Q4 2019
MoneyTree™
Report
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 Insights
US 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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
4
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
$108
Record
funding
(all-time)
Investments ($B)
# of deals
$118
Record
funding
(this
century)
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
5
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
$23.0
2013
2014
2015
2016
2017
2018
2019
Record annual funding
(this century)
Q3
Q2
Q1
Q4
Total
Investments ($B):
$36.6
$118.3
$79.2
$63.7
$78.2
$60.7
$107.8
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
6
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
7
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
8
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
9
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
Note: Mega-rounds are $100M+ deals
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
10
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
Note: Mega-rounds are $100M+ deals
Q3
Q2
Q1
Q4
Total
Investments ($B):
Second largest annual
mega-round funding
(all-time)
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
11
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
$0.5B
64
132
135
203
574
Deals and dollars – US sectors
Internet startups continue to receive outsized financing
12
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
Top 10 Verticals by deal activity
Seven Internet SaaS verticals dominate deal activity in Q4’19
13
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
Top 10 Verticals by investments
Investments in two verticals come to life this quarter
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
14
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
Mobile Software & Services
Supply Chain & Logistics
5 Vacasa
Portland, OR
$319M
Series C
Silver Lake Partners, Level Equity,
Riverwood Capital
Internet
eCommerce
Travel (internet)
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
15
Largest US deals of 2019
Softbank participates in 4 of the top mega-rounds in 2019
Company
Investment
Round
Select investors
Vertical
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
Internet Software & Services
Supply Chain & Logistics
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
Note: Mega-rounds are $100M+ deals
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
16
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
17
Unicorns – New US VC-backed unicorns by quarter
The US continues to produce new unicorn companies
8
9
19
23
16
20
17
16
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
18
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)
Note: Unicorns are startups valued at $1B or more
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
19
$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)
Note: Unicorns are startups valued at $1B or more
Unicorns – US aggregate unicorn valuation
Total value of US unicorns remains near-record highs in Q4’19
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
20
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 — Q4’19
Most valuable US startup worth $50B
Note: Most recently disclosed valuations associated
with a funding round are included
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
21
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
22
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
Note: Median years to liquidate from first funding
Record
quarterly
exits
(all-time)
M&A exits
Median years to liquidation
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
23
106
78
51
66
86
90
2014
2015
2016
2017
2018
2019
US IPO exits — Annual
IPO activity continues to climb in 2019
Note: Median years to liquidate from first funding
IPO Activity
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
24
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
Note: Median years to liquidate from first funding
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
25
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
Note: Median years to liquidate from first funding
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
26
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 exits
M&A exits
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
27
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
Internet Software & Services
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
Internet Software & Services
Advertising Network or
Exchange
GlenRock Israel,
Lightspeed-Gemini Internet
