LA/Orange County
72 39 54
Midwest
76 79 75
DC/Metroplex
50 39 44
Southeast
59 44 45
Texas
44 36 38
SouthWest
19 27 14
Colorado
22 18 21
San Diego
30 29 29
Northwest
45 36 36
North Central
16 14 17
Philadelphia Metro
30 23 29
Upstate NY
5 5 7
Sacramento/N.Cal
1 4 2
South Central
10 9 18
AK/HI/PR
2 1 1
0
500
1,000
1,500
2,000
2,500 $2,612
$768 $710 $470
$426
3,000
3,500
($ in millions) All results rounded
4,000
$3,138 $2,969
$1,108
$616 $624 $641
$542
$344 $386 $344 $262 $171 $304 $365 $366 $293 $207 $264 $248 $138 $111 $210 $79 $74
$204 $216 $159 $198 $216 $171 $161 $149
Q2 10
$65 $120 $128 $128 $89 $17 $17 $49 $2 $27 $28
Q1 11 Q2 11
$16 $29 $26 $6 $1 0 ($ in millions) All results rounded
0
Grand total
1,000
2,000
3,000
4,000
5,000
998 814 966
6,000 $6,332
8,000
7,000 $7,161 $7,516
Definitions of the Region categories can be found on the MoneyTree™ web site at www.pwcmoneytree.com Unknown region totals not included
6
PwC
Q2 2011 most active venture investors
New Enterprise Associates was the most active investor for the quarter. Kleiner Perkins Caufield & Byers and First Round Capital shared the second place slot with 28 deals a piece. The 35 most active venture investors accounted for 20 percent of total venture-backed deals in the first quarter. Most active are those investors who participated in 9 or more deals.
Firm
City
New Enterprise Associates, Inc. First Round Capital Kleiner Perkins Caufield & Byers Draper Fisher Jurvetson Greylock Partners North Bridge Venture Partners Accel Partners Highland Capital Partners LLC SV Angel Andreessen Horowitz DreamIt Ventures Intel Capital
Menlo Park, CA West Conshohocken, PA Menlo Park, CA Menlo Park, CA Cambridge, MA San Mateo, CA Palo Alto, CA Lexington, MA Palo Alto, CA Menlo Park, CA Philadelphia, PA Santa Clara, CA
31 28 28 24 17 16 14 14 14 13 13 13
Kansas Technology Enterprise Corporation
Topeka, KS
13
Redpoint Ventures Sutter Hill Ventures Charles River Ventures DFJ Mercury
Menlo Park, CA Palo Alto, CA Waltham, MA Houston, TX
13 13 12 12
MoneyTree Report TM
# of deals
Firm
City
Domain Associates LLC Polaris Venture Partners Founder Collective Mohr Davidow Ventures Sequoia Capital Trinity Ventures Versant Ventures Atlas Venture, Ltd. Floodgate Fund, L.P. General Catalyst Partners Lightspeed Venture Partners Norwest Venture Partners RRE Ventures LLC Battery Ventures, L.P. Canaan Partners Ignition Partners Rho Capital Partners, Inc. U.S. Venture Partners
Princeton, NJ Waltham, MA Somerville, MA Menlo Park, CA Menlo Park, CA Menlo Park, CA Menlo Park, CA Cambridge, MA Palo Alto, CA Cambridge, MA Menlo Park, CA Palo Alto, CA New York, NY Waltham, MA Westport, CT Bellevue, WA New York, NY Menlo Park, CA
# of deals 12 12 11 11 11 11 11 10 10 10 10 10 10 9 9 9 9 9
7
pwcmoneytree.com
Contacts Tracy T. Lefteroff Global Managing Partner Venture Capital Practice [email protected] David Silverman Emerging Company Services Practice Co-lead [email protected] Danny Wallace Emerging Company Services Practice Co-lead [email protected] Deborah Volpe MoneyTree Project Manager [email protected]
PricewaterhouseCoopers and the National Venture Capital Association have taken responsible steps to ensure that the information contained in the MoneyTreeTM Report has been obtained from reliable sources. However, neither of the parties nor Thomson Reuters can warrant the ultimate validity of the data obtained in this manner. Results are updated periodically. Therefore, all data is subject to change at any time. Before making any decision or taking any action, you should consult a competent professional adviser.
pwc.com © 2011 PricewaterhouseCoopers LLP. All rights reserved. “PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP (a Delaware limited liability partnership) or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity. PM-11-0186
PricewaterhouseCoopers National Venture Capital Association
MoneyTree Report TM
Q2 2011 Data provide by Thomson Reuters
The Q2 2011 MoneyTree™ results are in! This special report provides summary results of Q2 2010, Q1 2011, and Q2 2011. More detailed results, including an expanded version of this report, can be found on the MoneyTree™ website at www.pwcmoneytree.com.
