Q2 2020
MoneyTree™
Report
2
Executive summary
Q2 2020
VC deals to US-based, VC-backed companies see
quarterly increase but are down 18% YoY in Q2’20
Deal activity sees 3% quarterly rise in Q2’20: 1,374 US
deals take place in Q2’20, up from 1,336 in Q1’20. Despite
the quarterly increase, Q2’20 deals fall 18% YoY. US-based,
VC-backed companies raise $26.9bn in Q2’20, down less
than 1% from Q1’20. YTD funding and deal activity decline
7% and 16% YoY, respectively.
Number of quarterly mega-rounds hits a new record: 69
companies raise rounds worth $100m or more in Q2’20,
while mega-round deal share is relatively flat at 45%.
IPO exits jump while M&A activity falls in the pandemic: After
three quarters of declines, 24 US-based, VC-backed
companies exit in IPOs in Q2’20, up from 15 in Q1’20. On
the other hand, M&A activity sees sharp declines, falling to
120 exits in Q2’20 vs. 155 in Q1’20.
Unicorn births decline for fourth consecutive quarter: There
are 11 new US VC-backed private companies valued at $1bn+
in Q2’20. The total number of unicorns reaches 209 in Q2’20.
Geographic insights
US insights
Global deal activity increases, funding declines in Q2’20
North America, Asia, and Europe see combined funding
of $49bn in Q2’20: Globally, deal activity rebounds in Q2'20
to 3,812 deals, while funding decreases to $50.2bn. Funding
and deals are down 13% and 9% YoY, respectively.
Asia sees the largest quarterly increase in deals among
geographies, rising 20% in Q2'20: Quarterly deal activity in
Europe rises 9% in Q2'20, compared to 3% in North America.
San Diego and Washington DC Metro areas hit 8-quarter
highs for funding activity: San Diego Metro quarterly funding
hits a 2-year high at $1.2bn led by three mega-rounds. VC-
backed startups based in the Washington DC Metro raise
$700m in Q2’20, also a 2-year high.
Quarterly funding in Silicon Valley dips 7% in Q2'20 to
$11.7bn, while deal activity rises 11% to 432 deals: Three of
the top five largest deals in the US go to Silicon Valley-based
startups that each raise $400m+.
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
3
Mega-rounds
Deals and dollars
Metros
Unicorns
States
Emerging areas
Exits
Contents
Sectors
Global
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Deals and dollars
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
5
1,628
1,513
1,538
1,672
1,561
1,412
1,336
1,374
$29.8
$40.1
$27.2
$30.8
$29.1
$24.8
$27.0
$26.9
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
US deals and dollars – Quarterly
US deal activity reverses 3-quarter decline despite the pandemic
Investments ($bn)
# of deals
Historical
record
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
6
$50
$119
$112
$54
2001
2005
2010
2015
2020 YTD
4,738
6,644
6,183
2,710
US deals and dollars – Annual
2020 financing pace is short of 2019 levels, but near record levels
Second
highest
Investments ($bn)
# of deals
Historical
record
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
7
US funding – Quarterly seasonality
YTD US funding is 7% less than the first half of 2019
$12.3
$19.0
$16.8
$16.4
$23.5
$27.2
$27.0
$16.9
$20.8
$18.8
$20.5
$25.4
$30.8
$26.9
$13.8
$20.9
$16.0
$22.0
$29.8
$29.1
$17.6
$17.8
$12.4
$21.7
$40.1
$24.8
$60.7
$78.5
$63.9
$80.5
$118.9
$111.9
$53.9
2014
2015
2016
2017
2018
2019
2020 YTD
Q3
Q2
Q1
Q4
Total
Investments ($bn):
Historical
record
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
8
Deal activity by round
Seed deals see quarterly rise in Q2’20 after sharp decline
Note: All deals include additional round types
Q2'15
Q2'16
Q2'17
Q2'18
Q2'19
Q2'20
1,602
618
324 Seed
1,375 All deals
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
9
Q2'15
Q2'16
Q2'17
Q2'18
Q2'19
Q2'20
Median deal size by round
Series E+ median deal size nearly doubles to $100m in Q2’20
$21.0m
Note: Overall median includes additional round types
$100m Series E+
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Mega-rounds
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
11
55
53
51
67
60
41
60
69
Mega-rounds – Investments and deal count
Record number of mega-rounds take place in Q2’20
$14.6
$25.2
$12.5
$13.9
$15.0
$8.8
$12.4
$12.1
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Historical
record
