Q4 2010 Venture Capital Activity Report - CB Insights Release)

Venture Capital Activity Report | Q4 2010
TABLE OF CONTENTS
QUARTER SUMMARY 2
QUARTERLY TRENDS 3
SECTOR REVIEW 11
1 INTERNET 11
2 HEALTHCARE 18
3 GREEN / CLEAN TECH 25
GEOGRAPHIC REVIEW
1 CALIFORNIA 32
2 MASSACHUSETTS 38
3 NEW YORK 43
4 WASHINGTON 49
5 TEXAS 54
DEFINITIONS & DATA INTEGRITY 59
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2 Venture Capital Activity Report | Q4 2010
Q4 2010 – This Quarter in Venture Capital

Quarter sees highest dealflow and funding of last eight quarters. Internet saw Year-
over-Year deal count up 21%, Green Tech up 7% and Healthcare up 2%.
At $6.5B of venture capital funding over 735 deals, Q4 2010’s venture capital stats have something for everyone. For
those of you looking for a data point that suggests VC is back and on the road to recovery after 2009’s tough sledding, the
eight quarter high on deals and dollars gives you something to hang your hat on. For those of you who think VC is
overheated and we’re headed for a bubble, the eight quarter high on deals and dollars gives you something to hang your
hat on. Yes – it’s all a matter of perspective.
Overall, 2010 saw $23.7B of funding into 2792 deals which represented 14% growth in funding and 13% growth in deals
over 2009’s VC nadir.
Say Bye Bye Massachusetts – NY is #2 for Tech VC Healthcare VC – A Mixed Bag
Over the last five quarters, NY has seen 208 tech deals Deals in the Healthcare space were up modestly YoY but
vs. 207 for Massachusetts. Funding to NY tech funding was down almost 16%. The growth in funding
companies came in at $1.22B vs. $1.21B for and deals seen over the last 2 quarters ceased as well.
Massachusetts. The margin of victory for NY is ever so Mass and Cali took over 50% of Healthcare funding but
slight, but most striking is the trend for both states which Mass’ share of Healthcare VC fell to a five-quarter low.
are going in very different directions. (Trend can be Early stage activity in Healthcare hit a five quarter high.
seen here: http://bit.ly/dLmLYG)
Cali's Number of VC Deals Grows, Funding Down
Seed VC Retains Its Share | Early Stage Grows
California retained its belt as uncontested venture capital
Q3 2010 saw 11% of deals going to Seed VC deals and heavyweight champion. Relative to 2009, California saw
that share stayed consistent in Q4 2010. The share of 3% growth in deals and a 2% drop in VC funding. The
Series A deals increased over Q3 2010. Early stage state saw 14% growth in deals on a sequential basis over
deal activity was nearly 50% of total deals representing Q3 2010. 60% of the state's funding went to Internet and
the highest level seen in five quarters. Healthcare companies. Mobile also took its largest share
of deals in the last five quarters.
VCs Connecting With Internet Deals Often
Colorado - The New Green Tech Hub?
The growth in the quarter was driven largely by a red-
hot internet sector which hit a five quarter high (by a lot) Three of the top 10 green tech deals in the quarter were
on both deals and dollars. Early stage activity remained in Colorado. The state which is usually 3-4% of green
strong as did NY on the internet deal and dollar front. tech deals jumped to 10%.
Green Tech / Clean Tech Investments Stay Flat Texas Gets the Early Stage Bug
After two quarters of VC funding to Green Tech/Clean In aggregate, Texas stayed within its recent historical
Tech investments declining, the space saw deals and range, but it did see growth in early-stage deals with 6 of
dollars hold vs. the prior quarter. On a year-over-year 10 deals in the quarter being into early stage deals.
basis, investment funding was up 40%. Early stage
investment on a deals basis into Green Tech fell to a Washington At Five Quarter Low in VC Funding
five-quarter low. Renewables and Energy Efficiency
maintained their positions as the top 2 areas for Green Over 50% of Washington deals were in early-stage
Tech investment and in aggregate, they garnered their companies and almost 60% of deals were to Internet
largest share of deals of the last five quarters. firms. The smaller checks to less capital-hungry web
companies helped to drive Washington to a five quarter
low on VC funding.
It is worth noting what we included and what we didn’t as this quarter had some mega-deals which can and did greatly
impact results. For example, Groupon’s funding was included as there was VC participation although we only included the
portion of their funding that closed in 2010, i.e. $500M. We’d recommend you also review our definitions and methodology
on p. 59 for details on our approach to VC data.
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$6.5B over 735 Deals – Highest Totals of Last 8 Quarters

Continued strength in seed VC funding led to a two-year high in number of deals.
Total VC funding hit high on back of mega-deals which buoyed funding total.
Quarterly VC Investment and Deal Volume Trend

Q1 '09 to Q4 '10
730 715 735

678 687
613 612
$6.5
483 $6.1 $5.9 $5.9
$5.3 $5.5 $5.4
$3.9
Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Funding ($B) # of Deals
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Cali Maintains, NY Gains and Mass Wanes in Deal Share

Big Three (NY, Mass, Cali) bounced back from Q3 2010 lows based on strength of
Cali and NY. Mass and Washington share of deals dipped.
Share of Venture Capital by State - Number of Deals

