National Venture Capital Association

NATIONALVENTURECAPITALASSOCIATION2014
NATIONALVENTURE
CAPITAL ASSOCIATION
YEARBOOK 2014
INCLUDING STATISTICS FROM THE
PricewaterhouseCoopers/National Venture Capital Association
MoneyTree™ Report based on data from Thomson Reuters

2014 National Venture Capital Association Yearbook | 1
NVCA THOMSON REUTERS
March 2014
Dear Colleague:
We are delighted to present to you the NVCA 2014 Yearbook, prepared by Thomson Reuters. This is the
17th
edition in a series launched in early 1998. Since then, much has changed in the industry. One thing
that has not changed, however, is our commitment to bring accurate and responsible transparency to this
powerful economic force called venture capital. You will find in this publication new and updated charts
that track investment activity in the United States. Reflecting our dynamic environment, for the first time
we provide a chapter on Growth Equity – an asset subclass that did not exist in its present form when we
printed the first edition of this publication.
More changes are already in the works. For example, in recognition of the strong and broad emergence of
corporate venture capital groups and direct corporate investment over the past few quarters, we will soon
be changing our methodology to be more inclusive of solo (i.e., without a traditional venture investor in
the round) and early corporate investment into companies. Further, we will also include corporate direct
investment from the corporation itself, not just from a separate or captive entity. Stay tuned.
The industry’s goal remains the same: to create fast-growing and sustainable companies, introduce new
technologies, and improve medical care and patient well-being, while providing an attractive return to
those who trust the industry with their capital. Whether by traditional venture capital, corporate venture
capital, growth equity, or a number of new and energized investment vehicles, we are here to report that
the beat goes on.
As always, your feedback and suggestions are welcome. Please feel free to contact us at research@nvca.
org or through any NVCA director or staff member.
Very truly yours,
Diana Frazier Bobby Franklin John S. Taylor
FLAG Capital Management NVCA President and CEO NVCA Head of Research
NVCA Director and
Chair, Research Committee

2 | 2014 National Venture Capital Association Yearbook
THOMSON REUTERS NVCA
NVCA BOARD OF DIRECTORS 2013-2014
EXECUTIVE COMMITTEE
Josh Green Scott Sandell
Mohr, Davidow Ventures New Enterprise Associates
Chair Chair-Elect
Anne Rockhold Jonathan Callaghan
Accel Partners True Ventures
Treasurer Executive Committee At-Large
Bruce Evans Jonathan Leff
Summit Partneer Deerfield Management
Executive Committee At-Large Executive Committee At-Large,
Research Committee
AT-LARGE
Diana Frazier Mark Leschly
FLAG Capital Rho Ventures
Research Chair Research Committee

John Backus Maria Cirino
New Atlantic Ventures .406 Ventures

David Douglass Claudia Fan Munce
Delphi Ventures IBM Venture Capital Group
Norm Fogelsong Venky Ganesan
Institutional Venture Partners Menlo Ventures

Robert Goodman Mark Gorenberg
Bessemer Venture Partners Zetta Venture Partners

Jason Green Adam Grosser
Emergence Capital Partners Silver Lake Kraftwerk

James Healy Ross Jaffe
Sofinnova Ventures Versant Ventures

Scott Kupor Ray Leach
Andreessen Horowitz Jumpstart, Inc
David Lincoln Robert Nelsen
Element Partners ARCH Venture Partners

Art Pappas Sue Siegel
Pappas Ventures GE Ventures

2014
National Venture Capital Association Yearbook
For the National Venture Capital Association
Prepared by Thomson Reuters
Copyright 2014 Thomson Reuters
The information presented in this report has been gathered with the utmost care
from sources believed to be reliable, but is not guaranteed. Thomson Reuters disclaims
any liability including incidental or consequential damages arising from
errors or omissions in this report.

National Venture Capital Association
1655 Fort Myer Drive, Suite 850
Arlington, Virginia 22209-3114
Telephone: 703-524-2549
Telephone: 703-524-3940
www.nvca.org
President and CEO
Bobby Franklin
President Emeritus
Mark G. Heesen
Head of Research
John S. Taylor
Senior Vice President of Federal Policy and Political Advocacy
Jennifer Connell Dowling
Vice President of Federal Life Science Policy
Kelly Slone
Vice President of Federal Policy and Political Advocacy
Emily Baker

Vice President of Communications
Ben Veghte

Vice President of Membership and Member Firm Liaison
Janice Mawson
Vice President of Administration
Roberta Catucci

Director of Business Development
Hannah Veith
Manager of Administration and Meetings
Allyson Chappell

Accounting Manager
Beverley Badley
Research Lab
Mavis Moulterd (Emeritus), Annie Black, Liberty Benjamin
Lab Assistants
Thea Shepherd, Lexi Oscar, Gracie Baker
Thomson Reuters
3 Times Square, 18th Floor
New York, NY 10036
Telephone: 646-223-4431
Fax: 646-223-4470
www.thomsonreuters.com
Global Head of Deals & Private Equity
Stephen N. Case II
Head of Deals and Private Equity Operations
Katarzyna Namiesnik
Global Business Manager – Private Equity
Jim Beecher
Editor-in-Charge
David Toll
Global Private Equity Operations Manager
Anna Aquino-Chavez
Press Management
Matthew Toole
Senior Content Specialist
Michael D. Smith
Content Specialist
Paul Pantalla
Data Specialist
Francis S. Tan
Senior Art Director
David Cooke
Sales Manager – Publications (Buyouts, VCJ, peHUB)
Greg Winterton (646-223-6787)
ThomsonONE.com Sales:
1-877-365-1455
National Venture Capital Association 2014 Yearbook

TABLE OF CONTENTS
What is Venture Capital? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
Industry Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 11
Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13
Exits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 14
Industry Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 17
Capital Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23
Investments.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27
Exits: IPOs and Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71
Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71
Growth Equity Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85
Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85
Appendix A: Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Appendix B: MoneyTree Report Criteria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105
Appendix C: MoneyTree Geographical Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .107
Appendix D: Industry Codes (VEICs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
Appendix E: Industry Sector VEIC Ranges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113
Appendix F: Stage Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .115
Appendix G: Data Sources and Resources. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
Appendix H: International Convergence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .119
Appendix I: US Accounting Rulemaking and Valuation Guidelines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .121
Appendix J: Non-US Private Equity . . . . . . . . . . . . . . .. . . . . . . . . . . . . . .. . . . . . . . . . . . . . .. . . . . . . . . . . . . . .. . . . . . . . . 125

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WHAT IS VENTURE CAPITAL?
Venture capital has enabled the United States to support its entrepreneur-
ial talent and appetite by turning ideas and basic science into products
and services that are the envy of the world. Venture capital funds build
companies from the simplest form – perhaps just the entrepreneur and an
idea expressed as a businessplan – to freestanding, mature organizations.
Risk Capital for Business
Venture capital firms are professional, institutional managers of risk capi-
tal that enables and supports the most innovative and promising compa-
nies. This money funds new ideas that could not be financed with tradi-
tional bank financing, that threaten established products and services in a
corporation, and that typically require five to eight years to be launched.
Venture capital is quite unique as an institutional investor asset class.
When an investment is made in a company, it is an equity investment in a
company whose stock is essentially illiquid and worthless until a company
matures five to eight years down the road. Follow-on investment provides
additional funding as the company grows. These “rounds,” typically oc-
curring every year or two, are also equity investment, with the shares al-
located among the investors and management team based on an agreed
“valuation.” But, unless a company is acquired or goes public, there is
little actual value.Venture capital is a long-term investment.
More Than Money
The U.S. venture industry provides the capital to create some of the most
innovative and successful companies. But venture capital is more than
money. Venture capital partners become actively engaged with a com-
pany, typically taking a board seat. With a startup, daily interaction with
the management team is common. This limits the number of startups in
which any one fund can invest. Few entrepreneurs approaching venture
capital firms for money are aware that they essentially are asking for 1/6
of a person! Yet that active engagement is critical to the success of the
fledgling company. Many one- and two-person companies have received
funding but no one- or twoperson company has ever gone public!Along
the way, talent must be recruited and the company scaled up. Ask any
venture capitalist who has had an ultra-successful investment and he or
she will tell you that the company that broke through the gravity evolved
from the original business plan concept with the careful input of an expe-
rienced hand.
Deal Flows — Where The Buys Are
For every 100 business plans that come to a venture capital firm for fund-
ing, usually only 10 or so get a serious look, and only one ends up being
funded. Theventure capital firm looks at the management team, the con-
cept, the marketplace, fit to the fund’s objectives, the value-added po-
tential for the firm, and the capital needed to build a successful business.
A busy venture capital professional’s most precious asset is time. These
days, a business concept needs to address world markets, have superb
scalability, be made successful in a reasonable timeframe, and be truly
innovative. A concept that promises a 10 or 20 percent improvement on
something that already exists is not likely to get a close look.
Many technologies currently under development by venture capital firms
are truly disruptive technologies that do not lend themselves to being em-
braced by larger companies whose current products could be cannibalized
by this. Also, with the increased emphasis on public company quarterly
results, many larger organizations tend to reduce spending on research and
development and product development when things get tight. Many tal-
ented teams have come to the venture capital process when their projects
were turned down by their companies.
Common Structure — Unique Results
While the legal and economic structures used to create a venture capi-
tal fund are similar to those used by other alternative investment asset
classes, venture capital itself is unique. Typically, a venture capital firm
will create a Limited Partnership with the investors as LPs and the firm
itself as the General Partner. Each “fund,” or portfolio, is a separate part-
nership. A new fund is established when the venture capital firm obtains
necessary commitments from its investors, say $100 million. The money
is taken from investors as the investments are made. Typically, an initial
funding of a company will cause the venture fund to reserve three or four
times that first investment for follow-on financing. Over the next three to
eight or so years, the venture firm works with the founding entrepreneur to
grow the company. The payoff comes after the company is acquired or
goes public. Although the investor has high hopes for any company get-
ting funded, only one in six ever goes public and one in three is acquired.
Venture Capital Backed Companies
Known for Innovative Business Models
Employment at IPO and Now
Company As of IPO Current # Change
The Home Depot 650 331,000 330,350
Starbucks Corporation 2,521 160,000 157,479
Staples 1,693 89,019 87,326
Whole Foods Market, Inc. 2,350 69,500 67,150
eBay 138 31,500 31,362
Venture Capital Backed Companies
Known for Innovative Technology Products
Employment at IPO and Now
Company As of IPO Current # Change
Microsoft 1,153 94,000 92,847
Intel Corporation 460 100,100 99,640
Medtronic, Inc. 1,287 45,000 43,713
Apple Inc. 1,015 76,100 75,085
Google 3,021 53,861 50,840
JetBlue 4,011 12,070 8,059
Source: Global Insight; Updated fromThomsonOne 2/2013

Economic Alignment of all Stakeholders —
An American Success Story
Venture capital is rare among asset classes in that success is truly shared.
It is not driven by quick returns or transaction fees. Economic success
occurs when the stock price increases above the purchase price. When
a company is successful and has a strong public stock offering, or is ac-
quired, the stock price of the company reflects its success. The entrepre-
neur benefits from appreciated stock and stock options. The rank and file
employees throughout the organization historically also do well with their
stock options. The venture capital fund and its investors split the capi-
tal gains per a pre-agreed formula. Many college endowments, pension
funds, charities, individuals, and corporations have benefited far beyond
the risk-adjusted returns of the public markets.
What’s Ahead
Much of venture capital’s success has come from the entrepreneurial spirit
pervasive in theAmerican culture, financial recognition of success, access
to good science, and fair and open capital markets. It is dependent upon
a good flow of science, motivated entrepreneurs, protection of intellec-
tual property, and a skilled workforce. The nascent deployment of ven-
ture capital in other countries is gated by a country’s or region’s cultural
fit, tolerance for failure, services infrastructure that supports developing
companies, intellectual property protection, efficient capital markets, and
the willingness of big business to purchase from small companies.

