Quarterly Venture Capital Report - Q3 2011

Document Sample
Quarterly Venture Capital Report - Q3 2011 Powered By Docstoc
					                                                                                       Venture Capital Activity Report | Q3 2011




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




    © 2010, CB Insights. All rights reserved. For more information about CB Insights, please email info@cbinsights.com.

www.cbinsights.com
 2                                                                     Venture Capital Activity Report | Q3 2011


Q3 2011 – This Quarter in Venture Capital
Quarter sees dealflow and funding levels reach record levels. If current pace continues,
2011 could be biggest year for venture capital in a decade.
VCs shrugged off market turmoil, economic uncertainty and their own difficulties raising funds from limited partners and
opened their checkbooks (a lot) in Q3 2011 showering 790 firms with $7.9B of funding.

Of course, the looming question after seeing this type of blowout quarter is whether or rather how long this can continue
given VCs are having a tough time raising funds. If the final quarter of the year comes in at similar levels, we are looking
at a $30B+ year for VCs which could be a decade long high. So at some point, something has to give. But until then,
entrepreneurs can enjoy the VCs for however long they choose to “make it rain”.

Before we get into specific notes on the quarter, it’s 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, the CB Insights database tracked Twitter’s
$800M funding but since $400M was for cashing out current stockholders, only $400M is included in our data. Also, when
non-VCs (mutual funds, hedge funds, etc) invest in internet companies for example, we do not include those rounds unless
there is also a venture firm participating in the round as well. As always, we recommend you also review our definitions
and methodology on p. 59 to see what is included vs. what is not as there tends to be a fair amount of misinformation out
there about venture data.


Did NY Just Win the Race for #2 in VC?                          Green Tech / Clean Tech Bounces Back
  In Q3 2011, NY schooled Massachusetts with both                From its weak Q2 performance, green tech saw some
  deals and dollars jumping to record levels while               pep in its step with deal and dollar increases. Cali, Mass
  Massachusetts dipped on both dimensions. For the first         and Texas were leading geographies. Unlike tech and
  time ever, NY beat Mass on an absolute basis for both          healthcare, green tech saw seed deals disappear and
  VC deals and dollars invested in a quarter. NY                 early-stage funding hit a five quarter low. Renewable
  registered $831M invested over 86 deals while Mass             energy which continues to be the top destination for green
  came in at $710M invested over 83 deals.                       VC investment continues atop the areas of green tech
                                                                 interest but has been steadily declining over time.
VCs Continue to Plant Their Seeds – Optionality Rules
 The Seed VC phenomena which we’d uncovered and                 California Still Reigns (Boring)
 detailed many quarters ago continues to gain steam              California is still the top destination for funding and deals.
 with 15% of the quarter’s deals going to seed                   Software and energy saw an uptick stealing share from
 investments. While primarily a tech VC tool, healthcare         healthcare and internet VC. Early stage dollars did shrink
 investors increasingly used Seed VC investments in Q3           in the quarter.
 2011 as well. The Seed VC investment gives investors
 a relatively low-cost option on companies they invest in.      Massachusetts – Is Lack of Focus a Problem?
 In essence, these investments require minimal capital           Deals on a YoY basis were down slightly while NY and
 outlay and allow an investor to see a business take             Cali grew deals over the same period. The quarter’s
 shape (or not) and then choose to invest in the future. It      funding tally was buoyed by an energy mega-deal
 also allows mores companies to get funded to pursue             (Boston Power). While the state’s sector diversity can be
 their entrepreneurial ambitions.                                viewed as good thing, is there a “jack of all trades, master
                                                                 of none” issue facing Mass?
Healthcare VC – Somebody Get a Doctor
 With chatter about an unfriendly regulatory landscape          Texas Holds Strong
 getting louder and a generally uncertain exit                    The Lone Star State retains its industry diversity across
 environment, healthcare VC continued its consistent              industry categories. Deal and dollar volume stayed
 trend downwards registering 143 financings in Q3’11 vs.          steady.
 184 in Q3’10.
                                                                Washington Wakes Up (A Bit)
                                                                 After wondering if folks were “Sleeping in Seattle” in Q2,
                                                                 Washington sees a bit of a bounce back with large Zulily
                                                                 deal. Deal volume remained flat. Healthcare sector grew
                                                                 its overall share of Washington.



www.cbinsights.com
 3                                                    Venture Capital Activity Report | Q3 2011


$7.9B over 790 Deals – Another Nine Quarter High
Q3’ 11 marked the 4th consecutive quarter of increased deals and funding and puts
2011 on track to be a $30B year and potentially the biggest in the last 10 years.




               Quarterly VC Investment and Deal Volume Trend
                                       Q3 '09 to Q3 '11

                                                                                768        790
                       730                   715          735            738
     678        687
                               612
                                                                                           $7.9
                                                                         $7.5   $7.6
                                                          $6.5
     $6.1              $5.9    $5.9
                $5.5                        $5.4




 Q3'09         Q4'09   Q1'10   Q2'10       Q3'10          Q4'10      Q1'11      Q2'11     Q3'11
                               Investment ($M)                   Deals

                                                                                   www.cbinsights.com




www.cbinsights.com
 4                                                            Venture Capital Activity Report | Q3 2011


New York’s Deal Share Ties Massachusetts
While Cali, Mass and NY continue to own 60+% share of deals, New York’s share
jumped into the double digits climbing to levels of its northern brother, Mass.



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




               33%                  29%               30%              28%              31%

                                     4%               4%                4%
                5%                                                      5%              4%
                                     5%               5%                                4%
                5%                   9%                                 8%
                7%                                    10%                               11%
                                    11%                                12%
               12%                                    12%                               11%



                                    42%               40%              44%              40%
               38%



               Q3'10                Q4'10            Q1'11             Q2'11           Q3'11

                     California   Massachusetts   New York     Texas   Washington   Other


                                                                                      www.cbinsights.com




www.cbinsights.com
 5                                                            Venture Capital Activity Report | Q3 2011


NY’s Funding Share Hits Double Digits for First Time (Ever)
While California & Massachusetts’ share of overall U.S. venture capital funding in Q3
dipped, NY’s momentum continued with 1 of every 10 VC dollars flowing to the state.




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



                                                                          20%
               27%                                   26%                                   26%
                                   36%                                     2%
                                                      2%                   4%
                4%                                                         7%               2%
                                                      4%                                    4%
                7%                  2%                6%
                                    5%                                                     10%
                5%                                   10%                  16%
                9%                  7%                                                      9%
                                   10%



               49%                                   53%                  51%              48%
                                   40%




              Q3'10                Q4'10            Q1'11                 Q2'11           Q3'11

                      California   Massachusetts   New York       Texas     Washington   Other


                                                                                         www.cbinsights.com




www.cbinsights.com
6                                                          Venture Capital Activity Report | Q3 2011


What Smart Investors, Bankers and
Wealth Managers Use to Get Ahead…
With CB Insights you can access deep private company info that was once exclusively
available behind prohibitively expensive paywalls.


CB Insights is accessible for free by visiting http://www.cbinsights.com


 82,000+ Private Company Profiles.                             Coverage Universe
                 Over 82,000 high value private
                 company profiles across industries and        •   Venture Capital – 1999 to present
                 sectors. Medical devices to                   •   Angel Investment
                 mobile. Industrial to internet.               •   Private Equity
                                                               •   Federal SBIR Grants – 3 years
                                                               •   State Grant Programs
 From Angel to Private Equity.                                 •   Incubators – Over 300
                 Angel investment to venture capital to        •   Middle Market Private Companies
                 private equity to government funding to
                 under the radar mid-market private            Sector Coverage
                 companies.
                                                               •   Green/clean tech
                                                               •   Internet
 Company & Investor Updates via Email.                         •   Mobile & Telecom
                                                               •   Software
                 Add companies and investors of                •   Energy & Utilities
                 interest to your CBI Watchlist and get        •   Computer Hardware & Services
                 notified of changes and updates               •   Healthcare
                 automatically.                                •   Industrial
                                                               •   Automotive & Transportation
 Management & Board Information                                •   Business Products & Services
                                                               •   Consumer Products & Services
                 Find out about the people behind the          •   Electronics
                 companies including management and            •   Environmental Services &
                 board of directors profiles.                      Equipment
                                                               •   Financial Services
                                                               •   Food & Beverages
                                                               •   Leisure
 Analytics & Reporting                                         •   Media
                                                               •   Metals & Mining
                 Downloadable reports and analytics
                                                               •   Retail
                 which allow you to manipulate data
                                                               •   Risk & Security
                 when and how you want to.



www.cbinsights.com
 7                                                                       Venture Capital Activity Report | Q3 2011


Q3’11 Sees Steady Deal and Dollar Financing Pace
Despite turmoil in capital markets and general economic uncertainty, Q3’11 registered
three unusually consistent months of funding and deals.