Mega-round investments ($bn)
# of mega-rounds
Note: Mega-rounds are $100m+ deals
Historical
record
Second
highest
Second
highest
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
12
49%
63%
46%
45%
52%
36%
46%
45%
Mega-rounds – Funding and share of total funding
Mega-round deal share is relatively flat in Q2’20 at 45%
$14.6
$25.2
$12.5
$13.9
$15.0
$8.8
$12.4
$12.1
$15.2
$14.9
$14.7
$16.9
$14.0
$16.0
$14.7
$14.8
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Historical
record
Mega-round investments ($bn)
Non mega-round investments ($bn)
Mega-round share
Note: Mega-rounds are $100m+ deals
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
13
Mega-rounds – Quarterly seasonality
YTD US mega-round investments are pacing below 2019 levels
Note: Mega-rounds are $100m+ deals
$2.9
$6.9
$4.2
$4.4
$8.2
$12.5
$12.4
$4.4
$7.2
$7.4
$7.5
$8.6
$13.9
$12.1
$3.4
$7.8
$4.9
$9.3
$14.6
$15.0
$6.9
$6.3
$2.3
$8.7
$25.2
$8.8
$17.6
$28.2
$18.8
$30.0
$56.6
$50.3
$24.4
2014
2015
2016
2017
2018
2019
2020 YTD
Q3
Q2
Q1
Q4
Total
Investments ($bn):
Second
largest
Historical
record
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
14
Largest US deals of Q2’20
Stripe leads largest US deals with $600m mega-round
Company
Investment
Round
Select investors
Vertical
1 Stripe
San Francisco, CA
$600m
Series E+
Andreessen Horowitz, General Catalyst,
Google Ventures, Sequoia Capital
Internet
Internet Software & Services
Payments
2 Palantir Technologies
Palo Alto, CA
$500m
Other
Sompo Japan Nipponkoa
Software (non-internet/mobile)
Business Intelligence, Analytics
& Performance Mgmt Software
3 Sana Biotechnology
Seattle, WA
$481m
Series A
ARCH Venture Partners, Baillie Gifford &
Co., Bezos Expeditions, Google Ventures
Healthcare
Biotechnology
4 DoorDash
San Francisco, CA
$400m
Series E+
Durable Capital Partners, Fidelity
Investments, T. Rowe Price
Internet
E-commerce
Food & Grocery
5 Magic Leap
Plantation, FL
$350m
Other
Undisclosed Investor(s)
Software (non-internet/mobile)
Scientific, Engineering
Software
Note: Mega-rounds are $100m+ deals
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Sectors
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
16
Sector
# of deals
Funding
1
Internet
$11.3bn
2 Healthcare
$6.4bn
3 Software (non-internet/mobile)
$2.9bn
4 Mobile & Telecommunications
$2.9bn
5 Food & Beverages
$0.5bn
48
148
151
221
573
Top 5 US sectors – by deals
Food & Beverages replaces Consumer Products in Top 5
17
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Top 10 verticals by deal activity
Seven top verticals increased deal activity amid the pandemic
18
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Top 10 verticals by investments
Seven verticals grew investments materially too
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Unicorns
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
20
19
23
17
20
17
16
13
11
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Unicorns – New US-based, VC-backed unicorns by quarter
New unicorn births decline for fourth consecutive quarter
Historical
record
Note: Unicorns are startups valued at $1bn or more
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
21
130
147
162
173
184
197
204
209
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Unicorns – Total unicorn population
Nonetheless, the total US unicorn population continues to climb
Note: Unicorns are startups valued at $1bn or more
Historical
record
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
22
Note: Unicorns are startups valued at $1bn or more
Unicorns – US aggregate unicorn valuation
Aggregate valuation ticks upward after two quarters of decline
$484
$590
$625
$590
$632
$630
$624
$630
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Historical
record
Unicorn valuations ($bn)
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
23
Company
Valuation
Vertical
Emerging areas
Select investors
1 Stripe
San Francisco, CA
$36.0bn
Internet
Software & Services
Payments
Fin Tech
Andreessen Horowitz, General Catalyst,
Google Ventures, Sequoia Capital
1 SpaceX
Hawthorne, CA
$36.0bn
Industrial
Aerospace & Defense
Space Tech
Founders Fund, Future Ventures,
Google, Valor Equity Partners
3 Palantir
Technologies
Palo Alto, CA
$20.0bn
Software (non-internet/mobile)
