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NVCA 2017 Yearbook: Page 10
$350
Total AUM ($B)
$300
$250
$200
$150
$100
$50
$167
$182
$214
$245
$244
$261
$251
$272
$267
$268
$289
$315
$333
$0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
NVCA 2017 Yearbook: Page 11
140 130
120
100 90 93
79
80 68
60 52
40
20
0
$0-$10M $10-$25M $25-$50M $50-$100M $100-$250M $250-$500M $500M-$1B $1B+
NVCA 2017 Yearbook: Page 12
Active Investor count in 2016 deals by HQ state U.S. as a % of Global VC Exits by Year
Investor HQ State Investor Count 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Arizona 14 Global Exit Value ($B) 33.91 27.16 34.24 58.89 25.55 24.31 43.53 53.09 62.93 62.21 114.33 79.69 69.09
Arkansas 3 US Exit Value ($B) 26.00 16.98 24.12 40.79 18.15 15.69 30.28 36.90 53.94 36.24 81.74 50.37 46.82
California 600 Global Exit Value (#) 624 681 825 1,006 760 755 1,142 1,202 1,358 1,482 1,810 1,733 1,283
Colorado 33 US Exit Value (#) 420 429 510 602 465 482 693 733 859 885 1,040 961 726
Connecticut 23 US as % of Global ($) 77% 63% 70% 69% 71% 65% 70% 69% 86% 58% 71% 63% 68%
Delaware 4 US as % of Global (#) 67% 63% 62% 60% 61% 64% 61% 61% 63% 60% 57% 55% 57%
District of Columbia 19
Florida 34
Georgia 21
Hawaii 4
Illinois 66
Indiana 12
Iowa 4
Kansas 5
Kentucky 10
Maine 4
Maryland 24
Massachusetts 115
Michigan 28
Minnesota 13
Missouri 14
Montana 3
Nebraska 4
Nevada 7
New Hampshire 4
New Jersey 20
New Mexico 1
New York 237
North Carolina 19
North Dakota 1
Ohio 22
Oklahoma 3
Oregon 7
Pennsylvania 36
Rhode Island 2
South Carolina 3
Tennessee 15
Texas 62
Utah 14
Vermont 1
Virginia 21
Washington 37
Wisconsin 12
NVCA 2017 Yearbook: Page 14
US VC Fundraising by year
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Capital Raised ($B) 17.56 25.30 36.35 34.92 36.18 12.01 19.57 23.31 24.42 20.64 35.35 35.17 41.62
# of Funds Closed 158 172 193 183 198 122 153 141 190 204 268 255 253
$45 300
268
Capital Raised ($B) 255 253
$40
# of Funds Closed 250
$35
198 204
193 190
$30 183 200
172
158 153
$25
141
150
122
$20
$15 100
$10
50
$5
$17.6
$25.3
$36.4
$34.9
$36.2
$12.0
$19.6
$23.3
$24.4
$20.6
$35.4
$35.2
$41.6
$0 -
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
NVCA 2017 Yearbook: Page 16
US VC Deal Flow
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Capital Invested ($B) 21.67 23.53 29.08 35.55 37.16 26.48 31.18 44.30 40.63 44.82 68.86 79.26 69.11
# of Deals Closed 2,593 2,928 3,301 4,292 4,707 4,458 5,411 6,771 7,987 9,326 10,550 10,468 8,136
Company Count 2,396 2,682 3,067 3,953 4,328 4,136 4,966 6,233 7,365 8,548 9,656 9,742 7,751
$90 12,000
10,550 10,468
$80
Capital Invested ($B) 9,326 10,000
$70 # of Deals Closed 8,136
7,987
$60 Company Count 8,000
6,771
$50
5,411 6,000
$40 4,707 4,458
4,292
$30 3,301 4,000
2,928
2,593
$20
2,000
$10
$22
$24
$29
$36
$37
$26
$31
$44
$41
$45
$69
$79
$69
$0 -
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Lynchburg, VA MSA 1 1
Mayaguez, PR MSA 1 1 0.10
Medford, OR MSA 1 1 0.75
Midland, TX MSA 1 1 0.75
Mobile, AL MSA 1 1 1.86
Modesto, CA MSA 1 1 0.20
Montgomery, AL MSA 1 1 0.10
Morgantown, WV MSA 1 1
Myrtle Beach-Conway-North Myrtle Beach, SC MSA 1 1 0.10
Napa, CA MSA 1 1 0.01
Ocala, FL MSA 1 1 0.06
Olympia, WA MSA 1 1 0.35
Oshkosh-Neenah, WI MSA 1 1
Owensboro, KY MSA 1 1 0.10
Pensacola-Ferry Pass-Brent, FL MSA 1 1 2.19
Pittsfield, MA MSA 1 1 0.04
Pueblo, CO MSA 1 1 0.62
Reading, PA MSA 1 1 2.30
Roanoke, VA MSA 2 1 3.17
Rochester, MN MSA 1 1 0.05
Rocky Mount, NC MSA 1 1 0.50
Sandusky, OH MSA 1 1 0.22
Savannah, GA MSA 1 1 0.26
Sebastian-Vero Beach, FL MSA 1 1 1.25
Sherman-Denison, TX MSA 1 1 2.50
Shreveport-Bossier City, LA MSA 1 1
Springfield, IL MSA 1 1 0.01
Springfield, MO MSA 1 1 12.11
Stockton, CA MSA 1 1 2.16
Syracuse, NY MSA 1 1 3.85
Tallahassee, FL MSA 1 1 0.20
Tyler, TX MSA 1 1 0.53
