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Page 1: Sponsored by VC Valuations - prodigiicrowdfunding.com · Valuation Step-ups 9 Spotlight: Exit Valuation Step-ups 10 Corporate VC Valuations 11 Deal Terms 12 ... the road to IPO and

VC Valuations

1Q 2018

Sponsored by

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Copyright © 2018 Deloitte Development LLC. All rights reserved.

Can an audit propel you toward an IPO?Think an audit will slow your IPO down? Look again.™ A Deloitte audit is an opportunity for insight, one that can help leaders see further and deeper into their businesses and can help inform vital decisions. It can help prepare you for the seas ahead. See how at deloitte.com/us/egc.

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3

ContentsKey Takeaways 3

Overview 4

Spotlight: Pre-seed Valuations 7

Valuation Step-ups 9

Spotlight: Exit Valuation Step-ups 10

Corporate VC Valuations 11

Deal Terms 12

Credits & Contact

PitchBook Data, Inc.

John Gabbert Founder, CEOAdley Bowden Vice President, Market Development & Analysis

Content

Joelle Sostheim AnalystCameron Stanfill AnalystDarren Klees Data Analyst

Contact PitchBook

Research [email protected]

Editorial [email protected]

Sales [email protected]

Cover design by Jennifer Sam

Click here for PitchBook’s report methodologies.

Key takeaways from the analysts

• Venture capital valuations continue

to move higher across all stages. The

most significant increase was at the

late stage, where the median pre-

money valuation as of 1Q 2018 pushed

to $75 million, a 19% increase from

2017.

• The median time between VC rounds

remains extended, sitting at 1.4 years

for angel & seed and early-stage rounds

and 1.8 years for late-stage, compared to

long-term averages of 1.2 and 1.5 years,

respectively. Extended hold times have

caused some apprehension in the VC

community; however, VCs appear willing

to continue funding companies for

prolonged periods in private markets.

• While we continue to see valuation

increases across all stages, this is

not driven by an increase in investor

protections. For example, the

percentage of deals with cumulative

dividends, as well as those with

participation rights, fell steadily over the

past decade and hover at or near prior

lows so far in 2018.

19% increase in late-stage median pre-

money valuations since 2017

1.4 & 1.8 years between rounds for

angel & seed to early-stage & late-stage, respectively

5% of deals in 1Q 2018 had cumulative

dividends

PITCHBOOK 1Q 2018 VC VALUATIONS REPORT3

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0

2,000

4,000

6,000

8,000

10,000

12,000

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Deal value ($B)

# of deals closed

Angel/seed

Early-stage VC

Late-stage VC

Source: PitchBook

*As of March 31, 2018

While valuations have risen in recent years, fears of declining capital invested haven’t manifested US VC activity

VC valuations trend higher in 2018

Overview

Following a decade high of VC

invested in 2017—and on a record

pace again in 2018—VC valuations

continue to move higher across all

stages. The most significant increase

was at the late stage, where median

pre-money valuations as of 1Q 2018

pushed to $75 million, a 19% increase

from 2017. We believe much of this

valuation expansion has been caused

by the buildup of dry powder and

general availability of capital to high-

growth companies, which has given

these companies pricing power in

negotiations with investors.

This phenomenon is transforming

the VC environment and contributed

heavily to the solidification of support

for mega-deals, which we categorize

as deals over $100 million. Historically,

companies seeking equity financing

of this size would turn to the public

markets to continue funding their

growth, but the size and maturity

PITCHBOOK 1Q 2018 VC VALUATIONS REPORT4

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5

Source: PitchBook

*As of March 31, 2018

Source: PitchBook

*As of March 31, 2018

$6.3 $6.5

$20.0

$27.5

$63.3

$75.0

$0

$10

$20

$30

$40

$50

$60

$70

$80

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Angel/Seed Early-stage VC

Late-stage VC

Late-stage valuations continue to soar Median pre-money valuation ($M) by stage

22.2%

26.7%26.7%

26.5%23.5%

22.8%

16.7%

20.0%

12.5%

15.5%

0%

5%

10%

15%

20%

25%

30%

35%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Angel/Seed Series A Series B Series C Series D+

Percentage acquired in angel & seed eclipses early-stage Median percentage acquired by series

of the VC ecosystem now allows

companies to scale with VC backing.