Lab
Taboola
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
28
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
Internet Software & Services
Payments
DCM Ventures, Emegence Capital
Partners, August Capital
3 Progyny
New York, NY
$1.1B
Series B
Internet
Internet Software & Services
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
Internet Software & Services
Content Management
Lightbank, New Enterprise
Associates, Goldman Sachs
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
29
A few metros surprise amid
overall softening in the market
30
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
Top 10 Metros by deal activity
Denver beats out Seattle to make it in the top 5 metros of Q4’19
31
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
Top 10 Metros by investments
Minneapolis & Portland join top 10 metros with large Q4’19 deals
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
32
2,096
2,139
1,938
1,948
1,987
1,722
$27.8
$37.1
$27.7
$31.2
$61.0
$47.2
2014
2015
2016
2017
2018
2019
Investments ($B)
# of deals
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)
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
33
551
538
455
443
407
491
444
380
$11.1
$10.4
$14.0
$25.6
$12.0
$14.3
$11.7
$9.3
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($B)
# of deals
Silicon Valley deals and dollars – Quarterly
Silicon Valley financing declines two quarters in a row
Record funding
(all-time)
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
34
Top Silicon Valley deals – Q4’19
Silicon Valley’s top 5 deals are all $200M+ mega-rounds
Company
Investment
Round
Select investors
Vertical
1 Chime
San Francisco, CA
$500M
Series E+
Access Technology Ventures, Coatue
Management, Menlo Ventures
Mobile & Communications
Mobile Software & Services
Accounting & Finance
2 Databricks
San Francisco, CA
$400M
Series E+
Andreessen Horowitz, BlackRock, New
Enterprise Associates
Internet
Internet Software & Services
Data & Document Management
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)
Scientific, Engineering Software
5 Ripple
San Francisco, CA
$200M
Series C
Route 66 Ventures, SBI Group,
Tetragon Financial Group
Internet
Internet Software & Services
Payments
Note: Mega-rounds are $100M deals or larger
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
35
843
874
861
930
895
883
$6.1
$9.4
$8.7
$13.7
$14.4
$17.2
2014
2015
2016
2017
2018
2019
Investments ($B)
# of deals
New York Metro deals and dollars – Annual
$17.2B invested startups makes 2019 NY’s biggest year ever
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
36
238
247
217
193
238
244
212
189
$2.9
$3.1
$6.0
$2.4
$5.0
$4.3
$4.9
$3.0
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($B)
# of deals
New York Metro deals and dollars – Quarterly
New York Metro deals decline for the second-straight quarter
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
37
Top 5 New York Metro deals – Q4’19
Top Healthcare deals raised $360M in Q4’19
Company
Investment
Round
Select investors
Vertical
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
Internet Software & Services
Monitoring & Security
4 Fabric
New York, NY
$110M
Series B
Aleph, Corner Ventures, Innovation
Endeavors
Software (non-internet/mobile)
Supply Chain & Logistics Software
5 Zentalis
Pharmaceuticals
New York, NY
$85M
Series C
Surveyor Capital, Viking Global
Investors
Healthcare
Drug Discovery
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
38
488
526
455
484
498
440
$5.1
$6.9
$6.5
$7.2
$10.3
$8.8
2014
2015
2016
2017
2018
2019
Investments ($B)
# of deals
Boston Metro deals and dollars – Annual
Boston funding levels remain near record highs in 2019
Second largest
(all-time)
Third largest
(all-time)
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
39
125
122
133
118
125
120
93
102
$2.7
$2.9
$2.2
$2.5
$2.7
$2.3
$1.9
$1.8
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($B)
# of deals
Boston Metro deals and dollars – Quarterly
Boston deals jump in Q4’19 amid declining funding
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
40
Top 5 Boston Metro deals – Q4’19
Three $100M+ mega-rounds lead Boston Metro’s Q4’19 deals
Company
Investment
Round
Select investors
Vertical
1 Duck Creek
Technologies
Boston, MA
$120M
Other
Dragoneer Investment Group,
Insight Partners, Neuberger Berman
Internet
Internet Software & Services
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
Internet Software & Services
Asset & Financial Management &
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