                        Monthly VC Investment and Deal Volume Trend
                                                 January 2010 to June 2011

                     298
                                                           283                  281           270    267    267    263    260
                                                  259
              244                                                        239           231
                                   212                     $3.2   218
                            205
       190                                193                                                        $3.0
178                                                               $2.7                                             $2.7   $2.7
              $2.5                                                              $2.6                        $2.5
                                                                         $2.2          $2.3   $2.3
                     $2.1
$1.7                               $1.8   $1.7
       $1.6                                       $1.7
                            $1.5




                                                 Series2                   Series1

                                                                                                               www.cbinsights.com




www.cbinsights.com
 8                                                                    Venture Capital Activity Report | Q3 2011


Seed VC Hits Record Number of Deals
The seed VC trend continued grabbing 15% of deals in Q3. Overall, early stage
funding contracted, losing ground to mid and later stage financings.

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




                     10%               7%                   6%                    9%                     7%
                                       7%                   9%                                           9%
                      8%                                                         11%
                     15%              18%                  15%                                          15%
                                                                                 17%


                     24%              22%                  24%                                          25%
                                                                                 22%



                     33%              36%                  36%                                          29%
                                                                                 29%



                     11%              11%                  10%                   12%                    15%

                     Q3'10            Q4'10                Q1'11                 Q2'11                 Q3'11

                             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




                     16%              16%                  14%
                                                                                 21%                    22%

                     12%
                                      20%                  22%
                                                                                 16%                    16%
                     20%
                                                           22%                   23%                    21%
                                      28%

                     30%
                                                           23%                   21%                    26%
                                      20%

                     20%                                   17%                   17%
                                      15%                                                              13%
                      1%               1%                   1%                    1%                    1%
                     Q3'10            Q4'10                Q1'11                 Q2'11                 Q3'11
                              Seed   Series A   Series B     Series C       Series D     Series E +

                                                                                                      www.cbinsights.com




www.cbinsights.com
 9                                                                    Venture Capital Activity Report | Q3 2011


Mobile Dials up the Deals While Healthcare Gets Sick
Mobile’s deal share hit a record while healthcare deals dipped to multi-year lows. Tech
(net, mobile, hardware, software) took over 60% of deals and 50%+ of funding.

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



                     17%              13%                15%                    15%                 14%

                      7%              10%                                       9%                  13%
                                                         11%
                      4%              3%                                        4%
                                      8%                 3%                                         4%
                      8%                                 5%                     8%                  7%
                      6%              6%                 7%                     5%                  5%


                     33%              37%                39%                    39%                 39%



                     26%              24%                20%                    19%                 18%

                     Q3'10            Q4'10             Q1'11                  Q2'11                Q3'11
                             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



                     15%              14%                17%                    14%                 14%
                      5%               6%                                       7%                   7%
                                       3%                   8%                  5%                   3%
                      8%               7%                   3%                                       6%
                      8%                                    4%                  6%
                                       8%                                       6%                  11%
                      9%                                 16%

                     23%              39%                                       36%
                                                                                                    38%
                                                         31%


                     33%
                                      24%                21%                    25%                 21%


                     Q3'10            Q4'10             Q1'11                  Q2'11                Q3'11

                             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 | Q3 2011


Get Started for Free with CB Insights
Basic membership on CB Insights is free. Just visit http://www.cbinsights.com. Or
connect with us via any of the following.




                Twitter                          Newsletter
                Follow us @cbinsights            Click here to receive our weekly
                                                 dealflow newsletter.




                Email                            Telephone
                                                 212-292-3148
                info@cbinsights.com




www.cbinsights.com
11                             Venture Capital Activity Report | Q3 2011




     Q3 2011 Venture Capital

     INTERNET




www.cbinsights.com
12                                                   Venture Capital Activity Report | Q3 2011


VCs Continue to Bet on the “Webification” of the World
Web companies hit another five-quarter high in terms of both deals and dollars.




                                                                                                 Internet
Internet funding comes ever so close to the $3B quarterly level.




                 Internet VC Investment and Deal Volume Trend
                                    Last Five Quarters
                                                                298             308
                                          286
                          272
           233
                                                                              $2,989
                                                               $2,742
                         $2,543
                                         $2,315



         $1,253




          Q3'10          Q4'10           Q1'11                 Q2'11           Q3'11


                                  $ Funding       # of Deals

                                                                           www.cbinsights.com




www.cbinsights.com
13                                                                        Venture Capital Activity Report | Q3 2011


NY’s Internet Mojo on Display While Mass Flounders
Cali continues its reign at the top while NY plants itself firmly as the #2 destination for




                                                                                                                      Internet
Internet VC deals and dollars. Mass falls to a distant 3rd overall on deals and 4th on
financings due to Virginia-based Cvent’s large round.



                                                                                          Quarter Highlights
                VC Deal Volume (#) in Internet by State, Q3 2011

                                                     California                           308 deals | $2,989M
 2%                                                  New York
                       17%
  2%                                                 Virginia                             Top Five Deals
  1%                                                 Illinois
                                       39%                                                 Twitter
      3%                                             Massachusetts                         Cvent
                                                     Washington                            AirBnB
               4%
                                                     Texas                                 Tumblr
                8%                                   Utah                                  ZocDoc
                                                     New Jersey
           3%                                        Oregon                               Top Cities
                                20%
                1%                                   All Other
                                                                                           San Francisco, CA
                                                             www.cbinsights.com             44 deals | $717M
                                                                                           New York, NY
                                                                                            59 deals | $584M
                                                                                           Los Angeles, CA
                                                                                            8 deals | $232M
                    VC Investment ($) in Internet by State, Q3 2011                        McLean, VA
     2%                                                                                     1 deals | $136M
                1%         1%                                                              Palo Alto, CA
                                                     California
          2%                                                                                11 deals | $91M
                             7%                      New York
           3%                                                                              Chicago, IL
                                                     Virginia                               7 deals | $91M
          3%
                                                     Illinois                              Redwood City, CA
      3%                                                                                    4 deals | $88M
                                                     Massachusetts
                                                                                           San Mateo, CA
               6%                                    Washington
                                       52%                                                  8 deals | $87M
                                                     Texas
                                                                                           Seattle, WA
                                                     Utah                                   9 deals | $71M
                     20%                             New Jersey                            Foster City, CA
                                                     Oregon                                 2 deals | $62M
                                                     All Other

                                                             www.cbinsights.com




www.cbinsights.com
14                                                                           Venture Capital Activity Report | Q3 2011


NY Wins Big on Deal/Dollar Share; Cali Grows Dollar Share
Cali hits 5 qtr low on deals and high on dollars (due to Twitter). NY took share from




                                                                                                                               Internet
others hitting deal and dollar records. Mass holds flat on deals and dips big on dollars.

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




                     23%                    21%                     26%                 25%                    25%

                      6%                    6%                                           3%
                                                                     5%                                        4%
                     11%                    8%                       8%                  8%                    8%
                                            3%                                           2%                    3%
                      1%                                             5%
                                            14%                                         14%
                     15%                                            15%                                        20%




                     44%                    47%                                         48%
                                                                    42%                                        39%



                     Q3'10                 Q4'10                    Q1'11               Q2'11              Q3'11

                      California        New York     Illinois       Massachusetts      Washington      Other

                                                                                                          www.cbinsights.com




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




                                                                    15%                                        19%
                     25%                    21%
                                                                     3%                 28%
                                            2%                       5%                                        3%
                                            5%                                                                 3%
                      5%                                                                 2%                    3%
                      8%                                            22%                 10%
                                            24%                                                                20%
                     12%                                                                 3%
                                                                    11%                 14%
                                            10%


                     50%                                                                                       52%
                                                                    45%                 43%
                                            39%



                     Q3'10                 Q4'10                    Q1'11               Q2'11              Q3'11

                           California     New York       Illinois      Massachusetts      Washington      Other

                                                                                                          www.cbinsights.com




www.cbinsights.com
15                                                                   Venture Capital Activity Report | Q3 2011


Seed Internet Deals Up; Mid/Late Stage Funding Solid
Seed deals in web companies show continued growth while Series A recovers a bit




                                                                                                                 Internet
from its Q2 hiccup. Overall, mid and later stage funding stays strong.