Five Quarter Trend
28% 31% 26% 29%

33%
4% 4%
4% 5% 4%
6% 5% 5% 5%
6% 8% 5%
8% 9%
7%
13% 14% 11%
12% 12%
44% 41% 43% 42%

38%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
California Massachusetts New York Texas Washington Other
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The Big Three’s Share of VC Funding Falls to 5 Quarter Low

NY gained in terms of dollars as did Mass. Cali, Texas and Washington all fell. Impact
of a mega-deal (Groupon) is clearly evident given the large Other category.
Share of Venture Capital by State - Dollars of Funding

Five Quarter Trend
26% 23% 23% 27%

36%
2% 4%
3% 4% 4%
4% 4%
5% 6% 7%
5% 2%
12% 5% 5%
12% 15%
9% 7%
10%
49% 49% 52% 49%

40%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
California Massachusetts New York Texas Washington Other
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2010 Ends with a Bang – VCs Scurry to Get Deals Done

Q4 2010 started flat but ended with a flurry of activity. December 2010 saw the 2nd
highest deal flow and the highest venture funding of the last 15 months.
Monthly VC Investment and Deal Volume Trend

October 2009 to December 2010
298
275 283
259
237 244 $3.2
230 223 232
220
205 212
190 193
178 $2.5
$2.3
$2.1
$1.9 $1.9 $2.0
$1.8
$1.6 $1.7 $1.7 $1.6 $1.7 $1.7
$1.5
Funding ($B) # of Deals
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Seed VC Stays Strong. Early Stage Continues Climb

Q4 saw seed deals retain share of deals and also saw Series A deals climb. Later
stage deals garnered an increased share of venture funding.
Share of Venture Capital by Series - Number of Deals

Five Quarter Trend
4% 7%
11% 10% 10%
12% 7%
10% 9% 8%
18% 15% 18%

14% 19%
24% 22%
24%
28%
27%
33% 36%
33%
31% 28%
6% 6% 9% 11% 11%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Seed Series A Series B Series C Series D Series E +
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Share of Venture Capital by Series - Dollars of Funding

Five Quarter Trend
6%
16% 19% 16% 16%
23%
16% 12%
15% 20%
20%
21% 19% 32%
28%
26% 30%
34% 22%
20%
20% 17% 20%

14% 15%
0% 0% 1% 1% 1%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
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Internet Climbs & Healthcare Dips; Energy VC Stays Flat

Perennial top 2 sectors retain their positions with internet gaining. Mobile also sees
highest share of deals of last 5 quarters. Energy & utilities stagnant.
Share of Venture Capital by Sector - Number of Deals

Five Quarter Trend
16% 14% 17% 13%

20%
8% 7% 10%
9%
8% 4% 4% 3%
4% 7% 8%
3% 8%
10% 8% 7% 6% 6%
4% 7%
33% 38% 33% 37%

30%
25% 24% 23% 26% 24%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Healthcare Internet
Energy & Utilities Software (non-internet/mobile)
Computer Hardware & Services Mobile & Telecommunications
Other
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Share of Venture Capital by Sector - Dollars of Funding

Five Quarter Trend
14% 12% 15% 14%

22%
6% 6%
7% 4% 5%
4% 8% 3%
8% 6% 7%
9% 4% 8%
17% 8%
5% 7%
9%
15%
27% 23%
28% 39%
21%
33% 28% 33%

24% 24%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Healthcare Internet
Computer Hardware & Services Mobile & Telecommunications
Other
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Q4 2010 Venture Capital
INTERNET
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Internet VC Hits 5 Quarter High

Optimism around internet deals didn’t abate with both deals and dollars way up. VC
Internet
deals and funding even after excluding Groupon stands at 5 quarter high.
Internet VC Investment and Deal Volume Trend

Last Five Quarters
272
224 233 233

221
$2,543
$1,618
$1,483
$1,265 $1,253
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
$ Funding # of Deals
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NY Takes Hold of #2 Spot for Internet VC Deals and Dollars

California continued to dominate internet VC followed by New York on deals.
Internet
Excluding Groupon, NY would be #2 on funding as well.
Quarter Highlights
VC Deal Volume (#) in Internet by State, Q410
272 deals | $2,543M
2% California
2% Illinois Top Five Deals
13%
1% New York
Groupon
DC Twitter
6% Massachusetts LivingSocial
47% Whale Shark Media
3% Texas FleetMatics
Washington
8%
North Carolina Top Cities
Georgia
Chicago, IL
1% 14% Maryland 7 deals | $540M
All Other San Francisco, CA
36 deals | $398M
3%
www.cbinsights.com New York, NY
38 deals | $244M
Washington, DC
3 deals | $204M
VC Investment ($) in Internet by State, Q410 Austin, TX
8 deals | $102M
2% 1% 1% Mountain View, CA
4% California 9 deals | $98M
2% 4% Illinois Arlington Heights, IL
1 deals | $68M
New York
Los Angeles, CA
5% DC 8 deals | $66M
39% Redwood City, CA
Massachusetts
8% 5 deals | $62M
Texas Seattle, WA
Washington 9 deals | $49M
10% North Carolina
Georgia
Maryland
24%
All Other
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~70% of Internet Deals Go To Big Three States