Internet Software & Services
Customer Relationship Management
Note: Mega-rounds are $100M deals or larger
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
41
343
406
370
445
477
387
$3.8
$5.5
$4.8
$4.4
$6.2
$7.8
2014
2015
2016
2017
2018
2019
Investments ($B)
# of deals
LA Metro deals and dollars – Annual
$7.8B invested makes 2019 LA’s second biggest year ever
Second largest
(all-time)
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
42
126
124
115
112
82
107
105
93
$1.8
$1.8
$0.7
$2.0
$1.6
$2.2
$2.4
$1.5
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($B)
# of deals
LA Metro deals and dollars – Quarterly
LA funding and deal activity fall in Q4’19
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
43
Top 5 LA Metro deals – Q4’19
Mobile & Telecommunications startups lead funding in LA Metro
Company
Investment
Round
Select investors
Vertical
1 Bird Rides
Santa Monica, CA
$275M
Series D
Caisse de depot et placement du
Quebec, Sequoia Capital
Mobile & Telecommunications
Mobile Software & Services
Travel
2 Scopely
Culver City, CA
$200M
Series D
Baillie Gifford & Co., Greycroft,
Revolution Growth
Mobile & Telecommunications
Mobile Software & Services
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
44
169
172
172
195
191
196
$1.6
$1.9
$1.2
$1.8
$2.1
$2.7
2014
2015
2016
2017
2018
2019
Investments ($B)
# of deals
Seattle Metro deals and dollars – Annual
$2.7B invested made 2019 Seattle’s second biggest year ever
Second largest
(all-time)
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
45
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
46
Top Seattle Metro deals
Convoy’s mega-round takes top funding round in Seattle
Company
Investment Round
Select investors
Vertical
1 Convoy
Seattle, WA
$400M Series D
Bailie Gifford & Co., capitalG,
Fidelity Investments
Mobile & Telecommunications
Mobile Software & Services
Supply Chain & Logistics
2 Highspot
Seattle, WA
$75M Series D
ICONIQ Capital,
Salesforce Ventures
Internet
Internet Software & Services
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
Note: Mega-rounds are $100M deals or larger
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
47
150
183
166
201
196
195
$914.1
$1,041.9
$708.0
$1,194.1
$1,403.5
$1,694.6
2014
2015
2016
2017
2018
2019
Investments ($M)
# of deals
Denver Metro deals and dollars – Annual
Denver funding rises for the third-straight year in 2019
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
48
49
44
60
43
54
49
50
42
$361.4
$331.7
$451.5
$258.9
$333.8
$428.8
$291.0
$641.0
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($M)
# of deals
Denver Metro deals and dollars – Quarterly
Denver funding levels jump amid declining deals in Q4’19
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
49
Top Denver Metro deals
Two $100M+ mega-rounds lead Denver Q4’19 deals
Company
Investment Round
Select investors
Vertical
1 Guide Education
Denver, CO
$157M Series D
Bessemer Venture Partners,
Emerson Collective,
Felicis Ventures
Internet
Internet Software & Services
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
Software (non-internet/mobile)
Healthcare Software
4 CyberGRX
Denver, CO
$40M Series D
Bessemer Venture Partners,
Blackstone, Google Ventures
Internet
Internet Software & Services
Monitoring & Security
5 Havenly
Denver, CO
$32M Series C
BN Capital, Foundry Group,
Lerer Hippeau Ventures
Internet
eCommerce
Marketplace
Note: Mega-rounds are $100M deals or larger
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
50
48
43
49
61
76
52
$618.8
$415.2
$419.7
$566.4
$733.1
$878.3
2014
2015
2016
2017
2018
2019
Investments ($M)
# of deals
Minneapolis Metro deals and dollars – Annual
Minneapolis funding rises for the fourth-straight year in 2019
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
51
16
19
27
14
13
15
9
15
$85
$202
$157
$289
$41
$48
$37
$751
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($M)
# of deals
Minneapolis Metro deals and dollars – Quarterly
$635M Bright Health deal pushes Minneapolis Q4’19 funding up
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
52
Top Minneapolis Metro deals
Healthcare startups dominate Minneapolis top deals
Company
Investment Round
Select investors
Vertical
1 Bright Health
Minneapolis, MN
$635M Series D
Bessemer Venture Partners,
Cross Creek,
New Enterprise Associates
Healthcare
Healthcare Plans
HR & Workforce Management
2 Total Expert
Minneapolis, MN
$52M Series C
Emergence Capital Partners,
Georgian Partners,
Rally Ventures
Internet
Internet Software & Services
Advertising, Sales & Marketing