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



                      4%                                   1%               5%                   4%
                                       7%                  6%
                      5%               5%                                   8%                   7%
                     15%                                  14%
                                                                            13%              12%
                                      19%

                     20%                                  25%                                25%
                                      18%                                   26%




                     42%                                  40%                                33%
                                      38%                                   31%



                                                                            18%              19%
                     13%              13%                 14%

                     Q3'10            Q4'10               Q1'11            Q2'11             Q3'11

                             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



                                                           1%
                     10%
                      7%              25%                                   28%              23%
                                                          30%

                     23%                                                                     12%
                                      27%                                   15%
                                                          23%                                18%
                     27%                                                    18%
                                      19%
                                                          25%                                30%
                                                                            22%
                                      16%
                     31%
                                                          20%               15%              15%
                                      12%
                      1%               1%                  2%               1%                2%
                     Q3'10            Q4'10               Q1'11            Q2'11             Q3'11


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

                                                                                           www.cbinsights.com



www.cbinsights.com
16                                                                               Venture Capital Activity Report | Q3 2011


Industry Diversity Continues with Internet Investments
Deal and dollar distribution remains diverse with many of the usual suspects (social,




                                                                                                                             Internet
advertising). Daily deal investment falls off cliff while security, ecommerce apparel,
analytics and travel emerge as well as hot industries for VC investments.



                               VC Deal Volume (#) in Internet by Sub-Industry, Q3 2011
                                                                      1%   Social
                                                  10%                      Advertising, Sales & Marketing
                                                                           Travel (internet)
                                                            10%            Bus. Intelligence, Analytics & Performance Mgmt
                                                                           Apparel & Accessories
                               43%
                                                                           Monitoring & Security
                                                                 7%        Health & Wellness
                                                                           Data Storage
                                                                 5%
                                                                           Data & Document Management
                                                            5%             Content Management
                                                                           Gaming
                                                                           Food & Grocery
                                                             4%
                                                                           News & Discussion
                                         3% 1%    3% 3%
                                               3%                          Information Providers & Portals
                                                   1%                      All Other
                                             1%
                                                                                                       www.cbinsights.com




                                VC Investment ($) in Internet by Sub-Industry, Q3 2011
                                                                           Social
                                                                           Advertising, Sales & Marketing
                                                           23%             Travel (internet)
                                    26%                                    Bus. Intelligence, Analytics & Performance Mgmt
                                                                           Apparel & Accessories
                                                                           Monitoring & Security
                                                                           Health & Wellness
                     2%                                           7%       Data Storage
                      2%                                                   Data & Document Management
                                                                6%
                          2%                                               Content Management
                     3%                                    6%              Gaming
                               3%                     5%                   Food & Grocery
                                              4% 5%
                                    3%                                     News & Discussion
                                         3%                                Information Providers & Portals
                                                                           All Other

                                                                                                       www.cbinsights.com




www.cbinsights.com
17                                                                Venture Capital Activity Report | Q3 2011


Seed and Series A See Climbing Median Deal Size
Later stage Internet deals (Series D+) continue to see volatile medians while early




                                                                                                                 Internet
stage medians tick up hitting five quarter highs for both Seed VC and Series A.




                       Internet Median Deal Size by Quarter
                                                   ($ Million)


                                                                                                    $20.0




                                                                                    $14.0


                                                                     $10.0

                                                   $6.8

                                 $3.6

               $1.0

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

                      Q3'10             Q4'10             Q1'11          Q2'11           Q3'11



                                                                                            www.cbinsights.com




www.cbinsights.com
18                             Venture Capital Activity Report | Q3 2011




     Q3 2011 Venture Capital

     HEALTHCARE




www.cbinsights.com
19                                                  Venture Capital Activity Report | Q3 2011


Healthcare Deal Funding Continues Decline




                                                                                                Healthcare
Significant uncertainty about prospects for healthcare loom (regulatory environment
and exit concerns) which appear to be impacting VC investment in the space.




              Healthcare VC Investment and Deal Volume Trend
                                   Last Five Quarters

           184
                         173
                                         150                   147            143

                                                              $1,894
          $1,753
                                                                             $1,677
                        $1,541          $1,561




          Q3'10         Q4'10           Q1'11                 Q2'11           Q3'11


                                 $ Funding       # of Deals

                                                                          www.cbinsights.com




www.cbinsights.com
20                                                                   Venture Capital Activity Report | Q3 2011


Once Again - Cali and Mass Dominate Healthcare




                                                                                                                 Healthcare
California and Massachusetts combine for 53% of deal share and 61% of dollars. As
usual, the rest of healthcare’s deals and dollars are sprinkled across numerous states.




                                                                                     Quarter Highlights

            VC Deal Volume (#) in Healthcare by State, Q3 2011                       143 deals | $1,677M
                                                  California                         Top Five Deals
                                                  Massachusetts
                     19%                          New Jersey
                                                                                      Valeritas
                                        29%                                           Nevro
                                                  New York
                                                                                      NeuroPace
           4%                                     Minnesota                           Verinata Health
     2%                                           Texas                               Sarcode
     4%                                           Pennsylvania
            4%
                                                  Ohio
                5%                                Tennessee                          Top Cities
                                      24%
                                                  Washington
            4%                                    All Other
                                                                                      Cambridge, MA
                  3%                                                                   15 deals | $175M
                           2%
                                                          www.cbinsights.com          Bridgewater, NJ
                                                                                       2 deals | $158M
                                                                                      Mountain View, CA
                                                                                       3 deals | $94M
            VC Investment ($) in Healthcare by State, Q3 2011                         San Francisco, CA
                                                                                       5 deals | $75M
            2%                                                                        San Carlos, CA
       2%                                         California                           3 deals | $72M
           2%              9%                     Massachusetts                       Menlo Park, CA
     3%                                           New Jersey                           3 deals | $63M
      3%                                          New York                            Lexington, MA
                                            39%                                        3 deals | $61M
     3%                                           Minnesota
                                                                                      Palo Alto, CA
                                                  Texas
           4%                                                                          2 deals | $60M
                                                  Pennsylvania                        Waltham, MA
            11%                                   Ohio                                 3 deals | $46M
                                                  Tennessee                           Calabasas, CA
                                                  Washington                           1 deals | $37M
                                22%
                                                  All Other

                                                          www.cbinsights.com




www.cbinsights.com
21                                                                     Venture Capital Activity Report | Q3 2011


Mass. Grows Deal Share, Reaching 5-Quarter High




                                                                                                                    Healthcare
Venture deal and dollar share stays consistent with historical levels. NJ climbs on
funding share due to Valeritas of Bridgewater, NJ raising a mega $150M round.


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




                      39%              37%                35%                   37%              36%


                                                           3%                   3%               5%
                       4%               7%                 5%                   3%               4%
                                                           2%                   1%               2%
                       8%               6%
                       4%               3%                19%                   20%
                                        13%                                                      24%
                      17%


                                        33%               37%                   35%
                      28%                                                                        29%


                     Q3'10             Q4'10             Q1'11                 Q2'11            Q3'11

                     California   Massachusetts     New Jersey         Pennsylvania    Texas     Other


                                                                                               www.cbinsights.com



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




                                        24%                                     19%              22%
                      29%                                 25%

                                                                                                  3%
                                        6%                 3%                                     3%
                       7%                                  4%
                                        10%                3%                                    11%
                       6%                                                       31%
                       4%               5%
                                                          19%
                      13%                                                                        22%
                                        17%




                      42%                                 45%                   46%
                                        39%                                                      39%



                     Q3'10             Q4'10             Q1'11                 Q2'11            Q3'11

                     California   Massachusetts    New Jersey          Pennsylvania    Texas    Other

                                                                                               www.cbinsights.com



www.cbinsights.com
22                                                                   Venture Capital Activity Report | Q3 2011


Seed VC Hits Record High in Healthcare in Q3 2011




                                                                                                                 Healthcare
Healthcare VCs attracted to “optionality” of seed VC deals jump on that trend. Mid-
and later-stage deals consume most of the quarter’s funding.