Traditional VC firms raising $1 billion+

funds and increased activity by

SoftBank’s Vision Fund make these

mega-deals possible.

With older and more mature

businesses raising a greater number

of VC rounds, it is logical that

valuations rose in tandem. This

development also lengthened average

hold times for venture investments, so

not only is there more risk of a down

exit from an elevated valuation, but

time-weighted returns may also come

under pressure as companies sit in

fund portfolios longer.

The shift toward funding more mature

companies was especially present

in the angel & seed stage, where the

median age for companies receiving

financing pushed to three years—

twice as old as a decade ago. This

trend is explained by a multiplicity

of alternative funding options, such

as accelerators, equity or product

crowdfunding and a greater ability

to bootstrap thanks to tech-enabled,

low-capital-intensity business models.

As valuations and deal sizes at the

angel & seed stage steadily grew

larger over the last 10 years, investors

in these transactions consistently

took a 20% ownership position. But

so far in 2018, the median percentage

acquired has spiked to a decade high

of 26.7%. This is an intriguing change,

as large seed financings now come

with the trade-off of giving up more

equity. We see this shift as evidence

that companies are now being more

fully valued at the angel & seed

stage, with investors tempering their

expectations for unchecked valuation

growth going forward.

PITCHBOOK 1Q 2018 VC VALUATIONS REPORT5

Overview

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Growth at all costs?

In recent years, attractively priced

companies with strong growth

potential have been difficult to find—

even in public equity markets—because

quantitative easing raised valuations

across almost all asset classes by

decreasing the cost of leverage

and injecting cash into the market.

PITCHBOOK 1Q 2018 VC VALUATIONS REPORT6

1.5

1.41.4

1.5

1.8 1.8

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Angel/Seed Early-stage VC Late-stage VC

While the backdrop is changing,

growth remains highly sought-after,

which was another force behind the

extended climb in VC valuations. Over

this decade-long bull market, VC

investments offered the ability to back

high-growth companies, attracting

greater demand from capital allocators,

as evidenced in our fundraising data.

However, investors are also paying

up for growth outside of the private

markets, as forward price to earnings

ratio of the S&P 500 growth versus

value moved to 1.37x—the widest gap

since 2008.

Driven by bigger deals at larger

valuations, the median time between

VC rounds remains extended, sitting

at 1.4 years for angel & seed, 1.5 years

for early stage and 1.8 years for late

stage, compared to long-term averages

of 1.2, 1.2 and 1.5 years, respectively. It

is logical that cash runways extended

following the run-up in valuations

over the last five years and, more

importantly, the parallel move in

deal sizes. Extended hold times have

caused some apprehension in the

VC community, where the balance

of power seems to have shifted to

founders and startups. Nonetheless,

VCs appear willing to continue funding

companies for prolonged periods in

private markets. Of course, GPs still

operate funds with defined timelines

and need to return capital to LPs. To

that end, some large VCs are even

raising separate vehicles to support

follow-on rounds for successful

portfolio companies, as the largest

companies start to outgrow original

funds.

Cash runways remain extended Median time (years) between rounds

Sponsored by

Source: PitchBook

*As of March 31, 2018

Deloitte’s Emerging Growth Company (EGC) Practice

We understand that one size doesn’t fit all. Each emerging growth company has its unique needs and issues at different stages of growth. As your company grows, we make the necessary changes to grow with you. Quality is our top priority; our approach to client service focuses on the challenges of high-growth companies, the road to IPO and a commitment to the venture community.

We are committed to delivering a distinctive client experience through service offerings tailored to address the specific circumstances of your company. From startups to billion-dollar companies, Deloitte’s collaborative approach brings the full breadth of our technical and industry capabilities, along with access to the global resources of our member firm network, to help you capture opportunities and address challenges. Our extensive IPO experience, along with our experienced professionals, enables us to provide insights that others may miss.

