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Quarterly Venture Capital Report - Q4 2010

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					                                                                                       Venture Capital Activity Report | Q4 2010




TABLE OF CONTENTS
QUARTER SUMMARY                                               2

QUARTERLY TRENDS                                              3

SECTOR REVIEW                                                 11
1      INTERNET                                               11

2      HEALTHCARE                                             18

3      GREEN / CLEAN TECH                                     25

GEOGRAPHIC REVIEW
1      CALIFORNIA                                             32

2      MASSACHUSETTS                                          38

3      NEW YORK                                               43

4      WASHINGTON                                             49

5      TEXAS                                                  54



DEFINITIONS & DATA INTEGRITY                                  59




    © 2011, CB Insights. All rights reserved. For more information about CB Insights, please email info@cbinsights.com.

www.cbinsights.com
 2                                                                   Venture Capital Activity Report | Q4 2010


Q4 2010 – This Quarter in Venture Capital
Quarter sees highest dealflow and funding of last eight quarters. Internet saw Year-
over-Year deal count up 21%, Green Tech up 7% and Healthcare up 2%.
At $6.5B of venture capital funding over 735 deals, Q4 2010’s venture capital stats have something for everyone. For
those of you looking for a data point that suggests VC is back and on the road to recovery after 2009’s tough sledding, the
eight quarter high on deals and dollars gives you something to hang your hat on. For those of you who think VC is
overheated and we’re headed for a bubble, the eight quarter high on deals and dollars gives you something to hang your
hat on. Yes – it’s all a matter of perspective.

Overall, 2010 saw $23.7B of funding into 2792 deals which represented 14% growth in funding and 13% growth in deals
over 2009’s VC nadir.

Say Bye Bye Massachusetts – NY is #2 for Tech VC                  Healthcare VC – A Mixed Bag

  Over the last five quarters, NY has seen 208 tech deals           Deals in the Healthcare space were up modestly YoY but
  vs. 207 for Massachusetts. Funding to NY tech                     funding was down almost 16%. The growth in funding
  companies came in at $1.22B vs. $1.21B for                        and deals seen over the last 2 quarters ceased as well.
  Massachusetts. The margin of victory for NY is ever so            Mass and Cali took over 50% of Healthcare funding but
  slight, but most striking is the trend for both states which      Mass’ share of Healthcare VC fell to a five-quarter low.
  are going in very different directions. (Trend can be             Early stage activity in Healthcare hit a five quarter high.
  seen here: http://bit.ly/dLmLYG)
                                                                  Cali's Number of VC Deals Grows, Funding Down
Seed VC Retains Its Share | Early Stage Grows
                                                                    California retained its belt as uncontested venture capital
  Q3 2010 saw 11% of deals going to Seed VC deals and               heavyweight champion. Relative to 2009, California saw
  that share stayed consistent in Q4 2010. The share of             3% growth in deals and a 2% drop in VC funding. The
  Series A deals increased over Q3 2010. Early stage                state saw 14% growth in deals on a sequential basis over
  deal activity was nearly 50% of total deals representing          Q3 2010. 60% of the state's funding went to Internet and
  the highest level seen in five quarters.                          Healthcare companies. Mobile also took its largest share
                                                                    of deals in the last five quarters.
VCs Connecting With Internet Deals Often
                                                                  Colorado - The New Green Tech Hub?
  The growth in the quarter was driven largely by a red-
  hot internet sector which hit a five quarter high (by a lot)      Three of the top 10 green tech deals in the quarter were
  on both deals and dollars. Early stage activity remained          in Colorado. The state which is usually 3-4% of green
  strong as did NY on the internet deal and dollar front.           tech deals jumped to 10%.

Green Tech / Clean Tech Investments Stay Flat                     Texas Gets the Early Stage Bug

 After two quarters of VC funding to Green Tech/Clean               In aggregate, Texas stayed within its recent historical
 Tech investments declining, the space saw deals and                range, but it did see growth in early-stage deals with 6 of
 dollars hold vs. the prior quarter. On a year-over-year            10 deals in the quarter being into early stage deals.
 basis, investment funding was up 40%. Early stage
 investment on a deals basis into Green Tech fell to a            Washington At Five Quarter Low in VC Funding
 five-quarter low. Renewables and Energy Efficiency
 maintained their positions as the top 2 areas for Green            Over 50% of Washington deals were in early-stage
 Tech investment and in aggregate, they garnered their              companies and almost 60% of deals were to Internet
 largest share of deals of the last five quarters.                  firms. The smaller checks to less capital-hungry web
                                                                    companies helped to drive Washington to a five quarter
                                                                    low on VC funding.


It is worth noting what we included and what we didn’t as this quarter had some mega-deals which can and did greatly
impact results. For example, Groupon’s funding was included as there was VC participation although we only included the
portion of their funding that closed in 2010, i.e. $500M. We’d recommend you also review our definitions and methodology
on p. 59 for details on our approach to VC data.

www.cbinsights.com
3                                                       Venture Capital Activity Report | Q4 2010


$6.5B over 735 Deals – Highest Totals of Last 8 Quarters
Continued strength in seed VC funding led to a two-year high in number of deals.
Total VC funding hit high on back of mega-deals which buoyed funding total.



               Quarterly VC Investment and Deal Volume Trend
                                         Q1 '09 to Q4 '10

                                                     730                     715           735
                            678          687
                     613                                           612
                                                                                           $6.5
    483                     $6.1                    $5.9          $5.9
                     $5.3               $5.5                                 $5.4


    $3.9




    Q1'09        Q2'09      Q3'09       Q4'09       Q1'10        Q2'10      Q3'10         Q4'10

                                    Funding ($B)            # of Deals

                                                                                    www.cbinsights.com




www.cbinsights.com
4                                                        Venture Capital Activity Report | Q4 2010


Cali Maintains, NY Gains and Mass Wanes in Deal Share
Big Three (NY, Mass, Cali) bounced back from Q3 2010 lows based on strength of
Cali and NY. Mass and Washington share of deals dipped.

               Share of Venture Capital by State - Number of Deals
                                         Five Quarter Trend




            28%                31%               26%                                 29%
                                                                   33%

             4%                                  4%
                                4%               5%                                   4%
             6%                 5%                                  5%                5%
             6%                                  8%                 5%
                                8%                                                    9%
                                                                    7%
            13%                                  14%                                 11%
                               12%                                 12%



            44%                41%               43%                                 42%
                                                                   38%



            Q4'09              Q1'10            Q2'10              Q3'10             Q4'10

                California   Massachusetts   New York     Texas    Washington    Other


                                                                                   www.cbinsights.com




www.cbinsights.com
 5                                                           Venture Capital Activity Report | Q4 2010


The Big Three’s Share of VC Funding Falls to 5 Quarter Low
NY gained in terms of dollars as did Mass. Cali, Texas and Washington all fell. Impact
of a mega-deal (Groupon) is clearly evident given the large Other category.


              Share of Venture Capital by State - Dollars of Funding
                                            Five Quarter Trend




            26%                   23%               23%                  27%
                                                                                          36%
                                   2%                4%
             3%                    4%                4%
             4%                                                           4%
                                   5%                6%                   7%
             5%                                                                            2%
                                                    12%                   5%               5%
            12%                   15%
                                                                          9%               7%
                                                                                          10%



            49%                   49%               52%                  49%
                                                                                          40%




            Q4'09                 Q1'10            Q2'10                 Q3'10           Q4'10

                     California   Massachusetts   New York       Texas     Washington   Other


                                                                                        www.cbinsights.com




www.cbinsights.com
6                                                          Venture Capital Activity Report | Q4 2010


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www.cbinsights.com
 7                                                             Venture Capital Activity Report | Q4 2010


2010 Ends with a Bang – VCs Scurry to Get Deals Done
Q4 2010 started flat but ended with a flurry of activity. December 2010 saw the 2nd
highest deal flow and the highest venture funding of the last 15 months.



                       Monthly VC Investment and Deal Volume Trend
                                      October 2009 to December 2010

                                                                      298
                               275                                                                             283
                                                                                                        259
                237                                          244                                               $3.2
         230            223           232
 220
                                                                                 205    212
                                                      190                                      193
                                             178             $2.5
                        $2.3
                                                                      $2.1
         $1.9   $1.9                  $2.0
                                                                                        $1.8
 $1.6                          $1.7          $1.7     $1.6                                     $1.7     $1.7
                                                                                 $1.5




                                       Funding ($B)                 # of Deals

                                                                                                      www.cbinsights.com




www.cbinsights.com
 8                                                                    Venture Capital Activity Report | Q4 2010


Seed VC Stays Strong. Early Stage Continues Climb
Q4 saw seed deals retain share of deals and also saw Series A deals climb. Later
stage deals garnered an increased share of venture funding.