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



                                       6%                                   10%                  9%
                     13%                                  14%
                                      10%
                                                                            14%                  12%
                     10%
                                      16%                 13%
                     16%                                                                         18%
                                                                            18%
                                                          19%
                                      23%
                     26%                                                                         27%
                                                                            26%
                                                          24%


                                      39%
                     27%                                                                         23%
                                                                            28%
                                                          29%

                      9%                                                                         11%
                                       6%                  1%               5%
                     Q3'10            Q4'10               Q1'11            Q2'11             Q3'11

                             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



                                       6%                                                        10%
                     16%                                                    13%
                                                          21%
                                      16%
                                                                                                 18%
                     14%                                                    20%
                                                          15%

                     22%              35%
                                                                            21%                  34%
                                                          27%


                     30%              19%                                   27%
                                                          23%                                    28%

                                      24%                                   18%
                     17%                                  14%                                10%
                      1%               1%                  0%               0%                1%
                     Q3'10            Q4'10               Q1'11            Q2'11             Q3'11


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

                                                                                           www.cbinsights.com




www.cbinsights.com
23                                                                  Venture Capital Activity Report | Q3 2011


Medical Devices, Pharma and Biotech Rule Q3




                                                                                                                Healthcare
Medical devices continue their leading position for deals and dollars within the
Healthcare sector, followed by strong quarters for both Pharma and Biotech.



                               VC Deal Volume (#) in Healthcare by Industry, Q3 2011

                                       1% 2%                 Medical Devices & Equipment
                               1%
                                                             Pharmaceuticals / Drugs
                                      4%
                                 5%                          Biotechnology
                                                             Drug Delivery
                           11%                               Drug Development
                                                   48%
                                                             Medical Facilities & Services
                     2%
                                                             Elective & Aesthetic Medicine
                           11%                               Drug Discovery
                                                             Pharmaceutical Distribution & Wholesale
                                      15%                    All Other


                                                                                       www.cbinsights.com




                                 VC Investment ($) in Healthcare by Industry, Q3 2011
                          3%
                                      2%
                                            1%               Medical Devices & Equipment
                               4%
                                                             Pharmaceuticals / Drugs
                                                             Biotechnology
                               6%
                                                             Drug Delivery
                                                             Drug Development
                          10%                     45%
                                                             Medical Facilities & Services
                                                             Elective & Aesthetic Medicine
                           12%
                                                             Drug Discovery
                                                             Pharmaceutical Distribution & Wholesale
                                       17%                   All Other


                                                                                       www.cbinsights.com




www.cbinsights.com
24                                                                Venture Capital Activity Report | Q3 2011


Healthcare Medians Mixed in Q3




                                                                                                                 Healthcare
Unlike Q2 which saw lower medians across the board, Q3 is mixed with early-stage
and later-stage deals seeing declining median rounds while the middle of the pack
sees increased median deal size.




                     Healthcare Median Deal Size by Quarter
                                                   ($ Million)




                                                                     $15.2
                                                                                    $14.4




                                                                                                     $7.5
                                                   $5.5
                                 $3.6

               $0.6

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

                      Q3'10             Q4'10             Q1'11          Q2'11           Q3'11



                                                                                            www.cbinsights.com




www.cbinsights.com
25                             Venture Capital Activity Report | Q3 2011




     Q3 2011 Venture Capital

     GREEN & CLEAN TECH




www.cbinsights.com
26                                                   Venture Capital Activity Report | Q3 2011


Green Tech Bounces Back in Q3 After Relatively Slow Q2
Q3 sees funding levels exceed $1B, exhibiting bounce back from the steep decline




                                                                                                 Green
experienced in Q2. Dealflow also sees a slight uptick.




                  Green VC Investment and Deal Volume Trend
                                   Last Five Quarters
                                             86

                                                                                70
                                                                65
            61             59
                                        $1,936


                                                                              $1,220

           $790           $790                                 $781



          Q3'10          Q4'10          Q1'11                  Q2'11          Q3'11


                                 $ Funding        # of Deals

                                                                           www.cbinsights.com




www.cbinsights.com
27                                                                    Venture Capital Activity Report | Q3 2011


Usual Suspects: Cali, Mass and Texas Occupy Top 3 Spots
Cali remains the overwhelming leader in terms of Green Tech deals and dollars. Mass




                                                                                                                  Green
and Texas round out the top 3 of a crowded field.




                                                                                      Quarter Highlights
             VC Deal Volume (#) in Green by State, Q3 2011
                                                                                      70 deals | $1,220M
                                                     California
           1%                                        Massachusetts
      4%              12%                                                             Top Five Deals
                                                     Texas
                                                                                       Bloom Energy
                                                     Colorado
                                                                                       Boston-Power
     3%    4%                         43%            Illinois                          HelioVolt
      1%                                             Oregon                            ClearEdge Power
           4%                                        Pennsylvania                      BridgeLux
            6%                                       Washington
                                                     Michigan                         Top Cities
                  10%
                                                     New York
                            12%                                                        Sunnyvale, CA
                                                     All Other
                                                                                         3 deals | $236M
                                                           www.cbinsights.com          Westborough, MA
                                                                                         1 deals | $125M
                                                                                       Austin, TX
                                                                                         4 deals | $107M
                VC Investment ($) in Green by State, Q3 2011                           San Francisco, CA
                  2%                                                                     8 deals | $82M
                          1% 2%
                                                     California
                                                                                       Hillsboro, OR
                     3%                                                                  1 deals | $74M
                4%                                   Massachusetts
                                                                                       Boulder, CO
                                                     Texas                               2 deals | $72M
                6%                                   Colorado                          Bolingbrook, IL
                                                     Illinois                            1 deals | $50M
            6%                         43%
                                                     Oregon                            Palo Alto, CA
                                                     Pennsylvania
                                                                                         1 deals | $38M
            8%                                                                         Fremont, CA
                                                     Washington
                                                                                         2 deals | $37M
                 10%                                 Michigan                          Kirkland, WA
                                                     New York                            1 deals | $37M
                            15%                      All Other

                                                           www.cbinsights.com




www.cbinsights.com
28                                                                        Venture Capital Activity Report | Q3 2011


Cali Loses Investment Share to Mass and Colorado
Boston Power and HelioVolt solidify Massachusetts’ and Texas’ spot in the top three




                                                                                                                             Green
for overall Green Tech investment.

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




                     28%                31%                                                               26%
                                                             40%                 42%
                      3%                                                                                  4%
                                        2%                                                                6%
                     15%                10%
                                                             2%                   2%                      10%
                                        3%                                        5%
                                                             3%
                      8%                14%                                       9%                      11%
                                                             9%
                                                                                  8%


                     46%                41%                  42%                                          43%
                                                                                 35%



                     Q3'10              Q4'10               Q1'11                Q2'11                   Q3'11

                        California      Massachusetts         Texas         Colorado         Illinois      Other

                                                                                                        www.cbinsights.com




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



                     12%                12%                  16%                                          18%
                      3%                                                          26%
                                        13%                  2%
                                                                                                           6%
                     21%                                     7%
                                                                                  4%                       8%

                      4%                24%                                       13%                     10%
                                                                                  8%
                                        1%                                                                15%
                                        11%
                                                             73%
                     59%
                                                                                  49%
                                        39%                                                               43%




                     Q3'10              Q4'10               Q1'11                Q2'11                   Q3'11

                     California      Massachusetts        Texas       Colorado           Illinois       Other

                                                                                                        www.cbinsights.com



www.cbinsights.com
29                                                                    Venture Capital Activity Report | Q3 2011


Seed Disappears in Q3; Early Stage at 5-Quarter Low
Green Tech seed falls off a cliff as overall early stage sees 5-quarter low in terms of




                                                                                                                  Green
both deals and dollars. Later stage dominates dollar share.

