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The Q4 2010 MoneyTree™
results are in! This special,expanded report provides
detailed results of Q4 2010 aswell as comprehensive nd-ings for full-years 2009 and
2010. More detailed results,including historical data
back to 1995, can be foundon the MoneyTree™ website
at www.pwcmoneytree.com.
PricewaterhouseCoopers
National Venture Capital Association
MoneyTreeTM
ReportQ4 2010/Full-year 2010Data provide by Thomson Reuters
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Venture capitalists invested $21.8 billion in 3,277 deals in
2010, an increase of 19 percent in dollars and a 12 percentrise in deals over the prior year. The rise in venture invest-
ments in 2010 represents the rst time the annual invest-ment level has increased since 2007. Investments in thefourth quarter of 2010 totaled $5.0 billion in 765 deals,
a 2 percent increase in dollars but a 3 percent decrease indeals from the third quarter of 2010 when $4.9 billion
went into 789 deals.
Double-digit increases in investments in 2010 were spread
across almost every industry, including the Clean Technol-ogy and Internet-Specic sectors. Investment dollars also
increased across every stage of development category, withthe exception of a 2 percent decrease in Seed stage invest-ments. First-time nancings rose in 2010 compared to the
prior year, however, fourth quarter investing did show adecline in both rst-time dollars and deals when compared
to Q3 2010.
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
(739) (837) (794) (831) (883) (978) (924) (969) (875) (1,067) (1,017) (1,076) (1,027) (1,072) (1,005) (921) (637) (710) (716) (864) (763) (960) (789) (765)
0
5
10
15
20
5,008
6,094
5,739
5,694
6,284
6,941
6,6446,142
7,142
7,207
7,761 7,791
7,807
7,3557,089
5,854
3,390
4,290
5,212 5,384
4,961
6,900
4,945
5,017
`05 `06 `07 `08 `09 `10$ in millions
Quarter
Number of deals
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The Software industry recaptured its status as the single
largest investment sector for the year, rising 20 percent over2009 to $4.0 billion in 2010, which was invested into 835
deals; a 21 percent rise over the prior year. Biotechnology funding increased modestly in 2010 by 3 percent in dollarsand 8 percent in deals, with $3.7 billion going into 460 deals,
dropping it to the second largest investment sector for the year in terms of dollars and deals. The Medical Device
industry fell 9 percent in dollars and was at in terms of deals in 2010, nishing the year as the fourth largest sector
with $2.3 billion going into 324 deals. The Life Sciencessector (Biotech and Medical Devices combined) accountedfor 28 percent of all venture capital dollars invested in 2010
compared to 33 percent in 2009.
The Clean Technology sector experienced a signicant
increase in 2010 with $3.7 billion invested in 267 deals.This investment level represents a 76 percent increase indollars and a 37 percent increase in deal volume from 2009 when $2.1 billion went into 195 deals. These investment
levels remained below 2008 levels of $4.0 billion into 277
deals, which was an all-time high. With ve of the top ten
deals going to Clean Technology, funding in the sectoraccounted for 17 percent of all venture capital dollars in
2010 compared to 11 percent in 2009.
Internet-specic companies also saw an increase in
investing in 2010. The $3.78 billion going into 729 dealsrepresented a 28 percent increase in dollars and 14 percent
in deals from 2009 when $2.9 billion went into 638 deals.Internet-specic is a discrete classication assigned
to a company whose business model is fundamentally dependent on the Internet, regardless of the company’sprimary industry category. These companies accounted
for 17 percent of all venture capital dollars in 2010, upfrom 16 percent in 2009.
Industry sectors experiencing some of the biggest dollarincreases in 2010 included: IT Services (44 percent); Tele-
communications (77 percent); and Media & Entertainment(18 percent).