Internet VC deals maintained similar geographic pattern as prior quarters. Mass
Internet
internet share dropped to five quarter low.
Share of Internet VC by State - Number of Deals

Last Five Quarters
26% 24% 23% 21%

29%
5% 3% 6% 6%
5% 10% 8%
11%
10% 9% 2% 3%
1% 1%
1%
12% 15% 15% 14%
13%
46% 43% 47% 44% 47%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
California New York Illinois Massachusetts Washington Other
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Share of Internet VC by State - Dollars of Funding

Last Five Quarters
12%
21% 17% 21%
1% 25%
7%
4% 7%
9% 5%
7% 7% 5%
2% 1% 8%
15% 0%
9% 16% 24%
12%
10%
56% 52% 56%

50%
39%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
California New York Illinois Massachusetts Washington Other
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Early Stage Internet Investing Represented 50+% of Deals

Early stage (Seed / Series A) dealflow dipped slightly from last quarter but still over
Internet
50%. Series C, D and E+ deals increased share of funding.
Share of Internet VC by Series - Number of Deals

Last Five Quarters
4% 6% 1% 4%
6% 7%
8% 6% 5% 5%
13% 18% 15%
17% 19%
23% 20%
27% 18%
28%
40% 42% 38%

38% 33%
11% 11% 12% 13% 13%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

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Share of Internet VC by Series - Dollars of Funding

Last Five Quarters
5% 1%
13% 10%
16% 19% 25%
7%
10%
23%
28% 24%
40% 27%
27%
28% 33% 19%
19%
16%
31%
22% 19% 20%
12%
1% 1% 2% 1% 1%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
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VC Internet Investment Remains Diverse Across Industries

Social and Advertising remained strong. Gaming made a come back from Q3 2010.
Internet
VC Deal Volume (#) in Internet by Sub-Industry, Q410
2%
Discount
11% Social
Advertising, Sales & Marketing
Bus. Intelligence, Analytics & Performance Mgmt
12% Video
44%
Gaming
4% Data Storage
Data & Document Management
4% Health & Wellness
8% Conferencing & Communication
Information Providers & Portals
eCommerce enablement
3%
1% Travel (internet)
2% 3% 2%
Content Management
2% 1% All Other
1%
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VC Investment ($) in Internet by Sub-Industry, Q410

Discount
1% Social
18% Advertising, Sales & Marketing
2% 26% Bus. Intelligence, Analytics & Performance Mgmt
1% Video
Gaming
2%
2% Data Storage
2% Data & Document Management
2% Health & Wellness
3% Conferencing & Communication
24% Information Providers & Portals
3% 5% eCommerce enablement
3% 6%
Travel (internet)
Content Management
All Other
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Early Stage Medians Fall. Late Stage Medians Up Big.

Seed, Series A and Series C median deal sizes all were smaller. Series B up with
Internet
Series D and Series E+ were up big on back of many larger late stage web deals.
Internet Median Deal Size by Quarter

($ Million)
$20.0
$19.0
$9.0
$7.0
$2.4
$0.6
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
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HEALTHCARE
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Healthcare Investment Dips After 2 Qtrs of Funding Growth
Healthcare
Healthcare deals were up modestly YoY but funding levels down almost 16% vs. year
ago. Deals down vs. prior quarter and funding down over 12% qoq.
Healthcare VC Investment and Deal Volume Trend

Last Five Quarters
184
169 173 173
138
$1,830
$1,753
$1,639
$1,541
$1,405
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
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Mass and Cali Attract Over 50% of Healthcare VC Funding
Healthcare
Cali increased over Q3 2010 while Mass declined on # of deals basis. Pennsylvania
and Texas continue to hold strong.
Quarter Highlights
VC Deal Volume (#) in Healthcare by State, Q410
173 deals | $1,541M
California
Massachusetts
Top Five Deals
23% Pennsylvania
Pearl Therapeutics
33% Texas Moksha8
1% New Jersey IDev Technologies
Sutro Biopharma
New York
3% Genocea Biosciences
North Carolina
3%
Colorado
3% Minnesota Top Cities
13%
4% 7% Michigan
4% 6% Cambridge, MA
All Other 9 deals | $143M
Redwood City, CA
www.cbinsights.com 4 deals | $135M
San Diego, CA
11 deals | $104M
Palo Alto, CA
VC Investment ($) in Healthcare by State, Q410 3 deals | $70M
South San Francisco, CA
2 deals | $67M
2% California
Wayne, PA
11% Massachusetts 1 deals | $61M
2%
3% Pennsylvania New York, NY
5 deals | $59M
3% Texas Malvern, PA
39%
New Jersey 2 deals | $48M
4% Webster, TX
New York
5% 1 deals | $46M
North Carolina Pleasanton, CA
6% Colorado 2 deals | $34M
Minnesota
9%
Michigan
16%
All Other
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Cali Stays on Top. Mass Share of Deals Falls to 5 Qtr Low.
Healthcare
Massachusetts share of deals continued downward trend. Healthcare sector is most
geographically diverse with 4 of 10 deals occurring outside of top states.
Share of Healthcare VC by State - Number of Deals

Last Five Quarters
36% 30%
38% 37% 42%
6%
3% 3%
4% 3% 5% 5%
4% 4% 2%
6% 3%
4% 8% 6%
17% 23%
18% 13%
17%
32% 34% 33% 33%