3 ShiraTronics
Minneapolis, MN
$33M Series A
Amzak Capital Management,
Aperture Venture Partners
Healthcare
Medical Devices & Equipment
4 4C Medical
Maple Grove, MN
$8.2M Series B
SightLine Partners
Healthcare
Medical Devices & Equipment
Surgical Devices
5 Spineology
Saint Paul, MN
$7.0M Other
Affinity Capital Management,
River Cities Capital Fund
Healthcare
Medical Devices & Equipment
Surgical Devices
Note: Mega-rounds are $100M deals or larger
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
53
69
66
54
59
71
38
$280.8
$260.6
$225.9
$436.3
$662.1
$679.1
2014
2015
2016
2017
2018
2019
Investments ($M)
# of deals
Portland Metro deals and dollars – Annual
Portland Metro deal activity drops sharply in 2019
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
54
15
22
9
25
9
4
14
11
$53
$406
$76
$127
$90
$44
$92
$455
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($M)
# of deals
Portland Metro deals and dollars – Quarterly
$319M Series C raised by Vacasa pushes Portland Q4’19 funding up
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
55
Top Portland Metro deals
Vacasa raises the top deal in Portland in Q4’19
Company
Investment Round
Select investors
Vertical
1 Vacasa
Portland, OR
$319.0M Series C
Silver Lake Level Equity,
NewSpring Capital
Mobile & Telecommunications
Mobile Software & Services
HR Travel
2 SheerID
Portland, OR
$64.0M Series C
Centana Growth Partners,
CVC Capital Partners,
Voyager Capital
Internet
Internet Software & Services
Advertising, Sales & Marketing
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
Note: Mega-rounds are $100M deals or larger
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
56
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 Q4 2019
57
Together, startups in the top 3 states raised 77% of US funding
58
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
Top 10 States by deal activity
Texas and New Jersey get more deals amid overall slowdown
59
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
Top 10 States by investments
Four states more than double investments while most decline
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
60
$1.8
$2.3
$2.1
$1.5
$1.8
$2.3
$3.0
2013
2014
2015
2016
2017
2018
2019
253
258
256
251
238
275
267
Investments ($B)
# of deals
Texas deals and dollars – Annual
Funding and deal activity remain at healthy levels
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
61
72
83
54
66
73
78
50
66
$743
$721
$374
$481
$1,065
$738
$671
$499
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($M)
# of deals
Texas deals and dollars – Quarterly
Texas deal activity climbs 32% QoQ in 2019 despite less funding
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
62
Top 5 Texas deals – Q4’19
Texas sees one $100M mega-round in Q4’19
Company
Investment Round
Select investors
Vertical
1 SparkCognition
Austin, TX
$100M Series C
Boeing HorizonX, Temasek
Internet
Internet Software & Services
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
Internet Software & Services
Supply Chain & Logistics
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
Mobile Software & Services
Healthcare
Note: Mega-rounds are $100M+ deals
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
63
53
54
49
43
52
51
58
$544
$585
$1,200
$468
$697
$714
$1,191
2013
2014
2015
2016
2017
2018
2019
Investments ($M)
# of deals
New Jersey deals and dollars – Annual
2019 funding exceeds $1B and deal activity rises in New Jersey
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
64
15
11
15
10
15
13
11
19
$318
$45
$112
$239
$634
$87
$273
$197
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($M)
# of deals
New Jersey deals and dollars – Quarterly
Q4’19 funding falls while deal activity increases in New Jersey
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
65
Top 5 New Jersey deals – Q4’19
Q4’19 sees New Jersey Healthcare startup raise top funding
Company
Investment Round
Select investors
Vertical
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 (non-internet/mobile)
Data & Document Management
Software
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
66
49
49
44
51
65
79
57
$305
$618
$416
$421
$573
$736
$908
2013
2014
2015
2016
2017
2018
2019
Investments ($M)
# of deals
Minnesota deals and dollars – Annual
2019 funding climbs 23% while deals drop in Minnesota
Second largest
(all-time)
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
67
$85
$205
$157
$289
$41
$49
$42
$775
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
16
21
28
14
13
17
11
16