Business Intelligence, Analytics
& Performance Mgmt Software
Business
Intelligence
Sompo Japan Nipponkoa
4 Airbnb
San Francisco, CA
$18.0bn
Internet
E-commerce
Travel
On-Demand
Silver Lake, TSSP
5 DoorDash
San Francisco, CA
$16.0bn
Internet
E-commerce
Food & Grocery
On-Demand
Durable Capital Partners, Fidelity
Investments, T. Rowe Price
Top 5 highest-valued US unicorns – Q2’20
Stripe & SpaceX rise to the top as highest-valued US startups
Note: Most recently disclosed valuations associated
with a funding round are included
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
24
Top 5 funded US companies – Q2’20
Top-funded companies have raised $2bn+ each
Company
Funding Vertical
Emerging areas
Select investors
1 JUUL Labs
San Francisco, CA
$15.1bn Consumer Products & Services
Consumer Electronics
Consumer
Hardware
Coatue Management, D1 Capital
Partners, Tiger Global Management
2 Airbnb
San Francisco, CA
$3.6bn
Internet
E-commerce
Travel
On-Demand
Silver Lake, TSSP
3 SpaceX
Hawthorne, CA
$3.2bn
Industrial
Aerospace & Defense
Space Tech
Founders Fund, Future Ventures,
Google, Valor Equity Partners
4 Magic Leap
Plantation, FL
$3.0bn Software (non-internet/mobile)
Scientific, Engineering
Software
AR/VR
Alibaba Group, Fidelity
Investments, Google
5 SoFi
San Francisco, CA
$2.5bn
Internet
E-commerce
Marketplace
Fin Tech
Institutional Venture Partners, Qatar
Investment Authority, Third Point
Ventures
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Exits
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
26
6.2
7.1
6.3
7.5
6.6
6.3
6.9
6.6
166
188
168
166
167
153
155
120
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
US M&A exits – Quarterly
Q2’20 M&A dips to eight quarter low amid the pandemic
Note: Average years to liquidate from first funding
Historical
record
M&A exits
Average years to liquidation
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
27
7.1
7.0
5.4
7.2
7.5
6.1
7.0
6.7
24
17
15
34
22
18
15
24
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
IPO activity
Years to IPO
US IPOs – Quarterly
Nonetheless, US IPO exits rebound in Q2’20
Note: Average years to liquidate from first funding
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
28
6.2
7.1
6.3
7.5
6.6
6.3
6.9
6.6
7.1
7.0
5.4
7.2
7.5
6.1
7.0
6.7
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
M&A exits and IPOs – Time-to-exit
Years to IPO and M&A fall in Q2’20
Years to IPO
Years to M&A
Note: Average years to liquidate from first funding
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
29
166
188
168
166
167
153
155
120
24
17
15
34
22
18
15
24
190
205
183
200
189
171
170
144
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
M&A exits and IPOs – Number of exits
Sharp decline in M&A activity contributes to total fall in exits
IPO exits
M&A exits
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
30
Top 5 M&A exits of Q2’20
Three of top M&A exits come from Fin Tech startups in Q2’20
Company
Valuation
Last round Verticals
Select prior investors
Buyer
1 Corvidia Therapeutics
Waltham, MA
$2.1bn
Series B
Healthcare
Pharmaceuticals / Drugs
Apple Tree Partners,
Sofinnova Partners
Novo
Nordisk
2 Zoox
Foster City, CA
$1.2bn
Other
Software (non-internet/mobile)
Scientific, Engineering Software
Blackbird Ventures, Lux
Capital, Threshold Ventures
Amazon
2 Galileo Financial
Technologies
Salt Lake City, UT
$1.2bn
Growth
Equity
Internet
Internet Software & Services
Payments
Accel, Mercato Partners
SoFi
4 Personal Capital
Redwood City, CA
$1.0bn
Series E+
Internet
Internet Software & Services
Asset & Financial
Management & Training
BlackRock, Crosslink
Capital, Institutional Venture
Partners
Empower
Retirement
5 Finicity
Salt Lake City, UT
$985m
Series C
Internet
Internet Software & Services
Accounting & Finance
Bridge Capital Holdings,
Experian Ventures,
Nordmark Group
MasterCard
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
31
Top 5 IPOs of Q2’20
17 Healthcare companies IPO but only two make the Top 5
Company
Valuation
Last round
Verticals
Select prior investors
1 Royalty Pharma
New York, NY
$9.9bn
Other
Financial
Investment Firms & Funds
Quadrille Capital
2 Vroom
New York, NY
$2.5bn
Series E+
Internet
E-commerce
Auto
General Catalyst, L Catterton, T.