28%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
California Massachusetts Pennsylvania New Jersey Washington Other
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Share of Healthcare VC by State - Dollars of Funding

Last Five Quarters
22%
31% 33% 29% 29%
7%
4% 4% 1%
0% 7% 5%
5% 4% 4%
8% 4% 10%
6%
4%
23%
13% 17%
18% 27%
40% 42% 39%

35% 31%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
California Massachusetts Pennsylvania New Jersey Washington Other
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Early Stage Healthcare Hits Five-Quarter High
Healthcare
Seed and Series A healthcare grew to 45% of total healthcare funding. Later stage
healthcare companies took 57% of total funding.
Share of Healthcare VC by Series - Number of Deals

Last Five Quarters
8% 6% 6%
11% 13%
7% 10%
9%
12% 10%
21% 16%
13% 21% 16%
23%
24%
30% 30% 26%
36% 39%
27%
30% 29%
6% 9% 6%
3% 3%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
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Share of Healthcare VC by Series - Dollars of Funding

Last Five Quarters
10% 11% 9% 6%
16%
7% 16%
11%
19% 14%
19% 36%
15% 35%
22%
31% 36%
23% 30% 19%
24% 22% 25% 24%

17%
0% 0% 0% 1% 1%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
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Medical Device Investment Remains Strong
Healthcare
Medical Devices continued their dominance of the Healthcare sector followed by
Pharmaceuticals, Biotech, Medical Facilities & Services and Drug Development.
VC Deal Volume (#) in Healthcare by Industry, Q410

2%
2% Medical Devices & Equipment
1%
Pharmaceuticals / Drugs
1% 7%
Biotechnology
Drug Development
11% 37% Medical Facilities & Services
Drug Manufacturing
8% Disease Diagnosis
Drug Discovery
14% NULL
17% All Other
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VC Investment ($) in Healthcare by Industry, Q410

2%
2% 2% 2% Medical Devices & Equipment
4% Pharmaceuticals / Drugs
Biotechnology
5% Drug Development
37% Medical Facilities & Services
12% Drug Manufacturing
Disease Diagnosis
Drug Discovery
14%
NULL
20% All Other
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www.cbinsights.com
More Small Series A Healthcare Deals
Healthcare
The increased # of Series A deals (p. 22) also saw smaller amounts of funding. Seed
VC, Series C and D medians all climbed.
Healthcare Median Deal Size by Quarter

($ Million)
$24.0
$16.0
$13.0
$7.3
$2.6
$1.3
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
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GREEN & CLEAN TECH
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Green Tech Performance In-Line with Last Quarter

Green Tech figures consistent with Q3 – Funding steadied at $790M, while deal count
Green
fell slightly. Investment dollars were up 40% year-over-year.
Green VC Investment and Deal Volume Trend

Last Five Quarters
85
61 59
55 $1,322 55
$1,046
$790 $790
$565
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
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Colorado Shows Its Greener Side

Colorado emerged as a serious destination for Green Tech investment, taking 3 of the
Green
top 10 Green deals in Q4. As usual, California was the overall leader.
Quarter Highlights
VC Deal Volume (#) in Green by State, Q410
California 59 deals | $790M

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

The downward trend for California continued, as Texas, Colorado, Massachusetts and
Green
Illinois ate into The Golden State’s Green Tech dominance.
Share of Green VC by State - Number of Deals

Last Five Quarters
25% 28% 27% 28% 31%
2%
4% 4% 4% 3% 2%
5% 2%
7% 7% 15% 10%
9% 8%
13% 3%
8% 14%
53% 55%
47% 46% 41%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
California Massachusetts Texas Colorado Illinois Other
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Share of Green VC by State - Dollars of Funding

Last Five Quarters
13% 15% 12% 12%

25% 1% 1% 3%
6% 4% 1% 13%
1% 9% 21%
2%
5%
4% 10%
4% 24%
1%
11%
79%
64% 62% 59%
39%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
California Massachusetts Texas Colorado Illinois Other
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www.cbinsights.com
Green Tech Seed Investment Disappears in Q4 2010

Early stage Green Tech investment share crept back to Q2 2010 levels. Investors
Green
favored Series C and later in Q4.
Share of Green VC by Series - Number of Deals

Last Five Quarters
3% 7% 2%
8% 9%
3% 11% 10%
7%
12%
18% 10% 19%
23%
19%
32% 39%
29% 38%
25%
32% 27%
33% 31%
31%
8% 10%
2% 3%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
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Share of Green VC by Series - Dollars of Funding

Last Five Quarters
7% 6% 4%
16%
26% 19%
22%
28%
3% 18%
12%
25% 14% 41%
27%
44%
27%
44%
27% 29%
19% 16%
8% 10% 8%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
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Renewables and Energy Efficiency See an Uptick in Share

Green Tech Software yielded to Renewable and Energy Efficiency investments.
Green
Energy Storage investments held steady.
Share of Green VC by Industry - Number of Deals

Last Five Quarters
29% 31% 29%

42% 40%
5% 7%
8%
5% 11%
4% 11% 15%
5% 7% 4%
2% 2% 3%
4% 2% 7%
6% 3%
49% 46%
44% 40% 39%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Renewables Automobile Manufacturing