Investments ($M)
# of deals
Minnesota deals and dollars – Quarterly
Quarterly funding in Minnesota jumps after $635M Series D raise
Record funding
(all-time)
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
68
Top 5 Minnesota deals – Q4’19
Healthcare startups dominate top deals in Minnesota
Company
Investment Round
Select investors
Vertical
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
Internet & Software Services
Advertising, Sales & Marketing
3 ShiraTronics
Minneapolis, MN
$33M Series A
Strategic Healthcare Investment
Partners
Healthcare
Medical Devices & Equipment
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
Medical Devices & Equipment
Surgical Devices
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
69
156
194
183
212
213
208
$0.9
$1.1
$0.9
$1.3
$1.7
$1.8
2014
2015
2016
2017
2018
2019
Investments ($M)
# of deals
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)
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
70
53
51
63
46
56
51
57
44
$377
$522
$487
$276
$344
$433
$324
$656
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($M)
# of deals
Colorado deals and dollars – Quarterly
Colorado quarterly funding doubles to two-year high in Q4’19
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
71
Top 5 Colorado deals – Q4’19
Expansion and late-stage startups win funding in Colorado
Company
Investment Round
Select investors
Vertical
1 Guild Education
Denver, CO
$157M Other
SC30
Internet
Internet Software & Services
HR & Workforce Management
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
Software (non-internet/mobile)
Healthcare Software
4 CyberGRX
Denver, CO
$40M Series D
Bessemer Venture Partners,
Google Ventures,
ICONIQ Capital
Internet
Internet Software & Services
Monitoring & Security
5 Havenly
Denver, CO
$32M Series C
Foundry Group, Lerer Hippeau
Ventures
Internet
eCommerce
Marketplace
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
72
72
96
94
94
84
72
$415
$972
$674
$937
$2,327
$1,056
2014
2015
2016
2017
2018
2019
Investments ($M)
# of deals
North Carolina deals and dollars – Annual
North Carolina funding at record levels despite declines
Third largest
(all-time)
Record funding
(all-time)
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
73
16
21
28
14
13
17
11
16
$211
$463
$234
$1,419
$82
$389
$48
$537
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($M)
# of deals
North Carolina deals and dollars – Quarterly
North Carolina investments rebound in Q4’19
Third largest
(all-time)
Record funding
(all-time)
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
74
Top 5 North Carolina Metro deals
Accounting and payments software dominate top NC deals
Company
Investment Round
Select investors
Vertical
1 AvidXchange
Charlotte, NC
$150M Other
Undisclosed Investor(s)
Internet
Internet Software & Services
Billing
2 Pendo
Raleigh, NC
$100M Series E
Battery Ventures,
FirstMark Capital,
Sapphire Ventures
Internet
Internet Software & Services
Application & Data Integration
3 nCino
Wilmington, NC
$80M Series F
Insight Partners, Salesforce
Ventures, T. Rowe Price
Internet
Internet Software & Services
Accounting & Finance
4 Spreedly
Durham, NC
$75M Growth
Equity
Spectrum Equity
Internet
Internet Software & Services
Payments
5 Passport
Charlotte, NC
$65M Series D
Bain Capital, Rho Ventures,
Grotech Ventures
Mobile & Telecommunications
Mobile Software & Services
Travel
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
75
74
73
58
64
74
43
$297
$322
$229
$412
$652
$698
2014
2015
2016
2017
2018
2019
Investments ($M)
# of deals
Oregon deals and dollars – Annual
Oregon funding sets record in 2019 despite fewer deals
Record
deals
(all-time)
Record funding
(all-time)
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
76
15
23
13
23
12
6
13
12
$52
$395
$84
$121
$97
$49
$102
$450
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($M)
# of deals
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)
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
77
Top 5 Oregon Metro deals
Vacasa raises the top deal in Oregon in Q4’19
Company
Investment Round
Select investors
Vertical
1 Vacasa
Portland, OR
$319.0M Series C
Silver Lake Level Equity,
NewSpring Capital
Mobile & Telecommunications
Mobile Software & Services
HR Travel
2 SheerID
Portland, OR
$64.0M Series C
Centana Growth Partners, CVC
Capital Partners, Voyager Capital
Internet
Internet Software & Services
Advertising, Sales & Marketing
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
78
How much are Emerging Areas
disrupting venture financing?