Rowe Price
3 Agora Lab
Santa Clara, CA
$2.0bn
Series C
Mobile & Telecommunications
Mobile Software & Services
Conferencing & Communication
Coatue Management, GGV Capital,
Tiger Global Management
4
Inari Medical
Irvine, CA
$892m
Series C
Healthcare
Medical Devices & Equipment
Device Design & Manufacturing
U.S. Venture Partners, Versant
Ventures
5 Generation Bio
Cambridge, MA
$848m
Series C
Healthcare
Drug Discovery
Atlas Venture, Fidelity Investments,
Foresite Capital, T. Rowe Price
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Metros
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
33
Select metros see increased
financing amid the pandemic
34
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Top 10 metros by deal activity
Three metros materially increase deal activity in Q2’20
35
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Top 10 Metros by investments
San Diego and DC move up, Santa Maria and Miami join Top 10
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
36
Silicon Valley Metro
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
37
467
456
422
500
469
416
388
432
$14.0
$25.6
$12.0
$14.3
$12.2
$9.7
$12.5
$11.7
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Investments ($bn)
# of deals
Silicon Valley deals and dollars – Quarterly
Silicon Valley deals rise despite a quarterly decline in funding
Historical
record
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
38
Top Silicon Valley deals – Q2’20
$250m+ mega-rounds take place in Silicon Valley in Q2’20
Company
Investment
Round
Select investors
Vertical
1 Stripe
San Francisco, CA
$600m
Series E+
Andreessen Horowitz, General
Catalyst, Google Ventures, Sequoia
Capital
Internet
Software & Services
Payments
2 Palantir Technologies
Palo Alto, CA
$500m
Other
Sompo Japan Nipponkoa
Software (non-internet/mobile)
Business Intelligence, Analytics
& Performance Mgmt Software
3 DoorDash
San Francisco, CA
$400m
Series E+
Durable Capital Partners, Fidelity
Investments, T. Rowe Price
Internet
E-commerce
Food & Grocery
4 Robinhood
Menlo Park, CA
$280m
Series E+
New Enterprise Associates, Ribbit
Capital, Sequoia Capital, Unusual
Ventures
Mobile & Telecommunications
Mobile Software & Services
Asset & Financial Management
& Trading
5 Pionyr
Immunotherapeutics
South San Francisco, CA
$275m
Other
Gilead Sciences
Healthcare
Drug Discovery
Note: Mega-rounds are $100m deals or larger
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
39
San Diego Metro
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
40
30
37
25
43
35
41
33
39
$0.9
$0.7
$0.3
$0.8
$0.7
$0.7
$0.6
$1.2
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Investments ($bn)
# of deals
San Diego Metro deals and dollars – Quarterly
Funding and deal activity rise in San Diego Metro in Q2’20
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
41
Top 5 San Diego Metro deals – Q2’20
Healthcare startups dominate in San Diego Metro
Company
Investment
Round
Select investors
Vertical
1 Erasca
San Diego, CA
$200m
Series B
ARCH Venture Partners, LifeSci
Venture Partners, Terra Magnum
Capital Partners
Healthcare
Drug Discovery
2 Poseida
Therapeutics
San Diego, CA
$110m
Series D
Adage Capital Management, Fidelity
Investments, Schonfeld Strategic
Advisors
Healthcare
Biotechnology
3 Cue Health
San Diego, CA
$100m
Series C
CAVU Venture Partners, Decheng
Capital, Foresite Capital, Johnson &
Johnson Innovation
Mobile & Telecommunications
Mobile Software & Services
Healthcare
4 Artiva
Biotherapeutics
San Diego, CA
$78m
Series A
GC Pharma, Green Cross LabCell,
RA Capital Management, venBIO
Healthcare
Biotechnology
5 Autobahn
Therapeutics
San Diego, CA
$76m
Series B
ARCH Venture Partners, Biogen
IDEC, Bristol-Myers Squibb, Pfizer
Venture Investments
Healthcare
Biotechnology
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
42
Washington DC Metro
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
43
48
24
44
51
41
40
41
49
$598
$639
$360
$424
$355
$365
$386
$699
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Investments ($m)
# of deals
Washington DC Metro deals and dollars – Quarterly
Washington DC Metro funding hits 8-quarter high in Q2’20
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
44
Top 5 Washington DC Metro deals – Q2’20
Three top Washington DC Metro deals go to Healthcare startups
Company
Investment
Round
Select investors
Vertical
1 Pie Insurance
Washington, DC
$127m
Series B
Aspect Ventures, Greycroft, Sirius
International Insurance Group, SVB
Capital
Internet
Internet Software & Services
Accounting & Finance
2 Aledade
Bethesda, MD
$64m
Series C
California Medical Association,
Google Ventures, OMERS Private
Equity
Healthcare
Medical Facilities & Services
Medical Practice Management &
Services
2 Somatus
Mclean, VA
$64m
Series C
Deerfield Management, Optum
Ventures, Town Hall Ventures
Healthcare
Medical Facilities & Services
Home Healthcare
4
Immunomic
Therapeutics
Rockville, MD
$61m
Other
HLB
Healthcare
Pharmaceuticals / Drugs
5 Expel
Herndon, VA
$50m
Series D
CapitalG, Greycroft, Index Ventures,
Paladin Capital Group
Software (non-internet/mobile)
Security Software
Note: Mega-rounds are $100m deals or larger
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
States
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
46
Startups in the top three states raised 79% of US investments
in Q2’20
California
New York
Massachusetts
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
47
Top 10 states capture nine of every ten dollars invested in Q2’20
Note: Due to rounding, percentages may not total 100%
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
48
Financing softens across most of
the top states this quarter