Green/Environmental Software Energy Efficiency
Energy Storage Other
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Share of Green VC by Industry - Dollars of Funding

Last Five Quarters
13%
19%
7% 28%
37% 4% 38%
2% 6%
3% 6%
19% 7%
3% 5%
3%
15% 7%
18%
1%
1%
68%
55%
49%
38% 42%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Renewables Automobile Manufacturing
Green/Environmental Software Energy Efficiency
Energy Storage Other
www.cbinsights.com
www.cbinsights.com
Late Stage Green Tech Deals See Uptick in Size

With investment share shifting from Green Tech Software to Renewables, late stage
Green
median deal values climbed higher. Overall median stayed flat at $6.2 million.
Green Median Deal Size by Quarter

($ Million)
$26.0
$24.0
$21.5
$7.4 $6.2
$2.8
$0.0
Seed Series A Series B Series C Series D Series E + Overall
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
www.cbinsights.com
www.cbinsights.com
CALIFORNIA
www.cbinsights.com


companies.
• Internet
• Software
• Leisure
• Metals & Mining
• Retail
• Risk & Security
www.cbinsights.com
California Deal Volume Experiences Five Quarter High

Funding levels in California remained relatively flat from last quarter, but deal count
California
saw a 14% uptick from Q3, and 3% year-over-year growth.
California VC Investment and Deal Volume Trend

Last Five Quarters
300 310
297
264 271
$3,062
$2,929
$2,685 $2,607 $2,630
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
www.cbinsights.com
www.cbinsights.com
Internet & Healthcare Continue Dominance in Cali
California
Internet and Healthcare combined for more than 60% of overall VC investment in
California; Mobile continued its growth.
Quarter Highlights
VC Deal Volume (#) in California by Sector, Q410
4% 0% 2% Healthcare 310 deals | $2,630M
3% 4% Internet
18% Top Sector
Energy & Utilities
# of Deals – Internet
Software (non-internet/mobile) $ of Funding – Internet
12% Computer Hardware & Services
Mobile & Telecommunications Top Five Deals
3% Twitter
Industrial
Pearl Therapeutics
8% Electronics Solopower
Business Products & Services Space Exploration Technologies
5% 41% Fallbrook Technologies
Consumer Products & Services
All Other
Top Cities
www.cbinsights.com San Francisco
64 deals | $517M
Redwood City
VC Investment ($) in California by Sector, Q410 13 deals | $237M
Mountain View
0% 1% 19 deals | $216M
2%
Healthcare San Diego
3% 6% 20 deals | $185M
Internet San Jose
23% Energy & Utilities 13 deals | $152M
9% Software (non-internet/mobile) Palo Alto
21 deals | $141M
2% Computer Hardware & Services Sunnyvale
Mobile & Telecommunications 11 deals | $106M
7% Los Angeles
Industrial
14 deals | $97M
Electronics South San Francisco
9%
Business Products & Services 3 deals | $97M
38% San Mateo
Consumer Products & Services 9 deals | $67M
All Other
www.cbinsights.com
www.cbinsights.com
Internet Investment Expands in California

Internet saw its most dominant position of the last 5 quarters and grew its share of
California
investment by 14% versus Q3. Healthcare and Energy lost ground.
Share of VC in California by Sector - Number of Deals

Last Five Quarters
27% 23% 24% 24%

30%
5% 5% 3%
6% 6% 8%
5% 7%
9% 4% 7% 7% 5%
5% 8%
41% 38% 41%

34% 32%
18% 20% 17% 19% 18%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Healthcare Internet
Computer Hardware & Services Other
www.cbinsights.com
Share of VC in California by Sector - Dollars of Funding

Last Five Quarters
22% 19% 21% 21%

34%
5% 2%
7% 6% 8% 7%
10% 9% 9%
6% 19%
6% 3% 11%
20%
31% 24% 38%
30%
23%
24% 28% 23%

21%
15%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Healthcare Internet
www.cbinsights.com
www.cbinsights.com
Early Stage Deal Volume Remains Strong in California

Early stage deal volume increased share by 5% as Seed and Series A both continued
California
their upward trend in California. Series C took larger portion of investment dollars.
Share of VC in California by Series - Number of Deals

Last Five Quarters
9% 4% 6%
11% 11%
14% 8%
15% 13% 10%
21%
23% 18%
16% 23%
23%
23% 24%
25%
28%
31%
28% 27%
25%
22%
7% 8% 11% 12%
4%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
www.cbinsights.com
Share of VC in California by Series - Dollars of Funding

Last Five Quarters
4%
14% 13% 14% 17%
29%
20% 16% 12%
24%
21%
22% 35%
32%
28%
31%
33% 21%
20% 21%
13% 13% 16% 15%

11%
0% 0% 1% 1% 1%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
www.cbinsights.com
www.cbinsights.com
MASSACHUSETTS
www.cbinsights.com
Massachusetts
Massachusetts Recovers, but Levels Still Down Versus Q2
VC funding in Massachusetts jumped 35% versus Q3, but still was down 4% year-
over-year. Mass’ deal count hit its lowest point in five quarters.
Massachusetts VC Investment and Deal Volume Trend