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
79
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
80
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
81
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
Top 10 Emerging Areas by deal activity
Three emerging areas materially increase deals amid softening
82
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
Top 10 Emerging Areas by investments
Six emerging areas materially increase investments in Q4’19
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
83
444
563
631
629
687
794
722
$2.5
$5.8
$9.0
$6.0
$8.4
$12.6
$17.6
2013
2014
2015
2016
2017
2018
2019
Investments ($B)
# of deals
FinTech deals and dollars – Annual
2019 FinTech funding rises 40% compared to 2018
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
84
232
192
197
173
198
175
175
174
$2.5
$3.4
$3.2
$3.5
$3.8
$5.3
$3.9
$4.6
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($B)
# of deals
FinTech deals and dollars – Quarterly
FinTech sees funding increase in Q4’19
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
85
Top FinTech deals – Q4’19
Top 5 deals raise $1.75B, 38% of FinTech’s Q4’19 funding
Company
Investment
Round
Select investors
Vertical
1 Bright Health
Minneapolis, MN
$635M
Series D
Bessemer Venture Partners, New
Enterprise Associates, Redpoint Ventures
Healthcare
Healthcare Plans
2 Chime
San Francisco, CA
$500M
Series E+
Access Technology Ventures, Coatue
Management, Menlo Ventures
Mobile & Communications
Mobile Software & Services
Accounting & Finance
3 Next Insurance
Palo Alto, CA
$250M
Series C
Munich Re Ventures
Internet
eCommerce
Marketplace
4 Ripple
San Francisco, CA
$200M Series C
Route 66 Ventures, SBI Group,
Tetragon Financial Group
Internet
Internet Software & Services
Payments
5 Riskified
New York, NY
$165M
Series E+
Fidelity Investments, General Atlantic,
Qumra Capital
Internet
Internet Software & Services
Monitoring & Security
Note: Mega-rounds are $100M+ deals
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
86
387
507
585
563
566
585
546
$2.0
$4.7
$4.6
$5.7
$7.6
$9.1
$8.4
2013
2014
2015
2016
2017
2018
2019
Investments ($B)
# of deals
Digital Health deals and dollars – Annual
Annual financing declines despite strong activity in Q4’19
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
87
134
195
141
115
129
157
127
133
$2.1
$2.1
$2.9
$2.1
$1.6
$2.7
$1.7
$2.5
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($B)
# of deals
Digital Health deals and dollars – Quarterly
Digital Health financing rises in Q4’19
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
88
Top Digital Health deals – Q4’19
Late-stage Digital Health startups raise $830M+
Company
Investment
Round
Select investors
Vertical
1 Bright Health
Minneapolis, MN
$635M Series D
Bessemer Venture Partners, New
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
Internet & Software Services
Customer Relationship
Management
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
89
241
276
281
243
257
254
206
$1.8
$2.5
$4.2
$1.9
$3.9
$4.7
$4.6
2013
2014
2015
2016
2017
2018
2019
Investments ($B)
# of deals
E-Commerce deals and dollars – Annual
2019 E-Commerce funding remains elevated
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
90
$0.9
$1.1
$1.7
$1.0
$1.2
$1.1
$1.5
$0.9
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
71
72
65
46
53
56
45
52
Investments ($B)
# of deals
E-Commerce deals and dollars – Quarterly
E-Commerce deal activity climbs in Q4’19
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
91
Top E-Commerce deals – Q4’19
Expansion-stage startups dominate top deals in E-Commerce
Company
Investment
Round
Select investors
Vertical
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 & Telecommunications
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
Consumer Electronics
5 Dolls Kill
San Francisco, CA
$37M Series B
Sequoia Capital
Internet
eCommerce
Apparel & Accessories
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
92
47
63
71
94
125
133
139
$0.2
$0.7
$1.4
$1.4
$1.2
$2.5
$4.6
2013
2014
2015
2016
2017
2018
2019
Investments ($B)
# of deals
InsurTech deals and dollars – Annual
InsurTech financing continues to climb in 2019
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
93
42
31
31
29
37
33
38
31
$0.6
$0.2
$1.1
$0.7
$1.1
$0.9
$1.1
$1.5
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($B)