EXECUTIVE SUMMARY
During 2013, many of the metrics describing the venture capital indus-
try in the United States were similar to those of the prior three years, with
the exception of a pickup in the breadth of the IPO markets. The decline
in capital managed continued as expected, but not as much as some were
anticipating. A record proportion of venture deals focused on companies
in the seed and early stages, while a number of companies long in the
portfolios finally went public, led by Biotechnology companies in the first
half of 2013. Investment in early-stage life science companies continued
to fall during the year, although a fourth-quarter increase in first fundings
of Biotechnology companies was encouraging.
Fundraising remained very challenging for the majority of venture
firms. This is largely because of a dearth of healthy exits through 2012
that would have distributed yet-unrealized returns to current fund inves-
tors. Aside from the Facebook IPO in 2012 ($16.0B of the $21.5B raised
in 2012), 2013 was a much-improved year with 81 venture-backed IPOs.
Remarkably, over half of them were Biotechnology companies. Early
signs for 2014 suggest that IPO momentum carried forward into at least
the first part of the year.
A healthy venture capital ecosystem requires its metrics to be in bal-
ance. And while the quality of new business opportunities, known as deal
flow, remains very high and the best opportunities are getting funded,
stresses remain.
Introduction
The National Venture Capital Association 2014 Yearbook provides
a summary of venture capital activity in the United States. This ranges
from investments into portfolio companies to capital managed by general
partners to fundraising from limited partners to valuations of companies
receiving venture capital investments to exits of the investments by ei-
ther IPOs or mergers and acquisitions. The statistics for this publication
were assembled primarily from the MoneyTree™ Report by Pricewater-
houseCoopers and the National Venture Capital Association, based on
data from Thomson Reuters and analyzed through the Thomson ONE.
com (formerly VentureXpert) database of Thomson Reuters, which has
been endorsed by the NVCA as the official industry activity database.
Subscribers to Thomson ONE can recreate most of the charts in this pub-
lication and report individual deal detail and more granular statistics than
those provided herein.
Industry Resources
The activity level of the US venture capital industry is roughly half
of what it was at the 2000-era peak. For example, in 2000, 1,050 firms
each invested $5 million or more during the year. In 2013, the count was
roughly half that at 548.
Venture capital under management in the United States by the end of
2013 decreased to $192.9 billion. However, looking behind the numbers,
we know that the industry continues to contract from the circa 2004 high
of $288.9 billion. The peak capital under management that year was a
statistical anomaly caused when funds raised at the height of the 2000 tech
bubble were joined by new capital raised post bubble.
The slight downtick in firms and capital managed (Fig. 1.04) in 2013
understates a consolidating industry. The average venture capital firm
shrunk to 6.7 principals per firm from 8.7 just six years earlier. The corre-
sponding drop in headcount to under 6,000 principals is almost one-third
lower than 2007 levels. This meant that there was a general increase in the
average amount of capital managed by each principal. It is possible going
forward that the number of principals per firm will increase as the number
of firms decreases. This is because the bulk of the capital being commit-
ted today is being raised by larger, specialty, and boutique firms. For our
purposes here, we define a principal to be someone who goes to portfolio
company board meetings. That is, deal partners would be included and
firm CFOs would not be included.
Contrary to some popular misconceptions, only 43 firms managed more
than $1 billion. By comparison, 277 firms managed less than $25 million.
Commitments
The year 2013 continued to be a very challenging fundraising year for
most venture capital firms in the United States. This was due to a lack of
recent distributions caused by the tight exit markets, lackluster returns by
many venture funds over the past decade compared with the prior decade,
and a challenge for the largest alternative asset investors to place money in
many of the smaller funds in this asset class because of scale. Only $16.8
billion was raised by 187 funds. This was considerably less than the $19.6
billion raised in 2012 or the $19.0 billion raised in 2011. The amount of
new commitments each year by venture capital funds continued to be less
than the amount they invested in companies.
Investments
Measuring industry activity by the total dollars invested in a given year
shows that the industry has remained generally in the $20 billion to $30
billion range since 2002. In 2013, $29.5 billion was invested in 3,382
companies through 4,041 deals. The number of deals was 4% higher than
2012 counts, but was essentially the same as 2011. The number of first-
time fundings increased in 2013 to 1,334 companies from the previous
1,275, but it remains near the top of the healthy range of 1,000 to 1,400
Figure 1.0
Venture Capital Under Management Summary Statistics
1993 2003 2013
No. of VC Firms in Existence 370 951 874
No. of VC Funds in Existence 613 1,788 1,331
No. of Professionals 5,217 14,777 5,891
No. of First Time VC Funds Raised 25 34 53
No. of VC Funds Raising Money This Year 93 160 187
VC Capital Raised This Year ($B) 4.5 9.1 16.8
VC Capital Under Management ($B) 29.3 263.9 192.9
Avg VC Capital Under Mgt per Firm ($M) 79.2 277.5 220.7
Avg VC Fund Size to Date ($M) 40.2 94.4 110.3
Avg VC Fund Size Raised This Year ($M) 48.3 102.9 89.7
Largest VC Fund Raised to Date ($M) 1,775.0 6,300.0 6,300.0

first-time fundings in a year. Further parsing the data shows 50% of the in-
vestment dollars going to California companies, down from 53% in 2012
but consistent with the previous three years. The year 2013 saw a record
56% of the financing rounds going to seed and early stage companies,
compared with a more typical one-third of deals. A carefully watched sta-
tistic is the investment in the life sciences. It is possible that the downward
plummet in first-time life sciences investment is starting to reverse, led
by Biotechnology, but it is still too early to be sure. Corporate Venture
investment continues to gain considerable strength and presence in the
overall industry.
Software was the leading sector in 2013, receiving 37.3% of the total
dollars. The second largest sector was Biotechnology, which was less than
half that amount at 15.4% of total investment. Among first fundings, Soft-
ware led the way with 591 companies getting their initial venture capital
rounds. This is more than 46% of the first fundings. Again in 2013, the
second most active first-funding sector is Media and Entertainment at 170
first fundings.
California-domiciled venture capital firms made investments in 38
states in 2013. Approximately 48% of all the money invested in Califor-
nia came from California-domiciled firms. Conversely, California-based
firms concentrated 68% of their investment dollars within the state.
The number and reach of corporate venture capital groups increased
in 2013, along with the visibility of this group. These groups provided
an estimated 10.5% of the venture capital invested by all venture groups.
They were involved in 16.9% of the deals – the highest level in five years.
Going forward, all signs suggest that these groups are becoming more
involved alongside traditional venture firms in deals, as well as initiating
corporate venture group syndicates to do deals in lieu of, or in advance of,
investment rounds by traditional venture firms.
Exits
Once successful portfolio companies mature, venture funds generally
exit their positions in those companies by taking them public through an
initial public offering (IPO) or by selling them to presumably larger orga-
nizations (acquisition, “M&A”, or trade sale). This then lets the venture
fund distribute the proceeds to investors, raise a new fund for future in-
vestment, and invest in the next generation of companies. We consider
each type of exit separately.
During 2013, 81 venture-backed companies went public in the United
States, marking the strongest full-year total for the number of new ven-
ture-backed listings since 2007. Remarkably, more than half of them were
Biotechnology IPOs, many of those being modestly sized. While the total
dollars raised in 2012 was higher at $21.5 billion, it is important to re-
member that $16.0 billion of that came from the Facebook IPO alone.
The remaining $5.5 billion was raised by the remaining 48 IPOs in 2012.
It was a very different story in 2013. $11.1 billion was raised by 81 com-
panies. The increase in mean and median time to exit reflects the fact that
many of these IPOs were mature companies, and many of them were in
the life sciences space, which had been awaiting an IPO opportunity for
months, and in some cases, years.
NVCA is encouraged by the increase in smaller IPOs and biotech IPOs
in light of its 2012 legislative successes with the JOBS Act and creating a
pathway for FDA Reform.
The M&A space continued to soften in 2013, with the total number of
deals falling from 473 in the prior year to 376. Total proceeds fell by 27%.
Note that only 94 of the 376 acquisitions had reported deal values. Histori-
cally, deals with unreported sales prices are fairly diminutive, and in many
cases, fire sales. However, an increasing number of deal term sheets spec-
ify a non-disclosure restriction on all parties. So going forward, all but the
largest and most visible acquisitions may be hard to measure. Observers
have wondered why, given the huge amounts of cash on the balance sheets
of technology and Biotechnology giants, more acquisitions are not occur-
ring. We did see a flurry of acquisitions in early 2014, perhaps signaling
an increase in that kind of activity.
Growth Equity
This edition of the NVCAYearbook, prepared by Thomson Reuters, for
the first time profiles US growth equity investment in its own chapter. The
NVCA believes growth equity investing is an important segment of the
overall venture capital industry. Venture capitalists help create and grow
companies; growth equity investors are strongly focused on the growth
component of that mission and help companies scale through fat part of
their hiring curves. The NVCA also believes that growth equity invest-
ing is a critical component of the emerging growth company financing
continuum and has become, in many respects, the private alternative to
the public markets for both emerging growth companies and their earlier
stage venture capital backers.
Growth equity really emerged as an asset class in 2000 and continues
strong today. In 2013, we identified 342 growth equity deals in the United
States. This compares with 406 in 2012, but is very much in line with
the past several years. A disclosed $12.3 billion in equity investment was
reported for 2013. This does not count the approximately 105 deals for
which no dollar equity amounts were disclosed.