                      Share of Venture Capital by Series - Number of Deals
                                                 Five Quarter Trend



                                                            4%                                         7%
                     11%              10%                                        10%
                                                           12%                                         7%
                     10%               9%                                         8%

                                                           18%                   15%                  18%
                     14%              19%

                                                                                 24%                  22%
                                                           24%
                     28%
                                      27%


                                                                                 33%                  36%
                                                           33%
                     31%              28%


                      6%               6%                   9%                   11%                  11%

                     Q4'09            Q1'10                Q2'10                 Q3'10               Q4'10

                             Seed    Series A   Series B         Series C      Series D     Series E +

                                                                                                    www.cbinsights.com



                     Share of Venture Capital by Series - Dollars of Funding
                                                Five Quarter Trend



                                                            6%
                     16%              19%                                        16%                  16%
                                                           23%
                     16%                                                         12%
                                      15%                                                             20%

                                                                                 20%
                     21%              19%                  32%
                                                                                                      28%


                     26%                                                         30%
                                      34%                  22%
                                                                                                      20%


                     20%                                   17%                   20%
                                      14%                                                             15%
                      0%               0%                   1%                    1%                   1%
                     Q4'09           Q1'10                 Q2'10                 Q3'10               Q4'10
                              Seed   Series A   Series B     Series C       Series D   Series E +

                                                                                                    www.cbinsights.com


www.cbinsights.com
 9                                                                   Venture Capital Activity Report | Q4 2010


Internet Climbs & Healthcare Dips; Energy VC Stays Flat
Perennial top 2 sectors retain their positions with internet gaining. Mobile also sees
highest share of deals of last 5 quarters. Energy & utilities stagnant.

                      Share of Venture Capital by Sector - Number of Deals
                                                 Five Quarter Trend


                     16%                                 14%                    17%                   13%
                                      20%
                                                            8%                  7%                    10%
                     9%
                                       8%                   4%                  4%                    3%
                     4%                                     7%                                        8%
                                       3%                                       8%
                     10%               8%                   7%                  6%                    6%
                     4%                7%

                     33%                                 38%                    33%                   37%
                                      30%



                     25%              24%                23%                    26%                   24%


                     Q4'09            Q1'10             Q2'10                  Q3'10                 Q4'10
                             Healthcare                            Internet
                             Energy & Utilities                    Software (non-internet/mobile)
                             Computer Hardware & Services          Mobile & Telecommunications
                             Other
                                                                                                  www.cbinsights.com



                     Share of Venture Capital by Sector - Dollars of Funding
                                                 Five Quarter Trend



                     14%                                 12%                    15%                   14%
                                      22%
                                                            6%                                         6%
                      7%                                    4%                  5%
                      4%                                                        8%                     3%
                                       8%                   6%                                         7%
                      9%               4%                                       8%
                                                         17%                                           8%
                      5%               7%
                                                                                9%
                                      15%
                     27%                                                        23%
                                                         28%                                          39%
                                      21%


                     33%                                 28%                    33%
                                      24%                                                             24%


                     Q4'09            Q1'10             Q2'10                  Q3'10                 Q4'10
                             Healthcare                          Internet
                             Energy & Utilities                  Software (non-internet/mobile)
                             Computer Hardware & Services        Mobile & Telecommunications
                             Other

                                                                                                    www.cbinsights.com


www.cbinsights.com
10                                                Venture Capital Activity Report | Q4 2010


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11                             Venture Capital Activity Report | Q4 2010




     Q4 2010 Venture Capital

     INTERNET




www.cbinsights.com
12                                                  Venture Capital Activity Report | Q4 2010


Internet VC Hits 5 Quarter High
Optimism around internet deals didn’t abate with both deals and dollars way up. VC




                                                                                                Internet
deals and funding even after excluding Groupon stands at 5 quarter high.


                 Internet VC Investment and Deal Volume Trend
                                    Last Five Quarters

                                                                               272

           224                            233                   233
                          221
                                                                             $2,543



                                         $1,618
         $1,483
                         $1,265                                $1,253




          Q4'09          Q1'10           Q2'10                 Q3'10          Q4'10

                                  $ Funding       # of Deals

                                                                          www.cbinsights.com




www.cbinsights.com
13                                                              Venture Capital Activity Report | Q4 2010


NY Takes Hold of #2 Spot for Internet VC Deals and Dollars
California continued to dominate internet VC followed by New York on deals.




                                                                                                            Internet
Excluding Groupon, NY would be #2 on funding as well.




                                                                                Quarter Highlights
            VC Deal Volume (#) in Internet by State, Q410
                                                                                272 deals | $2,543M
2%                                             California
2%                                             Illinois                         Top Five Deals
                 13%
  1%                                           New York
                                                                                 Groupon
                                               DC                                Twitter
       6%                                      Massachusetts                     LivingSocial
                                 47%                                             Whale Shark Media
3%                                             Texas                             FleetMatics
                                               Washington
       8%
                                               North Carolina                   Top Cities
                                               Georgia
                                                                                 Chicago, IL
     1%          14%                           Maryland                           7 deals | $540M
                                               All Other                         San Francisco, CA
                                                                                  36 deals | $398M
                            3%
                                                       www.cbinsights.com        New York, NY
                                                                                  38 deals | $244M
                                                                                 Washington, DC
                                                                                  3 deals | $204M
               VC Investment ($) in Internet by State, Q410                      Austin, TX
                                                                                  8 deals | $102M
      2%        1% 1%                                                            Mountain View, CA
4%                                             California                         9 deals | $98M
          2%           4%                      Illinois                          Arlington Heights, IL
                                                                                  1 deals | $68M
                                               New York
                                                                                 Los Angeles, CA
          5%                                   DC                                 8 deals | $66M
                                 39%                                             Redwood City, CA
                                               Massachusetts
     8%                                                                           5 deals | $62M
                                               Texas                             Seattle, WA
                                               Washington                         9 deals | $49M
       10%                                     North Carolina
                                               Georgia
                                               Maryland
                       24%
                                               All Other

                                                       www.cbinsights.com




www.cbinsights.com
14                                                                           Venture Capital Activity Report | Q4 2010


~70% of Internet Deals Go To Big Three States
Internet VC deals maintained similar geographic pattern as prior quarters. Mass




                                                                                                                              Internet
internet share dropped to five quarter low.

                           Share of Internet VC by State - Number of Deals
                                                        Last Five Quarters




                     26%                                            24%                 23%                   21%
                                            29%

                      5%                                                    3%                  6%                  6%
                                                   5%               10%                                       8%
                                                                                        11%
                             10%            9%                      2%                                        3%
                     1%                                                                 1%
                                            1%
                     12%                                            15%                 15%                   14%
                                            13%




                     46%                    43%                     47%                 44%                   47%




                     Q4'09                 Q1'10                    Q2'10               Q3'10             Q4'10

                      California        New York     Illinois       Massachusetts      Washington     Other

                                                                                                         www.cbinsights.com



                           Share of Internet VC by State - Dollars of Funding
                                                        Last Five Quarters



                                                                    12%
                     21%                    17%                                                               21%
                                                                            1%          25%
                                                                     7%
                              4%            7%
                                                                     9%                                       5%
                      7%                    7%                                           5%
                      2%                    1%                                                  8%
                                                                    15%                  0%
                      9%                    16%                                                               24%
                                                                                        12%

                                                                                                              10%

                     56%                    52%                     56%
                                                                                        50%
                                                                                                              39%




                     Q4'09                 Q1'10                    Q2'10               Q3'10             Q4'10

                           California     New York       Illinois      Massachusetts     Washington      Other

                                                                                                         www.cbinsights.com


www.cbinsights.com
15                                                                 Venture Capital Activity Report | Q4 2010


Early Stage Internet Investing Represented 50+% of Deals
Early stage (Seed / Series A) dealflow dipped slightly from last quarter but still over




                                                                                                               Internet
50%. Series C, D and E+ deals increased share of funding.

                           Share of Internet VC by Series - Number of Deals
                                                Last Five Quarters



                      4%               6%                  1%              4%
                                                           6%                                   7%
                      8%               6%                                  5%                   5%
                     13%                                  18%              15%
                                      17%                                                   19%

                                                          23%              20%
                     27%                                                                    18%
                                      28%



                                                          40%              42%              38%
                     38%              33%



                     11%              11%                 12%              13%              13%

                     Q4'09            Q1'10               Q2'10           Q3'10             Q4'10
                             Seed   Series A   Series B      Series C   Series D   Series E +

                                                                                          www.cbinsights.com



                        Share of Internet VC by Series - Dollars of Funding
                                                Last Five Quarters



                      5%                                   1%
                                      13%                                  10%
                     16%                                  19%                               25%
                                                                           7%
                                      10%
                                                                           23%
                     28%              24%
                                                          40%                               27%

                                                                           27%
                     28%              33%                                                   19%
                                                          19%
                                                                                            16%
                                                                           31%
                     22%              19%                 20%
                                                                                            12%
                      1%               1%                  2%              1%               1%
                     Q4'09            Q1'10               Q2'10           Q3'10             Q4'10


                             Seed   Series A   Series B      Series C   Series D   Series E +

                                                                                          www.cbinsights.com


www.cbinsights.com
16                                                                    Venture Capital Activity Report | Q4 2010


VC Internet Investment Remains Diverse Across Industries
Social and Advertising remained strong. Gaming made a come back from Q3 2010.