# of deals
InsurTech deals and dollars – Quarterly
Q4’19 InsurTech deals decline while funding rises
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
94
Top InsurTech deals – Q4’19
Internet SaaS companies raise majority of InsurTech top 5 deals
Company
Investment
Round
Select investors
Vertical
1 Bright Health
Minneapolis, USA
$635M
Series D Bessemer Venture Partners,
New Enterprise Associates,
Redpoint Ventures
Healthcare
Healthcare Plans
2 Next Insurance
Palo Alto, CA
$250M
Series C Munich Re Ventures
Internet
eCommerce
Marketplace
3 Duck Creek
Technologies
Boston, MA
$120M Other
Dragoneer Investment Group,
Insight Partners,
Neuberger Berman
Internet
Internet Software & Services
Asset & Financial Management &
Trading
4 Unqork
New York, NY
$80M
Series B BlackRock, capitalG
Internet
Internet Software & Services
Accounting & Finance
5 Qualia
San Francisco, CA
$55M
Series C Menlo Ventures,
Tiger Global Management
Internet
Internet Software & Services
Real Estate
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
95
84
138
138
146
155
156
154
0.6
1.4
1.6
1.7
2.4
4.9
4.8
2013
2014
2015
2016
2017
2018
2019
Investments ($B)
# of deals
Capital Markets Tech deals and dollars – Annual
Overall funding and deal activity remain at healthy levels in 2019
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
96
48
37
31
40
47
39
32
36
$0.9
$1.6
$0.9
$1.4
$0.8
$1.6
$1.1
$1.4
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($B)
# of deals
Capital Markets Tech deals and dollars – Quarterly
Capital Markets Tech financing ticks upward in Q4’19
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
97
Top Capital Markets Tech deals – Q4’19
Capital Markets Tech sees two $200M mega-rounds in Q4’19
Company
Investment
Round
Select investors
Vertical
1 Automation
Anywhere
San Jose, CA
$290M Series B
Goldman Sachs, Salesforce Ventures,
SoftBank Group
Software (non-internet/mobile)
Scientific, Engineering Software
2 Ripple
San Francisco, CA
$200M Series C
Route 66 Ventures, SBI Group,
Tetragon Financial Group
Internet
Internet Software & Services
Payments
3
nCino
Wilmington, NC
$80M
Series E+
Insight Partners, Salesforce Ventures,
T. Rowe Price
Internet
Internet Software & Services
Accounting & Finance
3 Unqork
New York, NY
$80M
Series B
BlackRock, capitalG
Internet
Internet Software & Services
Accounting & Finance
4 Galileo Financial
Technologies
Salt Lake City, UT
$77M Growth
Equity
Accel
Internet
Internet & Software Services
Payments
Note: Mega-rounds are $100M+ deals
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
98
69
91
138
149
132
153
162
$0.4
$0.5
$0.8
$1.3
$1.7
$2.8
$4.0
2013
2014
2015
2016
2017
2018
2019
Investments ($B)
# of deals
Real Estate Tech deals and dollars – Annual
Funding and deals hit new seven-year high in 2019
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
99
45
49
31
28
48
38
37
39
$0.4
$0.9
$1.2
$0.3
$1.1
$0.9
$0.9
$1.1
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($B)
# of deals
Real Estate Tech deals and dollars – Quarterly
Q4’19 Real Estate Tech investment and deals increase
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
100
Top Real Estate Tech deals – Q4’19
Expansion Real Estate Tech startups win majority of top deals
Company
Investment
Round
Select investors
Vertical
1 Figure
Technologies
San Francisco, CA
$103M
Series C DST Global, RPM Ventures
Internet
Internet Software & Services
Asset & Financial Management & Trading
2 Hometap
Boston, MA
$100M
Series B American Family Ventures,
G20 Ventures, ICONIQ Capital
Internet
Internet Software & Services
Asset & Financial Management & Trading
3
Juniper Square
San Francisco, CA
$75M
Series C Redpoint Ventures, Ribbit Capital
Internet
Internet Software & Services
Accounting & Finance
4 HomeLight
San Francisco, CA
$63M
Series C Menlo Ventures, Stereo Capital
Internet
Internet Software & Services
Real Estate
5 Reonomy
New York, NY
$60M
Series D Citi Ventures,
Wells Fargo Strategic Capital
Internet
Internet & Software Services
Real Estate
5 PeerStreet
Los Angeles, CA
$60M
Series C Andreessen Horowitz,
World Innovation Lab
Internet
eCommerce
Marketplace
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
101
75
88
97
112
116
133
104
$0.5
$1.9
$1.2
$1.4
$2.3
$2.8
$4.0
2013
2014
2015
2016
2017
2018
2019
Investments ($B)
# of deals
Payments deals and dollars – Annual