Total equity investments into venture-backed companies
Venture capitalists invested $7.5 billion in 966 deals in the second quarter of 2011. Quarterly investment activity increased 19 percent in terms of both dollars and the number of deals compared to the first quarter of 2011 when $6.3 billion was invested in 814 deals. The quarterly investment level represents the highest total in a single quarter since the second quarter of 2008. The deal count for the first half of 2011 (1,780 deals) is nearly identical to that seen in the first half of 2010 (1,784 deals) while the $13.8 billion invested in the first half of 2011 represented a 12 percent increase over the $12.3 billion invested in the first half of 2010.
Investment in Internet-specific companies surged in the second quarter with $2.3 billion going into 275 companies. This level of investment represents a 72 percent increase in dollars and a 46 percent increase in deals from the first quarter when $1.4 billion went into 189 deals. The second quarter marks the most dollars going into Internet-specific companies in a decade, since the second quarter of 2001. Five of the top 10 deals this quarter, including the top two deals, were classified as Internet-specific investments, which is a discrete classification assigned to a company with a business model that is fundamentally dependent on the Internet, regardless of the company’s primary industry category.
The Life Sciences sector (biotechnology and medical device industries combined) saw an increase in venture capital dollars invested during the second quarter, rising 37 percent in dollars and 12 percent in deal volume from the prior quarter to $2.1 billion going into 206 deals.
$ in millions 20
`03
`04
`05
`06
`07
`08
`09
`10 `11
15
10
7,879 7,076 6,033 5
4,744
6,141
5,792
5,387
5,725
6,676
6,300
7,909 7,972
7,638
6,332
5,877 5,916 4,668
5,045
4,812
7,516
7,161
7,253
7,342
6,217
5,786
5,180 4,623
7,179
4,129
5,313
5,279
5,181
5,642
3,621
0 Quarter Number of deals
2
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
(719) (749) (731) (798) (726) (867) (706) (858) (747) (846) (802) (840) (889) (989) (932) (981) (884) (1,081) (1,031) (1,095) (1,042) (1,084) (1,027) (932) (664) (738) (733) (912) (786) (998) (840) (836) (814) (966)
PwC
Investments by industry Q2 2010, Q1 2011, and Q2 2011 The Software industry received the highest level of funding for all industries with $1.5 billion invested during the second quarter of 2011. This level of investment represents a 35 percent increase in dollars compared to the $1.1 billion invested in the first quarter. The Software industry also had the most deals completed in Q2 with 254 rounds, which represents a 25 percent increase from the 203 rounds completed in the first quarter.
The Clean Technology sector, which crosses traditional MoneyTree industries and comprises alternative energy, pollution and recycling, power supplies and conservation, saw a 23 percent decrease in dollars to $942 million in Q2 from the first quarter when $1.2 billion was invested. The number of deals completed in the second quarter, however increased 11 percent to 81 deals compared with 73 deals in the first quarter, marking the most active quarter for Clean Technology deals completed in MoneyTree history.
In terms of dollars invested, the Biotechnology industry returned to second place, rising 46 percent from the prior quarter to $1.2 billion in the second quarter of 2011. The number of deals also rose in the second quarter, increasing 20 percent to 116 from 97 in the first quarter of 2011. The Medical Devices and Equipment industry also experienced an increase, rising 26 percent in Q2 to $841 million, while the number of deals remained relatively flat at 90 deals in Q2. This sector ranked third overall in Q2 in terms of dollars invested. # of Deals
($ in millions) All results rounded
0
500
Software
257 203 254
Biotechnology
153 97 116
Medical Devices and Equipment
108 87 90
IT Services
79 82 83
Media and Entertainment
99 83 132
Industrial/Energy
77 77 85
Consumer Products and Services
36 28 34
Semiconductors
33 23 24
Telecommunications
30 35 29
Business Products and Services
30 17 24
Electronics/Instrumentation
19 18 18
$119 $119 $115
Networking and Equipment
24 17 21
Computers and Peripherals
16 8 13
Financial Services
17 16 14
Retailing/Distribution
7 7 19
Healthcare Services
9 11 8
Other
4 5 2
Ten of the 17 MoneyTree sectors experienced double-digit increases in dollars in the second quarter, including IT Services (19 percent increase), Media & Entertainment (27 percent), Consumer Products & Services (248 percent), and Semiconductors (22 percent increase).