We have helped countless venture-backed companies achieve their goals. As you plan for your next stage of growth, make sure your organization is well equipped. Engage with our team of professionals that understands your challenges as a growing company, with specific industry knowledge and insights to the financial and operational challenges you may face.

www.deloitte.com/us/egc

As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

Overview

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The origin of rising late-stage

valuations is the sustained growth in

both deal size and valuations of angel

& seed rounds. Investors and founders

have noted that the upward shift in the

venture life cycle pushed angel & seed

financings to more closely resemble

historical early-stage financings,

remarking that “seed is the new

Series A.” The data corroborates this

sentiment. Median age at time of angel

& seed rounds reached three years in

2018—surpassing the maturity level

of companies securing early-stage

rounds in 2012. Median seed-round size

reached $2.0 million in 2018, edging

closer to 2012’s median Series A size

of $2.7 million. Startups are also raising

more rounds before their first early-

stage VC round (Series A or B).

The phenomenon of seed rounds

shifting to companies that in the recent

past would have received early-stage

financings appears to have led to a

stage of funding that some investors

are referring to as “pre-seed.” As one

might infer, pre-seed is the stage of

funding that precedes angel & seed

rounds. Some define this stage of

financing as either the first institutional

capital investment received by a

startup or simply as investment rounds

less than $1 million.

Using this working definition, we

analyzed the subset of rounds less than

$1 million to determine if they resemble

size and valuation of historical seed

rounds—or put simply, to see if “pre-

seed is the new seed.”

$0

$1

$2

$3

$4

$5

$6

$7

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

2012 2013 2014 2015 2016 2017 2018

Angel & seed valuations steadily climb to record highs Median angel & seed pre-money valuation ($M)

Source: PitchBook

Spotlight: Pre-seed Valuations

PITCHBOOK 1Q 2018 VC VALUATIONS REPORT7

Median seed deal size edges closer to historical Series A Median deal size ($M) by deal type

Source: PitchBook

*As of March 31, 2018

$0.5

$0.8

$1.6

$2.0

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

2010 2011 2012 2013 2014 2015 2016 2017 2018*

Angel Seed

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Indeed, pre-seed valuations at year-

end of 2017 and 1Q 2018 were $4.0

million and $3.4 million, respectively.

These metrics closely resemble angel

& seed valuations from 2012 and

2013 ($4.0 million and $4.5 million,

respectively). It appears that pre-seed

rounds are more founder-friendly, with

median equity acquired in 2017 sitting

at just 12.4% compared to 22.2% in all

angel & seed rounds.

The data also suggests that larger

angel & seed rounds ($1 million

or greater) command a greater

percentage of equity, with median

percentage of equity acquired sitting

at 25.0% in 2017, a value significantly

higher than that of pre-seed rounds.

Because recent angel & seed rounds

more closely resemble historical

early-stage rounds, it appears they

are pulling the percentage of equity

acquired upward. The key takeaway

for startups is that, even though the

bar has risen for companies seeking

seed financings, some investors are still

cutting checks at historically smaller

seed sizes and valuations. Though

the concept of pre-seed rounds is

still being solidified, it provides us

a glimpse of valuations in financing

rounds of very early-stage startups and

illustrates the emergence of a stage

resembling what seed financings used

to be historically.

‘Pre-seed’ valuations similar to 2013 angel & seed metrics Median pre-money valuation ($M) for rounds less than $1M

Source: PitchBook

*As of March 31, 2018

$4.00

$3.40

$0

$1

$2

$3

$4

$5

2010 2011 2012 2013 2014 2015 2016 2017 2018*

PITCHBOOK 1Q 2018 VC VALUATIONS REPORT8

Startups raising additional rounds before early-stage VC Average number of rounds raised prior to first early-stage deal

2.1 2.0

0.0

0.5

1.0

1.5

2.0

2.5

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Source: PitchBook

*As of March 31, 2018

Larger rounds command greater percentages Equity acquired (%) in pre-seed vs. larger angel & seed rounds