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Figure 2.0
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Figure 3.0
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1985 to 2013

Figure 5.0
Venture Capital Investments in 2013 By Industry Group
Industry Group # Companies # Deals Investment
Amt ($Bil)
# Companies # Deals Investment
Amt ($Bil)
Information Technology 2,360 2,784 20 1009 1009 3.5
Medical/Health/Life Science 649 816 6.9 167 167 1.2
Non-High Technology 373 440 2.7 157 157 0.4
Total 3,382 4,041 29.6 1,334 1,334 5.1
Initial InvestmentsAll Investments
0
20
40
60
80
100
120
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
($Billions)
Year
Figure 4.0
Venture Capital Investments ($ Billions)
1985 to 2013

Seed
3%
Early Stage
34%
Expansion
33%
Later Stage
30%
Figure 6.0
Venture Capital Investments in 2013
By Stage
Biotechnology
15%
Business Products and
Services 0.4%
Computers and Peripherals 2%
Consumer Products and
Services 4%
Electronics/Instrumentation
1%
Financial Services
2%
Healthcare Services
1%
Industrial/Energy
5%
IT Services
7%
Media and Entertainment
10%
Medical Devices and
Equipment
7%
Networking and Equipment
2%
Retailing/Distribution
1%
Semiconductors
2%
Software
37%
Telecommunications
2%
Other
0.2%
Figure 7.0
By Industry Sector

Figure 8.0 2013 Investments By State
State Number of
Companies
Pct of
Total
Investment
($ Millions)
Pct of
Total
California 1,280 40% 14,769.7 50%
Massachusetts 326 10% 3,079.3 10%
New York 287 9% 2,870.4 10%
Texas 101 3% 1,315.5 4%
Washington 134 4% 913.2 3%
Maryland 76 2% 664.5 2%
Virginia 85 3% 593.8 2%
Pennsylvania 154 5% 446.5 2%
Illinois 49 2% 434.9 1%
Colorado 62 2% 428.8 1%
All Others 676 21% 4,028.6 14%
Total 3,230 29,545.2
Figure 9.0 Venture-Backed IPOs
Year Num of IPOs Offer Amount
($Mil)
Med Offer Amt
($Mil)
Mean Offer Amt
($Mil)
Post Offer Value
($Mil)
Med Post Value
($Mil)
Mean Post Value
($Mil)
Median Age At
IPO (Years)
Mean Age At IPO
(Years)
1985 48 763 13 16 2,020 37 48 3.0 4.0
1986 105 2,417 13 23 166,032 52 1866 4.0 4.0
1987 86 2,125 17 25 10,972 46 155 4.0 4.0
1988 43 769 15 18 21,117 51 571 3.0 4.0
1989 42 873 16 21 4,443 50 131 4.0 4.0
1990 47 1,108 20 24 5,886 60 178 4.0 4.0
1991 120 3,726 27 31 17,611 81 202 5.0 5.0
1992 150 5,443 24 36 15,955 68 146 5.0 5.0
1993 175 6,154 25 35 14,808 75 130 5.0 6.0
1994 138 3,952 24 29 10,344 68 94 5.0 5.0
1995 184 7,859 36 43 19,300 104 152 4.0 5.0
1996 256 12,716 35 50 51,511 112 240 3.0 4.0
1997 141 5,829 33 41 19,101 99 148 3.0 6.0
1998 78 4,125 43 53 24,655 164 324 3.0 3.0
1999 280 23,975 69 86 147,341 304 532 3.0 3.0
2000 238 27,443 83 115 108,783 325 494 3.0 4.0
2001 37 4,130 80 112 19,233 327 534 4.0 4.0
2002 24 2,333 89 97 8,322 266 347 3.0 5.0
2003 26 2,024 71 78 7,412 252 285 5.0 6.0
2004 82 10,032 70 122 50,268 254 613 6.0 6.0
2005 59 5,113 68 87 39,702 202 673 5.0 5.0
2006 67 7,065 86 105 71,124 283 1078 5.0 6.0
2007 91 12,339 98 136 68,203 365 749 6.0 6.0
2008 7 765 83 109 3,645 278 521 7.0 7.0
2009 13 1,980 123 152 9,192 548 707 6.0 7.0
2010 70 7,774 93 111 114,981 428 1643 5.0 6.0
2011 51 10,690 106 210 94,657 606 1856 6.0 7.0
2012 49 21,460 89 438 122,168 371 2493 7.0 8.0
2013 81 11,068 91 137 62,700 354 784 7.0 8.0
*Age at IPO is defined as time elapsed from first funding round until IPO date.

Figure 10.0
Venture-Backed Mergers & Acquisitions by Year
Year Number Total Number Known Price Average
1985 7 3 300.2 100.1
1986 8 1 63.4 63.4
1987 11 4 667.2 166.8
1988 17 9 920.7 102.3
1989 21 10 746.9 74.7
1990 19 7 120.3 17.2
1991 16 4 190.5 47.6
1992 69 43 2119.1 49.3
1993 59 36 1332.9 37.0
1994 84 57 3208.4 56.3
1995 92 58 3801.8 65.5
1996 108 76 8230.8 108.3
1997 145 100 7798.0 78.0
1998 189 113 8002.0 70.8
1999 228 155 38710.6 249.7
2000 379 245 79996.4 326.5
2001 384 175 25115.6 143.5
2002 365 166 11913.2 71.8
2003 323 134 8240.8 61.5
2004 402 199 28846.1 145.0
2005 446 201 19717.3 98.1
2006 484 208 24291.0 116.8
2007 488 201 30745.5 153.0
2008 417 134 16236.9 121.2
2009 351 109 12364.9 113.4
2010 523 150 17707.3 118.0
2011 490 169 24093.2 142.6
2012 473 132 22694.2 171.9
2013 376 94 16586.5 176.5
($ Millions)

Figure 11.0
Growth Equity Investments ($ Billions)
2000 to 2013*
0
5
10
15
20
25
30
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
($Billions)
Year
Totals include only disclosed amounts. Many growth equity deal amounts are not reported.

INDUSTRY RESOURCES
The activity level of the US venture capital industry is roughly half of what it was at the 2000-era peak. For example, in 2000, 1,050 firms each invested
$5 million or more during the year. In 2013, the count was roughly half that at 548.
Venture capital under management in the United States by the end of 2013 decreased to $192.9 billion as calculated using the methodology described
below. However, looking behind the numbers, we know that the industry continues to contract from the circa 2006 high of $288.9 billion. The peak
capital under management that year was a statistical anomaly caused by funds raised at the height of the 2000 tech bubble were joined by new capital
raised post bubble.
The slight downtick in firms and capital managed (Fig. 1.04) in 2013 perhaps understates a consolidating industry. The average venture capital firm
shrunk to 6.7 principals per firm from 8.7 just six years earlier. The corresponding drop in headcount to under 6,000 principals is almost one-third
lower than 2007 levels. This meant that there was a general increase in the average amount of capital managed by each principal. It is possible going
forward that the number of principals per firm will increase as the number of firms decreases. This is because the bulk of the capital being committed
today is being raised by larger, specialty, and boutique firms. For our purposes here, we define a principal to be someone who goes to portfolio company
board meetings. That is, deal partners would be included and firm CFOs would not be included.
Geographic location of the largest venture firms is quite concentrated. 49% of the industry’s California-domiciled firms manage capital, although these
firms may be actively investing in other states and countries. This concentration has been consistent for several years and may increase going forward,
given the movement of some East Coast funds westward. Taken together, the top five states (California, Massachusetts, New York, Connecticut, and
Illinois) hold 81.1% of total venture capital in this country, essentially the same as a year ago.
Contrary to some popular misconceptions, only 43 firms managed more than $1 billion. By comparison, 277 firms managed less than $25 million.
Methodology
Historically, we have calculated industry size using a “rolling eight
years of fundraising” proxy for capital managed, number of funds, num-
ber of firms, etc. The number of firms in existence will vary on a rolling
eight-year basis as firms raise new funds or do not raise funds for more
than eight years. Currently, we know the industry is consolidating, but the
eight-year model now includes fund vintage years 2006-2013.
Under this methodology, we estimate that there are currently 874 firms
with limited partnerships “in existence.” To clarify, this is actually stating
that there are 874 firms that have raised a venture capital fund in the last
eight years. In reality, only 548 of them invested at least $5 million in
companies in 2013, and 136 of them invested more than $5 million in first
rounds for a company.
For this publication, we are primarily counting the number of firms with
limited partnerships and are excluding other types of investment vehicles.
From that description, it may appear that the statistics for total industry
resources may be underestimated. However, this must be balanced with
the fact that capital under management by captive and evergreen funds is
difficult to compare equitably to typical limited partnerships with fixed
lives. For this analysis only, the firms counted for capital under manage-
ment include firms with fixed-life partnerships and venture capital funds
they raised. If a firm raised both buyout and venture capital funds, only
the venture funds would be counted in the calculation of venture capital
under management.
Venture capital under management can be a complex statistic to esti-
mate. Indeed, capital under management reported by firms can differ from
firm to firm as there’s not one singular definition. For example, some firms
include only cumulative committed capital, others may include commit-
ted capital plus capital gains, and still other firms define it as committed
capital after subtracting liquidations. To complicate matters, it is difficult
to compare these totals to European private equity firms, which include
capital gains as part of their capital under management measurements.
For purposes of the analysis in this publication, we have tried to clarify
the industry definition of capital under management as the cumulative to-
tal of committed capital less liquidated funds or those funds that have
completed their life cycle. Typically, venture capital firms have a stated
10-year fixed life span, except for life science funds, which are often
established as 12-year funds. Figure 1.09 shows the reality of fund life.
Thomson Reuters calculates capital under management as the cumulative
amount committed to funds on a rolling eight-year basis. Current capital
under management is calculated by taking the capital under management
calculation from the previous year, adding in the current year’s funds’
commitments, and subtracting the capital raised eight years prior.
For this analysis, Thomson Reuters classifies venture capital firms us-
ing four distinct types: private independent firms, financial institutions,
corporations, and other entities. ‘Private independent’ firms are made up
of independent private and public firms including both institutionally and
non-institutionally funded firms and family groups. ‘Financial institu-
tions’ refers to firms that are affiliates and/or subsidiaries of investment
banks and non-investment bank financial entities, including commercial
banks and insurance companies. The ‘corporations’classification includes
venture capital subsidiaries and affiliates of industrial corporations. In
2013, we will modify the methodology to reflect virtually all direct cor-
porate investment because many of the corporate venture investors do not
operate out of a separate fund or group. The capital under management
statistics reported in this section consist primarily of venture capital firms
investing through limited partnerships with fixed commitment levels and
fixed lives and do not include non-vintage “evergreen funds” or true cap-
tive corporate industrial investment groups without fixed commitment
levels. The term ‘evergreen funds’ refers to funds that have a continuous
infusion of capital from a parent organization, as opposed to the fixed life
and commitment level of a closed-end venture capital fund.

Figure 1.01
Capital Under Management U.S. Venture Funds ($ Billions)
1985 to 2013
0
50
100
150
200
250
300
350
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
($Billions)
Year

Figure 1.03
Distribution of Firms By Capital Managed 2013
Figure 1.02
Total Capital Under Management By Firm Type 1985 to 2013
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
Private Independent 11,766 14,721 17,459 18,850 22,369 22,722 21,893 22,643 25,162 28,490 33,308 40,201 51,940 76,560 119,121
Financial Institutions 3,388 3,520 3,447 3,190 2,719 2,793 2,384 2,214 2,431 2,873 3,688 5,070 7,061 10,238 15,291
Corporations 1,582 1,545 1,895 1,989 1,931 1,963 1,907 2,032 1,517 1,564 1,526 2,219 2,531 3,425 8,169
Other 864 914 900 871 781 722 616 312 190 273 378 410 667 877 1,119
Total 17,600 20,700 23,700 24,900 27,800 28,200 26,800 27,200 29,300 33,200 38,900 47,900 62,200 91,100 143,700
Figure 1.02 (Continued)
Total Capital Under Management By Firm Type 1985 to 2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Private Independent 187,356 221,327 222,028 224,828 233,595 241,637 255,315 239,643 194,573 171,016 174,722 186,032 186,676 179,202
Financial Institutions 22,980 24,459 23,945 23,015 21,659 21,110 18,325 13,914 6,034 4,708 5,620 7,734 7,970 6,615
Corporations 12,995 14,153 14,126 13,886 13,627 13,467 13,297 8,990 4,294 3,125 3,688 4,860 4,892 6,401
Other 1,469 2,061 2,201 2,170 2,219 1,986 1,963 1,754 1,399 851 670 674 662 682
Total 224,800 262,000 262,300 263,900 271,100 278,200 288,900 264,300 206,300 179,700 184,700 199,300 200,200 192,900
0
50
100
150
200
0-10
10-25
25-50
50-100
100-250
250-500
500-1000
1000+
164
113 114 107
132
82
53
43
This chart shows capital committed to US venture firms in active funds. While much of the capital is managed by larger firms, of the 808 firms included in this calculation at the
end of 2013, roughly 62% of them (498) managed $100 million or less. By comparison, just 43 firms managed active funds totaling more than $1 billion.