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



                      7%               2%                   7%               7%
                                       10%                                                    13%
                      7%                                    7%
                                                                             17%
                     10%               19%                                                    12%
                                                           19%

                                                                             24%              19%
                     39%
                                       38%                 35%
                                                                             24%              32%


                     27%                                                     13%
                                                           24%
                                       31%
                                                                                              24%
                     10%                                                     15%
                                                            7%
                                                                                               0%
                     Q3'10             Q4'10               Q1'11            Q2'11             Q3'11

                              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



                      6%                4%
                                                                             12%
                                       19%                 29%
                     22%
                                                                             17%              42%

                     12%
                                                           16%
                                       41%
                                                                             35%
                                                                                              16%
                                                           20%
                     44%
                                                                                              18%
                                       29%                                   26%
                                                           28%
                                                                                              18%
                     16%                                                     9%
                                        8%                  7%                                    6%
                     Q3'10             Q4'10               Q1'11            Q2'11             Q3'11


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

                                                                                            www.cbinsights.com


www.cbinsights.com
30                                                                     Venture Capital Activity Report | Q3 2011


Renewables #1, but Yields Ground to Energy Storage
Renewables retains top spot, but sees 5-quarter low in terms of deal share. Energy




                                                                                                                    Green
Storage has a strong quarter, led by Boston Power deal.


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




                     31%               29%                                    26%
                                                            40%                                  39%

                                        3%                                    11%
                      7%
                                       15%                   3%               11%                 7%
                     11%
                                                             9%                                   9%
                      8%                7%                                     8%
                                                             3%
                      3%                                     6%                3%                10%


                                       46%                                    42%
                     39%                                    38%                                  36%



                     Q3'10             Q4'10                Q1'11            Q2'11              Q3'11

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



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




                                                                              13%
                     28%                                    24%                                  26%
                                       38%                                    10%
                                                             2%               6%                  3%
                                                             5%               5%
                                                             3%                                   6%
                     15%                1%
                                        7%                  15%               17%
                      7%                5%                                                       23%
                      6%
                      1%


                                       49%                  51%               50%
                     42%                                                                         43%



                     Q3'10             Q4'10                Q1'11            Q2'11              Q3'11

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



www.cbinsights.com
31                                                             Venture Capital Activity Report | Q3 2011


Overall Median Sees Uptick Driven By Large Later Stage
Early stage medians fall a bit, but larger later stage deals drive overall medians higher.




                                                                                                                Green
                      Green Median Deal Size by Quarter
                                                 ($ Million)




                                                                                    $38.0

                                                                      $21.1
                                                        $12.8                                       $10.3
                             $5.5         $8.7
            $0.0

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

                     Q3'10           Q4'10           Q1'11            Q2'11           Q3'11



                                                                                           www.cbinsights.com




www.cbinsights.com
32                             Venture Capital Activity Report | Q3 2011




     Q3 2011 Venture Capital

     CALIFORNIA




www.cbinsights.com
33                                                         Venture Capital Activity Report | Q3 2011


What Smart Investors, Bankers and
Wealth Managers Use to Get Ahead…
With CB Insights you can access deep private company info that was once exclusively
available behind prohibitively expensive paywalls.


CB Insights is accessible for free by visiting http://www.cbinsights.com


 82,000+ Private Company Profiles.                             Coverage Universe
                 Over 82,000 high value private
                 company profiles across industries and        •   Venture Capital – 1999 to present
                 sectors. Medical devices to                   •   Angel Investment
                 mobile. Industrial to internet.               •   Private Equity
                                                               •   Federal SBIR Grants – 3 years
                                                               •   State Grant Programs
 From Angel to Private Equity.                                 •   Incubators – Over 300
                 Angel investment to venture capital to        •   Middle Market Private Companies
                 private equity to government funding to
                 under the radar mid-market private            Sector Coverage
                 companies.
                                                               •   Green/clean tech
                                                               •   Internet
 Company & Investor Updates via Email.                         •   Mobile & Telecom
                                                               •   Software
                 Add companies and investors of                •   Energy & Utilities
                 interest to your CBI Watchlist and get        •   Computer Hardware & Services
                 notified of changes and updates               •   Healthcare
                 automatically.                                •   Industrial
                                                               •   Automotive & Transportation
 Management & Board Information                                •   Business Products & Services
                                                               •   Consumer Products & Services
                 Find out about the people behind the          •   Electronics
                 companies including management and            •   Environmental Services &
                 board of directors profiles.                      Equipment
                                                               •   Financial Services
                                                               •   Food & Beverages
                                                               •   Leisure
 Analytics & Reporting                                         •   Media
                                                               •   Metals & Mining
                 Downloadable reports and analytics
                                                               •   Retail
                 which allow you to manipulate data
                                                               •   Risk & Security
                 when and how you want to.



www.cbinsights.com
34                                                    Venture Capital Activity Report | Q3 2011


Steady as She Goes: California Sustains Momentum
California sees fewer venture deals than last quarter, but investment grows slightly.




                                                                                                  California
Deals and funding up 16% and 47% YoY, respectively.



               California VC Investment and Deal Volume Trend
                                    Last Five Quarters
                                                                 336
                          310                                                   315
                                             288
            271
                                         $3,902                               $3,833
                                                                $3,656



          $2,607        $2,630




           Q3'10         Q4'10            Q1'11                 Q2'11          Q3'11


                                 $ Funding         # of Deals

                                                                           www.cbinsights.com




www.cbinsights.com
35                                                                   Venture Capital Activity Report | Q3 2011


$100M+ Twitter and AirBnB Rounds Lead Internet




                                                                                                                 California
Internet and Healthcare combine for over half of deal and investment share in
California. Bloom Energy also checks in with a large round.




                                                                                     Quarter Highlights

           VC Deal Volume (#) in California by Sector, Q3 2011                       315 deals | $3,833M
                          1%
           3%        1%                      Healthcare
      2%                   5%                Internet                                Top Sector
                                13%                                                    # of Deals – Internet
                                             Energy & Utilities
                                                                                       $ of Funding – Internet
                                             Software (non-internet/mobile)
           18%                               Computer Hardware & Services
                                                                                     Top Five Deals
                                             Mobile & Telecommunications
                                                                                      Twitter
                                             Industrial
                                                                                      Bloom Energy
           5%                                Electronics
                                       38%                                            AirBnB
                 8%                          Business Products & Services             Palantir Technologies
                                             Consumer Products & Services             LegalZoom
                          6%
                                             All Other

                                                           www.cbinsights.com        Top Cities
                                                                                     San Francisco
                                                                                       89 deals | $1076M
                                                                                     Palo Alto
                                                                                       29 deals | $368M
            VC Investment ($) in California by Sector, Q3 2011                       Sunnyvale
                                                                                       14 deals | $362M
                     4%                                                              Los Angeles
                2%                           Healthcare
                           4%                                                          15 deals | $316M
                                             Internet                                Mountain View
                                 17%
                                             Energy & Utilities                        15 deals | $213M
            11%                              Software (non-internet/mobile)          Redwood City
                                             Computer Hardware & Services              11 deals | $156M
           5%                                                                        San Jose
                                             Mobile & Telecommunications
                                                                                       7 deals | $114M
           8%                                Industrial                              San Mateo
                                             Electronics                               11 deals | $108M
                 9%                   40%    Business Products & Services            Fremont
                                             Consumer Products & Services              5 deals | $106M
                                             All Other                               San Diego
                                                                                       14 deals | $105M
                                                           www.cbinsights.com




www.cbinsights.com
36                                                                     Venture Capital Activity Report | Q3 2011


Software and Energy are Big Movers in Q3 2011
Software and Energy grow share of deals and investment, taking share from Internet




                                                                                                                         California
and Healthcare. Field outside the top 5 sectors continues to grow share of deals.


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




                     24%                24%               26%                   26%                   29%

                      5%                  3%                3%
                                          8%                3%                   6%                    5%
                      7%                                                         7%
                                          5%                7%                                         9%
                      7%                                                         4%
                                                                                                       6%

                     38%                41%               42%
                                                                                43%
                                                                                                      38%



                     19%                18%               19%                   15%                   13%

                     Q3'10             Q4'10             Q1'11                 Q2'11                 Q3'11
                             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




                     21%                21%                                     26%                   21%
                                                          29%
                      8%                2%                                                            5%
                                        7%                2%                    7%                    8%
                      9%                9%                5%
                                                                                6%                    9%
                     11%                                                        5%
                                                          20%

                     24%                38%                                     32%                   40%
                                                          26%


                     28%                23%                                     24%
                                                          18%                                         17%

                     Q3'10             Q4'10             Q1'11                 Q2'11                 Q3'11

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



www.cbinsights.com
37                                                                  Venture Capital Activity Report | Q3 2011


Early Stage Dealflow Strong, but Share of Dollars Shrinking
Seed and Series A rounds retain share of overall dealflow, but those investment sizes




                                                                                                                California
are shrinking as early stage sees 5-quarter in Cali low in terms of dollar share.