Last Five Quarters
88 87 87
84
$898 78
$689
$653 $630
$466
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
www.cbinsights.com
www.cbinsights.com
Massachusetts
Healthcare & Internet Remain Atop the Rest in Mass
Healthcare and Internet combined for 68% of investment dollars and 61% of deal
volume. Mobile doubled its share in terms of deals and investment dollars versus Q3.
Quarter Highlights
VC Deal Volume (#) in Massachusetts by Sector, Q410
78 deals | $630M
4% 1%
Healthcare
4% Top Sector
0% Internet # of Deals – Healthcare /
6% Software (non-internet/mobile) Internet (tie)
29%
$ of Funding - Healthcare
Energy & Utilities
10%
Mobile & Telecommunications Top Five Deals
Computer Hardware & Services Genocea Biosciences
6%
Industrial NinePoint Medical
Rive Technology
9% Business Products & Services Cerulean Pharma
29% Electronics Aspen Aerogels
All Other
Top Cities
www.cbinsights.com Cambridge
18 deals | $258M
Waltham
VC Investment ($) in Massachusetts by Sector, Q410 8 deals | $45M
Newton
2% 2% 3 deals | $44M
Boston
Healthcare
11 deals | $41M
4% Internet North Lexington
2 deals | $26M
12% Software (non-internet/mobile) Burlington
0% 41% Energy & Utilities 2 deals | $22M
Northborough
6% Mobile & Telecommunications 1 deals | $22M
Computer Hardware & Services Woburn
6% 4 deals | $19M
Industrial Beverly
8% Business Products & Services 3 deals | $17M
Boxborough
Electronics 1 deals | $16M
20%
All Other
www.cbinsights.com
www.cbinsights.com
Massachusetts
Healthcare Investment Share Down Sharply
Share of investment in Internet held steady in terms of both deals and dollars.
Healthcare retained top spot, but lost share to Industrial and Mobile investments.
Share of VC in Massachusetts by Sector - Number of Deals

Last Five Quarters
17% 17% 13%

22% 19%
4% 8%
6% 5% 3% 6%
3%
5% 10% 10% 10% 6%
10% 9%
11%
27% 29%
26%
22% 29%
34% 33% 38% 37%

29%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Healthcare Internet
Software (non-internet/mobile) Energy & Utilities
Industrial Other
www.cbinsights.com
Share of VC in Massachusetts by Sector - Dollars of Funding

Last Five Quarters
12% 8% 13%
17% 2% 14%
1% 3%
2% 14%
2% 12% 4% 12%
11% 5% 9%
6%
22% 16% 8%
16% 21%
20%
10%
51% 56%
49%
42% 41%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Healthcare Internet
Software (non-internet/mobile) Energy & Utilities
Industrial Other
www.cbinsights.com
www.cbinsights.com
Massachusetts
Seed Share Balloons in Mass, but Early Stage Down Overall
Seed deal volume grew its share in Mass threefold versus last quarter, but early stage
investing (Seed + Series A) lost significant ground overall.
Share of VC in Massachusetts by Series - Number of Deals

Last Five Quarters
2% 2%
11% 13% 5% 11%
11%
6% 16% 7%
9%
16%
15% 15%
19%
28% 36%
28%
33%
28%
33% 36% 38% 25%

27%
7% 4% 7% 9%
3%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
www.cbinsights.com
Share of VC in Massachusetts by Series - Dollars of Funding

Last Five Quarters
2%
4%
10% 13%
23% 15%
33% 11% 10%
5%
12% 19%
9% 30%
46%
9%
29%
35%
24%
31%
31% 33%
24% 23%
18%
1% 0% 0% 0% 1%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
www.cbinsights.com
www.cbinsights.com
NEW YORK
www.cbinsights.com
New York VC Activity Explodes – Deals and Dollars Way Up
New York
New York saw a 5-quarter high in terms of both investment and deal volume – up 90%
and 29%, respectively, since last quarter; funding was up 63% year-over-year.
New York VC Investment and Deal Volume Trend

Last Five Quarters
66
55
48 51 $466
41
$355
$319
$286
$245
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
www.cbinsights.com
www.cbinsights.com

Twitter Newsletter
newsletter.
Email Telephone
212-292-3148
info@cbinsights.com
www.cbinsights.com
Internet Still Dominates the Empire State
New York
Internet’s dominance of NY continued as 60% of VC funding went to web companies.
Healthcare and Mobile combined for over 20% of deal volume.
Quarter Highlights
VC Deal Volume (#) in New York by Sector, Q410
3% 0% 2% 66 deals | $466M
Internet
5% Top Sector
Healthcare # of Deals – Internet
$ of Funding - Internet
11% Mobile & Telecommunications
Top Five Deals
Computer Hardware & Services
AppNexus
9% Vostu
Business Products & Services Tumblr
59% TxVia
Electronics Touchstone Health
Software (non-internet/mobile) Top Cities

New York
Brooklyn
1 deal | $7M
Long Island City
VC Investment ($) in New York by Sector, Q410 1 deal | $2M
Sea Cliff
0% 1 deal | <$1M
4% Internet
5%
Healthcare
13%
Mobile & Telecommunications
4% Computer Hardware & Services
60% Business Products & Services

