1、MoneyTree Report Q2 2019 2 Executive summaryQ2 2019 $100M+ deals continue to elevate US VC funding levels, with total funding on track to push records again. At the 2019 halfway point, US VC funding shows no signs of slowing: At the end of Q2, US VC funding was at $55B, well above the mid-point for

2、2018 ($48B), which ultimately saw a near-record $116B raised (compared to the record $120B in 2000). $100M mega-rounds drive funding higher: Driving the trend toward bigger deals, US companies raised a record quarterly number of $100M+ VC rounds in Q2, with 64 mega-rounds accounting for nearly half

3、of all funding raised. Seed rounds fluctuate to lowest activity in six years:After rebounding last quarter, Seed activity dropped below levels last seen in Q114. US produces 19 new unicorns: 19 US VC-backed companies saw their valuations rise to $1B+, nearing the record set in Q418 of 22 new unicorn

4、s. Q2 2019 funding across North America, Asia, and Europe remains relatively flat. North America, Asia, and Europe combined funding hits $53B: Total annual VC funding decreased by 2% from Q1 2019 totals. Deal activity increased by 2%, to 3,474 transactions. Asia deal activity retreats behind North A

5、merica: While Asia came close to surpassing North Americas deal activity in Q3 2018, the regions deal activity has since declined by 24% from Q318 to Q219. San Francisco Bay Area deal activity rebounds: After 3 consecutive quarters of decline, deal activity increased 17% to 438 transactions in Q2 20

6、19. After record quarterly funding of $25B in Q3 2018, dollar funding has since stabilized to $13B. New York Metro sees slight decline in deal and dollar funding activity: After deal activity rebounded by 29% in Q1 2019, it declined by 8% in Q2 2019 to 212 transactions. Similarly, dollar funding dec

7、lined by 9% in Q2 2019. Geographic InsightsUS Insights Source: PwC / CB Insights MoneyTree Report Q2 20193 1,587 1,465 1,573 1,683 1,484 1,378 1,362 1,409 20.7 20.2 23.1 24.6 29.3 39.0 26.1 28.7 Q317Q417Q118Q218Q318Q418Q119Q219 Q2 investments rise after fall from funding record set in Q418 US deals

8、and dollars Quarterly Record funding (all-time) Investments ($B)# of deals Source: PwC / CB Insights MoneyTree Report Q2 20194 8,314 1,892 3,423 6,268 6,118 2,771 2019 YTD US funding is strong US deals and dollars Annual 200152019 YTD $120 $55 Record funding (all-time) Investments ($B)# o

9、f deals $116 Record funding (this century) Source: PwC / CB Insights MoneyTree Report Q2 20195 2019 records the largest first half this century US funding Quarterly seasonality $8.2 $12.3 $18.9 $16.6 $16.0 $23.1 $26.1 $9.0 $16.9 $20.8 $18.6$19.7 $24.6 $28.7 $9.1 $14.0 $20.8 $15.8 $20.7 $29.3 $10.1 $

10、17.5 $17.6 $12.1 $20.2 $39.0 Record annual funding (this century) Record first half funding (this century) Q3Q2Q1Q4TotalInvestments ($B): 200019 YTD $36.4 $116.0 $76.6 $63.1 $78.1 $60.7 $54.8 Source: PwC / CB Insights MoneyTree Report Q2 20196 Seed deal activity fluctuated down

11、 to its lowest level in six years Deal activity by round Note: All deals include additional roundtypes 1,247 All deals 554 105 70 330SeriesA 113Series C 60Series E+ 1,183 364 Seed 292 Q1 2019 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Source: PwC / CB Insights MoneyTree Report Q2 20197 SeriesA$8.0M $2.

12、0M $2.2M Seed Overall median deal size jumped 26% to $7.6M from Q119 Median deal size by round Overall$7.6M $26.3M Series C $0.6M $3.8M $9.0M Note: Overall median includes additional round types Q1 2019 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Source: PwC / CB Insights MoneyTree Report Q2 20198 31 35

13、 33 48 55 51 48 64 Q219 saw a record number of $100M+ funding rounds Mega-rounds Investments and deal counts $8.2 $7.6 $7.9 $8.2 $14.6 $24.7 $11.9 $13.4 Q317Q417Q118Q218Q318Q418Q119Q219 Record mega-rounds (all-time) Record mega-round investments (all-time) Mega-round investments ($B)# of Mega-rounds

14、 Note: Mega-rounds are $100M deals or larger Source: PwC / CB Insights MoneyTree Report Q2 20199 40% 38% 34%33% 50% 63% 46%47% Mega-rounds maintain a high percentage of all deals Mega-rounds Funding and share of deals $8.2 $7.6 $7.9 $8.2 $14.6 $24.7 $11.9 $13.4 $11.5 $12.5 $12.3 $12.3 $14.7 $15.8 $1

15、3.9 $13.2 Q317Q417Q118Q218Q318Q418Q119Q219 Record mega-round share (all-time) Mega-round investments ($B)Non mega-round investments ($B)Mega-round share Note: Mega-rounds are $100M deals or larger Source: PwC / CB Insights MoneyTree Report Q2 201910 US $100M+ rounds are on track to set records again

16、 Mega-rounds Quarterly seasonality $1.2 $2.9 $6.9 $4.3$4.4 $7.9 $11.9 $0.9 $4.4 $7.3 $7.4 $7.0 $8.2 $13.4 $0.8 $3.5 $7.8 $4.9 $8.2 $14.6 $1.2 $6.9 $6.2 $2.1 $7.6 $24.7 200019 YTD Record annual mega-round funding (all-time) Record quarterly mega-round funding (all-time) $4.1 $55

17、.4 $27.2 $18.7 $28.2 $17.7 $25.3 Q3Q2Q1Q4TotalInvestments ($B): Note: Mega-rounds are $100M deals or larger Source: PwC / CB Insights MoneyTree Report Q2 201911 SectorDealsFunding 1Internet$12.0B 2Healthcare$4.6B 3Mobile (2) direct confirmation with firm or investor; (3) press release; or (4) credib

18、le 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 inAsia. What isexcluded: No contingent funding. If a company receives a commitment for $20M subject to hitting ce

19、rtain milestones but first gets $8M, only the $8M is included in ourdata. 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

20、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 investme

21、nts, also known as PIPEs (Private Investment in Public Equities), are not included even if made by a venture capital firm(s). 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 a

22、n 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 thesestatistics. No non-equity government funding. Grants or loans by the federal government, state agencies, or public-private partnerships to emerging, startu

23、p companies are not included. No fundings to subsidiaries of a larger parentcorporation. PwC ( and CB Insights () encourageyou to review the methodology and definitionsemployed to better understand the numbers presentedin this report. If you have any questions about the definitions or methodological

24、 principles used, we encourage you to reach out to CB Insights directly. Additionally, if you feel your firm has been underrepresented,please sendan email to and we can work together to ensure your firms investmentdata is up-to-date. Rankings,e.g., top statesandtop sectors, aredone by quarterlydeal

25、activity(that is, deal countfor the given quarter). Methodology MoneyTree definitions 64 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 11, 2019. PricewaterhouseCoopers a

26、nd 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. 2019 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 for further details.