Grand Total
0 1,000 2,000 3,000 4,000# of
Deals
0 20,000 30,000
($ in millions) All results rounded
($ in millions) All results rounded
10,000
2009
2010
$21,823
$18,276
692835
426460
234277
323324
218272
252292
126124
132136
10564
84104
5270
5770
8290
6165
3842
2926
1626
2,9273,277
$3,299$3,964
$3,566$3,686
$2,418$3,358
$2,540$2,316
$1,160$1,668
$1,202$1,422
$792
$518
$807$666
$361$529
$371$528
$388$517
$262
$448
$300$375
$136
$273
$146$177
$9$26
Software
Biotechnology
Industrial/Energy
Medical Devices and Equipment
IT Services
Media and Entertainment
Semiconductors
Telecommunications
Networking and Equipment
Consumer Products and Services
Financial Services
Computers and Peripherals
Business Products and Services
Electronics/Instrumentation
Healthcare Services
Retailing/Distribution
Other
$952
$919
Investments by industry 2009 to 2010
Denitions of the Industry categories can be found on the MoneyTree™ web site at www.pwcmoneytree.com
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Software investing also increased in the fourth quarter of
2010 to the highest quarterly dollar level since Q3 2007 with $1.1 billion going into 218 deals. Software was the
number one sector for dollars invested and total number of deals in the fourth quarter and was the only industry sectorto receive more than $1 billion in the fourth quarter. For the
fourth quarter, Biotechnology funding declined 24 percentin dollars and fell 15 percent in the number of deals from
the third quarter with $685 million going into 94 rounds.
For the fourth quarter, Medical Devices saw a drop of 31percent in dollars and 15 percent in deals from Q3 2010 with $400 million going into 71 deals. In the fourth quar-
ter, venture capitalists invested $765 million into 57 Clean
Technology deals. Four of the top 10 deals in the fourthquarter fell into the Clean Technology category. Clean
Technology crosses traditional MoneyTree industriesand comprises alternative energy, pollution and recycling,power supplies and conservation.
Fourth quarter Internet-specic investment increased 65
percent in dollars and 19 percent in deals with $1.2 billiongoing into 190 deals compared to $745 million going into
160 deals in the third quarter of 2010.
Software
Industrial/Energy
Biotechnology
Media and Entertainment
IT Services
Medical Devices and Equipment
Computers and Peripherals
Networking and Equipment
Consumer Products and Services
Telecommunications
Semiconductors
Electronics/Instrumentation
Business Products and Services
Financial Services
Healthcare Services
Retailing/Distribution
Other
Grand Total
Q4 10
Q3 10
Q4 09
215201218
# ofDeals
864789765
735972
11611094
806070
566865
938371
151420
241413
251827
463829
433423
181711
182516
181912
8169
965
7710
$1,041
$254
$236
$5,017
$5,384
0
0 1,000
250 400 600 1,000800 1,200
2,000 3,000 4,000 6,0005,000
# ofDeals
($ in millions) All results rounded
($ in millions) All results rounded
$621
$853
$1,106$903
$685
$426
$533
$481$435
$400
$92$91
$149
$143$118
$135
$117$112
$134
$357$126
$248$236
$125
$60$79$77
$72$73$77
$151$90
$72
$28$139
$59
$72
$54$24
$7$7
$3
$418
$1,126$972
$775$578
$175
$4,945
Industry Q4 2009, Q3 2010 and Q4 2010
Denitions of the Industry categories can be found on the MoneyTree™ web site at www.pwcmoneytree.com
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Investments into Seed Stage companies decreased 2 percent
in terms of dollars but increased 4 percent in terms of deals with $1.7 billion going into 363 companies in 2010. Seed
Stage companies attracted 8 percent of dollars and 11 percentof deals in 2010 compared to 10 percent of dollars and 12percent of deals in 2009. Early Stage investments experienced
double-digit increases, rising 15 percent in terms of dollarsand 25 percent in terms of deals in 2010 to $5.3 billion in
1,147 deals. Early Stage companies attracted 24 percentof dollars and 35 percent of deals in 2010 compared to
25 percent of dollars and 31 percent of deals in 2009.
Expansion Stage investments increased in 2010 by 47 percent
in dollars and 21 percent in deals with $8.5 billion goinginto 1,021 deals. Expansion Stage companies attracted 39
percent of dollars and 31 percent of deals in 2010 comparedto 32 percent of dollars and 29 percent of deals in 2009. In2010, $6.3 billion was invested into 746 Later Stage deals, a
3 percent increase in dollars and a 9 percent decrease in dealsfor the year. Later Stage companies attracted 29 percent of
dollars and 23 percent of deals in 2010 compared to34 percent of dollars and 28 percent of deals in 2009.