Figure 1.04
Fund and Firm Analysis 2013
Fund
Vintage
Year
Total
Cumulative
Funds
Total
Cumulative
Firms
Total
Cumulative
Capital ($B)
Existing
Funds
Firms That Raised
Funds in the Last
8 Vintage Years
Capital
Managed
($B)
Avg Fund
Size ($M)
Avg Firm
Size ($M)
1985 631 323 20 532 294 17.6 33.1 59.9
1986 707 353 23.4 590 324 20.7 35.1 63.9
1987 810 388 27.4 670 353 23.7 35.4 67.1
1988 888 406 30.9 701 365 24.9 35.5 68.2
1989 980 435 35.9 728 380 27.8 38.2 73.2
1990 1037 451 38.2 716 383 28.2 39.4 73.6
1991 1075 458 40.4 639 360 26.8 41.9 74.4
1992 1147 478 44.1 601 352 27.2 45.3 77.3
1993 1244 509 49.3 613 370 29.3 47.8 79.2
1994 1342 542 56.7 635 385 33.2 52.3 86.2
1995 1498 608 66.2 688 425 38.9 56.5 91.5
1996 1648 670 78.8 760 471 47.9 63.0 101.7
1997 1862 764 98.1 882 545 62.2 70.5 114.1
1998 2099 843 129.3 1062 616 91.1 85.8 147.9
1999 2435 969 184.1 1360 736 143.7 105.7 195.2
2000 2851 1111 268.9 1704 866 224.8 131.9 259.6
2001 3096 1194 311.3 1852 923 262 141.5 283.9
2002 3178 1211 319 1836 921 262.3 142.9 284.8
2003 3286 1264 330.1 1788 951 263.9 147.6 277.5
2004 3451 1332 349.9 1803 985 271.1 150.4 275.2
2005 3626 1402 376.3 1764 1009 278.2 157.7 275.7
2006 3815 1481 418.2 1716 1022 288.9 168.4 282.7
2007 4034 1567 448.4 1599 1016 264.3 165.3 260.1
2008 4221 1631 475.2 1370 886 206.3 150.6 232.8
2009 4327 1672 491 1231 823 179.7 146.0 218.3
2010 4456 1736 503.7 1278 853 184.7 144.5 216.5
2011 4621 1801 529.4 1335 881 199.3 149.3 226.2
2012 4785 1868 550 1334 883 200.2 150.1 226.7
2013 4957 1938 569.2 1331 874 192.9 144.9 220.7
The correct interpretation of this chart is that since the beginning of the industry to the end of 2013, 1,938 firms had been founded and
4,957 funds had been raised. Those funds totaled $569.2 billion. At the end of 2013, 874 firms as calculated using our eight-year methodol-
ogy managed 1,331 individual funds, with each fund typically being a separate limited partnership. Capital under management, again
calculated using a rolling eight years of fundraising, by those firms at the end of 2013 was $192.9 billion.

Figure 1.05
Number of Active Investors 1985 to 2013
Year # of Active
Investors
# of Active First
Round Investors
# of Active Life
Science Investors
1985 92 11 1
1986 115 24 12
1987 112 29 13
1988 119 32 26
1989 116 22 23
1990 101 25 18
1991 81 14 15
1992 104 34 31
1993 92 35 29
1994 110 46 33
1995 184 95 53
1996 251 122 63
1997 344 138 83
1998 411 169 87
1999 717 321 106
2000 1,050 546 148
2001 760 220 155
2002 534 137 147
2003 509 136 165
2004 579 202 201
2005 562 183 193
2006 572 192 197
2007 630 238 236
2008 602 212 219
2009 463 105 173
2010 508 136 177
2011 549 159 195
2012 534 139 175
2013 548 136 179
Firms included in each count must have invested $5 million in that year in that
category. Life Sciences investor count includes investment in companies in
the two MoneyTree Categories: Biotechnology/Pharma and Medical Devices/
Equipment.
Figure 1.06
Principals Information
Year No.
Principals
Per Firm
Estimated
Industry
Principals
Avg Mgt
Per Principal
($M)
2007 8.7 8665 30.0
2008 8.5 7293 28.3
2009 8.6 6760 26.4
2010 8.0 6328 25.7
2011 7.4 6231 28.6
2012 7.0 5887 33.8
2013 6.7 5891 32.8
Figure 1.07
Top 5 States By Capital Under
Management 2013
State ($ Millions)
CA 94,076.6
MA 32,636.6
NY 19,480.4
CT 5,815.1
IL 4,517.3
Total* 156,526.1
*Total includes above 5 states only
The correct interpretation of this chart is that since the beginning of the in-
dustry to the end of 2013, 1,938 firms had been founded and 4,957 funds had
been raised. Those funds totaled $569.2 billion. At the end of 2013, 874 firms
as calculated using our eight-year methodology managed 1,331 individual
funds, with each fund typically being a separate limited partnership. Capital
under management, again calculated using a rolling eight years of fundrais-
ing, by those firms at the end of 2013 was $192.9 billion.

Figure 1.08
Capital Under Management By State 1985-2013
State 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
CA 5,024 5,974 6,815 7,051 8,318 8,192 8,257 8,258 9,062 9,978 12,015 15,379 20,289 27,452 51,226
MA 2,252 2,580 3,409 3,775 4,179 4,057 3,761 4,636 4,830 5,179 6,553 6,980 9,859 15,397 22,905
NY 3,382 4,428 4,370 4,160 5,598 5,805 5,455 5,308 5,904 6,968 8,246 9,995 10,311 19,676 26,659
CT 1,297 1,444 1,807 1,876 1,714 1,713 1,570 1,665 1,927 2,088 2,064 2,194 3,323 4,492 6,787
IL 474 493 725 907 863 876 840 944 1,202 1,275 1,419 1,263 1,939 2,191 3,693
TX 458 493 727 726 798 840 777 809 935 1,143 1,145 1,233 1,688 3,001 4,797
PA 281 347 376 396 564 601 604 598 569 738 822 1,332 1,750 2,105 3,090
NJ 616 713 752 740 736 954 885 549 511 695 958 1,489 1,563 2,177 2,715
DC 36 38 38 40 41 42 42 40 25 24 146 1,698 2,382 2,504 2,661
WA 316 409 387 425 398 385 199 243 227 178 299 463 680 1,081 1,796
MD 91 95 121 117 159 164 98 115 374 784 914 1,523 2,012 2,649 3,513
CO 365 431 399 518 618 575 557 531 616 565 475 552 867 1,165 3,337
VA 73 79 79 85 105 92 56 42 35 32 48 73 252 508 1,238
NC 34 55 87 90 125 114 110 111 108 146 123 294 620 806 1,009
MN 200 297 340 677 749 886 815 768 841 896 877 514 618 715 1,093
UT 9 19 20 15 15 16 16 10 10 25 31 31 94 96 131
MI 112 120 126 123 124 38 14 14 13 10 41 41 66 77 439
GA 89 95 176 260 263 276 264 263 433 432 434 361 765 1,077 1,164
TN 103 128 192 185 216 260 278 271 199 291 306 455 465 745 1,059
DE 39 41 40 39 47 41 41 14 41 51 100 122 115 117 116
MO 562 586 619 596 603 658 656 645 107 137 119 125 148 111 217
OH 860 897 976 838 256 259 275 305 427 469 447 377 692 766 1,247
FL 125 131 173 193 196 133 110 98 151 223 321 304 380 690 1,072
IN 45 56 56 78 97 88 80 97 99 109 111 194 176 192 207
WI 183 100 99 96 104 104 79 79 81 163 168 196 180 204 174
AL 126 132 132 128 135 137 137 138 6 6 6 6 5 24 33
AZ 41 44 44 73 75 76 75 34 44 43 44 10 10 38 38
LA 7 7 7 7 7 5 2 11 22 31 49 90 277 367 444
KY 15 16 16 16 0 0 0 0 0 7 21 21 21 21 21
ME 1 1 20 25 26 26 26 28 29 98 89 87 88 89 207
ID 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
ND 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
OK 1 29 29 28 37 38 37 37 38 9 10 32 23 67 66
OR 170 177 205 241 244 247 229 117 73 74 77 30 30 40 40
NM 71 100 136 133 170 257 244 232 205 179 154 152 121 12 12
SD 0 0 0 0 0 0 0 0 0 0 0 10 10 85 84
HI 2 2 2 2 2 2 2 0 0 0 2 2 2 2 11
KS 0 0 0 0 0 13 13 13 14 14 37 37 57 43 43
IA 50 52 105 102 81 82 62 62 54 55 5 5 16 17 16
VT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