14%
Electronics
Software (non-internet/mobile)
www.cbinsights.com
www.cbinsights.com
Internet and Mobile Capture 70% of NY Deal Volume
New York
Internet share dropped while Mobile and Healthcare held their ground. For the second
quarter in a row, Computer Hardware & Services took a double digit share of dollars.
Share of VC in New York by Sector - Number of Deals

Last Five Quarters
6% 6%
12%
20% 22% 13% 14%
11%
5% 8% 2%
2% 9% 8% 5%
10% 5%
5% 9%
11%
73% 71%
63% 59%
53%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Internet Healthcare
Financial Computer Hardware & Services
Mobile & Telecommunications Other
www.cbinsights.com
Share of VC in New York by Sector - Dollars of Funding

Last Five Quarters
9% 6% 5%
9% 13%
24% 2% 9%
8% 3%
15% 16% 12%
4%
19%
8% 6%
18%
13%
7%
70%
63% 63%
48% 53%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Internet Healthcare
Financial Computer Hardware & Services
Mobile & Telecommunications Other
www.cbinsights.com
www.cbinsights.com
It’s Not All About Early Stage in New York
New York
Share of early stage investing dropped in terms of deals and dollars on back of sizable
Series C and Series D deals. Seed VC retained strong presence overall.
Share of VC in New York by Series - Number of Deals

Last Five Quarters
7% 2% 2% 7%
12% 5% 5%
5% 5% 4%
6% 11%
14%
15% 24% 25%
20%
30% 13%
30%
45% 46%
39%
39%
30%
16% 17% 13%

6% 7%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

www.cbinsights.com
Share of VC in New York by Series - Dollars of Funding

Last Five Quarters
4%
9%
16% 16%
17% 3%
28%
6% 10%
13%
2% 12%
25%
24% 34%
44%
51% 23%
31%
41% 12%
30%
15% 15% 13%
0% 0% 1% 2% 2%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
www.cbinsights.com
www.cbinsights.com
WASHINGTON
www.cbinsights.com
Washington Venture Funding Sees Five-Quarter Low
Washington
Washington’s venture resurgence stalled with investment dollars falling 46% from last
quarter and down 28% year-over-year. Deal volume also saw weakness.
Washington VC Investment and Deal Volume Trend

Last Five Quarters
34
29 28
26 25
$211 $222
$165
$138
$119
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
www.cbinsights.com
www.cbinsights.com
Internet Swallows Over 50% of Washington Deal Volume
Washington
Internet owned the Washington investment scene commanding 57% and 46% of deals
and dollars, respectively. Healthcare and Software rounded out the top 3.
Quarter Highlights
VC Deal Volume (#) in Washington by Sector, Q410
4% 0% 28 deals | $119M
3% Healthcare
4%
14% Internet Top Sector
# of Deals – Internet
Energy & Utilities $ of Funding - Internet
11%
Top Five Deals
7% Software (non-internet/mobile)
Docusign
0% Computer Hardware & Services Xenon Arc
Coronado Biosciences
Environmental Services & Equipment
Skytap
Business Products & Services Cardiac Dimensions
57%
All Other Top Cities
Seattle
Redmond
3 deals | $16M
Bellevue
VC Investment ($) in Washington by Sector, Q410 4 deals | $10M
Kirkland
2% 0% 2 deals | $7M
Healthcare Tukwila
4% 1 deals | $5M
18% Internet Gig Harbor
8%
Energy & Utilities 1 deals | $4M

Software (non-internet/mobile)
20%
Environmental Services & Equipment
46% Business Products & Services

1% All Other
0%
www.cbinsights.com
www.cbinsights.com
Internet Eclipses Healthcare in VC Share
Washington
Healthcare lost share to both Web and Software in Q4..
Share of VC in Washington by Sector - Number of Deals

Last Five Quarters
8% 11%
14% 15%
20%
15% 6% 11%
14%
8% 6% 7%
8% 3% 6%
7% 12%
42% 28% 38%

41% 57%
27% 32% 29%

21%
14%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Healthcare Internet
Energy & Utilities Mobile & Telecommunications
Software (non-internet/mobile) Other
www.cbinsights.com
Share of VC in Washington by Sector - Dollars of Funding

Last Five Quarters
3% 7%
12% 13% 15%
16% 6%
7% 9% 5%
4% 1%
10% 20%
18% 26%
1%
36%
9%
46%
66%
51% 56%
41%
18%
4%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Healthcare Internet
Software (non-internet/mobile) Other
www.cbinsights.com
www.cbinsights.com
Trend of Early Stage Investment Emerges in Washington
Washington
Overall investment was down in Wash, but absolute figures don’t tell the whole story –
For the third straight quarter, share of early stage (Seed + A) volume was up.
Share of VC in Washington by Series - Number of Deals

Last Five Quarters
5% 9% 5%
15% 12% 5%
10%
9% 4%
5% 16%
10% 20% 16%
43% 21%
20%
24%
40%
42%
50% 36%
35%
25%
8% 11%
0% 0% 4%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
www.cbinsights.com
Share of VC in Washington by Series - Dollars of Funding

Last Five Quarters
4% 7% 6%
20% 13%
27%
22%
7%
1% 1%
47%
12%
48% 23%
40%
18%
32%
60%
22%
30% 27%
13% 17%
0% 0% 0% 0% 1%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
www.cbinsights.com
www.cbinsights.com
TEXAS
www.cbinsights.com
VC Funding in Texas Falls, but Remains Strong Overall
Texas
Texas funding fell 16% versus last quarter while deal volume was up. Funding was
still up 27% year-over-year.
Texas VC Investment and Deal Volume Trend