Vallejo-Fairfield, CA MSA 1 1 3.08
Visalia-Porterville, CA MSA 1 1
Yakima, WA MSA 1 1
York-Hanover, PA MSA 1 1 0.05
NVCA 2017 Yearbook: Page 22 Appendix B
Nebraska - 0.01 0.03 0.01 0.01 0.00 0.01 0.01 0.02 0.02 0.04 0.13 0.02
Idaho - 0.01 0.01 0.03 0.03 0.02 0.00 0.03 0.01 0.02 0.02 0.08 0.02
North Dakota 0.01 0.00 - - 0.03 0.00 0.01 0.00 0.00 0.06 0.01 0.00 0.01
West Virginia 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.01 0.02 0.03 0.01 0.00 0.01
Oklahoma 0.02 0.01 0.05 0.02 0.08 0.01 0.01 0.05 0.06 0.01 0.04 0.05 0.01
Mississippi - 0.02 0.02 0.05 0.03 0.01 0.08 0.00 0.05 0.00 0.00 0.01 0.01
Alaska - - 0.00 - 0.00 0.01 0.00 0.01 0.00 0.00 0.09 0.00 0.00
Puerto Rico - - 0.01 - 0.01 - 0.00 - 0.00 - 0.00 0.00 0.00
Wyoming - 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.04 0.01 0.01 0.00
Virgin Islands - - - - - 0.00 - - - - 0.03 0.00 -
Other US Territory - - - - - - - - 0.00 0.01 - - -
Unknown 0.00 - - 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.02 0.02
NVCA 2017 Yearbook: Page 22 Appendix C
Nebraska 0 4 5 7 8 5 15 13 13 30 26 26 16
Idaho 0 2 7 9 9 10 8 12 16 22 17 21 21
North Dakota 1 1 0 2 5 3 2 3 3 8 7 5 10
West Virginia 1 5 1 4 2 2 4 6 4 9 2 2 3
Oklahoma 3 3 8 8 12 10 10 9 20 23 24 32 10
Mississippi 0 4 3 4 4 6 10 7 7 5 8 9 6
Alaska 0 0 1 0 1 1 1 4 3 3 6 4 4
Puerto Rico 0 0 2 1 1 0 1 0 2 1 1 3 4
Wyoming 0 1 1 1 2 1 2 4 3 9 4 6 2
Virgin Islands 0 0 0 0 0 1 0 0 0 0 1 1 0
Other US Territory 0 0 0 0 0 0 0 0 1 1 0 0 0
Unknown 1 0 0 1 2 1 1 3 3 11 6 8 7
NVCA 2017 Yearbook: Page 22 Appendix D
140.0
120.0
100.0
80.0
60.0
40.0
20.0
-
2004 2008 2012 2016
2016 VC Deals & Company Counts by State # of States Invested into by Investor HQ State # of States California Investors Invested into by Year
Capital
Company Invested
Count % of Total ($M) % of Total Investor HQ State # of States Invested In Year # of States Invested In
California 2658 34.29% 38,060.29 55.07% California 40 2004 34
New York 875 11.29% 7,361.49 10.65% New York 36 2010 38
Massachusetts 508 6.55% 6,099.65 8.83% Massachusetts 33 2016 40
Texas 439 5.66% 1,989.26 2.88% Illinois 31
Florida 208 2.68% 1,678.32 2.43% Texas 30
Washington 292 3.77% 1,579.69 2.29% Missouri 25
Illinois 239 3.08% 1,282.86 1.86% Maryland 24
Utah 99 1.28% 1,169.77 1.69% Florida 24 Top 5 States by Percentage of 2016 Deals Done Within Investor's HQ State
Pennsylvania 228 2.94% 1,090.20 1.58% North Carolina 23 Investor HQ State % Invested Within State
Colorado 241 3.11% 911.88 1.32% Pennsylvania 23 Oregon 70%
All Others 1964 25.34% 7,883.60 11.41% Virginia 23 California 67%
Total 7751 69,107.01 Colorado 22 Wisconsin 64%
Michigan 20 Ohio 62%
Connecticut 20 Utah 59%
Tennessee 19 *This ranking is inclusive of states with 20 or more investments
Washington 19
District of Columbia 18
Georgia 17
New Jersey 17 Top 5 States by Percentage of 2016 Deals Done in State which Feature Investor(s) from that State
Ohio 15 Company HQ State % Invested Within State
Arizona 15 California 77%
Indiana 14 New York 63%
Minnesota 13 Massachusetts 63%
Wisconsin 12 Texas 59%
Utah 11 Washington 56%
Kansas 11 *This ranking is inclusive of states with 20 or more investments
Nebraska 11
NVCA 2017 Yearbook: Page 24
40.00
35.00
30.00
25.00
20.00
15.00
10.00
5.00
-
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
120
20.00
100
15.00
80
60
10.00
40
5.00
20
- -
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
NVCA 2017 Yearbook: Page 29
US IPOs by Year
# of All IPOs # of VC Backed IPOs
2004 281 79
2005 258 43
2006 260 59
2007 294 87
2008 137 10
2009 87 10
2010 173 42
2011 177 46
2012 198 60
2013 320 89
2014 373 122
2015 226 77
2016 138 39
70,000 900
800
60,000
700
50,000 600
40,000 500
30,000 400
300
20,000
200
10,000 100
0 -
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
NVCA 2017 Yearbook: Page 31 Appendix