# ofDeals
820746
8431,021
9151,147
349363
Later Stage
Expansion
Early Stage
Startup/Seed
0 5,000 10,000 15,000 20,000 25,000# of
Deals
2,9273,277
$18,276
$6,161$6,315
$5,772
$4,603$5,304
$8,493
$21,823
($ in millions) All results rounded
Grand Total
($ in millions) All results rounded
2009
2010
$1,712$1,739
0 1,000 2,000 3,000 4,000 5,000 7,000 8,0006,000 9,000
Investments by stage of development2009 to 2010
Denitions of the Stage of Development categories can be found on MoneyTree™ web site at www.pwcmoneytree.com
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For the fourth quarter, venture capitalists invested $243
million into 80 seed stage companies, a 14 percent decreasein dollars and a 7 percent decline in deals compared to
the third quarter of the year. Fourth quarter Early Stagedeals increased with $1.4 billion going into 285 deals, a7 percent increase in dollars and 4 percent increase in
deals from Q3.
Expansion funding rose in the fourth quarter, increasing
32 percent from the prior quarter to $2.2 billion. The num-ber of deals also increased during the quarter, improving
7 percent to 245. Fourth quarter Later Stage fundingdecreased 29 percent in terms of dollars and a 22 percentin terms of deals from the third quarter of 2010.
# ofDeals
($ in millions) All results rounded
203198155
255230245
305275285
1018680
Later Stage
Expansion
Early Stage
Startup/Seed
$1,648$1,721
$1,701
$2,162$1,635
$1,641$1,307
$1,393
0 1,000 2,000 3,000 4,000 6,0005,000# of
Deals864789765
$5,384
$5,017
($ in millions) All results rounded
Grand Total
$394$282
$243
0 500 1,000 2,000 2,500
Q4 10
Q3 10
Q4 09
$4,945
$1,219
Investments by stage of developmentQ4 2009, Q3 2010 and Q4 2010
Denitions of the Stage of Development categories can be found on MoneyTree™ web site at www.pwcmoneytree.com
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First-time nancings in 2010 jumped 29 percent both in
terms of dollars and deals from the prior year, rising to$4.3 billion going into 999 companies. Industries receiving
the most dollars in rst-time nancings in 2010 wereSoftware, Biotechnology, and Industrial/Energy. Industries with the most rst-time deals in 2010 were Software,
Biotechnology, and Media/Entertainment.
Fifty-one percent of rst-time deals in 2010 were in the
Early Stage of development followed by the Seed Stageof development at 24 percent, Expansion Stage companies
at 17 percent and Later Stage companies at 8 percent.
# ofDeals
774999
1,0031,005
736807
414466
First
Second & Third
Fourth, Fifth, & Sixth
Seventh & Beyond
0 5,000 10,000 15,000 20,000 25,000# of
Deals
2,9273,277
$18,276
$3,327$4,283
$5,645
$6,074
$3,229
$6,908
$7,035
$21,823
($ in millions) All results rounded
Grand Total
($ in millions) All results rounded
2009
2010
$3,598
0 1,000 2,000 3,000 4,000 5,000 7,0006,000 8,000
Investments by sequence of nancing 2009 to 2010
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In contrast to 2010 investment trends, the dollar level and
number of companies receiving venture capital for the rsttime decreased in the fourth quarter by 32 and 8 percent,
respectively, over the third quarter, dropping to $836million into 235 companies. The fourth quarter of 2010 was the rst time since the third quarter of 2007 in which
rst-time nancings did not exceed one billion dollars.
# ofDeals
($ in millions) All results rounded
255255235
295233249
194187183
120114
98
First
Second & Third
Fourth, Fifth, & Sixth
Seventh & Beyond
$1,112$1,224
0 1,000 2,000 3,000 4,000 6,0005,000# of
Deals864789765
$5,384
($ in millions) All results rounded
Grand Total
Q4 10
Q3 10
Q4 09
0 500 1,000 1,500 2,000
$4,945$5,017
$836
$1,640$1,513
$1,745
$1,614
$1,619$1,304
$1,019$904
$818
Investments by sequence of nancing Q4 2009, Q3 2010 and Q4 2010
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Half of the top ten regions to attract venture-backed
funding in 2010 recorded an increase in funding over theprior year. The Midwest reported the greatest jump in 2010
investment with a 77 percent increase in funding followedby Colorado with a 51 percent increase.
Silicon Valley was the top region for the year attracting
40 percent of total US venture capital dollars and 30percent of total US deals. New England was a distant second
at 11 percent of total US funding and 12 percent of totaldeals. Taken together, the top three regions — Silicon Valley, New England, and New York Metro — accounted
for 61 percent of venture-backed funding and 53 percentof deals reported in 2010.