                                                                                                                    Internet
                           VC Deal Volume (#) in Internet by Sub-Industry, Q410
                                            2%
                                                                  Discount
                                                 11%              Social
                                                                  Advertising, Sales & Marketing
                                                                  Bus. Intelligence, Analytics & Performance Mgmt
                                                        12%       Video
                       44%
                                                                  Gaming
                                                             4%   Data Storage
                                                                  Data & Document Management
                                                            4%    Health & Wellness
                                                       8%         Conferencing & Communication
                                                                  Information Providers & Portals
                                                                  eCommerce enablement
                                                        3%
                            1%                                    Travel (internet)
                                  2%    3%        2%
                                                                  Content Management
                                  2%              1%              All Other
                                             1%
                                                                                              www.cbinsights.com




                             VC Investment ($) in Internet by Sub-Industry, Q410
                                                                  Discount
          1%                                                      Social
                              18%                                 Advertising, Sales & Marketing
            2%                                         26%        Bus. Intelligence, Analytics & Performance Mgmt
            1%                                                    Video
                                                                  Gaming
                 2%
           2%                                                     Data Storage
                 2%                                               Data & Document Management
          2%                                                      Health & Wellness
                  3%                                              Conferencing & Communication
                                                       24%        Information Providers & Portals
                      3%         5%                               eCommerce enablement
                       3%              6%
                                                                  Travel (internet)
                                                                  Content Management
                                                                  All Other

                                                                                              www.cbinsights.com




www.cbinsights.com
17                                                               Venture Capital Activity Report | Q4 2010


Early Stage Medians Fall. Late Stage Medians Up Big.
Seed, Series A and Series C median deal sizes all were smaller. Series B up with




                                                                                                                Internet
Series D and Series E+ were up big on back of many larger late stage web deals.




                       Internet Median Deal Size by Quarter
                                                   ($ Million)


                                                                                                   $20.0
                                                                                   $19.0




                                                                    $9.0
                                                   $7.0


                                 $2.4
               $0.6

        Seed              Series A          Series B         Series C        Series D       Series E +

                      Q4'09             Q1'10          Q2'10            Q3'10           Q4'10



                                                                                           www.cbinsights.com




www.cbinsights.com
18                             Venture Capital Activity Report | Q4 2010




     Q4 2010 Venture Capital

     HEALTHCARE




www.cbinsights.com
19                                                Venture Capital Activity Report | Q4 2010


Healthcare Investment Dips After 2 Qtrs of Funding Growth




                                                                                              Healthcare
Healthcare deals were up modestly YoY but funding levels down almost 16% vs. year
ago. Deals down vs. prior quarter and funding down over 12% qoq.




              Healthcare VC Investment and Deal Volume Trend
                                  Last Five Quarters

                                                              184
           169          173                                                  173

                                        138
         $1,830
                                                             $1,753
                                       $1,639
                                                                           $1,541
                       $1,405




          Q4'09        Q1'10           Q2'10                 Q3'10          Q4'10

                                $ Funding       # of Deals

                                                                        www.cbinsights.com




www.cbinsights.com
20                                                             Venture Capital Activity Report | Q4 2010


 Mass and Cali Attract Over 50% of Healthcare VC Funding




                                                                                                           Healthcare
 Cali increased over Q3 2010 while Mass declined on # of deals basis. Pennsylvania
 and Texas continue to hold strong.




                                                                               Quarter Highlights
           VC Deal Volume (#) in Healthcare by State, Q410
                                                                               173 deals | $1,541M
                                                California
                                                Massachusetts
                                                                               Top Five Deals
                23%                             Pennsylvania
                                                                                Pearl Therapeutics
                                    33%         Texas                           Moksha8
1%                                              New Jersey                      IDev Technologies
                                                                                Sutro Biopharma
                                                New York
 3%                                                                             Genocea Biosciences
                                                North Carolina
 3%
                                                Colorado
3%                                              Minnesota                      Top Cities
                                  13%
     4%               7%                        Michigan
           4%               6%                                                  Cambridge, MA
                                                All Other                         9 deals | $143M
                                                                                Redwood City, CA
                                                        www.cbinsights.com        4 deals | $135M
                                                                                San Diego, CA
                                                                                  11 deals | $104M
                                                                                Palo Alto, CA
               VC Investment ($) in Healthcare by State, Q410                     3 deals | $70M
                                                                                South San Francisco, CA
                                                                                  2 deals | $67M
      2%                                        California
                                                                                Wayne, PA
                      11%                       Massachusetts                     1 deals | $61M
      2%
 3%                                             Pennsylvania                    New York, NY
                                                                                  5 deals | $59M
     3%                                         Texas                           Malvern, PA
                                    39%
                                                New Jersey                        2 deals | $48M
          4%                                                                    Webster, TX
                                                New York
          5%                                                                      1 deals | $46M
                                                North Carolina                  Pleasanton, CA
          6%                                    Colorado                          2 deals | $34M
                                                Minnesota
                9%
                                                Michigan
                            16%
                                                All Other

                                                        www.cbinsights.com




 www.cbinsights.com
21                                                                      Venture Capital Activity Report | Q4 2010


Cali Stays on Top. Mass Share of Deals Falls to 5 Qtr Low.




                                                                                                                         Healthcare
Massachusetts share of deals continued downward trend. Healthcare sector is most
geographically diverse with 4 of 10 deals occurring outside of top states.

                          Share of Healthcare VC by State - Number of Deals
                                                    Last Five Quarters




                                          36%               30%
                       38%                                                       37%                  42%

                                                            6%
                                           3%               3%
                       4%                  3%               5%                    5%
                       4%                                                         4%                  2%
                                           6%                                                         3%
                       4%                                                         8%                  6%
                                          17%               23%
                       18%                                                                            13%
                                                                                 17%


                       32%                34%               33%                                       33%
                                                                                 28%



                      Q4'09              Q1'10             Q2'10               Q3'10                 Q4'10

                     California    Massachusetts   Pennsylvania      New Jersey        Washington      Other


                                                                                                    www.cbinsights.com



                         Share of Healthcare VC by State - Dollars of Funding
                                                   Last Five Quarters




                                                            22%
                      31%                 33%                                    29%                  29%

                                                            7%
                       4%                                   4%                                        1%
                                           0%                                     7%                  5%
                                           5%                       4%            4%
                              8%           4%                                                         10%
                                                                                  6%
                       4%
                                                            23%
                                                                                 13%                  17%
                       18%                27%



                                                            40%                  42%                  39%
                       35%                31%



                      Q4'09              Q1'10             Q2'10               Q3'10                 Q4'10

                     California    Massachusetts   Pennsylvania     New Jersey         Washington     Other

                                                                                                    www.cbinsights.com


www.cbinsights.com
22                                                                 Venture Capital Activity Report | Q4 2010


Early Stage Healthcare Hits Five-Quarter High




                                                                                                               Healthcare
Seed and Series A healthcare grew to 45% of total healthcare funding. Later stage
healthcare companies took 57% of total funding.

                       Share of Healthcare VC by Series - Number of Deals
                                                Last Five Quarters




                                       8%                  6%                                   6%
                     11%                                                   13%
                                                           7%                                   10%
                                       9%
                     12%                                                   10%
                                                          21%                                   16%
                     13%              21%                                  16%

                                                                                                23%
                                                          24%
                     30%              30%                                  26%



                                                          36%                                   39%
                                                                           27%
                     30%              29%

                                                           6%              9%                   6%
                      3%               3%
                     Q4'09            Q1'10               Q2'10           Q3'10             Q4'10
                             Seed   Series A   Series B      Series C   Series D   Series E +

                                                                                          www.cbinsights.com



                      Share of Healthcare VC by Series - Dollars of Funding
                                                Last Five Quarters



                     10%              11%                  9%                                   6%
                                                                           16%
                                                           7%                                   16%
                                      11%
                     19%                                                   14%
                                      19%                 36%
                     15%                                                                        35%
                                                                           22%


                     31%              36%
                                                          23%              30%                  19%


                     24%              22%                 25%                                   24%
                                                                           17%
                      0%               0%                  0%              1%                1%
                     Q4'09            Q1'10               Q2'10           Q3'10             Q4'10


                             Seed   Series A   Series B      Series C   Series D   Series E +

                                                                                          www.cbinsights.com


www.cbinsights.com
23                                                      Venture Capital Activity Report | Q4 2010


Medical Device Investment Remains Strong




                                                                                                    Healthcare
Medical Devices continued their dominance of the Healthcare sector followed by
Pharmaceuticals, Biotech, Medical Facilities & Services and Drug Development.