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




                     11%             6%                7%                                   9%
                                                                           12%
                                     8%
                                                       10%                                  11%
                     10%                                                   12%
                                    21%
                     18%                               20%                                  16%
                                                                           16%

                                    23%                                                     22%
                     24%                               21%                 18%



                                    31%                                    29%              29%
                     27%                               33%


                     11%            12%                8%                  13%              13%

                     Q3'10          Q4'10             Q1'11               Q2'11            Q3'11
                             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



                     14%            17%                                    17%
                                                       19%
                                                                                            28%
                     16%            12%                                    17%
                                                       20%
                                                                                            16%
                     21%
                                    35%                                    28%
                                                       26%                                  18%

                     31%
                                                                           20%
                                    21%                19%                                  26%


                     16%            15%                15%                 18%
                                                                                           12%
                      1%             1%                1%                  1%               1%
                     Q3'10          Q4'10             Q1'11               Q2'11            Q3'11

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


                                                                                          www.cbinsights.com



www.cbinsights.com
38                             Venture Capital Activity Report | Q3 2011




     Q3 2011 Venture Capital

     MASSACHUSETTS




www.cbinsights.com
39                                                   Venture Capital Activity Report | Q3 2011




                                                                                                   Massachusetts
As Red Sox Lose Steam, So Goes Mass’ VC Scene
Mass checks in with a healthy quarter totaling $710M of VC investment. However,
this represents a substantial step back from the boom experienced in Q2 2011.




          Massachusetts VC Investment and Deal Volume Trend
                                 Last Five Quarters

                                                                89
          87
                                           85
                                                                                  83
                       78                                      $1,143




                                          $719                                   $710
                      $630

        $466

        Q3'10         Q4'10               Q1'11                Q2'11             Q3'11


                              $ Funding           # of Deals

                                                                              www.cbinsights.com




www.cbinsights.com
40                                                                     Venture Capital Activity Report | Q3 2011




                                                                                                                     Massachusetts
VC Investment in Energy Jumps Ahead of Internet in Q2
Boston Power’s mega-round propels Energy into the two spot in Mass in terms of
investment dollars, behind only Healthcare. Internet stayed healthy in Mass.




                                                                                       Quarter Highlights

           VC Deal Volume (#) in Massachusetts by Sector, Q3 2011                      83 deals | $710M
                 2%
                         2%
                  4%
                                             Healthcare
                                                                                       Top Sector
            5%                                                                           # of Deals – Healthcare
                                             Internet
                                                                                         $ of Funding - Healthcare
                                             Software (non-internet/mobile)
             5%
                                 41%         Energy & Utilities                        Top Five Deals
           6%
                                             Mobile & Telecommunications                Boston-Power
         5%                                  Computer Hardware & Services               Enobia Pharma
                                             Industrial                                 Zafgen
                                             Business Products & Services
                                                                                        Verastem
                                                                                        Fluidnet
                   30%                       Electronics
                                             All Other
                                                                                       Top Cities
                                                           www.cbinsights.com           Cambridge
                                                                                          26 deals | $208M
                                                                                        Westborough
                                                                                          1 deals | $125M
            VC Investment ($) in Massachusetts by Sector, Q3 2011                       Boston
                                                                                          14 deals | $69M
                 2% 2% 3%                                                               Lexington
           2%                                Healthcare                                   5 deals | $62M
                                             Internet                                   Waltham
                                             Software (non-internet/mobile)               7 deals | $60M
                                                                                        Amesbury
                                             Energy & Utilities
           22%                                                                            1 deals | $25M
                                             Mobile & Telecommunications                Woburn
                                  53%        Computer Hardware & Services                 3 deals | $23M
                                                                                        Franklin
                                             Industrial
                                                                                          2 deals | $12M
      3%                                     Business Products & Services               Watertown
                  13%
                                             Electronics                                  1 deals | $12M
                                             All Other                                  Wilmington
                                                                                          1 deals | $11M
                                                           www.cbinsights.com




www.cbinsights.com
41                                                                      Venture Capital Activity Report | Q3 2011




                                                                                                                          Massachusetts
Healthcare: 5-Quarter High in Terms of Deals and Dollars
Healthcare and Internet combine for over 70% of dealflow in Mass. Energy steals
investment share from Internet, Software and Mobile.


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



                       16%              15%                 15%                 13%                    13%

                        5%                                                       8%                    5%
                                        10%                 12%                                        5%
                       10%                                                      13%                    6%
                        3%              9%                  7%
                                        6%                  6%                   4%
                                                                                                       30%
                       29%
                                                            27%                 27%
                                        29%



                       37%                                                                             41%
                                        29%                 33%                 34%



                      Q3'10            Q4'10              Q1'11                 Q2'11                 Q3'11

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




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



                                                            11%                  9%                    8%
                       14%
                                        20%                                      5%                    3%
                        2%                                  11%                  5%
                        9%              6%                  4%                   6%                    22%
                        4%              8%
                                        6%                  18%                 24%
                       21%                                                                             13%
                                        20%                 15%



                       49%                                                      52%                    53%
                                        41%                 42%



                      Q3'10            Q4'10              Q1'11                 Q2'11                 Q3'11

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




www.cbinsights.com
42                                                                         Venture Capital Activity Report | Q3 2011




                                                                                                                             Massachusetts
Early Stage Shrinks to 5-Quarter Low in Massachusetts
Seed remains strong, taking 10% of overall dealflow. However, Series A sees 5-
quarter low in terms of deal share, while overall early stage investment share shrinks
for the fifth straight quarter.

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



                      2%                                       3%
                      5%                 11%                                          7%                      8%
                                                               11%
                     16%                  7%                                         11%                     14%
                                                               15%
                                         15%                                         13%                     12%

                     36%
                                                               31%                   27%
                                         33%                                                                 32%



                                                                                     28%
                     38%                 25%                   34%                                           24%


                                          9%                                         13%                     10%
                      3%                                        5%
                     Q3'10              Q4'10                  Q1'11                 Q2'11                   Q3'11
                               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%                                        5%
                                         13%
                     15%                                                             24%                     22%
                                                               19%
                                         10%

                                         19%                   20%                   15%
                                                                                                             28%
                     46%                                                             11%

                                         35%                                                                 17%
                                                               38%                   31%

                                                                                                             19%
                     33%
                                         23%                                         18%
                                                               18%                                           12%
                      0%                 1%                     0%                    1%                      1%
                     Q3'10              Q4'10                  Q1'11                 Q2'11                   Q3'11

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


                                                                                                        www.cbinsights.com


www.cbinsights.com
43                             Venture Capital Activity Report | Q3 2011




     Q3 2011 Venture Capital

     NEW YORK




www.cbinsights.com
44                                                  Venture Capital Activity Report | Q3 2011


Has New York Arrived and Become the Solid #2 for VC?




                                                                                                New York
New York’s 86 venture deals and $831M in Q3’11 put it firmly in 2nd place behind
California and pulling ahead of Massachusetts. Will this last?




               New York VC Investment and Deal Volume Trend
                                   Last Five Quarters
                                                                              86
                                            72
                          66                                                 $831
                                                               61
             51

                                                              $539
                         $466            $447


            $245



           Q3'10        Q4'10            Q1'11                Q2'11          Q3'11


                                $ Funding        # of Deals

                                                                        www.cbinsights.com




www.cbinsights.com
45                                              Venture Capital Activity Report | Q3 2011


Get Started for Free with CB Insights
Basic membership on CB Insights is free. Just visit http://www.cbinsights.com. Or
connect with us via any of the following.




                Twitter                          Newsletter
                Follow us @cbinsights            Click here to receive our weekly
                                                 dealflow newsletter.




                Email                            Telephone
                                                 212-292-3148
                info@cbinsights.com




www.cbinsights.com
46                                                                  Venture Capital Activity Report | Q3 2011


New York: All Internet All the Time




                                                                                                                New York
Tumblr, ZocDoc and Buddy Media check in with $50M+, leading the internet sector’s
dominance of NY’s venture scene.




