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