State 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
NH 24 25 25 50 50 51 50 51 27 27 47 19 66 67 66
NE 0 0 0 1 1 1 1 1 11 11 105 137 139 141 140
MT 0 1 1 1 1 1 1 1 1 0 0 0 0 0 0
MS 0 0 0 0 0 0 0 0 0 0 11 11 11 12 11
PR 0 0 0 0 0 9 9 9 9 9 9 9 49 40 40
WY 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SC 1 1 1 1 15 15 15 15 15 15 29 52 37 37 37
RI 15 16 16 36 37 37 36 36 22 22 23 0 2 2 2
NV 0 0 0 0 0 0 0 0 0 0 0 0 0 0 24
WV 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
AR 2 2 2 2 2 2 2 0 0 0 0 0 0 0 19
UNK 46 48 48 47 31 31 21 0 0 0 0 0 0 0 0
AK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 17,600 20,700 23,700 24,900 27,800 28,200 26,800 27,200 29,300 33,200 38,900 47,900 62,200 91,100 143,700
Figure 1.08b
State 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
CA 85,153 105,283 105,172 107,896 113,719 119,881 128,655 117,244 100,374 87,469 90,424 96,923 99,386 94,077
MA 37,341 45,970 47,440 47,019 47,553 48,784 53,712 50,417 37,146 30,861 30,528 30,209 32,914 32,637
NY 38,938 39,981 38,421 37,176 36,710 36,242 29,115 25,441 13,205 12,198 13,599 18,628 17,653 19,480
CT 8,260 10,623 10,462 10,431 12,066 11,984 13,336 11,699 10,426 7,428 8,201 8,940 6,928 5,815
IL 4,308 4,747 5,202 5,559 5,685 5,163 5,286 4,239 3,620 3,282 3,065 4,595 4,451 4,517
TX 6,881 8,001 7,932 7,806 8,259 8,486 8,242 6,589 5,467 4,193 4,057 4,735 4,455 4,215
PA 6,241 6,344 6,241 6,532 6,439 6,509 7,037 7,143 4,642 4,482 4,495 4,250 4,220 3,623
NJ 3,633 4,315 4,231 4,444 4,083 4,074 5,160 5,022 4,135 3,917 3,965 3,691 3,503 3,447
DC 3,899 4,172 4,739 4,616 3,401 3,582 4,641 5,047 4,833 4,632 4,049 4,527 4,193 3,369
WA 2,803 3,687 3,691 3,568 4,629 4,590 4,597 5,174 4,625 3,721 3,691 3,708 2,943 3,303
MD 5,119 5,383 5,165 5,047 4,811 4,762 4,744 4,433 2,934 3,005 2,927 3,134 3,282 2,854
CO 4,781 5,293 5,438 5,416 5,229 4,882 4,664 3,011 1,603 974 1,139 1,148 1,187 1,635
VA 2,524 2,638 2,652 2,822 2,868 3,338 3,367 3,014 1,801 2,226 2,271 2,081 2,056 1,583
NC 1,367 1,448 1,599 1,803 1,644 1,468 1,678 1,564 1,211 1,238 1,730 1,631 1,726 1,558
MN 2,238 2,189 2,366 2,359 2,361 2,441 2,593 2,473 1,639 1,657 1,319 1,323 1,426 1,531
UT 268 475 449 560 589 546 651 1,259 1,335 1,144 1,209 1,245 1,422 1,429
MI 588 591 590 631 859 912 946 685 919 976 1,065 1,263 1,045 1,203
GA 2,311 2,160 2,154 2,077 2,109 1,835 1,940 1,931 808 783 787 921 882 1,122
TN 1,237 1,281 1,162 1,174 1,043 1,089 887 716 624 614 840 857 845 795
DE 114 80 69 28 15 15 15 251 256 404 504 653 755 756
MO 307 450 418 407 504 1,232 1,293 1,385 1,317 1,182 1,189 1,192 1,324 561
OH 1,850 1,874 1,876 1,855 1,986 1,806 1,722 1,329 713 565 522 573 456 529
FL 1,785 1,751 1,684 1,592 1,577 1,802 1,525 1,284 557 801 875 832 834 529

Figure 1.08b (Continued)
State 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
IN 663 662 651 684 593 595 608 617 136 342 343 309 344 345
WI 246 245 152 152 133 105 207 254 182 185 212 237 309 339
AL 107 107 107 155 173 225 227 219 359 363 366 391 376 317
AZ 101 104 145 180 180 199 171 173 130 118 263 261 311 295
LA 476 651 648 631 663 502 431 353 336 196 265 282 217 249
KY 21 21 14 14 14 21 219 221 226 228 230 216 223 216
ME 202 290 218 219 214 215 310 194 198 108 109 109 110 110
ID 14 14 14 14 14 14 84 86 73 74 74 74 75 75
ND 0 0 0 0 0 0 0 0 13 13 14 14 14 58
OK 140 140 139 139 117 117 111 121 47 47 48 48 48 50
OR 100 100 112 83 85 85 76 78 34 40 29 29 38 46
NM 12 12 12 33 35 69 74 77 79 80 114 84 83 42
SD 178 178 177 177 175 175 103 113 32 32 48 48 40 40
HI 11 11 11 9 16 16 16 7 14 14 43 44 36 36
KS 42 42 42 19 19 0 0 0 0 0 0 14 14 34
IA 16 60 60 55 65 53 60 67 69 39 39 39 29 29
VT 16 43 43 43 43 43 43 57 41 14 19 19 19 29
NH 65 65 65 46 47 0 11 11 11 11 11 11 16 16
NE 175 165 164 71 38 38 38 38 0 0 2 2 3 3
MT 0 0 0 0 0 0 2 2 2 2 2 2 2 2
MS 11 39 39 28 28 28 29 30 30 1 1 1 1 1
PR 39 68 68 68 68 29 29 30 31 1 1 1 1 1
WY 118 117 117 117 117 118 118 119 0 0 0 0 0 0
SC 36 37 51 38 15 20 20 20 21 20 5 6 6 0
RI 2 26 26 35 35 33 33 33 34 10 10 0 0 0
NV 23 23 33 33 33 33 33 9 10 10 0 0 0 0
WV 21 21 21 21 21 21 21 21 0 0 0 0 0 0
AR 19 19 19 19 19 19 19 0 0 0 0 0 0 0
UNK 0 0 0 0 0 0 0 0 0 0 0 0 0 0
AK 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 224,800 262,000 262,300 263,900 271,100 278,200 288,900 264,300 206,300 179,700 184,700 199,300 200,200 192,900
Figure 1.09
Life of IT Funds in Years
Life of IT Funds In Years % of Funds
<= 10 7%
11-12 20%
13-14 27%
15-16 22%
17-18 14%
>=19 10%
This chart tracks the year in which a 10-year fund is, in
fact, dissolved. These later periods are referred to as
“out years.” Historically, after the 10th year, only a few
companies that typically do not have huge upside potential
remain in the portfolios. But the slow pace of exits in recent
years has resulted in a number of good, mature companies
remaining in portfolios well past the nominal 10-year mark.
Life science funds tend to have lives two years longer than
typical technology funds. In preparing this chart, partial
years are rounded to the nearest whole year. So 10.4 years
would round to 10 years, and 10.5 years would round up to
11 years. The median life span of a fund in this analysis is
14.17 years.
Source: Adams Street Partners, based on
2010 analysis of dissolved funds.

CAPITAL COMMITMENTS
Methodology
The Thomson Reuters/National Venture Capital Association sample in-
cludes US-based venture capital funds. Classifications are based on the
headquarters location of the fund, not the location of the venture capital
firm. The sample excludes fund of funds.
Effective November 1, 2010, Thomson Reuters venture capital fund
data has been updated in order to provide more consistent and relevant
categories for searching and reporting. As a result of these changes, there
may be shifts in fundraising statistics from legacy editions of this publica-
tion due to reclassification of funds based on analysis of actual activity by
primary market, nation, and/or fund stages.
As defined by Thomson Reuters, capital commitments, also known as
fundraising, are firm capital commitments to private equity/venture capi-
tal limited partnerships by outside investors. For purposes of these statis-
tics, the terms “capital commitments,” “fundraising,” and “fund closes”
are used interchangeably. There are three data sources for tracking capital
commitments: (1) SEC filings that are regularly monitored by our research
staff, (2) surveys of the industry routinely conducted by Thomson Re-
uters, and (3) verified industry press and press releases from venture firms.
Capital commitments are stated on either (1) a calendar-year basis when
committed (for example, throughout this chapter) or (2) a vintage-year
basis, which is designated once the fund starts investing (for example,
figure 1.04). The data in this chapter is by calendar year and incrementally
measures how much in new commitments funds raised during the calen-
dar year. Consider, for example, a venture capital firm that announces it
will begin raising a $200-million fund in late 2011, raises $75 million in
2012, and subsequently raises the remaining $125 million in 2013. In this
chapter, nothing would be reflected in 2011, $75 million would be counted
in 2012, and $125 million would be counted in 2013. Assuming it started
investing and made its first capital call in 2013, the entire fund would then
be considered to be a vintage year 2013 fund. In Figure 1.04, for example,
this hypothetical fund would show in the totals for 2013.
Note that fund commitments presented in this publication do not in-
clude those corporate captive venture capital funds that are funded by a
corporate parent, which do not typically raise capital from outside inves-
tors.
The year 2013 continued to be a very challenging fundraising year for most venture capital firms in the United States. This is due to a lack of recent
distributions caused by the tight exit markets, lackluster returns by many venture funds over the past decade compared with the prior decade, and a
challenge for the largest alternative asset investors to place money in many of the smaller funds in this asset class because of scale. Only $16.8 billion
was raised by 187 funds. This is considerably less than the $19.6 billion raised in 2012 or the $19.0 billion raised in 2011. The amount of new commit-
ments each year by venture capital funds continues to be less than the amount they invested in companies.
The top fundraising state in 2013 was Massachusetts at $5.5 billion, which edged typical leader California at $5.3 billion. New York was third largest
at about half that amount. Much further behind, Washington state and Virginia rounded out the top five. Combined, Massachusetts and California funds
raised 64% of the total. Adding in New York, the top three states raised more than three-quarters (77%) of the total amount.
The Thomson Reuters taxonomy considers venture capital and buyout/mezzanine to be the two components of Private Equity. Figures 2.02 and 2.05
show venture capital’s decreasing share of the private equity dollars. Venture capital raised 24% of the asset class allocations in 2009 compared with
11% in 2013.

0
20
40
60
80
100
120
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
($Billions)
Year
Figure 2.01
Capital Commitments To U.S. Venture Funds ($ Billions)
1985 to 2013

Figure 2.02
Capital Commitments To Private Equity Funds 1985-2013
Year Sum ($Mil) % of Total PE No. Funds Sum ($Mil) No. Funds Sum ($Mil) No. Funds
1985 3,759.9 56% 118 2,971.8 21 6,731.7 139
1986 3,584.5 42% 101 5,043.7 32 8,628.2 133
1987 4,379.1 21% 116 16,234.6 47 20,613.6 163
1988 4,209.7 28% 104 10,946.4 54 15,156.1 158
1989 4,918.8 29% 106 12,068.5 78 16,987.3 184
1990 3,077.5 26% 85 8,831.5 64 11,909.0 149
1991 1,900.3 31% 40 4,242.1 27 6,142.4 67
1992 5,223.1 33% 80 10,752.5 58 15,975.6 138
1993 4,489.2 21% 93 16,961.7 81 21,451.0 174
1994 7,636.7 27% 136 20,157.0 99 27,793.7 235
1995 9,387.3 26% 161 27,040.7 108 36,428.0 269
1996 11,550.0 26% 168 32,789.4 104 44,339.3 272
1997 17,741.9 30% 242 42,165.3 134 59,907.2 376
1998 30,641.7 33% 290 61,636.4 172 92,278.1 462
1999 53,420.2 51% 428 51,363.2 164 104,783.4 592
2000 101,417.9 56% 634 79,164.8 170 180,582.7 804
2001 38,923.4 43% 324 51,388.3 137 90,311.7 461
2002 10,388.1 23% 203 35,123.3 124 45,511.4 327
2003 9,144.7 20% 160 35,946.4 123 45,091.1 283
2004 17,656.3 23% 211 59,837.4 158 77,493.7 369
2005 30,071.9 22% 233 107,746.6 206 137,818.6 439
2006 31,107.6 17% 236 152,899.7 219 184,007.3 455
2007 29,401.0 11% 235 234,460.4 266 263,861.4 501
2008 25,052.7 12% 214 176,340.7 232 201,393.5 446
2009 16,122.0 24% 159 50,145.9 149 66,267.9 308
2010 13,243.3 20% 173 51,901.5 177 65,144.8 350
2011 18,962.3 21% 186 70,344.2 210 89,306.5 396
2012 19,554.6 15% 208 108,076.4 226 127,631.0 434
2013 16,765.7 11% 187 130,256.2 214 147,021.9 401
Venture Capital Buyouts and Mezzanine Capital Total Private Equity