25.0%

27.5%

12.4%

14.3%

0%

5%

10%

15%

20%

25%

30%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Angel/Seed rounds greater than $1M

Pre-seed rounds Source: PitchBook

*As of March 31, 2018

Spotlight: Pre-seed Valuations

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Data from the beginning of the year

suggests that the median valuation

step-up between VC rounds increased

to 1.6x in the first quarter. This is

the greatest increase we’ve seen in

recent years by a significant margin,

as median step-up over each of the

last three years settled into the 1.4x to

1.5x range. Median valuation step-up of

early-stage rounds reached a decade

high of 1.9x in the first quarter of 2018.

Given that equity acquired in early-

stage financings remained relatively

unchanged, it appears that founders

were able to negotiate significantly

larger financings and valuations

without giving up more equity.

We’ve seen a similar story in late-stage

financings, but to a lesser degree.

While late-stage rounds are also larger

than ever, a minor uptick in equity

acquired suggests mature startups

may be giving up slightly more in

exchange for higher valuations.

1.52x 1.61x

2.23x

2.04x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

2013 2014 2015 2016 2017 2018

Median Average

Valuations continue upward momentum Valuation step-ups between pre-money & post-money across all rounds

Source: PitchBook

Upward movement in valuations of

late-stage rounds is widespread so

far in 2018, with only 4% of late-stage

down rounds recorded in the first

quarter, compared to 10% in the two

preceding years.

PITCHBOOK 1Q 2018 VC VALUATIONS REPORT9

Valuation Step-ups

1.7x

1.9x

1.3x1.4x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Early-stage VC Late-stage VC

Source: PitchBook

*As of March 31, 2018

Source: PitchBook

*As of March 31, 2018

Early-stage step-ups reaches record high Median valuation step-ups

Down rounds remain scarce Up, flat & down rounds

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Down

Flat

Up

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1.5x

1.3x

1.5x

1.9x

0x

1x

2x

3x

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Late-stage VC Early-stage VC

Median valuation step-up at exit climbs in 2018 to date Median step-up from last VC round valuation to exit

1.5x

1.7x

0x

1x

2x

3x

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Late-stage valuation step-ups at exit fall to lowest level since 2009 Median step-up from last VC round valuation to exit by stage

Source: PitchBook

*As of March 31, 2018

Source: PitchBook

*As of March 31, 2018

The significant valuation expansion

over the past few years has surfaced

worries that companies won’t be

able to maintain these lofty private

valuations at exit. This is most critical

at the top end of the VC market where

we’ve seen the greatest percentage

rise in median valuations. The data has

started to show signs of late-stage

valuations becoming inflated relative

to the public markets, as the median

late-stage valuation step-up at exit fell

to 1.3x through 1Q 2018—the lowest

value we’ve recorded since 2009.

So, while most late-stage companies

are exiting above their last private

valuation, the number failing to meet

that benchmark is growing.

Extended hold times brought on by

capital availability and the JOBS Act’s

elimination of the “500 Investor Rule”

have changed investor economics at

the late stage. Smaller valuation step-

ups at exit put more pressure on the

investors writing checks at the latest

rounds and who are already taking on

the risk of larger deal sizes. We expect

to see buyers of VC-backed companies

(strategic acquirers, PE firms and

public market investors) become more

selective or stringent in regard to

operating benchmarks as the current

business cycle matures, which should

drive further compression of the step-

up multiple.

Spotlight: Exit Valuation Step-ups

PITCHBOOK 1Q 2018 VC VALUATIONS REPORT10

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Rounds with CVC participation have

consistently carried higher valuations

than those without. But as valuations of

early-stage rounds reached new highs

in 1Q 2018, the difference between the

two appears to be converging. With

CVC-backed round valuations only

11% greater than those without CVC

backing, this is the smallest spread

we’ve seen since 2009. The surplus

of dry powder has provided non-CVC

investors with ample resources to

compete for higher valued companies

at the early stage, providing larger

checks that result in larger valuations.