# ofDeals
($ in millions) All results rounded
($ in millions) All results rounded
0 10,000 20,000 30,000
0 2,000 4,000 6,000 8,000 10,000 12,000915961
360387
254350
168205
228245
139187
120143
109115
131136
134156
7977
95118
5950
6858
3642
1223
108
36
2,9273,277
2009
2010
Unknown region totals not included
$7,327$8,513
$2,199$2,537
$955
$1,195
$1,049$933
$688$891
$944$847
$833$598
$727$806
$463$468
$435$431
$383$324
$282
$23$78
$10$46
$18$34
$7$16
$18,276$21,823
$278
$788
$1,876
$1,584
Silicon Valley
New England
NY Metro
LA/Orange County
Midwest
Southeast
Texas
San Diego
DC/Metroplex
Northwest
Colorado
Philadelphia Metro
North Central
South West
South Central
Upstate NY
Sacramento/N.Cal
AK/HI/PR
Grand total
$1,490
Investments by region2009 to 2010
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In the fourth quarter, seven of the top ten regions saw an
increase in funding compared to third quarter 2010. Half of the top ten regions reported an increase in funding com-
pared to investment the same time last year. Funding goingto Silicon Valley was up nine percent from the third quarterbut down ve percent compared to the fourth quarter 2009.
New England deals were up two percent compared to third
quarter 2010 but down 23 percent from the fourth quarter2009. Silicon Valley, New England and New York Metro
were the top regions for the quarter and accounted for61 percent of dollars and 53 percent of the deals reportedin the fourth quarter 2010.
281217231
108101
88
688483
695962
454048
251924
323026
325133
343733
483323
334134
303330
211114
95
18
21168
454
12-
13-
864789765
Silicon Valley
New England
NY Metro
Midwest
LA/Orange County
Colorado
San Diego
Southeast
Northwest
DC/Metroplex
Texas
Philadelphia Metro
North Central
South Central
SouthWest
Upstate NY
AK/HI/PR
Sacramento/N.Cal
Grand total
0 500 1,000 1,500 2,000 2,500 3,000# of
Deals
0 3,000 6,000
($ in millions) All results rounded
($ in millions) All results rounded
5,0004,0001,000 2,000
$2,075$ 1,833
$2,001
Unknown region totals not included
$692$526$536
$486$341
$513
$213$258
$378$284
$229$305
$168$88
$254
$344$223
$193$166
$265$191$185$194
$160
$209$259
$143
$215
$138$152$148
$85$130
$99$46
$2$5
$34
$53$72
$31
$6$4$2
$0$50
$3$50
$5,384
$ 5,017
$389
$4,945
Q4 09
Q3 10
Q4 10
Investments by regionQ4 2009, Q3 2010 and Q4 2010
Denitions of the Region categories can be found on MoneyTree™ web site at www.pwcmoneytree.com
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California was the top state to receive funding in 2010,
with 50 percent of total US venture-backed investment forthe third consecutive year. Massachusetts was in second
place, capturing 11 percent of total US dollars. New York and Texas attracted 6 percent and 4 percent of total dollars,respectively. All but one of the top ten states reported an
increase in 2010 funding when compared to full year 2009.
# ofDeals
# ofDeals
2009
2010
California
Massachusetts
New York
Texas
Washington
Illinois
Pennsylvania
Colorado
North Carolina
New Jersey
Top 10 total
8,0004,000 12,000 16,000 20,000
4,000 8,000 12,000 16,000 20,0000
0($ in millions) All results rounded
($ in millions) All results rounded
1,2021,289
317351
180266
120143
109116
4460
133153
7977
3457
7371
2,2912,583
$9,245$10,978
$2,073$2,373
$935$1,339
$688$891
$607$613
$237$575
$419$508
$463$468
$245
$545$451
$456
$18,652$15,457
Investment by state2009 to 2010
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The most active US venture rms closed 21 or more deals in
2010. Kleiner Perkins Caueld & Byers topped the list of mostactive venture rms, completing a total of 76 deals in 2010.
First Round Capital and New Enterprise Associates, roundout the top three rms. For the year, the most active rmsinvested in 25 percent of total deals completed in 2010.