Payments sees larger deals in 2019 as annual funding hits $4B
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
102
38
30
35
30
30
21
19
34
$418
$880
$879
$623
$752
$1,160
$1,000
$1,100
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Investments ($M)
# of deals
Payments deals and dollars – Quarterly
Payments deal activity jumps as quarterly funding crosses $1B
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
103
Top Payments deals – Q4’19
North Carolina-based startups rise in top Payments deals
Company
Investment
Round
Select investors
Vertical
1 Ripple
San Francisco, CA
$200M Series C
Route 66 Ventures, SBI Group,
Tetragon Financial Group
Internet
Internet Software & Services
Payments
2 Riskified
New York, NY
$165M Series E+
Fidelity Investments, General Atlantic,
Qumra Capital
Internet
Internet Software & Services
Monitoring & Security
3 AvidXchange
Charlotte, NC
$150M Other
Undisclosed Investor(s)
Internet
Internet Software & Services
Billing, Expense Management
and Procurement
4 Galileo Financial
Technologies
Salt Lake City, UT
$77M Growth
Equity
Accel
Internet
Internet & Software Services
Payments
5 Spreedly
Durham, NC
$75M Growth
Equity
Spectrum Equity
Internet
Internet Software & Services
Payments
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
104
Is less capital being raised
to invest in startups?
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
105
$269B
$402B
$482B
$544B
$983B
2015
2016
2017
2018
2019
No…Investor fundraising nearly doubled in 2019
US startup investors – Aggregate funds raised
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
106
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
107
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
108
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
109
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
110
Global regional comparison - 2019
Deals
6,366
$113B
North America
5,295
$63B
Asia
3,345
$32B
Europe
15,564 Deals
$213B Invested
Globally
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
111
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
112
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
113
$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):
Europe
Asia
North America
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
114
Largest global deals of 2019
SoftBank Group invests in 4 out of the 5 top deals in 2019
Company
Investment Round
Select investors
Vertical
1 Chehaoduo
Beijing, China
$1.5B
Series D
SoftBank Group
Internet
eCommerce
Auto
2 Grab
Mumbai, India
$1.45B
Series E+
Softbank Group
Internet
Internet Software & Services
Supply Chain & Logistics
3 OneWeb
London, UK
$1.3B
Series D
Airbus Ventures, Qualcomm
Ventures, SoftBank Group
Mobile & Telecommunications
Telecom Services
Cable & Satellite
4 Beike Zhaofang
Beijing, China
$1.2B
Series D
New Horizon Capital, Tencent
Holdings
Internet
Internet Software & Services
Real Estate
5 Cruise Automation
San Francisco, USA
$1.15B
Other
General Motors, Honda Motor Co.,
Softbank Group
Automotive & Transportation
Automobile Parts
Note: Mega-rounds are $100M deals or larger
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
115
Largest global deals of Q4 2019
Q4’19 sees one $1B mega-round
Company
Investment Round
Select investors
Vertical
1 One97
Communication
Noida, India
$1.0B
Series E+
Ant Financial Services Group,
Discovery Capital, SoftBank Group
Mobile & Telecommunications
Mobile Software & Services
Payments
2 Greensill
London, UK
$655M
Other
Softbank Group
Financial
Lending
Commercial
3 Bright Health
Minneapolis, USA
$635M
Series D
Bessemer Venture Partners,
New Enterprise Associates,
Redpoint Ventures
Healthcare
Healthcare Plans
4 Chime
San Francisco, USA
$500M
Series E+
Access Technology Ventures,
Coatue Management,
Menlo Ventures
Mobile & Telecommunications
Mobile Software & Services
Accounting & Finance
5
ironSource
Tel Aviv, Israel
$430M
Private Equity
CVC Capital Partners
Internet
Internet Software & Services
Application & Data Integration
Note: Mega-rounds are $100M deals or larger
Appendix
PwC / CB Insights
MoneyTree™ Report
Q4 2019
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
117
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
Source: PwC / CB Insights MoneyTree™ Report Q4 2019
118
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™
Appendix
PwC / CB Insights
MoneyTree™ Report
Q4 2019