1,000
1,500 $1,123
$410
$642
$335
$595
$1,239
$771 $841 $764 $753 $1,114
$720 $146
$1,518 $1,368
$847 $669
2,000
$1,279
$1,349
$231 $507 $293 $266 $325
$165 $188 $169 $19
$141 $121 $185
$315 $303
$81 $61 $111 $136 $130 $87 $40 $13 $66 $59 $61 $51
Q2 10 Q1 11 Q2 11
$14 $24 $11 ($ in millions) All results rounded
0
Grand Total
998 814 966
5,000
10,000 $6,332
15,000
20,000
$7,161 $7,516
Definitions of the industry categories can be found on the MoneyTree™ web site at www.pwcmoneytree.com
MoneyTree Report TM
3
Investments by stage of development Q2 2010, Q1 2011 and Q2 2011 Seed and Early stage investments rose 24 percent over the prior quarter in both dollars and deals with $2.4 billion going into 464 deals in the second quarter. Seed/Early stage deals accounted for 48 percent of total deal volume in Q2, compared to the first quarter when it accounted for 46 percent of all deals. The average Seed deal in the second quarter was $3.2 million, up from $1.8 million in the first quarter. The average Early stage deal was $5.8 million in Q2, down slightly from $6.0 million in the prior quarter.
Investments in Later stage deals increased 24 percent in dollars and 16 percent in deals to $2.8 billion going into 242 rounds. Later stage deals accounted for 25 percent of total deal volume in Q2, compared to 26 percent in Q1 when $2.2 billion went into 209 deals. The average Later stage deal in the first quarter was $11.5 million, which increased from $10.8 million in the prior quarter and represents the largest average deal size for Later stage companies since the first quarter of 2004.
Expansion stage dollars increased 9 percent in the second quarter, with $2.3 billion going into 260 deals. Overall, Expansion stage deals accounted for 27 percent of venture deals in the second quarter, down slightly from 28 percent in the first quarter of 2011. The average Expansion stage deal was $9.0 million, down from $9.3 million in the prior quarter.
# of Deals
Seed
113 74 117
Early Stage
349 300 347
Expansion
307 231 260
Later Stage
229 209 242
# of Deals
Grand Total
998 814 966
0
1,000 $130
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
$768 $376
Q2 2010
$1,662 $1,805 $2,017 $2,149 $2,339 $1,889 $2,248
0
($ in millions) All results rounded
Q1 2011
$2,843
Q2 2011 $2,784
5,000
10,000
15,000
20,000
($ in millions) All results rounded
25,000
$7,161 $6,332 $7,516
Definitions of the Stage of development categories can be found on MoneyTree™ web site at www.pwcmoneytree.com
4
PwC
Investments by sequence of financing Q2 2010, Q4 2010, and Q1 2011 First-time financing (companies receiving venture capital for the first time) dollars increased 30 percent and the number of deals rose 22 percent with $1.5 billion going into 310 deals. First-time financings accounted for 20 percent of all dollars and 32 percent of all deals in the second quarter, compared to 18 percent of all dollars and 31 percent of all deals in the first quarter of 2011.
# of Deals
First
281 254 310
Second & Third
308 243 296
Fourth, Fifth, & Sixth
266 203 231
Seventh & Beyond
143 114 129
# of Deals
Grand Total
998 814 966
Companies in the Software, Biotechnology, and Media & Entertainment industries received the highest level of first-time dollars. The average first-time deal in the second quarter was $4.8 million, up from $4.5 million in the prior quarter. Seed/Early stage companies received the bulk of first-time investments, garnering 61 percent of the dollars and 77 percent of the deals, an increase from 56 percent of dollars and 75 percent of deals seen in Q1 2011.
($ in millions) All results rounded
0
1,000
2,000
$1,173 $1,137
3,000
4,000
5,000
6,000
$1,477
0
8,000 Q2 2010
$2,332 $1,856 $2,036 $2,583 $1,898 $2,502 $1,073
7,000
Q1 2011 Q2 2011
$1,441 $1,501
5,000
10,000
15,000
20,000
($ in millions) All results rounded
25,000
$7,161 $6,332 $7,516
Definitions of the Financing Sequence categories can be found on the MoneyTree™ web site at www.pwcmoneytree.com
MoneyTree Report TM
5
Investments by region Q2 2010, Q1 2011, and Q2 2011 Silicon Valley continued to dominate venture capital dollars, capturing 39 percent of the $7.5 billion invested in USbased companies throughout the quarter. The New England Region remained in second place, with a 44 percent increase in dollars compared to Q2 2010 funding and a 24 percent increase in deals over last quarter. New York Metro received 8 percent of total US dollars and 10 percent of deals in the second quarter. The Midwest was the only region in the top five to report a decrease in funding compared to the first quarter of 2011.