Figure 2.03
Venture Capital Fund Commitments 1985-2013 ($ Millions)
State 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
MA 201.88 1,460.41 546.89 279.00 2,260.07 489.77 473.90 493.63 940.19 1,860.48 2,364.08 1,516.09 3,757.76 9,346.10 9,065.81 15,399.96 3,092.69 7,754.42 1,233.34 2,148.71
CA 1,249.69 972.35 1,268.36 966.91 1,523.51 1,010.69 549.12 1,331.19 1,388.50 1,829.06 3,106.99 3,724.04 5,717.43 8,525.24 21,928.12 44,218.83 14,166.13 2,767.31 5,634.15 8,731.29
NY 534.28 356.09 973.09 813.49 338.52 529.47 180.08 1,051.12 367.79 1,158.41 1,954.71 1,875.06 2,601.56 5,200.95 7,586.57 16,691.77 9,721.17 2,598.46 1,596.98 1,797.30
WA 37.41 33.48 231.25 40.69 161.45 142.81 55.43 381.89 137.00 282.50 193.64 326.00 393.97 1,406.64 1,802.52 3,687.77 2,232.20 185.50 75.63 893.91
VA 299.07 155.86 310.63 357.37 61.50 129.50 150.00 300.30 419.25 388.28 260.20 424.93 1,165.98 1,067.56 2,842.58 1,813.40 3,464.30 46.73 165.00 1,756.45
TN 253.67 61.34 119.67 0.35 125.00 243.46 75.00 110.00 176.58 401.30 213.13 605.75 117.61 1,001.84 569.79 1,040.86 651.68 392.11 560.62 196.70
CO 4.20 7.47 24.18 0.00 49.25 13.61 50.00 0.00 224.90 479.20 66.50 439.00 145.00 768.15 839.70 1,989.92 340.45 380.50 105.00 161.52
TX 89.43 47.02 324.62 157.79 26.20 57.20 94.40 247.17 277.82 182.81 229.68 295.21 575.13 466.35 1,298.59 964.19 1,103.18 477.86 701.08 432.30
PA 31.50 70.55 32.23 69.90 79.71 0.40 0.00 0.00 114.22 0.00 19.35 216.40 252.88 432.62 1,942.08 2,414.30 512.63 117.96 93.92 83.89
OH 25.00 126.13 37.40 59.51 0.00 0.00 5.00 48.00 39.90 36.87 128.50 239.32 179.99 408.79 640.30 1,174.61 888.01 83.03 1.20 955.27
MI 38.74 0.00 0.00 4.80 0.00 0.00 0.00 0.00 0.00 0.00 130.00 820.00 667.60 391.50 359.60 778.29 622.18 314.80 0.00 324.48
MN 20.00 23.45 72.50 0.00 34.07 0.00 0.00 40.00 0.00 115.90 83.77 149.00 109.07 266.36 254.81 261.55 36.93 22.40 93.25 0.00
IL 0.00 3.50 10.00 12.80 15.00 2.00 0.00 17.00 5.00 0.00 7.00 20.00 165.40 255.99 884.03 2,211.92 119.15 37.48 196.27 71.95
NC 9.70 0.00 36.00 10.70 29.30 0.00 35.00 0.00 133.28 105.00 106.00 0.00 77.70 250.00 325.88 954.75 25.75 7.95 56.00 1.00
UT 13.60 109.75 51.20 417.50 20.00 161.80 16.20 946.30 65.85 164.05 46.80 35.50 207.97 216.70 106.57 1,826.52 16.50 275.50 26.00 49.80
GA 0.00 0.00 15.10 65.00 0.00 14.00 0.00 0.00 56.00 0.00 74.19 34.30 40.85 181.00 30.00 917.90 19.00 0.00 0.00 55.00
MO 54.05 73.06 54.65 12.10 117.98 44.52 166.60 30.10 109.70 181.65 113.60 264.00 783.90 177.00 1,240.76 2,751.47 536.61 85.66 387.97 450.73
WI 6.50 7.00 31.48 22.80 38.12 0.60 0.00 0.00 0.00 63.45 10.10 183.50 349.00 173.68 180.41 613.41 119.64 74.90 275.86 17.31
ND 2.56 0.00 86.98 75.00 0.00 30.38 0.00 67.00 4.43 85.97 10.00 0.00 364.95 58.00 658.58 662.03 329.95 101.70 4.88 209.72
DC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.60 14.20 169.00 18.26 23.95 87.95 51.00 373.35 69.50 26.50 52.00 0.00 72.98
LA 0.00 10.50 0.80 0.00 0.00 0.00 0.00 0.00 0.00 27.00 0.00 0.00 17.00 50.00 61.50 126.00 231.65 0.00 34.30 40.30
KS 0.00 31.82 0.00 0.00 10.30 0.00 0.00 0.00 0.00 0.00 0.00 24.29 0.00 45.30 0.00 110.10 0.00 0.00 0.00 0.00
MS 150.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.00 30.00 0.00 137.00 16.35 11.00 49.00 18.70
OR 643.50 0.00 33.26 0.00 0.00 53.13 0.00 0.00 63.60 0.00 11.30 6.00 45.40 25.03 79.63 64.77 286.20 0.00 0.00 80.30
VT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11.00 0.00 22.00 14.00 131.00 1.00 0.00 0.00 5.00
IN 0.00 10.00 0.00 27.30 16.30 4.70 0.00 49.00 0.00 20.00 0.00 116.11 0.00 12.80 20.00 103.30 0.00 10.00 35.56 17.00
FL 0.00 0.00 30.00 0.00 0.00 0.00 0.00 0.00 0.00 32.00 32.00 0.00 0.00 10.00 0.00 65.00 0.00 14.00 0.00 2.20
CT 10.73 0.00 60.05 0.00 0.00 0.00 0.00 56.00 0.00 0.00 5.00 0.00 10.50 1.78 5.00 21.00 26.00 0.00 0.00 10.00
NJ 5.00 0.00 6.70 32.50 0.00 0.00 0.00 0.00 3.00 13.50 0.00 26.00 11.30 0.30 320.80 241.00 8.00 0.00 64.84 63.33
MD 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
OK 16.60 0.00 0.00 24.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 25.00 0.00 0.00 0.00
AL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.60 0.00 0.00 0.00 9.50 0.00 0.00 2.53 0.00 7.86
SD 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
IA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12.00 0.00 0.00 0.00 0.00 30.00 0.00 0.00 0.00 0.00
RI 49.42 0.00 0.00 40.00 0.00 0.00 15.00 0.00 0.00 0.00 20.00 0.00 50.00 0.00 0.00 0.00 0.00 11.20 8.80 0.00
HI 0.00 0.00 22.04 947.60 0.00 0.00 0.00 2.00 0.00 58.80 0.00 21.65 0.00 0.00 126.89 0.00 76.45 15.60 2.95 0.00
MT 0.00 0.00 0.00 37.00 0.00 0.00 0.00 0.00 10.10 0.00 0.00 0.00 0.00 0.00 29.40 60.00 20.70 42.61 40.80 0.00
NH 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.50 4.00 12.75 2.00 0.00
ME 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 19.65 25.00 0.00 0.00 0.00
AZ 0.00 0.00 0.00 0.00 12.50 4.50 0.00 0.00 0.00 0.00 14.00 0.00 0.00 0.00 0.00 0.00 0.00 15.00 0.00 0.00
WV 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15.00 27.00 0.00 0.00 0.00
SC 0.00 0.00 0.00 0.00 0.00 10.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 31.20 0.00 0.00 0.00
ID 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 50.00 25.00 0.00 0.00 25.00 0.00 0.00 10.00 0.00 0.00
PR 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NV 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 111.01 36.00 0.00 0.00 0.00 40.60 0.00 0.00 0.00 0.00
NE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 25.00 31.00 64.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.00
DE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 62.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
UN 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26.00 0.00 0.00 0.00 0.00
WY 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20.00 0.00 0.00 0.00 0.00
AR 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 40.00 0.00 31.00 30.15 0.00 16.60 82.00 14.00 0.00 0.00 10.68
NM 36.15 27.70 0.00 2.06 0.00 155.00 40.00 0.00 0.00 6.10 1.90 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17.76 20.35
KY 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14.00 7.40 15.00 0.00 42.00 0.00 0.00 0.00 135.00 8.00 2.14 0.00
Total 3,782.66 3,587.47 4,379.07 4,476.68 4,918.80 3,097.52 1,905.73 5,243.80 4,565.30 7,733.72 9,442.31 11,553.58 17,993.04 30,842.67 53,638.36 101,740.87 38,952.18 15,928.95 11,465.28 18,696.01