Most active venture investorsFull-year 2010
Firm City # of deals
Kleiner Perkins Caueld & Byers Menlo Park, CA 76
First Round CapitalWest Conshohocken,PA
69
New Enterprise Associates, Inc. Menlo Park, CA 67
Draper Fisher Jurvetson Menlo Park, CA 58
North Bridge Venture Partners San Mateo, CA 55
Polaris Venture Partners Waltham, MA 53
Sequoia Capital Menlo Park, CA 47
Venrock Associates Palo Alto, CA 46
Canaan Partners Westport, CT 42
Domain Associates LLC Princeton, NJ 39
Accel Partners Palo Alto, CA 38
Menlo Ventures Menlo Park, CA 38
U.S. Venture Partners Menlo Park, CA 38
Austin Ventures, L.P. Austin, Texas 37Intel Capital Santa Clara, CA 36
Rho Capital Partners, Inc. New York, NY 36
Foundation Capital Menlo Park, CA 35
Khosla Ventures Menlo Park, CA 35
Bessemer Venture Partners Larchmont, NY 34
Redpoint Ventures Menlo Park, CA 34
Ben Franklin Technology Partners Southeastern PA
Philadelphia, PA 33
True Ventures Palo Alto, CA 33
Benchmark Capital Menlo Park, CA 32
Kansas Technology EnterpriseCorporation
Topeka, KS 32
ARCH Venture Partners Chicago, IL 30
Flagship Ventures Cambridge, MA 30
Highland Capital Partners LLC Lexington, MA 30
InterWest Partners Menlo Park, CA 30
Oak Investment Partners Westport, CT 30
Firm City # of deals
Norwest Venture Partners Palo Alto, CA 29
Sigma Partners Menlo Park, CA 29
Battery Ventures, L.P. Waltham, MA 27
Connecticut Innovations, Inc. Rocky Hill, CT 27
Lightspeed Venture Partners Menlo Park, CA 26
OVP Venture Partners Kirkland, WA 26
Alloy Ventures Palo Alto, CA 25
Frazier Healthcare andTechnology Ventures
Seattle, WA 25
Innovation Works, Inc. Pittsburgh, PA 25
Adams Street Partners LLC Chicago, IL 24
Advanced Technology Ventures Waltham, MA 24
Charles River Ventures Waltham, MA 24
Alta Partners San Francisco, CA 23Greycroft Partners New York, NY 23
Greylock Partners Cambridge, MA 23
Matrix Partners Waltham, MA 23
Founder Collective Somerville, MA 22
HealthCare Ventures LLC Cambridge, MA 22
RRE Ventures LLC New York, NY 22
Village Ventures Williamstown, MA 22
Advantage Capital Partners New Orleans, LA 21
Duff Ackerman & Goodrich LLC San Francisco, CA 21
Edison Venture Fund Lawrenceville, NJ 21
JAFCO Ventures Palo Alto, CA 21
Mohr Davidow Ventures Menlo Park, CA 21
Morgenthaler Ventures Menlo Park, CA 21
Shasta VenturesManagement LLC
Menlo Park, CA 21
Trident Capital Palo Alto, CA 21
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The most active US venture rms in the fourth quarter 2010
closed six or more deals each. Kleiner Perkins Caueld &Byers topped the fourth quarter’s most active list with a
total off 24 deals, followed by Sequoia Capital, whichparticipated in 21 investments during the quarter.