                       VC Deal Volume (#) in Healthcare by Industry, Q410
                  2%
            2%                                          Medical Devices & Equipment
                          1%
                                                        Pharmaceuticals / Drugs
               1%              7%
                                                        Biotechnology
                                                        Drug Development
                11%                       37%           Medical Facilities & Services
                                                        Drug Manufacturing
              8%                                        Disease Diagnosis
                                                        Drug Discovery

                      14%                               NULL
                                    17%                 All Other


                                                                            www.cbinsights.com




                          VC Investment ($) in Healthcare by Industry, Q410
                                    2%
             2%        2% 2%                            Medical Devices & Equipment
                4%                                      Pharmaceuticals / Drugs
                                                        Biotechnology
                     5%                                 Drug Development
                                          37%           Medical Facilities & Services
               12%                                      Drug Manufacturing
                                                        Disease Diagnosis
                                                        Drug Discovery
                     14%
                                                        NULL
                                    20%                 All Other


                                                                            www.cbinsights.com




www.cbinsights.com
24                                                               Venture Capital Activity Report | Q4 2010


More Small Series A Healthcare Deals




                                                                                                                Healthcare
The increased # of Series A deals (p. 22) also saw smaller amounts of funding. Seed
VC, Series C and D medians all climbed.




                     Healthcare Median Deal Size by Quarter
                                                   ($ Million)

                                                                    $24.0




                                                                                   $16.0

                                                                                                   $13.0



                                                   $7.3


                                 $2.6
               $1.3


        Seed              Series A          Series B         Series C        Series D       Series E +

                      Q4'09             Q1'10          Q2'10            Q3'10           Q4'10



                                                                                           www.cbinsights.com




www.cbinsights.com
25                             Venture Capital Activity Report | Q4 2010




     Q4 2010 Venture Capital

     GREEN & CLEAN TECH




www.cbinsights.com
26                                                   Venture Capital Activity Report | Q4 2010


Green Tech Performance In-Line with Last Quarter
Green Tech figures consistent with Q3 – Funding steadied at $790M, while deal count




                                                                                                 Green
fell slightly. Investment dollars were up 40% year-over-year.



                  Green VC Investment and Deal Volume Trend
                                    Last Five Quarters
                          85


                                                                 61             59
            55           $1,322               55

                                         $1,046

                                                                $790           $790
           $565




          Q4'09          Q1'10           Q2'10                  Q3'10          Q4'10

                                  $ Funding        # of Deals

                                                                           www.cbinsights.com




www.cbinsights.com
27                                                               Venture Capital Activity Report | Q4 2010


Colorado Shows Its Greener Side
Colorado emerged as a serious destination for Green Tech investment, taking 3 of the




                                                                                                                Green
top 10 Green deals in Q4. As usual, California was the overall leader.




                                                                                 Quarter Highlights
           VC Deal Volume (#) in Green by State, Q410

                                                    California                   59 deals | $790M
                                                    Colorado
                  15%                                                            Top Five Deals
     3%                                             Illinois
                                                                                  Abound Solar
2%                                                  Massachusetts                 Elevance Renewable Sciences
 2%                                 41%             Michigan                      Solopower
                                                                                  Soladigm
      5%                                            Arizona                       LS9
 2%                                                 New York
          5%                                        Oregon                       Top Cities
                                                    Ohio
                 13%                                                              Loveland, CO
                             10%                    Texas                           1 deals | $110M
                                                    All Other                     Bolingbrook, IL
                        2%                                                          1 deals | $100M
                                                           www.cbinsights.com     San Jose, CA
                                                                                    2 deals | $57M
                                                                                  Milpitas, CA
                                                                                    2 deals | $43M
               VC Investment ($) in Green by State, Q410                          Cambridge, MA
     1%
                   1%                                                               3 deals | $38M
                        1%
          1%                 2%                                                   Fremont, CA
2%                                                  California                      2 deals | $37M
                                                    Colorado                      Lansing, MI
                                                                                    2 deals | $37M
                  5%                                Illinois                      South San Francisco, CA
                                                    Massachusetts                   1 deals | $30M
                                     39%            Michigan                      North Lexington, MA
           11%
                                                                                    2 deals | $26M
                                                    Arizona                       Windsor, CO
                                                    New York                        1 deals | $24M
           13%                                      Oregon
                                                    Ohio
                                                    Texas
                         24%                        All Other

                                                           www.cbinsights.com




 www.cbinsights.com
28                                                                       Venture Capital Activity Report | Q4 2010


California Loses Green Share for Fourth Straight Quarter
The downward trend for California continued, as Texas, Colorado, Massachusetts and




                                                                                                                              Green
Illinois ate into The Golden State’s Green Tech dominance.

                             Share of Green VC by State - Number of Deals
                                                       Last Five Quarters




                     25%                  28%                  27%                  28%                    31%

                              2%
                      4%                   4%                  4%                    3%                    2%
                                           5%                           2%
                      7%                                       7%                   15%                    10%
                      9%                   8%
                                                               13%                                         3%
                                                                                     8%                    14%


                     53%                  55%
                                                               47%                  46%                    41%




                     Q4'09                Q1'10               Q2'10                 Q3'10                 Q4'10

                        California        Massachusetts         Texas        Colorado         Illinois      Other

                                                                                                         www.cbinsights.com


                             Share of Green VC by State - Dollars of Funding
                                                       Last Five Quarters




                                          13%                  15%                  12%                    12%
                     25%             1%           1%                                 3%
                                           6%                  4%       1%                                 13%
                              1%                               9%                   21%
                      2%
                      5%
                      4%                                       10%
                                                                                     4%                    24%

                                                                                                           1%
                                                                                                           11%
                                          79%
                     64%                                       62%                  59%
                                                                                                           39%




                     Q4'09                Q1'10               Q2'10                 Q3'10                 Q4'10

                     California       Massachusetts         Texas        Colorado         Illinois       Other

                                                                                                         www.cbinsights.com


www.cbinsights.com
29                                                                  Venture Capital Activity Report | Q4 2010


Green Tech Seed Investment Disappears in Q4 2010
Early stage Green Tech investment share crept back to Q2 2010 levels. Investors




                                                                                                                Green
favored Series C and later in Q4.

                             Share of Green VC by Series - Number of Deals
                                                 Last Five Quarters



                                                           3%               7%               2%
                      8%                9%
                      3%                                   11%                               10%
                                                                            7%
                                       12%
                     18%                                                    10%              19%
                                                           23%
                                       19%

                     32%                                                    39%
                                                           29%                               38%
                                       25%



                     32%                                                    27%
                                       33%                 31%
                                                                                             31%

                      8%                                                    10%
                                        2%                  3%
                     Q4'09             Q1'10               Q2'10           Q3'10             Q4'10
                              Seed   Series A   Series B      Series C   Series D   Series E +

                                                                                           www.cbinsights.com



                           Share of Green VC by Series - Dollars of Funding
                                                 Last Five Quarters



                                                            7%              6%                   4%
                                       16%
                     26%                                                                     19%
                                                                            22%
                                                           28%
                      3%               18%
                                                                            12%
                     25%               14%                                                   41%
                                                           27%

                                                                            44%
                     27%
                                       44%
                                                           27%                               29%

                     19%                                                    16%
                                        8%                 10%                                   8%

                     Q4'09             Q1'10               Q2'10           Q3'10             Q4'10


                              Seed   Series A   Series B      Series C   Series D   Series E +

                                                                                           www.cbinsights.com


www.cbinsights.com
30                                                                   Venture Capital Activity Report | Q4 2010


Renewables and Energy Efficiency See an Uptick in Share
Green Tech Software yielded to Renewable and Energy Efficiency investments.




                                                                                                                    Green
Energy Storage investments held steady.

                           Share of Green VC by Industry - Number of Deals
                                                  Last Five Quarters




                                                            29%               31%                29%
                     42%               40%

                                                             5%                                   7%
                                                                               8%
                                        5%               11%
                      4%                                                      11%                15%
                     5%                 7%              4%
                        2%                                 2%                                     3%
                     4%                   2%                                   7%
                                        6%                                     3%


                                                            49%                                  46%
                     44%               40%                                    39%




                     Q4'09             Q1'10                Q2'10            Q3'10              Q4'10

                             Renewables                             Automobile Manufacturing
                             Green/Environmental Software           Energy Efficiency
                             Energy Storage                         Other
                                                                                               www.cbinsights.com


                        Share of Green VC by Industry - Dollars of Funding
                                                  Last Five Quarters




                                                            13%
                                       19%
                                                             7%               28%
                     37%                4%                                                       38%
                                        2%                   6%
                                                             3%                6%
                                       19%                                     7%
                      3%                                                                          5%
                      3%
                                                                              15%                 7%
                     18%
                                                                               1%
                      1%
                                                            68%
                                       55%
                                                                                                 49%
                     38%                                                      42%




                     Q4'09             Q1'10                Q2'10            Q3'10              Q4'10
                             Renewables                             Automobile Manufacturing
                             Green/Environmental Software           Energy Efficiency
                             Energy Storage                         Other
                                                                                               www.cbinsights.com


www.cbinsights.com
31                                                                   Venture Capital Activity Report | Q4 2010


Late Stage Green Tech Deals See Uptick in Size
With investment share shifting from Green Tech Software to Renewables, late stage




                                                                                                                           Green
median deal values climbed higher. Overall median stayed flat at $6.2 million.