Venture Capital Fund Commitments 1985-2013 ($ Millions)
State 2005 2006 2007 2008 2009 2010 2011 2012 2013
MA 1,735.74 2,252.82 4,409.92 1,949.58 1,652.22 1,259.41 4,096.04 659.75 5,474.78
CA 13,319.31 13,635.99 12,533.51 13,972.15 8,635.34 6,337.42 9,678.38 14,708.16 5,315.87
NY 9,150.90 4,365.57 5,121.96 2,516.05 3,573.19 2,664.92 2,339.74 1,414.73 2,200.41
WA 629.84 379.48 263.77 1,037.91 26.79 82.72 209.64 51.34 561.77
VA 143.06 2,910.97 286.64 227.29 157.73 938.22 11.00 23.15 446.06
TN 204.27 1,812.38 235.17 52.79 503.67 112.40 100.27 64.78 310.39
CO 432.75 472.23 782.73 368.88 484.14 67.60 543.52 28.93 275.10
TX 80.46 421.96 544.90 258.01 215.60 237.65 215.05 131.67 274.35
PA 68.76 132.45 358.26 220.75 3.50 262.09 6.13 280.36 259.59
OH 280.57 562.85 1,376.20 492.38 5.28 0.00 0.00 398.81 240.19
MI 392.62 896.30 314.60 1,122.94 204.06 0.00 475.00 0.40 236.24
MN 83.75 61.83 99.50 133.96 88.79 56.95 160.93 277.79 222.01
IL 418.62 555.42 582.42 105.28 14.42 121.37 35.63 44.70 187.62
NC 313.00 11.20 109.26 25.20 32.25 74.55 1.57 268.00 154.98
UT 295.00 473.24 275.00 325.10 21.80 0.00 0.00 150.00 136.85
GA 103.50 361.70 203.00 18.73 18.75 30.00 25.55 17.15 126.45
MO 688.16 794.40 825.81 962.73 233.18 205.17 126.81 281.89 101.38
WI 108.01 401.37 185.28 102.93 5.37 457.40 109.58 479.98 67.50
ND 558.16 152.22 81.45 83.38 1.88 30.27 82.40 29.44 45.27
DC 4.00 12.00 0.00 0.00 0.00 0.00 0.00 0.00 44.80
LA 23.98 169.59 213.15 576.50 34.26 16.45 160.42 159.33 40.00
KS 12.00 37.96 10.50 0.00 0.00 0.00 0.00 0.14 25.86
MS 69.65 19.10 0.00 117.93 101.35 1.53 58.10 19.90 14.23
OR 828.70 39.65 210.30 53.94 0.00 72.00 0.00 155.00 12.02
VT 0.00 3.28 0.00 14.48 0.00 16.00 0.00 0.00 10.00
IN 6.00 24.49 1.16 28.80 1.00 28.05 0.00 38.95 8.00
FL 0.00 0.00 2.03 5.00 5.90 12.25 2.03 6.98 2.00
CT 0.00 42.91 0.00 0.00 15.35 0.00 0.00 0.00 0.00
NJ 122.44 23.00 49.00 255.56 84.00 176.51 193.98 20.11 0.00
MD 0.00 0.25 10.04 19.97 0.00 0.00 7.85 0.00 0.00
OK 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AL 0.00 0.00 0.00 6.39 0.00 0.00 0.00 0.00 0.00
SD 0.00 1.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00
IA 0.00 1.35 0.00 0.00 0.00 0.00 0.00 0.00 0.00
RI 0.00 5.00 6.66 0.00 0.00 0.00 0.00 4.50 0.00
HI 0.00 45.55 19.45 0.00 0.00 0.00 5.50 4.64 0.00
MT 19.00 0.00 0.00 20.00 0.00 0.00 222.18 57.16 0.00
NH 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
ME 0.00 0.00 11.00 3.00 0.00 0.00 0.00 0.00 0.00
AZ 5.60 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
WV 0.00 0.00 75.75 0.00 0.00 0.00 0.00 0.00 0.00
SC 0.00 0.00 1.00 0.00 0.00 0.00 0.00 0.00 0.00
ID 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PR 0.00 0.00 0.00 13.20 0.00 0.48 0.00 0.18 0.00
NV 0.00 0.00 0.00 0.00 0.00 2.00 0.00 1.00 0.00
NE 0.00 0.00 0.00 0.00 0.00 100.00 100.00 0.00 0.00
DE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
UN 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
WY 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AR 0.00 80.68 102.33 15.09 9.20 27.32 0.15 40.00 0.00
NM 25.65 5.20 1.27 0.00 0.00 35.00 1.14 0.00 0.00
KY 7.95 65.00 98.00 12.00 0.00 0.00 0.00 7.00 0.00
Total 30,131.45 31,231.10 29,400.99 25,117.84 16,128.99 13,425.72 18,968.57 19,825.91 16,793.70

Figure 2.04
Top 5 States
By Venture Capital Committed 2013
State No of
Funds
Committed
($Mil)
Massachusetts 24 5,474.8
California 58 5,315.9
New York 25 2,200.5
Washington 5 561.8
Virginia 5 446.1
Subtotal 117 13,999.1
Remaining States 70 2,766.8
Total 187 16,765.9
-
20
40
60
80
100
120
140
160
180
200
220
240
260
280
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
($Billions)
Year
Venture Capital Buyouts and Mezzanine
Figure 2.5
Private Equity Annual Commitment ($ Billions)
1985 to 2013

Measuring industry activity by the total dollars invested in a given year shows that the industry has remained generally in the $20 billion to $30 billion
range since 2002. In 2013, $29.5 billion was invested in 3,382 companies through 4,041 deals. The number of deals is 4% higher than 2012 counts,
but is essentially the same as 2011. The number of first-time fundings increased in 2013 to 1,334 companies from the previous 1,275, but it remains
near the top of the healthy range of 1,000 to 1,400 first-time fundings in a year. Further parsing the data shows 50% of the investment dollars going to
California companies, down from 53% in 2012 but consistent with the previous three years. The year 2013 saw a record 56% of the financing rounds
going to seed and early stage companies, compared with a more typical one-third of deals. A carefully watched statistic is the investment in the life sci-
ences. It is possible that the downward plummet in first-time life sciences investment is starting to reverse, led by Biotechnology, but it is still too early
to be sure. Corporate Venture investment continues to gain considerable strength and presence in the overall industry.
INVESTMENTS
Sectors
Software was the leading sector in 2013, receiving 37.3% of the total
dollars. The second largest sector was Biotechnology, which was less than
half that amount at 15.4% of total investment. Media and Entertainment,
where much of the social networking is categorized, received 9.9% and
Medical Devices and Equipment received 7.2%.
The life sciences share of the venture capital investment dollars de-
creased in 2013 to its lowest level since 2001 at 23.6% of the total dollars.
(For purposes of this paragraph, life sciences is made up of all three life
science categories. Some industry observers choose to exclude the health-
care services sector from the life sciences totals.) This is down from the
recent peak of 32.7% in 2009. (The all-time peak was 36.3% in 1992.)
This recent downward life sciences trend is very visible when just
looking at first fundings. In 2013, only 155 life sciences (defined in this
paragraph as Biotech/pharma and Medical Devices/therapeutics, but not
healthcare services) received first fundings, up just slightly form 148 in
2012. While the uptick driven by Biotechnology first fundings may be an
early indicator of a rebound, these last two years are the lowest counts
since 1996. The possible recovery in Biotechnology investing may have
been driven in part by the success of recent efforts at FDA reform and the
strong number of Biotechnology company IPOs in 2013 (count = 42).
Among first fundings, Software led the way with 591 companies get-
ting their initial venture capital rounds. This is more than 46% of the first
fundings. Again in 2013, the second most active first-funding sector is
Media and Entertainment at 170 first fundings.
Stages and First-Time Fundings
Investment activity in the industry seems to be bifurcated by the large
number of later stage companies hoping to join fairly strong public mar-
kets at year end 2013 and the very large number of new companies being
funded by the industry. While many of the larger portfolio companies,
IPOs, and big acquisitions have gotten the headlines and visibility, 2013
actually saw the highest percentage of seed- and early-stage deals ever at
55.7% of all deals. This surpasses the prior record of 52.6% in 2012. This
certainly would challenge the suggestion that the industry’s attention is
single-focused on later-stage companies. Despite the flurry of IPO activity
in 2013 and acquisitions announced for early 2014, there remains a record
number of companies in portfolios in the later stage of development that
in most other positions in the business cycle would have already gone
public or otherwise been acquired.
With the rule of thumb that a healthy venture capital industry invests in
1,000-1,300 new companies each year, the 1,334 first fundings in 2013 is
very much in that range. Not surprisingly, 83% of those first round invest-
ments were made at the seed and early stage.
Geographical Spread Across the United States
The year 2013 provided an interesting contrast in geographic disper-
sion. The slight majority of investment dollars went to California compa-
nies at 50.01%. This is down from the record 53.2% in 2012. Interestingly,
companies in 48 states and DC received financing, which ties the 2012
record high. Ranked by total dollars invested, the top five states (Califor-
nia, Massachusetts, New York, Washington and Texas) received 78% of
all the dollars invested nationally.
This compares to 2011, when California companies received a then-
record 51.2% of the dollars. That year, companies in a record 47 states and
DC received venture capital funding. Together, the top five states (Cali-
fornia, Massachusetts, New York, Texas, and Washington State) received
77% of the total dollars.
California-domiciled venture capital firms made investments in 38
states in 2013. Approximately 48% of all the money invested in Califor-
nia came from California-domiciled firms. Conversely, California-based
firms concentrated 68% of their investment dollars within the state.
Corporate Venture Group Involvement
The number and reach of corporate venture capital groups increased
in 2013, along with the visibility of this group. These groups provided
an estimated 10.5% of the venture capital invested by all venture groups.
They were involved in 16.9% of the deals – the highest level in five years.
Going forward, all signs suggest that these groups are becoming more
involved alongside traditional venture firms in deals, as well as initiating
corporate venture group syndicates to do deals in lieu of, or in advance of,
investment rounds by traditional venture firms.
Methodology
As calculated by Thomson Reuters, venture capital investment data are
derived from several sources. Primarily, survey information is obtained
from the quarterly survey that drives the MoneyTree Report™ from Price-
waterhouseCoopers and the National Venture Capital Association based
on data from Thomson Reuters. This is the official industry database of
venture capital investment. Secondly, Thomson Reuters obtains data from
SEC filings that are regularly monitored by our research staff. Finally,
publicly available sources such as press releases and trade publications
are used.
For detailed information on which transactions qualify as MoneyTree
deals and are therefore counted in this chapter, please refer to Appendix B.

0
20
40
60
80
100
120
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
($Billions)
Year
Figure 3.01
Venture Capital Investments ($ Billions)
1985 to 2013
Figure 3.03
Venture Capital Investments
Top 5 States in 2013
State # Companies # Deals Invested
($Bil)
California 1,362 1,616 14.8
Massachusetts 307 364 3.1
New York 344 403 2.9
Texas 134 154 1.3
Washington 107 126 0.9
Total* 2,254 2,663 23.0
*Total includes top 5 states only
Figure 3.02
Venture Capital Investments in 2013 By Industry Group
Industry Group # Companies # Deals Investment
Amt ($Bil)
# Companies # Deals Investment
Amt ($Bil)
Information Technology 2,360 2,784 20 1,009 1,009 3.5
Medical/Health/Life Science 649 816 6.9 167 167 1.2
Non-High Technology 373 441 2.7 158 158 0.4
Total 3,382 4,041 29.6 1,334 1,334 5.1
Initial InvestmentsAll Investments

Biotechnology
15%
Business Products and
Services 0.4%
Computers and Peripherals 2%
Consumer Products and
Services 4%
Electronics/Instrumentation
1%
Financial Services
2%
Healthcare Services
1%
Industrial/Energy
5%
IT Services
7%
Media and Entertainment
10%
Medical Devices and
Equipment
7%
Networking and Equipment
2%
Retailing/Distribution
1%
Semiconductors
2%
Software
37%
Telecommunications
2%
Other
0.2%
Figure 3.04
By Industry Sector (Dollars Invested)
Seed
3%
Early Stage
34%
Expansion
33%
Later Stage
30%
Figure 3.05
By Stage (Dollars Invested)

USA
AK
AR
NE
WY
PR
VI
GU
5
AL
113
AZ
CA
429
CO
182
CT
286
DC 71
DE
421
FL
412
GA
2
HI
23
IA
7
ID
IL
25
IN33
KS
11
KY
15
LA
3,079
MA
664
MD
27
ME
108
MI
270
MN
77
MO
1
MS
MT
260
NC
24
ND
74
NH
322
NJ
26
NM
7
NV
2,870
NY
319
OH
8
OK
138
OR
447
PA
82
RI
86
SC
12
SD
109
TN
1,316
TX
315
UT
594
VA
21
VT
913
WA
36
WI
1
WV
14,770
10
86
435
0
Figure 3.06
Amount of Capital Invested By State in 2013 ($ Millions)
USA
AK
AR
NE
WY
PR
VI
GU
4
AL
19
AZ
CA
62
CO
43
CT
27
DC 5
DE
37
FL
35
GA
2
HI
2
IA
2
ID
74
IL
11
IN6
KS
6
KY
6
LA
307
MA
63
MD
4
ME
58
MI
32
MN
32
MO
2
MS
1
MT
40
NC
1
ND
13
NH
38
NJ
13
NM
3
NV
344
NY
68
OH
8
OK
30
OR
196
PA
11
RI
12
SC
1
SD
35
TN
134
TX
30
UT
58
VA
8
VT
107
WA
18
WI
1
WV
1,362
9
3
Figure 3.07
Number of Companies Invested in By State in 2013