Most active venture investorsQ4 2010
Firm City # of
dealsKleiner Perkins Caueld & Byers Menlo Park, CA 24
Sequoia Capital Menlo Park, CA 21
First Round Capital West Conshohocken, PA 17
New Enterprise Associates, Inc. Menlo Park, CA 16
North Bridge Venture Partners San Mateo, CA 16
Kansas Technology Enterprise Corporation
Topeka, KS 15
U.S. Venture Partners Menlo Park, CA 15
Draper Fisher Jurvetson Menlo Park, CA 14
Intel Capital Santa Clara, CA 14
Polaris Venture Partners Waltham, MA 14
Bessemer Venture Partners Larchmont, NY 12
Austin Ventures, L.P. Austin, TX 11
Charles River Ventures Waltham, MA 11
Venrock Associates Palo Alto, CA 11
Sigma Partners Menlo Park, CA 10
True Ventures Palo Alto, CA 10
Accel Partners Palo Alto, CA 9
Frazier Healthcare andTechnology Ventures
Seattle, WA 9
InterWest Partners Menlo Park, CA 9
Lightspeed Venture Partners Menlo Park, CA 9
Mission Ventures San Diego, CA 9
Oak Investment Partners Westport, CT 9
Andreessen Horowitz Menlo Park, CA 8
HealthCare Ventures LLC Cambridge, MA 8
Innovation Works, Inc. Pittsburgh, PA 8
Khosla Ventures Menlo Park, CA 8
Menlo Ventures Menlo Park, CA 8
Firm City # of
dealsOVP Venture Partners Kirkland, WA 8
Redpoint Ventures Menlo Park, CA 8
Rho Capital Partners, Inc. New York, NY 8
Adams Street Partners LLC Chicago, IL 7
Domain Associates LLC Princeton, NJ 7
Foundation Capital Menlo Park, CA 7
Google Ventures Mountain View, CA 7
Madrona Venture Group Seattle, WA 7
Norwest Venture Partners Palo Alto, CA 7
Spark Capital Boston, MA 7
Tenaya Capital New York, NY 7
Advanced Technology Ventures Waltham, MA 6
ARCH Venture Partners Chicago, IL 6
Ben Franklin Technology Partners Southeastern PA
Philadelphia, PA 6
Benchmark Capital Menlo Park, CA 6
Connecticut Innovations, Inc. Rocky Hill, CT 6
Duff Ackerman & Goodrich LLC San Francisco, CA 6
Essex Woodlands Health Ventures New York, NY 6
Foundry Group Boulder, CO 6
Greylock Partners Cambridge, MA 6
Highland Capital Partners LLC Lexington, MA 6
JumpStart, Inc. Cleveland, OH 6
Matrix Partners Waltham, MA 6
MPM Capital Boston, MA 6
Rockport Capital Partners Boston, MA 6
RRE Ventures LLC New York, NY 6
Trident Capital Palo Alto, CA 6
Union Square Ventures New York, NY 6
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The 2010 venture-backed exit market appeared to be on
the rebound. The year ended with 420 venture-backedMergers and Acquisitions (M&A) deals with a total
disclosed value of $18,307.2 million. In 2009, by comparison, there were 273 M&A transactions witha total disclosed value of $13,552.9 million.
Venture-backed merger and acquisitions exits2008 to 2010
QuarterNumber of IPOs
Q4(65)
Q3(89)
Q2(85)
Q1(109)
Q4(74)
Q3(69)
Q2(65)
Q1(65)
Q4(88)
Q3(111)
Q2(99)
Q1(122)
$ in millions
`08 `09 `10
0
2,000
4,000
6,000
8,000
10,000
$4,983
$3,235
$1,392
$2,391
$666
$3,022
$4,023
$5,676
$5,587
$8,924
$2,570 $3,268
Source: Thomson Reuters & National Venture Capital AssociationData current as of January 03, 2011
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The tally of venture-backed IPOs completed in the fourth
quarter of 2010 was more than double the number reportedin the third quarter. The year also ended on a high note
with 72 exits valued at $7,017.5 million. In contrast, there were 12 venture-backed IPOs 2009 and only 6 completedin 2008.
Venture-backed initial public offerings (IPO)2008 to 2010
QuarterNumber of IPOs
Q4(0)
Q3(1)
Q2(0)
Q1(5)
Q4(4)
Q3(3)
Q2(5)
Q1(0)
Q4(32)
Q3(14)
Q2(17)
Q1(9)
$ in millions
`08 `09 `10
0
1,000
2,000
3,000
4,000
$283 $188
$572
$0 $0
$1,275
$1,249
$3.557
$936
$349
$721
$0
Source: Thomson Reuters & National Venture Capital AssociationIncludes all companies with at least one US VC investor that trade on US exchanges, regardless of domicile.Data current as of January 03, 2011
15 MoneyTreeTM
Report
8/6/2019 MoneyTree Q42010 Full Year
http://slidepdf.com/reader/full/moneytree-q42010-full-year 16/16
PricewaterhouseCoopers and the National Venture Capital Association have taken responsible steps to
ensure that the information contained in the MoneyTreeTM Report has been obtained from reliable sources.
However, neither of the parties nor Thomson Reuters can warrant the ultimate validity of the data obtained
in this manner. Results are updated periodically. Therefore, all data is subject to change at any time. Before
making any decision or taking any action, you should consult a competent professional adviser.
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Contacts
Tracy T. Lefteroff Global Managing Partner Venture Capital [email protected]
David SilvermanEmerging Company Services Practice [email protected]
Danny WallaceEmerging Company Services Practice [email protected]
Deborah Volpe
MoneyTree Project [email protected]