                                 Green Median Deal Size by Quarter
                                                     ($ Million)




                                                                              $26.0
                                                             $24.0
                                                                                             $21.5



                                              $7.4                                                            $6.2
                             $2.8
              $0.0

       Seed           Series A       Series B         Series C          Series D      Series E +       Overall

                     Q4'09            Q1'10              Q2'10               Q3'10            Q4'10



                                                                                                      www.cbinsights.com




www.cbinsights.com
32                             Venture Capital Activity Report | Q4 2010




     Q4 2010 Venture Capital

     CALIFORNIA




www.cbinsights.com
33                                                         Venture Capital Activity Report | Q4 2010


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www.cbinsights.com
34                                                     Venture Capital Activity Report | Q4 2010


California Deal Volume Experiences Five Quarter High
Funding levels in California remained relatively flat from last quarter, but deal count




                                                                                                   California
saw a 14% uptick from Q3, and 3% year-over-year growth.




               California VC Investment and Deal Volume Trend
                                     Last Five Quarters
            300                                                                  310
                          297
                                              264                 271



                                          $3,062
                         $2,929
          $2,685                                                 $2,607        $2,630




           Q4'09          Q1'10            Q2'10                 Q3'10          Q4'10


                                  $ Funding         # of Deals

                                                                            www.cbinsights.com




www.cbinsights.com
35                                                             Venture Capital Activity Report | Q4 2010


Internet & Healthcare Continue Dominance in Cali




                                                                                                                 California
Internet and Healthcare combined for more than 60% of overall VC investment in
California; Mobile continued its growth.




                                                                               Quarter Highlights
           VC Deal Volume (#) in California by Sector, Q410
       4% 0% 2%                          Healthcare                            310 deals | $2,630M
        3%     4%                        Internet
                          18%                                                  Top Sector
                                         Energy & Utilities
                                                                                 # of Deals – Internet
                                         Software (non-internet/mobile)          $ of Funding – Internet
          12%                            Computer Hardware & Services
                                         Mobile & Telecommunications           Top Five Deals
 3%                                                                             Twitter
                                         Industrial
                                                                                Pearl Therapeutics
          8%                             Electronics                            Solopower
                                         Business Products & Services           Space Exploration Technologies
               5%           41%                                                 Fallbrook Technologies
                                         Consumer Products & Services
                                         All Other
                                                                               Top Cities
                                                       www.cbinsights.com      San Francisco
                                                                                64 deals | $517M
                                                                               Redwood City
           VC Investment ($) in California by Sector, Q410                      13 deals | $237M
                                                                               Mountain View
           0%       1%                                                          19 deals | $216M
     2%
                                          Healthcare                           San Diego
      3%             6%                                                         20 deals | $185M
                                          Internet                             San Jose
                            23%           Energy & Utilities                    13 deals | $152M
          9%                              Software (non-internet/mobile)       Palo Alto
                                                                                21 deals | $141M
2%                                        Computer Hardware & Services         Sunnyvale
                                          Mobile & Telecommunications           11 deals | $106M
      7%                                                                       Los Angeles
                                          Industrial
                                                                                14 deals | $97M
                                          Electronics                          South San Francisco
           9%
                                          Business Products & Services          3 deals | $97M
                          38%                                                  San Mateo
                                          Consumer Products & Services          9 deals | $67M
                                          All Other
                                                       www.cbinsights.com




www.cbinsights.com
36                                                                     Venture Capital Activity Report | Q4 2010


Internet Investment Expands in California
Internet saw its most dominant position of the last 5 quarters and grew its share of




                                                                                                                         California
investment by 14% versus Q3. Healthcare and Energy lost ground.

                        Share of VC in California by Sector - Number of Deals
                                                  Last Five Quarters




                     27%                                  23%                   24%                   24%
                                        30%
                                                            5%                   5%                    3%
                      6%                                    6%                                         8%
                                          5%                                     7%
                      9%                  4%                7%                   7%                    5%
                      5%                  8%


                                                          41%                   38%                   41%
                     34%                32%



                     18%                20%               17%                   19%                   18%


                     Q4'09           Q1'10               Q2'10                 Q3'10                 Q4'10
                             Healthcare                            Internet
                             Energy & Utilities                    Software (non-internet/mobile)
                             Computer Hardware & Services          Other
                                                                                                    www.cbinsights.com



                     Share of VC in California by Sector - Dollars of Funding
                                                  Last Five Quarters




                     22%                                  19%                   21%                   21%
                                        34%
                                                          5%                                          2%
                      7%                                  6%                    8%                    7%
                     10%                                                        9%                    9%
                                        6%                19%
                     6%                 3%                                      11%
                                        20%
                     31%                                                        24%                   38%
                                                          30%
                                        23%

                     24%                                                        28%                   23%
                                                          21%
                                        15%

                     Q4'09             Q1'10             Q2'10                 Q3'10                 Q4'10

                             Healthcare                          Internet
                             Energy & Utilities                  Software (non-internet/mobile)
                             Computer Hardware & Services        Other
                                                                                                    www.cbinsights.com



www.cbinsights.com
37                                                                  Venture Capital Activity Report | Q4 2010


Early Stage Deal Volume Remains Strong in California
Early stage deal volume increased share by 5% as Seed and Series A both continued




                                                                                                                California
their upward trend in California. Series C took larger portion of investment dollars.

                      Share of VC in California by Series - Number of Deals
                                               Last Five Quarters




                                     9%                4%                                    6%
                     11%                                                   11%
                                                       14%                                   8%
                     15%            13%                                    10%
                                                                                             21%
                                                       23%                 18%
                     16%            23%

                                                                                             23%
                                                       23%                 24%
                     25%
                                    28%

                                                                                             31%
                                                       28%                 27%
                     25%
                                    22%

                      7%                               8%                  11%               12%
                                     4%
                     Q4'09          Q1'10             Q2'10                Q3'10             Q4'10
                             Seed   Series A    Series B    Series C       Series D   Series E +


                                                                                           www.cbinsights.com



                       Share of VC in California by Series - Dollars of Funding
                                               Last Five Quarters


                                                       4%
                     14%            13%                                    14%               17%
                                                       29%
                                    20%                                    16%               12%
                     24%

                                                                           21%
                                    22%                                                      35%
                                                       32%
                     28%

                                                                           31%
                                    33%                                                      21%
                     20%                               21%


                     13%                              13%                  16%               15%
                                    11%
                      0%             0%                1%                   1%               1%
                     Q4'09          Q1'10             Q2'10                Q3'10            Q4'10

                             Seed   Series A    Series B      Series C     Series D   Series E +


                                                                                           www.cbinsights.com


www.cbinsights.com
38                             Venture Capital Activity Report | Q4 2010




     Q4 2010 Venture Capital

     MASSACHUSETTS




www.cbinsights.com
39                                                   Venture Capital Activity Report | Q4 2010




                                                                                                   Massachusetts
Massachusetts Recovers, but Levels Still Down Versus Q2
VC funding in Massachusetts jumped 35% versus Q3, but still was down 4% year-
over-year. Mass’ deal count hit its lowest point in five quarters.




          Massachusetts VC Investment and Deal Volume Trend
                                 Last Five Quarters
          88           87                                       87
                                           84

                      $898                                                        78



                                          $689
        $653                                                                     $630


                                                               $466


        Q4'09         Q1'10               Q2'10                Q3'10             Q4'10


                              $ Funding           # of Deals

                                                                              www.cbinsights.com




www.cbinsights.com
40                                                              Venture Capital Activity Report | Q4 2010




                                                                                                               Massachusetts
Healthcare & Internet Remain Atop the Rest in Mass
Healthcare and Internet combined for 68% of investment dollars and 61% of deal
volume. Mobile doubled its share in terms of deals and investment dollars versus Q3.