Definitions of the Stage of development categories can be found on MoneyTree™ web site at www.pwcmoneytree.com # of Deals
Silicon Valley
306 238 319
New England
108 96 119
NY Metro
103 77 98
LA/Orange County
72 39 54
Midwest
76 79 75
DC/Metroplex
50 39 44
Southeast
59 44 45
Texas
44 36 38
SouthWest
19 27 14
Colorado
22 18 21
San Diego
30 29 29
Northwest
45 36 36
North Central
16 14 17
Philadelphia Metro
30 23 29
Upstate NY
5 5 7
Sacramento/N.Cal
1 4 2
South Central
10 9 18
AK/HI/PR
2 1 1
0
500
1,000
1,500
2,000
2,500 $2,612
$768 $710 $470
$426
3,000
3,500
($ in millions) All results rounded
4,000
$3,138 $2,969
$1,108
$616 $624 $641
$542
$344 $386 $344 $262 $171 $304 $365 $366 $293 $207 $264 $248 $138 $111 $210 $79 $74
$204 $216 $159 $198 $216 $171 $161 $149
Q2 10
$65 $120 $128 $128 $89 $17 $17 $49 $2 $27 $28
Q1 11 Q2 11
$16 $29 $26 $6 $1 0 ($ in millions) All results rounded
0
Grand total
1,000
2,000
3,000
4,000
5,000
998 814 966
6,000 $6,332
8,000
7,000 $7,161 $7,516
Definitions of the Region categories can be found on the MoneyTree™ web site at www.pwcmoneytree.com Unknown region totals not included
6
PwC
Q2 2011 most active venture investors
New Enterprise Associates was the most active investor for the quarter. Kleiner Perkins Caufield & Byers and First Round Capital shared the second place slot with 28 deals a piece. The 35 most active venture investors accounted for 20 percent of total venture-backed deals in the first quarter. Most active are those investors who participated in 9 or more deals.
Firm
City
New Enterprise Associates, Inc. First Round Capital Kleiner Perkins Caufield & Byers Draper Fisher Jurvetson Greylock Partners North Bridge Venture Partners Accel Partners Highland Capital Partners LLC SV Angel Andreessen Horowitz DreamIt Ventures Intel Capital
Menlo Park, CA West Conshohocken, PA Menlo Park, CA Menlo Park, CA Cambridge, MA San Mateo, CA Palo Alto, CA Lexington, MA Palo Alto, CA Menlo Park, CA Philadelphia, PA Santa Clara, CA
31 28 28 24 17 16 14 14 14 13 13 13
Kansas Technology Enterprise Corporation
Topeka, KS
13
Redpoint Ventures Sutter Hill Ventures Charles River Ventures DFJ Mercury
Menlo Park, CA Palo Alto, CA Waltham, MA Houston, TX
13 13 12 12
MoneyTree Report TM
# of deals
Firm
City
Domain Associates LLC Polaris Venture Partners Founder Collective Mohr Davidow Ventures Sequoia Capital Trinity Ventures Versant Ventures Atlas Venture, Ltd. Floodgate Fund, L.P. General Catalyst Partners Lightspeed Venture Partners Norwest Venture Partners RRE Ventures LLC Battery Ventures, L.P. Canaan Partners Ignition Partners Rho Capital Partners, Inc. U.S. Venture Partners
Princeton, NJ Waltham, MA Somerville, MA Menlo Park, CA Menlo Park, CA Menlo Park, CA Menlo Park, CA Cambridge, MA Palo Alto, CA Cambridge, MA Menlo Park, CA Palo Alto, CA New York, NY Waltham, MA Westport, CT Bellevue, WA New York, NY Menlo Park, CA
# of deals 12 12 11 11 11 11 11 10 10 10 10 10 10 9 9 9 9 9
7
pwcmoneytree.com
Contacts Tracy T. Lefteroff Global Managing Partner Venture Capital Practice [email protected] David Silverman Emerging Company Services Practice Co-lead [email protected] Danny Wallace Emerging Company Services Practice Co-lead [email protected] Deborah Volpe MoneyTree Project Manager [email protected]
PricewaterhouseCoopers and the National Venture Capital Association have taken responsible steps to ensure that the information contained in the MoneyTreeTM Report has been obtained from reliable sources. However, neither of the parties nor Thomson Reuters can warrant the ultimate validity of the data obtained in this manner. Results are updated periodically. Therefore, all data is subject to change at any time. Before making any decision or taking any action, you should consult a competent professional adviser.
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