49
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Top 10 states by deal activity
Only four Top 10 states see increased deal activity in Q2’20
50
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Top 10 states by investments
However most Top 10 states see increased investments in Q2’20
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
51
California State
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
52
626
612
546
661
630
563
530
560
$15.9
$28.4
$14.1
$17.4
$16.0
$12.1
$15.1
$14.3
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Investments ($bn)
# of deals
California deals and dollars – Quarterly
California quarterly deal volume rises 6% in Q2’20
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
53
Top 5 California deals – Q2’20
Late-stage startups win funding in California
Company
Investment Round
Select investors
Vertical
1 Stripe
San Francisco, CA
$600m Series E+ Google Ventures, Sequoia Capital,
General Catalyst, Andreessen
Horowitz
Internet
Internet Software & Services
Payments
2 Palantir Technologies
Palo Alto, CA
$500m Other
Sompo Japan Nipponkoa
Software (non-internet/mobile)
Business Intelligence, Analytics &
Performance Mgmt Software
3 DoorDash
San Francisco, CA
$400m Series E+ Durable Capital Partners, Fidelity
Investments, T. Rowe Price
Internet
E-commerce
Food & Grocery
4 Robinhood
Menlo Park, CA
$280m Series E+ 9yards capital, New Enterprise
Associates, Ribbit Capital, Sequoia
Capital, Unusual Ventures
Mobile & Telecommunications
Mobile Software & Services
Asset & Financial Mgmt & Trading
5 Pionyr
Immunotherapeutics
South San Francisco, CA
$275m Other
Gilead Sciences
Healthcare
Drug Discovery
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
54
Pennsylvania State
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
55
34
35
40
30
32
35
19
29
$233
$267
$373
$260
$1,307
$395
$282
$356
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Investments ($m)
# of deals
Pennsylvania deals and dollars – Quarterly
Pennsylvania financing rebounds in Q2’20
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
56
Top 5 Pennsylvania deals – Q2’20
Q2’20 sees Pennsylvania healthcare startups raise top funding
Company
Investment Round
Select investors
Vertical
1 SwanBio Therapeutics
Bala Cynwyd, PA
$52m Series A
Partners Innovation Fund, Syncona
Partners
Healthcare
Drug Development
2 Renmatix
King Of Prussia, PA
$49m Series E+ BASF Venture Capital, Kleiner
Perkins Caufield & Byers
Energy & Utilities
Renewables
Bio-energy
3 Palvella Therapeutics
Wayne, PA
$45m Series C
Adams Street Partners, BVF
Partners, Samsara BioCapital
Healthcare
Biotechnology
4 Centinel Spine
West Chester, PA
$41m Other
Viscogliosi Brothers
Healthcare
Medical Devices & Equipment
Prosthetics
5 Niche.com
Pittsburgh, PA
$35m Series C
Allen & Company, Radian Capital,
Salesforce Ventures
Internet
Internet Software & Services
Information Providers & Portals
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
57
Washington State
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
58
51
47
60
54
61
46
45
43
$668
$307
$746
$741
$649
$924
$386
$913
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Investments ($m)
# of deals
Washington deals and dollars – Quarterly
Washington quarterly funding jumps 136% in Q2’20
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
59
Top 5 Washington deals – Q2’20
A Washington healthcare startup raises a large mega-round
Company
Investment Round
Select investors
Vertical
1 Sana Biotechnology
Seattle, WA
$481m Series A
Baillie Gifford & Co., Bezos
Expeditions, Google Ventures
Healthcare
Biotechnology
2 Athira Pharma
Seattle, WA
$85m Series B
Franklin Templeton, Janus
Henderson Investors, Venrock,
Viking Global Investors
Healthcare
Drug Development
3 DefinedCrowd
Seattle, WA
$51m Series B
Bynd Venture Capital, EDP
Ventures, Evolution Equity Partners,
Hermes GPE
Internet
Internet Software & Services
Scientific, Engineering
4 Outreach
Seattle, WA
$50m Series E+
Lone Pine Capital, Mayfield Fund,
Meritech Capital Partners,
Salesforce Ventures
Internet
Internet & Software Services
Business Intelligence, Analytics &
Performance Mgmt
5 Avalyn Pharma
Seattle, WA
$36m Series B
Deerfield Management, F-Prime
Capital, Norwest Venture Partners,
Novo Holdings
Healthcare
Drug Development
Note: Mega-rounds are $100m+ deals
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
60
Florida State
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
61
$268
$208
$161
$779
$148
$146
$198
$434
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
31
25
24
30
26
19
25
21
Investments ($m)
# of deals
Florida deals and dollars – Quarterly
$350m mega-round drives rise in Florida funding
Note: Mega-rounds are $100m+ deals
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
62
Top 5 Florida deals – Q2’20
Magic Leap raises Florida’s top deal in Q2’20
Company
Investment Round
Select investors
Vertical
1 Magic Leap
Plantation, FL
$350m Other
Undisclosed Investor(s)
Software (non-internet/mobile)
Scientific, Engineering Software
2 Sandow
Boca Raton, FL
$29m Other
Archer Venture Partners,
Bain Capital Ventures
Media (Traditional)
Publishing
3 ObvioHealth
Orlando, FL
$17m Series B
TKS 1
Internet
Internet & Software Services
Healthcare
4 NYMBUS
Miami Beach, FL
$12m Series C
Insight Partners,
Vensure Enterprises
Internet
Internet & Software Services
Web Development
5 HealthCare.com
Miami, FL
$5m Other
Undisclosed Investor(s)
Internet
E-commerce
Comparison Shopping
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Emerging areas
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
64
How much are emerging areas
disrupting venture financing?