                                                                                Quarter Highlights
          VC Deal Volume (#) in Massachusetts by Sector, Q410
                                                                                78 deals | $630M
            4% 1%
                                          Healthcare
                      4%                                                        Top Sector
     0%                                   Internet                                # of Deals – Healthcare /
            6%                            Software (non-internet/mobile)                      Internet (tie)
                                  29%
                                                                                  $ of Funding - Healthcare
                                          Energy & Utilities
      10%
                                          Mobile & Telecommunications           Top Five Deals
                                          Computer Hardware & Services           Genocea Biosciences
      6%
                                          Industrial                             NinePoint Medical
                                                                                 Rive Technology
           9%                             Business Products & Services           Cerulean Pharma
                            29%           Electronics                            Aspen Aerogels
                                          All Other
                                                                                Top Cities
                                                        www.cbinsights.com       Cambridge
                                                                                  18 deals | $258M
                                                                                 Waltham
           VC Investment ($) in Massachusetts by Sector, Q410                     8 deals | $45M
                                                                                 Newton
                2%    2%                                                          3 deals | $44M
                                                                                 Boston
                                           Healthcare
                                                                                  11 deals | $41M
                 4%                        Internet                              North Lexington
                                                                                  2 deals | $26M
          12%                              Software (non-internet/mobile)        Burlington
 0%                                 41%    Energy & Utilities                     2 deals | $22M
                                                                                 Northborough
      6%                                   Mobile & Telecommunications            1 deals | $22M
                                           Computer Hardware & Services          Woburn
      6%                                                                          4 deals | $19M
                                           Industrial                            Beverly
           8%                              Business Products & Services           3 deals | $17M
                                                                                 Boxborough
                                           Electronics                            1 deals | $16M
                      20%
                                           All Other

                                                        www.cbinsights.com




www.cbinsights.com
41                                                                         Venture Capital Activity Report | Q4 2010




                                                                                                                       Massachusetts
Healthcare Investment Share Down Sharply
Share of investment in Internet held steady in terms of both deals and dollars.
Healthcare retained top spot, but lost share to Industrial and Mobile investments.


                        Share of VC in Massachusetts by Sector - Number of Deals
                                                      Last Five Quarters



                                           17%                17%                    13%
                     22%                                                                          19%
                                                               4%                     8%
                                            6%                 5%                     3%          6%
                      3%
                      5%                   10%                10%                    10%          6%
                     10%                                                                          9%
                                           11%
                                                              27%                    29%
                     26%
                                           22%                                                    29%



                     34%                   33%                38%                    37%
                                                                                                  29%



                     Q4'09                Q1'10               Q2'10                  Q3'10       Q4'10

                                  Healthcare                            Internet
                                  Software (non-internet/mobile)        Energy & Utilities
                                  Industrial                            Other
                                                                                                www.cbinsights.com



                 Share of VC in Massachusetts by Sector - Dollars of Funding
                                                      Last Five Quarters



                                           12%                 8%                    13%
                     17%                                       2%                                 14%
                                            1%                                        3%
                             2%                               14%
                             2%            12%                                        4%          12%
                     11%                                       5%                     9%
                                                                                                  6%
                                           22%                16%                                 8%
                     16%                                                             21%
                                                                                                  20%
                                           10%


                     51%                                      56%
                                                                                     49%
                                           42%                                                    41%




                     Q4'09                Q1'10               Q2'10                  Q3'10       Q4'10

                              Healthcare                              Internet
                              Software (non-internet/mobile)          Energy & Utilities
                              Industrial                              Other
                                                                                                www.cbinsights.com


www.cbinsights.com
42                                                                       Venture Capital Activity Report | Q4 2010




                                                                                                                       Massachusetts
Seed Share Balloons in Mass, but Early Stage Down Overall
Seed deal volume grew its share in Mass threefold versus last quarter, but early stage
investing (Seed + Series A) lost significant ground overall.

                      Share of VC in Massachusetts by Series - Number of Deals
                                                    Last Five Quarters



                                                               2%               2%
                     11%                 13%                                    5%                     11%
                                                              11%
                      6%                                                        16%                    7%
                                         9%
                                                              16%
                     15%                                                                               15%
                                         19%

                                                              28%               36%
                     28%
                                                                                                       33%
                                         28%


                     33%                                      36%               38%                    25%
                                         27%

                      7%                 4%                   7%                                       9%
                                                                                3%
                     Q4'09              Q1'10              Q2'10               Q3'10               Q4'10
                               Seed     Series A     Series B    Series C      Series D     Series E +


                                                                                                 www.cbinsights.com



                       Share of VC in Massachusetts by Series - Dollars of Funding
                                                     Last Five Quarters


                                                                                 2%
                                                                                 4%
                                                              10%                                      13%
                     23%                                                        15%
                                         33%                  11%                                      10%
                      5%
                     12%                                                                               19%
                                          9%                  30%
                                                                                46%
                                          9%
                     29%
                                                                                                       35%
                                                              24%
                                         31%


                     31%                                                        33%
                                                              24%                                      23%
                                         18%
                      1%                 0%                    0%                0%                     1%
                     Q4'09              Q1'10                 Q2'10             Q3'10                  Q4'10

                             Seed     Series A     Series B     Series C     Series D     Series E +


                                                                                                  www.cbinsights.com


www.cbinsights.com
43                             Venture Capital Activity Report | Q4 2010




     Q4 2010 Venture Capital

     NEW YORK




www.cbinsights.com
44                                                  Venture Capital Activity Report | Q4 2010


New York VC Activity Explodes – Deals and Dollars Way Up




                                                                                                New York
New York saw a 5-quarter high in terms of both investment and deal volume – up 90%
and 29%, respectively, since last quarter; funding was up 63% year-over-year.




               New York VC Investment and Deal Volume Trend
                                   Last Five Quarters
                                                                              66
                         55
                                            48                 51            $466
             41
                                         $355
                        $319
            $286
                                                              $245




           Q4'09        Q1'10            Q2'10                Q3'10          Q4'10


                                $ Funding        # of Deals

                                                                        www.cbinsights.com




www.cbinsights.com
45                                                Venture Capital Activity Report | Q4 2010


Get Started for Free with CB Insights
Basic membership to CB Insights venture capital and angel investor database is free.
Just visit http://www.cbinsights.com. And also connect with us via any of the following.




                Twitter                            Newsletter
                Follow us @cbinsights              Click here to receive our dealflow
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www.cbinsights.com
46                                                        Venture Capital Activity Report | Q4 2010


Internet Still Dominates the Empire State




                                                                                                      New York
Internet’s dominance of NY continued as 60% of VC funding went to web companies.
Healthcare and Mobile combined for over 20% of deal volume.




                                                                          Quarter Highlights
          VC Deal Volume (#) in New York by Sector, Q410
        3%           0%    2%                                             66 deals | $466M
                                      Internet
              5%                                                          Top Sector
                                      Healthcare                            # of Deals – Internet
                                                                            $ of Funding - Internet
       11%                            Mobile & Telecommunications
                                                                          Top Five Deals
                                      Computer Hardware & Services
                                                                           AppNexus
     9%                                                                    Vostu
                                      Business Products & Services         Tumblr
                                59%                                        TxVia
                                      Electronics                          Touchstone Health

                                      Software (non-internet/mobile)      Top Cities
                                                                           New York
                                                    www.cbinsights.com      63 deals | $457M
                                                                           Brooklyn
                                                                            1 deal | $7M
                                                                           Long Island City
          VC Investment ($) in New York by Sector, Q410                     1 deal | $2M
                                                                           Sea Cliff
                0%                                                          1 deal | <$1M

                      4%               Internet
               5%
                                       Healthcare
        13%
                                       Mobile & Telecommunications
     4%                                Computer Hardware & Services

                                60%    Business Products & Services
       14%
                                       Electronics

                                       Software (non-internet/mobile)

                                                    www.cbinsights.com




www.cbinsights.com
47                                                                   Venture Capital Activity Report | Q4 2010


Internet and Mobile Capture 70% of NY Deal Volume




                                                                                                                     New York
Internet share dropped while Mobile and Healthcare held their ground. For the second
quarter in a row, Computer Hardware & Services took a double digit share of dollars.

                        Share of VC in New York by Sector - Number of Deals
                                                 Last Five Quarters


                                                            6%                   6%
                                                                                                  12%
                     20%                 22%               13%                  14%
                                                                                                  11%
                      5%                                    8%                   2%
                      2%                 9%                                      8%                5%
                     10%                                                                           5%
                                         5%                                                        9%
                                         11%


                                                           73%                  71%
                     63%                                                                          59%
                                         53%




                     Q4'09               Q1'10             Q2'10                Q3'10             Q4'10

                             Internet                              Healthcare
                             Financial                             Computer Hardware & Services
                             Mobile & Telecommunications           Other
                                                                                                www.cbinsights.com



                     Share of VC in New York by Sector - Dollars of Funding
                                                 Last Five Quarters



                                          9%                6%                   5%
                                                                                 9%               13%
                     24%                  2%                9%
                                          8%                                                       3%
                                                           15%                  16%               12%
                      4%
                                         19%
                                                                                 8%                6%
                     18%
                                                                                                  13%
                      7%


                                                           70%
                                         63%                                    63%
                     48%                                                                          53%




                     Q4'09               Q1'10             Q2'10                Q3'10             Q4'10

                             Internet                            Healthcare
                             Financial                           Computer Hardware & Services
                             Mobile & Telecommunications         Other
                                                                                                www.cbinsights.com


www.cbinsights.com
48                                                               Venture Capital Activity Report | Q4 2010


It’s Not All About Early Stage in New York




                                                                                                             New York
Share of early stage investing dropped in terms of deals and dollars on back of sizable
Series C and Series D deals. Seed VC retained strong presence overall.