                                                                                    Quarter Highlights
             VC Deal Volume (#) in New York by Sector, Q3 2011
                                                                                    86 deals | $831M
                 1% 1%                     Internet
                      5%
         3%      6%
                                           Healthcare                               Top Sector
                                           Mobile & Telecommunications                # of Deals – Internet
                                                                                      $ of Funding - Internet
            7%                             Computer Hardware & Services

            5%
                                           Business Products & Services             Top Five Deals
                                           Electronics                               Tumblr
                                                                                     ZocDoc
                                72%        Software (non-internet/mobile)
                                                                                     Buddy Media
                                           Industrial                                TouchTunes Music
                                                                                     Tremor Video
                                           All Other

                                                         www.cbinsights.com         Top Cities
                                                                                     New York
                                                                                      76 deals | $754M
                                                                                     Brooklyn
                                                                                      2 deals | $25M
             VC Investment ($) in New York by Sector, Q3 2011                        Cold Spring Harbor
                                                                                      1 deals | $23M
                                            Internet                                 Yonkers
                      5%                                                              1 deals | $13M
                 9%                         Healthcare                               Clifton Park
        4%
                                            Mobile & Telecommunications               1 deals | $10M
       4%
                                            Computer Hardware & Services

            7%                              Business Products & Services
                                            Electronics
                                71%         Software (non-internet/mobile)
                                            Industrial
                                            All Other

                                                         www.cbinsights.com




www.cbinsights.com
47                                                                    Venture Capital Activity Report | Q3 2011


Internet Sees 5-Quarter High in Terms of Deal Share in NY




                                                                                                                     New York
Mobile shrinks back to normal levels, while Healthcare takes the number 2 spot in
terms of dollar share. Internet shows no signs of letting up.


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


                      6%                                                        10%               10%
                      2%                 12%               17%                   0%                2%
                     14%                  5%                                    15%                3%
                                          5%                4%                                     7%
                      8%                                    4%                                     5%
                                         11%                7%                   5%
                                          9%                8%




                     71%                                                        70%               72%
                                         59%               60%




                     Q3'10               Q4'10             Q1'11                Q2'11             Q3'11

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



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


                      5%                                   10%                   9%
                                         13%                                                      14%
                     16%                                    4%
                                          6%                                    17%                4%
                                                                                                   4%
                      9%                 12%               18%                                     7%
                                                                                 1%
                      8%                  3%                4%
                                         13%                4%



                                                                                73%               71%
                     63%                                   59%
                                         53%




                     Q3'10               Q4'10             Q1'11                Q2'11             Q3'11

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



www.cbinsights.com
48                                                                  Venture Capital Activity Report | Q3 2011


Early Stage Sees 5-Quarter Low in Terms of Deal Share




                                                                                                                New York
Early stage falls to less than half of overall deal share in New York, with Seed losing
momentum. Series D+ experiences 5-quarter high.



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



                      2%             7%                2%                  5%
                      5%                                                                    8%
                      5%             4%                15%                 7%               5%
                                                                           12%              14%
                     24%            25%                15%

                                                                           25%
                                    13%                                                     26%

                                                       46%
                     46%                                                   26%
                                    39%                                                     32%


                                                       21%                 25%
                     17%            13%                                                     15%

                     Q3'10          Q4'10             Q1'11               Q2'11            Q3'11
                             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%
                     3%
                                                       31%                                  28%
                     10%                                                   32%
                                    13%
                                                                                            10%
                     34%
                                                       22%
                                    44%                                    30%              25%



                                                       42%                 19%              23%
                     41%            12%

                                    13%                                   13%              13%
                      2%             2%                4%                  3%               2%
                     Q3'10          Q4'10             Q1'11               Q2'11            Q3'11

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


                                                                                         www.cbinsights.com



www.cbinsights.com
49                             Venture Capital Activity Report | Q3 2011




     Q3 2011 Venture Capital

     WASHINGTON




www.cbinsights.com
50                                                  Venture Capital Activity Report | Q3 2011


Washington Revival? VC Investment Up 49% Versus Q2




                                                                                                Washington
Venture investment sees a strong pop in Washington, but dealflow remains unaffected.
Deal and investment levels still down 17% and 11%, respectively YoY.




             Washington VC Investment and Deal Volume Trend
                                   Last Five Quarters

             34
                                            31
                         28                                    29             28


            $222
                                                                             $197

                                                              $132
                        $119             $119




           Q3'10        Q4'10            Q1'11                Q2'11          Q3'11


                                $ Funding        # of Deals

                                                                        www.cbinsights.com




www.cbinsights.com
51                                                                  Venture Capital Activity Report | Q3 2011


Zulily Keeps Internet in Top Spot Followed by Healthcare




                                                                                                                Washington
Internet consumes just under half of overall dealflow and dollars in Q3. Healthcare and
Mobile convincingly occupy the #2 and #3 spots, respectively.




                                                                                    Quarter Highlights

          VC Deal Volume (#) in Washington by Sector, Q3 2011                       28 deals | $197M

                                         Healthcare                                 Top Sector
          4%     11%                                                                  # of Deals – Internet
                                         Internet
                           21%                                                        $ of Funding - Internet
                                         Energy & Utilities
                                         Mobile & Telecommunications                Top Five Deals
          14%
                                         Software (non-internet/mobile)              Zulily
                                                                                     Inrix
                                         Computer Hardware & Services
     4%                                                                              nLight
                                         Business Products & Services                RF Surgical Systems
                                         Food & Beverages                            Theraclone Sciences
                         46%
                                         All Other
                                                                                    Top Cities
                                                                                     Seattle
                                                      www.cbinsights.com
                                                                                      18 deals | $104M
                                                                                     Kirkland
                                                                                      2 deals | $45M
                                                                                     Bellevue
                                                                                      4 deals | $22M
          VC Investment ($) in Washington by Sector, Q3 2011                         Vancouver
                                                                                      1 deals | $18M
                                         Healthcare                                  Bothell
                                                                                      1 deals | $6M
                          17%            Internet
                                                                                     Sumner
           28%                           Energy & Utilities                           1 deals | $2M
                                         Mobile & Telecommunications
                                         Software (non-internet/mobile)
                                         Computer Hardware & Services
     1%
           8%                            Business Products & Services
                            45%          Food & Beverages
          1%                             All Other


                                                      www.cbinsights.com




www.cbinsights.com
52                                                                          Venture Capital Activity Report | Q3 2011


Healthcare Continues to Grow Momentum in Q3




                                                                                                                        Washington
Healthcare continues to be the big mover in Washington, building on the strong growth
it experienced in Q2.


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



                      15%                  11%                                       14%            14%
                                                               19%
                      6%                   11%                                                       4%
                      6%                       7%              10%                   17%            14%
                      6%
                                           14%                 10%                    7%
                                                               13%                                  21%
                      29%                                                            17%
                                                               6%
                                                                                     17%
                                           57%
                                                               42%                                  46%
                      38%
                                                                                     28%


                     Q3'10                 Q4'10              Q1'11                  Q2'11         Q3'11

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



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


                      7%
                      6%                   15%                                       16%
                      5%                                       26%                                  29%
                                           20%                                       16%
                                                               6%
                                               1%              5%                     5%             8%
                                                               7%                    12%
                      56%                  18%                 3%                                   17%
                                                                                     12%


                                                               52%
                                           46%                                                      45%
                                                                                     40%
                      26%


                     Q3'10                 Q4'10              Q1'11                  Q2'11         Q3'11

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




www.cbinsights.com
53                                                                  Venture Capital Activity Report | Q3 2011


Seed Grows, but Overall Early Stage Continues to Fall




                                                                                                                Washington
Seed sees 5-quarter high as a percentage of overall dealflow in Q3. However, overall
early stage gives way to investment in more mature companies.