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
65
0%
50%
100%
1995
2000
2005
2010
2015
2020
Top 20 emerging areas – Financing share
Emerging areas now get majority of venture financing
Share of deals
Share of investments
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
66
Three emerging areas dominate deal activity among the Top 20
0
250
Digital Health
Fin Tech
AI
Medical Devices
Cybersecurity
Smart Cities
eCommerce
Real Estate Tech
Insurance Tech
IOT
Payments
Capital Markets Tech
Reg Tech
Wealth Tech
Blockchain
Augmented Reality/Virtual Reality
Supply Chain & Logistics Tech
Advanced Manufacturing
In-Store Retail Tech
Auto Tech
Q2’14
Q2’20
67
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Top 10 emerging areas by deal activity
Two emerging areas see increase in deals in Q2’20
68
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Top 10 emerging areas by investments
Six emerging areas materially increase investments in Q2’20
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
69
Digital Health emerging area
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
70
164
130
148
179
145
151
158
173
$3.1
$2.1
$1.9
$3.0
$1.8
$2.9
$3.1
$3.1
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Investments ($bn)
# of deals
Digital Health deals and dollars – Quarterly
Digital Health deal activity rises in Q2’20
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
71
Top Digital Health deals – Q2’20
Expansion-stage Digital Health startups raise $613m+
Company
Investment
Round
Select investors
Vertical
1 Oscar Health
New York, NY
$225m Series E
Khosla Ventures, General Catalyst,
Thrive Capital, Coatue Management
Internet
Internet & Software Services
Health & Wellness
2
Insitro
South San Francisco,
CA
$143m Series B
Google Ventures, Andreessen Horowitz,
ARCH Venture Partners, T. Rowe Price
Software (non-internet/mobile)
Healthcare Software
3 DispatchHealth
Denver, CO
$136m Series C
Alta Partners, Humana, Oak HC/FT Partners,
Optum Ventures
Mobile & Telecommunications
Mobile Software & Services
Health & Wellness
4 AmWell
Boston, MA
$134m Series C
Takeda Pharmaceutical,
Allianz X
Internet
Internet & Software Services
Healthcare
5 Cue Health
San Diego, CA
$100m Series C
Madrone Capital Partners,
Johnson & Johnson Innovation
Internet
Internet & Software Services
Healthcare
5 Mindstrong
Mountain View, CA
$100m Series C
Bezos Expeditions, General Catalyst, ARCH
Venture Partners
Mobile & Telecommunications
Mobile Software & Services
Healthcare
5 DNAnexus
Mountain View, CA
$100m Series E+
First Round Capital, Foresite Capital, Google
Ventures
Internet
Internet & Software Services
Healthcare
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
72
Medical Devices emerging area
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
73
133
89
107
134
111
108
68
84
$1.8
$1.0
$1.1
$2.1
$1.8
$1.9
$1.6
$1.5
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Investments ($bn)
# of deals
Medical Devices deals and dollars – Quarterly
Medical Devices space sees deal activity increase in Q2’20
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
74
Top Medical Devices deals – Q2’20
Top 5 deals account for 30% of Medical Devices funding in Q2’20
Company
Investment
Round
Select investors
Vertical
1 RefleXion Medical
Hayward, CA
$100m Series D
Venrock, De Novo Ventures,
T. Rowe Price,
Pfizer Venture Investments
Healthcare
Medical Devices & Equipment
Therapeutic Devices
1 Mindstrong
Mountain View, CA
$100m Series C
Bezos Expeditions, General Catalyst,
ARCH Venture Partners
Mobile & Telecommunications
Mobile Software & Services
Healthcare
1 Goldfinch Bio
Cambridge, MA
$100m Series B
BlackRock, Gilead Sciences,
Wellington Management, Undisclosed
Investor(s)
Healthcare
Disease Diagnosis
4 Visby Medical
San Jose, CA
$70m Other
John Doerr, Pitango Venture Capital,
Cedars-Sinai Medical Center
Healthcare
Medical Devices & Equipment
5 PulmonX
New York, NY
$66m Series E+
Adage Capital Management,
Ally Bridge Group, Rock Springs Capital,
Undisclosed Investor(s)
Mobile & Telecommunications
Mobile Software & Services
Healthcare
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
75
Fin Tech emerging area
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
76
$3.3
$3.7
$3.6
$5.5
$4.0
$4.7
$3.5
$4.8
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