                      Share of VC in New York by Series - Number of Deals
                                               Last Five Quarters



                                     7%                 2%                2%               7%
                     12%                                5%                5%
                                     5%                                   5%               4%
                      6%                               11%
                                    14%
                     15%                                                 24%               25%
                                                       20%

                                    30%                                                    13%
                     30%

                                                       45%               46%
                                                                                           39%
                                    39%
                     30%

                                                       16%               17%               13%
                      6%             7%

                     Q4'09          Q1'10             Q2'10              Q3'10             Q4'10
                             Seed   Series A    Series B    Series C     Series D   Series E +


                                                                                        www.cbinsights.com


                       Share of VC in New York by Series - Dollars of Funding
                                               Last Five Quarters


                                                       4%
                                                                         9%
                                    16%                                                    16%
                                                       17%               3%
                     28%
                                     6%                                  10%
                                                                                           13%
                      2%            12%
                                                       25%
                     24%                                                 34%

                                                                                           44%
                                    51%                23%

                     31%
                                                                         41%               12%
                                                       30%
                     15%            15%                                                    13%
                      0%             0%                1%                 2%               2%
                     Q4'09          Q1'10             Q2'10              Q3'10            Q4'10

                             Seed   Series A    Series B      Series C   Series D   Series E +


                                                                                        www.cbinsights.com


www.cbinsights.com
49                             Venture Capital Activity Report | Q4 2010




     Q4 2010 Venture Capital

     WASHINGTON




www.cbinsights.com
50                                                  Venture Capital Activity Report | Q4 2010


Washington Venture Funding Sees Five-Quarter Low




                                                                                                Washington
Washington’s venture resurgence stalled with investment dollars falling 46% from last
quarter and down 28% year-over-year. Deal volume also saw weakness.




             Washington VC Investment and Deal Volume Trend
                                   Last Five Quarters

                                                               34
                          29                                                  28
             26                             25


                                         $211                 $222

            $165
                         $138
                                                                             $119




           Q4'09        Q1'10            Q2'10                Q3'10          Q4'10


                                $ Funding        # of Deals

                                                                         www.cbinsights.com




www.cbinsights.com
51                                                         Venture Capital Activity Report | Q4 2010


Internet Swallows Over 50% of Washington Deal Volume




                                                                                                       Washington
Internet owned the Washington investment scene commanding 57% and 46% of deals
and dollars, respectively. Healthcare and Software rounded out the top 3.




                                                                           Quarter Highlights
      VC Deal Volume (#) in Washington by Sector, Q410

                 4%    0%                                                  28 deals | $119M
          3%                        Healthcare
                      4%
                            14%     Internet                               Top Sector
                                                                             # of Deals – Internet
                                    Energy & Utilities                       $ of Funding - Internet
       11%
                                    Mobile & Telecommunications
                                                                           Top Five Deals
     7%                             Software (non-internet/mobile)
                                                                            Docusign
0%                                  Computer Hardware & Services            Xenon Arc
                                                                            Coronado Biosciences
                                    Environmental Services & Equipment
                                                                            Skytap
                                    Business Products & Services            Cardiac Dimensions
                            57%
                                    All Other                              Top Cities
                                                                            Seattle
                                                    www.cbinsights.com       12 deals | $69M
                                                                            Redmond
                                                                             3 deals | $16M
                                                                            Bellevue
          VC Investment ($) in Washington by Sector, Q410                    4 deals | $10M
                                                                            Kirkland
               2%      0%                                                    2 deals | $7M
                                     Healthcare                             Tukwila
                      4%                                                     1 deals | $5M
                             18%     Internet                               Gig Harbor
            8%
                                     Energy & Utilities                      1 deals | $4M

                                     Mobile & Telecommunications
                                     Software (non-internet/mobile)
     20%
                                     Computer Hardware & Services
                                     Environmental Services & Equipment

                             46%     Business Products & Services
     1%                              All Other
      0%
                                                    www.cbinsights.com




www.cbinsights.com
52                                                                            Venture Capital Activity Report | Q4 2010


Internet Eclipses Healthcare in VC Share




                                                                                                                            Washington
Healthcare lost share to both Web and Software in Q4..


                        Share of VC in Washington by Sector - Number of Deals
                                                         Last Five Quarters


                      8%                                                                                 11%
                                            14%                                           15%
                                                                 20%
                      15%                                                                  6%            11%
                                            14%
                                                                  8%                       6%             7%
                      8%                    3%                                             6%
                                            7%                   12%


                      42%                                        28%                      38%
                                            41%                                                          57%




                      27%                                        32%                      29%
                                            21%
                                                                                                         14%

                     Q4'09                 Q1'10                Q2'10                     Q3'10         Q4'10

                                    Healthcare                                 Internet
                                    Energy & Utilities                         Mobile & Telecommunications
                                    Software (non-internet/mobile)             Other
                                                                                                       www.cbinsights.com


                     Share of VC in Washington by Sector - Dollars of Funding
                                                         Last Five Quarters


                      3%                                                                   7%
                                            12%                  13%                                     15%
                      16%                                                                  6%
                                             7%                   9%                       5%
                      4%                     1%
                                            10%                                                          20%
                                                                 18%                      26%
                                                                                                          1%
                      36%
                                                                  9%

                                                                                                         46%
                                            66%

                                                                 51%                      56%
                      41%

                                                                                                         18%
                                            4%
                     Q4'09                 Q1'10                Q2'10                     Q3'10         Q4'10

                             Healthcare                                  Internet
                             Energy & Utilities                          Mobile & Telecommunications
                             Software (non-internet/mobile)              Other
                                                                                                       www.cbinsights.com



www.cbinsights.com
53                                                               Venture Capital Activity Report | Q4 2010


Trend of Early Stage Investment Emerges in Washington




                                                                                                             Washington
Overall investment was down in Wash, but absolute figures don’t tell the whole story –
For the third straight quarter, share of early stage (Seed + A) volume was up.

                      Share of VC in Washington by Series - Number of Deals
                                               Last Five Quarters



                                    5%                 9%                                  5%
                     15%                                                 12%               5%
                                    10%
                                                       9%                4%
                     5%                                                                    16%
                     10%            20%                                  16%

                                                       43%                                 21%
                     20%
                                                                         24%

                                    40%

                                                                                           42%
                     50%                                                 36%
                                                       35%
                                    25%
                                                                          8%               11%
                      0%             0%                4%
                     Q4'09          Q1'10             Q2'10              Q3'10             Q4'10
                             Seed   Series A    Series B    Series C     Series D   Series E +


                                                                                        www.cbinsights.com


                       Share of VC in Washington by Series - Dollars of Funding
                                               Last Five Quarters


                                     4%                7%                                  6%
                     20%            13%
                                                                         27%
                                                       22%
                     7%
                     1%                                                   1%
                                                                                           47%
                     12%
                                    48%                                  23%
                                                       40%

                                                                                           18%
                                                                         32%
                     60%
                                    22%
                                                       30%                                 27%
                                    13%                                  17%
                      0%             0%                0%                 0%               1%
                     Q4'09          Q1'10             Q2'10              Q3'10            Q4'10

                             Seed   Series A    Series B      Series C   Series D   Series E +


                                                                                        www.cbinsights.com


www.cbinsights.com
54                             Venture Capital Activity Report | Q4 2010




     Q4 2010 Venture Capital

     TEXAS




www.cbinsights.com
55                                                      Venture Capital Activity Report | Q4 2010


VC Funding in Texas Falls, but Remains Strong Overall




                                                                                                    Texas
Texas funding fell 16% versus last quarter while deal volume was up. Funding was
still up 27% year-over-year.




                     Texas VC Investment and Deal Volume Trend
                                       Last Five Quarters
             39              38
                                                                                  36
                                                33                 33


                                                                  $357
                                                                                 $300
                            $264
            $238
                                             $212




           Q4'09            Q1'10            Q2'10                Q3'10          Q4'10


                                    $ Funding        # of Deals

                                                                            www.cbinsights.com




www.cbinsights.com
56                                                           Venture Capital Activity Report | Q4 2010


Internet and Healthcare Win Top Honors in Texas




                                                                                                         Texas
Web took over one-third of overall investment in the Lone Star State, with Healthcare
not far behind. Mobile & Telecom also were strong in Q4.