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



                                     5%                9%                  4%
                     12%             5%                                    4%               11%
                     4%                                14%
                                    16%
                                                                           27%              21%
                     16%

                                    21%                27%
                     24%                                                                    29%
                                                                           27%


                                    42%                                                     14%
                     36%                               45%                 27%
                                                                                            11%

                                    11%                                    12%              14%
                      8%                               5%
                     Q3'10          Q4'10             Q1'11               Q2'11            Q3'11
                             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



                                     6%                8%                  5%
                                                                           3%               12%
                     27%                               16%

                      1%                                                   43%              33%
                                    47%
                                                       22%
                     23%



                                    18%                                                     38%
                     32%
                                                                           37%
                                                       54%

                                    27%                                                     11%
                     17%                                                  11%
                                                                                            6%
                                     1%                1%                  1%               1%
                     Q3'10          Q4'10             Q1'11               Q2'11            Q3'11

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


                                                                                         www.cbinsights.com



www.cbinsights.com
54                             Venture Capital Activity Report | Q3 2011




     Q3 2011 Venture Capital

     TEXAS




www.cbinsights.com
55                                                      Venture Capital Activity Report | Q3 2011


Texas: No News is Good News as VC Remains Steady




                                                                                                    Texas
Texas maintains venture investment levels consistent with recent quarters.




                     Texas VC Investment and Deal Volume Trend
                                       Last Five Quarters

                             36                                    37
             33                                 33                                34


            $357
                            $300             $288                 $298           $304




           Q3'10            Q4'10            Q1'11                Q2'11          Q3'11


                                    $ Funding        # of Deals

                                                                            www.cbinsights.com




www.cbinsights.com
56                                                                    Venture Capital Activity Report | Q3 2011


Texas Remains a Melting Pot for Venture Activity in Q3




                                                                                                                         Texas
Remaining consistent with Q2, Texas remains a hub of diversity for venture investment
in Q3. Energy, Healthcare and Internet round out the top 3 spots.




                                                                                      Quarter Highlights
               VC Deal Volume (#) in Texas by Sector, Q3 2011                         34 deals | $304M
                                           Healthcare                                 Top Sector
                 18%          20%
                                           Energy & Utilities                           # of Deals – Internet
                                           Internet                                     $ of Funding – Energy & Utils.

                                           Mobile & Telecommunications
          9%                                                                          Top Five Deals
                                           Computer Hardware & Services
                                                                                       HelioVolt
     3%                             15%    Software (non-internet/mobile)              Xtreme Power
           9%                              Business Products & Services                Ascension Orthopedics
                                                                                       TelaDoc
                                           Automotive & Transportation
                                                                                       WhaleShark Media
                        26%                All Other
                                                                                      Top Cities
                                                        www.cbinsights.com             Austin
                                                                                         17 deals | $198M
                                                                                       Dallas
                                                                                         3 deals | $20M
               VC Investment ($) in Texas by Sector, Q3 2011
                                                                                       Kyle
                                                                                         1 deals | $19M
                                           Healthcare                                  Addison
                                                                                         1 deals | $15M
                  14%         18%          Energy & Utilities
                                                                                       Plano
                                           Internet                                      2 deals | $15M
           6%                                                                          League City
     3%                                    Mobile & Telecommunications
                                                                                         1 deals | $12M
     2%                                    Computer Hardware & Services
                                                                                       Richardson
                                           Software (non-internet/mobile)                1 deals | $10M
                                           Business Products & Services                Houston
           21%                  36%                                                      4 deals | $5M
                                           Automotive & Transportation
                                                                                       San Antonio
                                           All Other                                     1 deals | $5M
                                                                                       McAllen
                                                        www.cbinsights.com               1 deals | $4M




www.cbinsights.com
57                                                                       Venture Capital Activity Report | Q3 2011


Energy Grabs Over One-Third of Overall Venture Funding




                                                                                                                       Texas
Energy grows its share of venture investment to 36%, while Internet retains the top
spot in terms of dealflow.


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



                                          14%
                                                                                 24%                21%
                     27%
                                           6%                 36%
                                          14%                                                        9%
                      6%                                                         11%
                                                                                                     9%
                      9%                                       3%
                                                                                 14%
                                          25%                 12%
                     12%
                                                                                                    26%
                                                                                 24%
                     21%                                      27%
                                          33%                                                       21%
                                                                                 14%
                                                              12%
                     24%
                                                              9%                 14%                15%
                                           8%
                     Q3'10                Q4'10            Q1'11                 Q2'11             Q3'11

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



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



                     19%                  22%                                    22%                17%

                     5%                                       38%                                    6%
                                           3%                                                        2%
                     11%                   5%                                    12%
                     2%                                                                             21%
                                                              4%
                                                              7%                 23%
                                          36%
                     32%                                      11%                                   18%
                                                                                 12%
                                                              17%
                                                                                  5%

                     32%                  30%                                                       36%
                                                              23%                26%

                                           4%
                     Q3'10                Q4'10            Q1'11                 Q2'11             Q3'11

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



www.cbinsights.com
58                                                                  Venture Capital Activity Report | Q3 2011

Early Stage Investment Continues Downward Trend




                                                                                                                Texas
Seed VC exhibits some pop in Q3, but overall early stage only takes 24% dealflow –
its lowest point in the last five quarters. Series E+ takes top spot in terms of dollars.


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



                      6%                                                   9%               9%
                      6%            15%                17%
                                                                                            9%
                     12%                                                   15%
                                    11%
                                                       17%
                     12%            4%                                                      24%
                                    7%
                                                       13%                 27%


                     47%                               25%                                  35%
                                                                           21%
                                    63%


                                                       29%                 24%              15%
                     18%
                                                                                            9%
                                                                           3%
                     Q3'10          Q4'10             Q1'11               Q2'11            Q3'11
                             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



                     14%            17%                                    17%
                                                       19%
                                                                                            28%
                     16%            12%                                    17%
                                                       20%
                                                                                            16%
                     21%
                                    35%                                    28%
                                                       26%                                  18%

                     31%
                                                                           20%
                                    21%                19%                                  26%


                     16%            15%                15%                 18%
                                                                                           12%
                      1%             1%                1%                  1%               1%
                     Q3'10          Q4'10             Q1'11               Q2'11            Q3'11

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


                                                                                         www.cbinsights.com



www.cbinsights.com
59                                                                     Venture Capital Activity Report | Q3 2011


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 | Q3 2011


What Smart Investors, Bankers and
Wealth Managers Use to Get Ahead…
With CB Insights you can access deep private company info that was once exclusively
available behind prohibitively expensive paywalls.


CB Insights is accessible for free by visiting http://www.cbinsights.com


 82,000+ Private Company Profiles.                             Coverage Universe
                 Over 82,000 high value private
                 company profiles across industries and        •   Venture Capital – 1999 to present
                 sectors. Medical devices to                   •   Angel Investment
                 mobile. Industrial to internet.               •   Private Equity
                                                               •   Federal SBIR Grants – 3 years
                                                               •   State Grant Programs
 From Angel to Private Equity.                                 •   Incubators – Over 300
                 Angel investment to venture capital to        •   Middle Market Private Companies
                 private equity to government funding to
                 under the radar mid-market private            Sector Coverage
                 companies.
                                                               •   Green/clean tech
                                                               •   Internet
 Company & Investor Updates via Email.                         •   Mobile & Telecom
                                                               •   Software
                 Add companies and investors of                •   Energy & Utilities
                 interest to your CBI Watchlist and get        •   Computer Hardware & Services
                 notified of changes and updates               •   Healthcare
                 automatically.                                •   Industrial
                                                               •   Automotive & Transportation
 Management & Board Information                                •   Business Products & Services
                                                               •   Consumer Products & Services
                 Find out about the people behind the          •   Electronics
                 companies including management and            •   Environmental Services &
                 board of directors profiles.                      Equipment
                                                               •   Financial Services
                                                               •   Food & Beverages
                                                               •   Leisure
 Analytics & Reporting                                         •   Media
                                                               •   Metals & Mining
                 Downloadable reports and analytics
                                                               •   Retail
                 which allow you to manipulate data
                                                               •   Risk & Security
                 when and how you want to.



www.cbinsights.com
61                                              Venture Capital Activity Report | Q3 2011


Get Started for Free with CB Insights
Basic membership on CB Insights is free. Just visit http://www.cbinsights.com. Or
connect with us via any of the following.




                Twitter                          Newsletter
                Follow us @cbinsights            Click here to receive our weekly
                                                 dealflow newsletter.




                Email                            Telephone
                                                 212-292-3148
                info@cbinsights.com




www.cbinsights.com

				
DOCUMENT INFO
Shared By:
Stats:
views:2734
posted:10/13/2011
language:English
pages:61
Description: Q3 2011's quarterly venture capital totals came in at $7.9B invested in 790 deals as VCs shrugged off economic uncertainties. 2011 might be a record year?