208
181
209
195
199
191
168
154
Investments ($bn)
# of deals
Fin Tech deals and dollars – Quarterly
Fin Tech funding climbs 40% in Q2’20
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
77
Top Fin Tech deals – Q2’20
Late-stage startups dominate top deals in Fin Tech
Company
Investment
Round
Select investors
Vertical
1 Stripe
San Francisco, CA
$600m Series E+ Google Ventures, Sequoia Capital,
General Catalyst,
Andreessen Horowitz
Internet
Internet Software & Services
Payments
2 Robinhood
Menlo Park, CA
$280m Series E+
9yards capital, New Enterprise
Associates, Ribbit Capital, Sequoia
Capital, Unusual Ventures
Mobile & Telecommunications
Mobile Software & Services
Asset & Financial Mgmt &
Trading
3 Varo Money
San Francisco, CA
$241m Series D
HarbourVest Partners,
Progressive, The Rise Fund,
Gallatin Point Capital
Mobile & Telecommunications
Mobile Software & Services
Asset & Financial Mgmt &
Trading
4 Duck Creek
Technologies
Boston, MA
$280m Growth
Equity
Insight Partners, Temasek,
Dragoneer Investment Group,
Neuberger Berman
Internet
Internet Software & Services
Accounting & Finance
5 Oscar Health
New York, NY
$225m Series E+ Khosla Ventures, General Catalyst,
Thrive Capital, Coatue Management
Internet
Internet & Software Services
Health & Wellness
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
78
Payments emerging area
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
79
41
33
37
32
23
45
32
28
$0.9
$0.6
$0.9
$1.3
$1.2
$1.2
$1.2
$1.8
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Investments ($bn)
# of deals
Payments deals and dollars – Quarterly
Payments deals decline while funding rises in Q2’20
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
80
Top Payments deals – Q2’20
Late-stage startups dominate top deals in Payments
Company
Investment
Round
Select investors
Vertical
1 Stripe
San Francisco, CA
$600m
Series E+ Google Ventures, Sequoia Capital,
General Catalyst,
Andreessen Horowitz
Internet
Internet Software & Services
Payments
2 Varo Money
San Francisco, CA
$241m
Series D HarbourVest Partners,
Progressive, The Rise Fund,
Gallatin Point Capital
Mobile & Telecommunications
Mobile Software & Services
Asset & Financial Mgmt & Trading
3 Brex
San Francisco, CA
$150m
Series C Lone Pine Capital,
DST Global
Internet
Internet Software & Services
Payments
3 Marqeta
Oakland, CA
$150m
Series E+ Undisclosed Investor(s)
Internet
E-commerce
E-commerce Enablement
5 AvidXchange
Charlotte, NC
$136m
Series E+ Lone Pine Capital, MasterCard,
Neuberger Berman, TSSP
Internet,
Internet Software & Services
Billing, Expense Mgmt & Procurement
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
81
Capital Markets Tech
emerging area
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
82
35
44
47
42
37
39
22
27
$1.0
$1.4
$0.7
$1.6
$1.1
$1.3
$0.7
$1.7
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Investments ($bn)
# of deals
Capital Markets Tech deals and dollars – Quarterly
Capital Markets Tech funding grows 143% upward in Q2’20
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
83
Top Capital Markets Tech deals – Q2’20
Capital Markets Tech sees three $200m mega-rounds in Q2’20
Company
Investment
Round
Select investors
Vertical
1 Robinhood
Menlo Park, CA
$280m Series E+
9yards capital, New Enterprise
Associates, Ribbit Capital, Sequoia
Capital, Unusual Ventures
Mobile & Telecommunications
Mobile Software & Services
Asset & Financial Mgmt &
Trading
2 Confluent
Mountain View, CA
$250m Series E+
Sequoia Capital, Index Ventures,
Franklin Templeton, Altimeter Capital,
Coatue Management
Internet
Internet Software & Services
Application & Data Integration
3 Carta
San Francisco, CA
$210m Series E+
Lightspeed Venture Partners,
Andreessen Horowitz,
Montage Ventures, Tribe Capital
Internet
Internet Software & Services
Legal
4 Aspiration
Marina Del Rey, CA
$135m Series C
UBS, SuRo Capital, Jeff Skoll,
Pohlad Family Companies,
DNS Capital
Internet
Internet Software & Services
Accounting & Finance
5 Collibra
Salt Lake City, UT
$113m Series E+
Battery Ventures, Index Ventures,
Dawn Capital, ICONIQ Capital
Software (non-internet/mobile)
Business Intelligence, Analytics
& Performance Mgmt Software
Note: Mega-rounds are $100m+ deals
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
84
Are VCs keeping busy?