                                                                             Quarter Highlights
            VC Deal Volume (#) in Texas by Sector, Q410
                                                                             36 deals | $300M
            0%                         Healthcare
                  8%                                                         Top Sector
                                       Energy & Utilities
            6%                                                                 # of Deals – Healthcare
                                       Internet                                $ of Funding - Internet
 0%    6%                    33%
                                       Mobile & Telecommunications
                                                                             Top Five Deals
                                       Computer Hardware & Services
      14%                                                                     Whale Shark Media
                                       Software (non-internet/mobile)         IDev Technologies
                                                                              Dachis Group
                                       Business Products & Services           New Century Hospice
                            8%         Automotive & Transportation            Silverback Acquisitions
                  25%                  All Other                             Top Cities
                                                                              Austin
                                                     www.cbinsights.com        20 deals | $186M
                                                                              Webster
                                                                               1 deals | $46M
                                                                              Dallas
             VC Investment ($) in Texas by Sector, Q410                        3 deals | $27M
                                                                              Houston
                                                                               4 deals | $12M
                 0%
                                        Healthcare                            San Antonio
                      6%                                                       3 deals | $10M
                                        Energy & Utilities                    Richardson
        16%                             Internet                               1 deals | $10M
                            30%                                               Addison
                                        Mobile & Telecommunications            2 deals | $6M
3%                                      Computer Hardware & Services          Allen
                                                                               1 deals | $3M
0% 5%                                   Software (non-internet/mobile)
                                        Business Products & Services
                                        Automotive & Transportation
                      36%         4%    All Other


                                                     www.cbinsights.com




www.cbinsights.com
57                                                                       Venture Capital Activity Report | Q4 2010


Energy Loses Ground to Healthcare and Internet




                                                                                                                       Texas
Energy, which is a mainstay of the Texas venture scene, fell on both deals and dollars.
Energy’s lost share was reaped by Web and Healthcare companies.


                        Share of VC in Texas by Sector - Number of Deals
                                                    Last Five Quarters



                                                            15%                                     19%
                                                                                27%
                     33%
                                          45%                9%
                                                                                                    14%
                                                                                 6%
                                                            18%
                     13%                                                         9%                  8%
                      5%                  5%                12%
                      3%                                                        24%                 25%
                                          16%
                     15%
                                          8%                33%                 12%
                                          16%                                                       33%
                     31%
                                                                                21%
                                          11%               12%

                     Q4'09              Q1'10              Q2'10                Q3'10              Q4'10

                               Healthcare                           Internet
                               Energy & Utilities                   Mobile & Telecommunications
                               Computer Hardware & Services         Other
                                                                                                  www.cbinsights.com



                        Share of VC in Texas by Sector - Dollars of Funding
                                                    Last Five Quarters


                                                             4%                 10%
                                                             4%
                                                                                                    25%
                     32%                                    14%                 13%
                                          50%
                                                                                11%                  5%
                                                                                                     4%
                     16%
                                                            48%
                      6%                                                        32%                 36%
                      1%                  11%
                     10%
                                          13%                                    2%

                                          10%               16%
                     36%                                                        32%                 30%
                                          10%
                                                            14%
                                           6%
                     Q4'09              Q1'10              Q2'10                Q3'10              Q4'10

                             Healthcare                            Internet
                             Energy & Utilities                    Mobile & Telecommunications
                             Computer Hardware & Services          Other
                                                                                                  www.cbinsights.com


www.cbinsights.com
58                                                               Venture Capital Activity Report | Q4 2010

Texas Continues to be a Destination for Early Stage Deals




                                                                                                             Texas
Seed fell off the map, but early stage deals still commanded over 60% of overall deal
volume in Texas. Early stage investment dollars also held their ground.

                      Share of VC in Texas by Series - Number of Deals
                                               Last Five Quarters



                                                       6%                 6%
                                    14%                                   6%               15%
                     20%
                                    10%                22%               12%
                      5%                                                                   11%
                                    10%                                  12%               4%
                     20%                                                                   7%
                                                       17%

                                    33%                11%
                                                                         47%
                     35%
                                                                                           63%
                                                       39%
                                    33%
                     20%                                                 18%
                                                       6%
                      0%             0%                                                     0%
                     Q4'09          Q1'10             Q2'10              Q3'10             Q4'10
                             Seed   Series A    Series B    Series C     Series D   Series E +


                                                                                        www.cbinsights.com


                       Share of VC in Texas by Series - Dollars of Funding
                                               Last Five Quarters


                                                       4%
                     14%            13%                                  14%               17%
                                                       29%
                                    20%                                  16%               12%
                     24%

                                                                         21%
                                    22%                                                    35%
                                                       32%
                     28%

                                                                         31%
                                    33%                                                    21%
                     20%                               21%


                     13%                              13%                16%               15%
                                    11%
                      0%             0%                1%                 1%               1%
                     Q4'09          Q1'10             Q2'10              Q3'10            Q4'10

                             Seed   Series A    Series B      Series C   Series D   Series E +


                                                                                        www.cbinsights.com


www.cbinsights.com
59                                                                     Venture Capital Activity Report | Q4 2010


Definitions – Ensuring Data Integrity
What’s Included in our Quarterly Venture Capital Numbers? What is not?

Given the importance of venture capital in spurring innovation and entrepreneurship, measuring venture capital activity
accurately is important. We encourage you to review the methodology and definitions employed by us to better
understand the numbers presented in this report. If you have any questions about our definitions or methodological
principles, we encourage you to reach out to us directly.


 What is included?                                              What is excluded?

• Equity financings into emerging companies.                    • Angel investment. These are not included in
  Funding must come from venture capital firms including          numbers unless an investment round included Angels
  corporate venture groups.                                       investing alongside a venture capital firm or corporate
• Fundings of only private companies. Public                      venture group.
  companies of any kind on any exchange (including Pink         • No contingent funding. If a company receives a
  Sheets) are excluded from our numbers even if they              commitment for $20M subject to hitting certain
  received investment by a venture firm(s)                        milestones but first gets $8M, only the $8M is included
• Companies must be headquartered in the USA. Our                 in our data.
  geographic data is based on the city and state where the      • No business development/R&D arrangements
  company receiving investment is headquartered. If a             whether transferable into equity now, later or
  company has a satellite office/presence in multiple cities      never. If a company signs a $300M R&D partnership
  or was founded in a particular city but has moved its HQ,       with a larger corporation, this is not equity financing
  our results reflect only this HQ address.                       nor is it from venture capital firms. As a result, it is not
• Only include the investment made in the quarter for             included.
  tranched investments. If a company does a second              • Buyouts, Consolidations and Recapitalizations.
  closing of its Series B round for $5M and previously had        All three of these of transaction types are commonly
  closed $2M in a prior quarter, only the $5M is reflected        employed by private equity firms and are tracked by
  in our results.                                                 CB Insights. However, they are excluded for the
• Round #s reflect what has closed – not what is                  purposes of this report. Private equity investments into
  intended. If a company indicates the closing of $5M out         companies which may have received venture capital
  of a desired raise of $15M, our numbers reflect only the        investment prior are also not included.
  amount which has closed.                                      • Private placements. These investments also known
• Only verifiable fundings are included. Fundings are             as PIPEs (Private Investment in Public Equities) even
  verified via (1) various federal & state regulatory filings     if made by a venture capital firm(s) are not included.
  (2) direct confirmation with firm or investor or (3) press    • Debt/loans of any kind. Venture debt or any kind of
  release.                                                        debt/loan issued to emerging, startup companies even
• Funding close date matters. Fundings are provided               if included as an additional part of an equity financing
  based on funding close date and not on announcement             is not included. If a company receives $3M with $2M
  date.                                                           from venture investors and $1M in debt, only the $2M
                                                                  is included in these statistics.
                                                                • Government funding. Grants, loans, equity
                                                                  financings by the federal government, state agencies
                                                                  or public-private partnerships to emerging, startup
                                                                  companies are not included. Strictly venture or
                                                                  corporate venture outfits.
                                                                • Incubator investments. Investments of money as
                                                                  equity or debt and/or services by incubators are not
                                                                  included.
                                                                • Strategic corporate investments. Corporations
                                                                  making strategic investments in companies but not as
                                                                  part of a specific organized venture group are not
                                                                  included.



www.cbinsights.com
60                                                         Venture Capital Activity Report | Q4 2010


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Capital and Angel Investment Database.
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available behind prohibitively expensive paywalls.


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61                                                Venture Capital Activity Report | Q4 2010


Get Started for Free with CB Insights
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Just visit http://www.cbinsights.com. And also connect with us via any of the following.




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www.cbinsights.com

				
DOCUMENT INFO
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posted:1/13/2011
language:English
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Description: Venture capital activity in Q4 2010 reached an eight quarter high for deals and dollars hitting $6.5B over 735 deals. Q4 2010’s venture capital stats have something for everyone. For those of you looking for a data point that suggests VC is back and on the road to recovery after 2009’s tough sledding, the eight quarter high on deals and dollars gives you something to hang your hat on. For those of you who think VC is overheated and we’re headed for a bubble, the eight quarter high on deals and dollars gives you something to hang your hat on. Yes – it’s all a matter of perspective.