Last Five Quarters
39 38
36
33 33
$357
$300
$264
$238
$212
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
www.cbinsights.com
www.cbinsights.com
Internet and Healthcare Win Top Honors in Texas
Texas
Web took over one-third of overall investment in the Lone Star State, with Healthcare
not far behind. Mobile & Telecom also were strong in Q4.
Quarter Highlights
VC Deal Volume (#) in Texas by Sector, Q410
36 deals | $300M
0% Healthcare
8% Top Sector
Energy & Utilities
6% # of Deals – Healthcare
Internet $ of Funding - Internet
0% 6% 33%
Top Five Deals
14% Whale Shark Media
Software (non-internet/mobile) IDev Technologies
Dachis Group
Business Products & Services New Century Hospice
8% Automotive & Transportation Silverback Acquisitions
25% All Other Top Cities
Austin
Webster
1 deals | $46M
Dallas
VC Investment ($) in Texas by Sector, Q410 3 deals | $27M
Houston
4 deals | $12M
0%
Healthcare San Antonio
6% 3 deals | $10M
Energy & Utilities Richardson
16% Internet 1 deals | $10M
30% Addison
Mobile & Telecommunications 2 deals | $6M
3% Computer Hardware & Services Allen
1 deals | $3M
0% 5% Software (non-internet/mobile)
Business Products & Services
Automotive & Transportation
36% 4% All Other
www.cbinsights.com
www.cbinsights.com
Energy Loses Ground to Healthcare and Internet
Texas
Energy, which is a mainstay of the Texas venture scene, fell on both deals and dollars.
Energy’s lost share was reaped by Web and Healthcare companies.
Share of VC in Texas by Sector - Number of Deals

Last Five Quarters
15% 19%
27%
33%
45% 9%
14%
6%
18%
13% 9% 8%
5% 5% 12%
3% 24% 25%
16%
15%
8% 33% 12%
16% 33%
31%
21%
11% 12%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Healthcare Internet
www.cbinsights.com
Share of VC in Texas by Sector - Dollars of Funding

Last Five Quarters
4% 10%
4%
25%
32% 14% 13%
50%
11% 5%
4%
16%
48%
6% 32% 36%
1% 11%
10%
13% 2%
10% 16%
36% 32% 30%
10%
14%
6%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
Healthcare Internet
www.cbinsights.com
www.cbinsights.com
Texas Continues to be a Destination for Early Stage Deals
Texas
Seed fell off the map, but early stage deals still commanded over 60% of overall deal
volume in Texas. Early stage investment dollars also held their ground.
Share of VC in Texas by Series - Number of Deals

Last Five Quarters
6% 6%
14% 6% 15%
20%
10% 22% 12%
5% 11%
10% 12% 4%
20% 7%
17%
33% 11%
47%
35%
63%
39%
33%
20% 18%
6%
0% 0% 0%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
www.cbinsights.com
Share of VC in Texas by Series - Dollars of Funding

Last Five Quarters
4%
14% 13% 14% 17%
29%
20% 16% 12%
24%
21%
22% 35%
32%
28%
31%
33% 21%
20% 21%
13% 13% 16% 15%

11%
0% 0% 1% 1% 1%
Q4'09 Q1'10 Q2'10 Q3'10 Q4'10
www.cbinsights.com
www.cbinsights.com
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


companies.
• Internet
• Software
• Leisure
• Metals & Mining
• Retail
• Risk & Security
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Venture Capital Activity Report | Q4 2010

3 GREEN / CLEAN TECH 25

DEFINITIONS & DATA INTEGRITY 59

Q4 2010 – This Quarter in Venture Capital

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

$6.5B over 735 Deals – Highest Totals of Last 8 Quarters

Quarterly VC Investment and Deal Volume Trend

730 715 735

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

Funding ($B) # of Deals

Cali Maintains, NY Gains and Mass Wanes in Deal Share

Share of Venture Capital by State - Number of Deals

28% 31% 26% 29%

44% 41% 43% 42%

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

California Massachusetts New York Texas Washington Other

The Big Three’s Share of VC Funding Falls to 5 Quarter Low

Share of Venture Capital by State - Dollars of Funding

26% 23% 23% 27%

49% 49% 52% 49%

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

California Massachusetts New York Texas Washington Other

CB Insights is the Premiere Venture

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

82,000+ Private Company Profiles. Coverage Universe

2010 Ends with a Bang – VCs Scurry to Get Deals Done

Monthly VC Investment and Deal Volume Trend

Funding ($B) # of Deals

Seed VC Stays Strong. Early Stage Continues Climb

Share of Venture Capital by Series - Number of Deals

18% 15% 18%

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

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

Share of Venture Capital by Series - Dollars of Funding

20% 17% 20%

Internet Climbs & Healthcare Dips; Energy VC Stays Flat

Share of Venture Capital by Sector - Number of Deals

16% 14% 17% 13%

33% 38% 33% 37%

25% 24% 23% 26% 24%

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

Share of Venture Capital by Sector - Dollars of Funding

14% 12% 15% 14%

33% 28% 33%

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

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