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
85
Top VCs by amount raised in Q2’20
The top 5 VCs each raised $2bn+ in Q2’20
Investor
Funds raised
(Q2 2020)
Year
founded
Select investments
Location
1
Insight Partners
$9.5bn
1995
Twitter, Chegg, Shopify, New Relic
New York, NY
2 General Catalyst
$4.6bn
2000
Stripe, Lemonade, Snap, Livongo
Palo Alto, CA
3 Lightspeed Venture
Partners
$4.2bn
2000
Grubhub, Stitch Fix, Zscaler,
TaskRabbit
Menlo Park, CA
4 Summit Partners
$2.2bn
1984
Uber, Infor, SmartSheet, Lazada
Boston, MA
5
Index Ventures
$2.0bn
1996
Discord, Sonos, Adyen, Zuora
Menlo Park, CA
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
86
Most active VCs in Q2’20
SOSV takes the lead in Q2’20 as most active VC
Investor
Deals
Select investments
Location
1 SOSV
30
Gaia Labs, Catalog Technologies,
Machine Medicine
Princeton, NJ
2 Andreessen Horowitz
28
ADDI, Deel, Run the World, insitro
Menlo Park, CA
3 Google Ventures
24
insitro, Lime, Cockroach Labs
Mountain View, CA
4 Sequoia Capital
20
Amplitude, Truework, Vise
Menlo Park, CA
5 Khosla Ventures
16
Clear Labs, Mojo Vision, Codota
San Francisco, CA
5 Accel
16
BetterCloud, Bevy, Anyfin
Palo Alto, CA
5
Index Ventures
16
ServiceTitan, Figma, Expel
Menlo Park, CA
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
Global
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
88
Global regional comparison – Q2’20
1,348
$13.6bn
Asia
3,812 Deals
$50.2bn invested
globally
1,479
$27.9bn
North America
843
$7.3bn
Europe
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
89
Global deal activity: North America, Asia, and Europe
Deals rise across North America, Asia, and Europe
# of deals:
North America
Asia
Europe
1,739
1,612
1,656
1,795
1,684
1,518
1,431
1,479
1,763
1,439
1,401
1,353
1,476
1,536
1,124
1,348
783
857
864
895
839
903
776
843
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
90
$30
$41
$28
$32
$31
$26
$28
$28
$22
$23
$20
$15
$16
$14
$16
$14
$5
$5
$8
$9
$8
$7
$7
$7
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Global dollar funding: North America, Asia, and Europe
Funding declines outside of North America
Investments ($bn):
Europe
Asia
North America
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
91
Largest global deals of Q2’20
Q2’20 sees three mega-rounds over $500m
Company
Investment Round
Select investors
Vertical
1 Zuoyebang
Beijing, China
$750m
Series E
Tiger Global Management,
Qatar Investment Authority,
Sequoia Capital China
Internet
Internet Software & Services
Education & Training
2 Stripe
San Francisco, USA
$600m
Series E+
Google Ventures, Sequoia Capital,
General Catalyst,
Andreessen Horowitz
Internet
Internet Software & Services
Payments
3 Palantir
Technologies
Palo Alto, USA
$500m Other
Sompo Japan Nipponkoa
Software (non-internet/mobile)
Business Intelligence, Analytics,
& Performance Mgmt Software
4 Sana Biotechnology
Seattle, USA
$481m
Series A
Google Ventures, ARCH Venture
Partners, F-Prime Capital
Healthcare
Biotechnology
5 Samsara Networks
London, UK
$400m
Series E+
Tiger Global Management, Warburg
Pincus, General Catalyst
Internet
Internet Software & Services
Business Intelligence, Analytics,
& Performance Mgmt Software
5 DoorDash
San Francisco, USA
$400m
Series E+
Durable Capital Partners, Fidelity
Investments, T. Rowe Price
Internet
E-commerce
Food & Grocery
Note: Mega-rounds are $100m deals or larger
Appendix
PwC/CB Insights
MoneyTree™ Report
Q2 2020
Source: PwC/CB Insights MoneyTree™ Report Q2 2020
93
US States: Full listing with investments and deals
State
$m Deals
State
$m Deals
State
$m Deals
State
$m
Deals
Arizona
120
8
Indiana
20
11
Nebraska
130
5
Texas
420
59
Arkansas
5
2
Iowa
22
5
Nevada
126
2
Utah
240
14
California
14,330 560
Kansas
38
3
New
Hampshire
6
2
Vermont
2
1
Colorado
265
28
Kentucky
5
2
New Jersey
259
15
Virginia
170
20
Connecticut
191
10
Louisiana
10
2
New Mexico
2
3
Washington
913
43
DC
189
13
Maine
12
4
New York
3,149
199
Wisconsin
19
5
Delaware
64
8
Maryland
358
21
North Carolina
288
21
Wyoming
43
3
Florida
434
21
Massachusetts 3,706
128
Ohio
107
18
Georgia
175
23
Michigan
64
9
Oregon
141
10
Hawaii
11
2
Minnesota
79
11
Pennsylvania
356
29
Idaho
62
5
Missouri
40
6
Rhode Island
0
2
Illinois
251
30
Montana
8
1
Tennessee
26
10
Note: Omitted states had no deals in the current quarter
94
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
95
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 July 6, 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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for further details.