Early-stage CVC investments in the

first quarter continued to tap into

emerging technologies, such as

robotics, VR and blockchain. The

trend toward larger early-stage

round sizes and subsequently larger

valuations may be an indication that

these strategic investors are willing

to provide ample funding at premium

prices to further develop desirable

technologies that will advance their

businesses. Blackmore Sensors and

Analytics, for instance, received an

$18 million financing (at a $68 million

valuation) to advance its LiDAR

sensor technology. Strategic funders

in the deal included BMW i Ventures

and Toyota AI Ventures, whose

autonomous vehicle efforts could

benefit from the production of cost-

effective LiDAR sensors.

Conversely, the median pre-money

valuation of late-stage rounds with

CVC investors pulled dramatically

ahead of those without CVC funding. In

1Q, 38% of deals with CVC participation

were larger than $25 million, compared

to a five-year average of just 24%.

Given this statistic, it follows that

late-stage valuations reached a record

high of $135 million in the first quarter.

Early-stage CVC & non-CVC valuations converge in 2018 Median pre-money valuation ($M)

Late-stage CVC rounds pull dramatically ahead of non-CVC rounds Median late-stage pre-money valuation ($M)

$25.2

$30.0

$19.0

$27.0

$0

$5

$10

$15

$20

$25

$30

$35

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

CVC investor No CVC investor

$100.0

$135.0

$46.3$56.6

$0

$20

$40

$60

$80

$100

$120

$140

$160

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

CVC investor No CVC investor

Source: PitchBook

*As of March 31, 2018

Source: PitchBook

*As of March 31, 2018

The strategy of CVC participation in

late-stage deals appears to focus on

investments in more mature companies

(that may not fit as strongly into

strategic objectives) with lower risk

profiles, such as Lyft and DoorDash.

SoftBank Group also plays a role here,

single-handedly elevating valuations

with large allocations to seven late-

stage companies in 1Q alone.

Corporate VC Valuations

PITCHBOOK 1Q 2018 VC VALUATIONS REPORT11

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Negotiated deal terms and investor

rights play a key role in the ultimate

valuation figure. By increasing

the number of investor rights or

sweetening the payout, investors

are more willing to accept a higher

valuation. Both the stigma and the

economic reality of raising a down

round remain strong deterrents for

VC-backed companies, and adding

investor-friendly terms can sometimes

prevent this outcome. The adage that

“you can pick the valuation you want,

but I’ll pick the terms” still holds true,

but it seems this has become less of an

issue with company growth potential

justifying high valuations without

excessive protections.

Looking at the data, it seems that the

more “founder-friendly” sentiment

commonly mentioned in the media

seems to hold true. Inclusion of

liquidation participation continued

its steady decline, reaching 18.6% of

deals in 1Q 2018, a far cry from the

55.5% levels we recorded a decade

ago. A similar linear downtrend is

evident in the percentage of deals

with a cumulative dividend provision,

which is a way for VCs to secure

returns not linked purely to equity

valuation growth. Overall, it seems the

confidence in the portfolio companies

and bargaining power for founders

remains high, as investors have not

had to resort to increased rights or

protections thus far in 2018.

20.5%

18.6%

0%

10%

20%

30%

40%

50%

60%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Deals with participation rights continue to decline Percentage of deals with participation rights

Source: PitchBook

*As of March 31, 2018

Cumulative dividends provisions included in only 5% of deals Percentage of deals with cumulative dividends

Source: PitchBook

*As of March 31, 2018

PITCHBOOK 1Q 2018 VC VALUATIONS REPORT12

Deal Terms

4.9%

5.3%

0%

2%

4%

6%

8%

10%

12%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

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COPYRIGHT © 2018 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced

in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping,

and information storage and retrieval systems—without the express written permission of PitchBook Data,

Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness

cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to

buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does

not purport to contain all of the information that a prospective investor may wish to consider and is not to be

relied upon as such or used in substitution for the exercise of independent judgment.


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