Figure 3.08
Venture Capital Investments in 1985-2013 By Region ($ Millions)
Region 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
Silicon Valley 758.8 1,016.0 849.9 985.9 918.1 914.1 780.5 1,121.1 903.7 1,073.8 1,807.8 3,417.7 4,632.3 5,881.4 17,797.4
New England 435.4 436.6 524.3 496.9 404.7 424.9 287.0 417.0 358.4 440.4 796.6 1,159.4 1,611.8 2,353.4 5,622.0
NY Metro 221.2 215.2 273.9 308.0 360.4 190.1 181.5 239.0 221.3 275.8 509.7 743.2 1,289.4 1,817.3 4,611.8
LA/Orange County 196.5 186.9 276.9 222.5 242.1 174.7 119.4 179.4 176.4 189.1 1,004.1 702.9 875.2 1,230.6 3,593.7
DC/Metroplex 99.1 61.5 111.8 129.9 139.5 96.9 51.3 65.8 384.1 137.8 420.2 586.3 515.1 1,148.5 2,395.1
Texas 248.6 228.4 211.0 240.7 229.2 141.0 161.4 150.5 241.9 313.8 479.2 553.4 908.7 1,205.6 3,163.1
Southeast 166.4 237.6 269.5 272.1 235.4 145.9 109.1 346.9 408.2 362.3 878.6 1,166.0 1,396.7 1,794.8 4,831.0
Midwest 160.5 139.9 198.4 132.3 183.2 166.7 181.4 165.2 276.9 432.6 470.4 736.2 913.5 1,644.5 2,631.1
Northwest 142.2 142.9 153.3 141.2 118.0 88.2 59.9 252.1 118.4 164.7 379.7 557.6 564.4 820.3 2,874.6
San Diego 99.6 95.4 107.8 149.8 145.5 113.3 115.7 128.2 133.0 221.0 276.8 485.2 516.0 669.4 1,437.0
SouthWest 40.1 82.5 57.5 59.7 50.7 30.3 49.0 98.4 49.7 38.0 113.1 184.6 303.1 411.2 843.1
Colorado 77.0 113.8 111.4 107.8 157.8 93.7 54.2 129.7 135.0 197.4 325.1 321.2 405.0 838.9 1,832.9
Philadelphia Metro 52.6 63.3 79.2 71.8 65.3 105.9 40.6 168.9 111.4 138.1 220.9 356.2 534.2 703.9 1,732.6
North Central 37.0 44.5 73.6 41.4 51.2 92.2 44.9 77.1 109.6 87.4 223.8 208.5 341.6 429.6 770.0
South Central 13.7 11.4 19.8 11.7 14.5 11.6 4.2 6.5 8.6 15.2 45.2 81.1 67.4 196.7 360.1
Upstate NY 14.2 10.7 10.2 5.3 7.3 11.1 3.4 9.1 5.7 0.7 35.5 22.7 90.3 195.4 212.4
Sacramento/N.Cal 16.0 45.5 32.0 33.6 4.2 19.5 15.7 8.5 19.1 20.0 20.0 28.6 21.4 86.8 119.1
Unknown - - 0.5 0.8 6.1 13.0 0.2 30.8 0.8 0.1 0.3 2.2 4.4 39.1 2.4
AK/HI/PR - - - - - - 0.3 0.0 1.0 22.0 7.8 28.7 14.0 5.5 17.4
Total 2,779.0 3,132.3 3,361.3 3,411.3 3,333.0 2,833.1 2,259.7 3,594.2 3,663.2 4,130.1 8,014.8 11,341.6 5,004.6 21,473.0 54,846.7

Venture Capital Investments in 1985-2013 By Region ($ Millions)
Region 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Silicon Valley 33,430.9 12,618.7 7,249.2 6,766.5 8,021.2 8,133.6 9,806.9 11,610.0 11,551.3 8,263.4 9,436.2 12,037.2 11,237.6 12,225.7
New England 12,000.6 5,397.2 2,999.3 2,990.4 3,359.7 2,969.9 3,319.2 4,004.1 3,754.8 2,603.7 2,577.9 3,344.5 3,391.6 3,307.7
NY Metro 10,275.4 3,497.1 1,548.7 1,385.0 1,635.7 1,972.7 2,172.1 1,936.2 2,169.7 1,748.9 1,872.8 2,862.5 2,366.9 3,194.7
LA/Orange County 6,782.0 2,264.7 1,286.8 1,069.4 1,319.8 1,506.1 1,898.7 1,925.3 2,041.4 1,080.9 1,687.8 2,076.7 2,092.5 1,748.2
DC/Metroplex 5,795.2 2,103.1 1,095.6 797.4 1,086.6 1,208.3 1,356.3 1,423.7 1,167.9 684.3 973.9 1,014.0 756.8 1,545.9
Texas 6,270.8 3,137.3 1,191.6 1,221.0 1,212.3 1,170.7 1,518.2 1,493.8 1,127.7 678.2 1,079.4 1,622.4 948.9 1,315.5
Southeast 7,967.1 2,684.7 1,768.7 1,115.0 1,418.1 1,094.2 1,206.3 1,841.0 1,352.0 1,032.0 1,101.2 1,193.4 801.1 1,293.9
Midwest 5,776.7 2,184.5 976.9 913.6 712.5 916.5 1,009.7 1,159.2 1,369.5 952.3 1,368.2 1,554.1 1,436.8 1,107.3
Northwest 3,627.9 1,426.8 766.7 643.5 1,001.2 1,003.9 1,288.0 1,612.5 1,075.6 673.9 728.9 785.4 998.5 1,056.7
San Diego 2,297.6 1,579.1 997.4 825.8 1,197.8 1,203.9 1,231.0 1,846.4 1,209.4 939.5 881.2 928.0 1,191.6 767.7
SouthWest 1,387.5 515.1 393.8 220.5 393.6 524.8 526.6 589.0 545.7 291.2 275.9 571.5 600.4 455.4
Colorado 4,091.9 1,244.4 588.0 609.9 363.2 622.9 703.3 686.3 872.3 458.9 445.9 619.7 589.0 428.8
Philadelphia Metro 2,591.5 1,073.3 636.6 555.1 734.6 592.6 795.9 890.5 803.0 389.4 452.2 456.7 415.3 420.0
North Central 1,397.3 669.6 433.7 268.5 464.0 367.0 385.6 532.7 632.6 410.5 336.7 380.9 359.9 375.3
South Central 446.9 110.4 69.3 65.5 130.1 96.1 64.3 152.8 91.3 25.3 75.2 102.1 96.0 141.1
Upstate NY 293.9 159.1 104.5 122.7 104.8 60.1 156.1 136.5 92.3 26.9 44.8 112.7 48.6 112.5
Sacramento/N.Cal 372.3 203.0 65.4 32.2 38.4 37.7 29.4 82.0 71.3 18.8 16.5 67.8 20.0 25.2
Unknown 50.4 14.3 - - - - - - - 0.5 - - - 21.1
AK/HI/PR 248.6 69.8 4.9 17.9 15.1 43.3 47.1 20.9 21.3 7.4 14.0 0.6 0.7 2.5
Total 105,104.6 40,952.1 22,177.1 19,620.0 23,208.8 23,524.5 27,514.5 31,942.9 29,948.9 20,286.2 23,368.6 29,730.0 27,352.3 9,545.2

Figure 3.09
Venture Capital Investments in 1985-2013 By Region (Number of Deals)
Region 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Silicon Valley 323 339 343 362 395 398 337 422 315 335 509 771 869 1,045 1,687 2,159 1,106 819 879
NY Metro 89 101 131 108 121 90 89 81 79 84 136 158 240 273 491 816 446 231 192
New England 235 214 257 231 222 217 170 159 149 146 232 333 384 469 662 905 595 458 446
Midwest 100 116 133 101 127 103 99 93 85 83 132 190 237 249 309 515 276 243 174
LA/Orange County 90 101 114 106 112 97 89 97 63 54 92 134 166 216 355 516 250 164 149
Southeast 91 118 134 115 115 131 111 108 117 112 182 226 294 308 454 664 391 268 247
DC/Metroplex 45 46 65 59 51 62 54 48 41 47 72 113 135 162 272 509 261 198 183
Northwest 47 49 62 70 64 48 41 50 49 50 84 112 134 132 263 331 192 141 108
Texas 106 93 106 105 91 85 70 70 72 68 101 135 172 197 318 485 343 174 174
Philadelphia Metro 38 35 54 44 41 48 43 65 47 45 78 91 142 138 145 231 142 103 88
San Diego 43 35 54 56 56 47 43 47 49 61 77 109 100 124 162 235 156 114 125
Colorado 43 58 62 63 53 49 35 53 48 53 58 83 98 127 161 222 115 91 71
SouthWest 20 30 42 25 32 22 30 34 30 29 37 55 71 88 116 146 89 68 55
North Central 38 50 54 51 39 44 40 39 38 37 70 69 116 107 114 151 126 76 71
Upstate NY 17 10 10 10 12 6 4 9 10 5 8 9 21 31 31 36 29 24 22
South Central 11 10 12 6 7 5 4 5 6 9 15 22 25 27 30 50 28 24 21
Unknown - - 1 2 3 1 1 2 4 2 2 7 7 14 3 16 8 - -
Sacramento/N.Cal 11 18 12 10 6 10 9 9 8 10 7 9 7 17 19 36 27 7 11
AK/HI/PR 1 - - - - - 3 3 1 2 4 9 6 5 5 15 10 3 8
Total 1,348 1,423 1,646 1,524 1,547 1,463 1,272 1,394 1,211 1,232 1,896 2,635 3,224 3,729 5,597 8,038 4,590 3,206 3,024
Venture Capital Investments in 1985-2013 By Region (Number of Deals)
Region 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Silicon Valley 970 1,006 1,235 1,311 1,300 997 1,108 1,269 1,225 1,257
NY Metro 226 191 295 299 343 285 387 424 411 446
New England 430 441 458 524 508 388 414 457 466 418
Midwest 178 181 228 271 304 250 277 316 311 416
LA/Orange County 151 177 219 236 245 177 228 233 268 253
Southeast 244 198 235 247 230 158 215 209 172 211
DC/Metroplex 187 221 218 221 210 138 154 167 166 171
Northwest 148 159 182 217 201 128 156 165 154 165
Texas 176 181 201 188 162 126 168 172 163 154
Philadelphia Metro 104 96 116 135 150 97 127 123 126 135
San Diego 132 143 130 169 134 114 135 114 106 98
Colorado 72 91 112 114 116 91 84 109 105 81
SouthWest 58 84 92 107 86 71 60 85 84 79
North Central 77 66 73 94 87 69 59 70 53 73
Upstate NY 29 28 40 33 31 13 21 22 23 36
South Central 31 11 26 31 41 33 42 59 23 29
Unknown - - - 1 - 1 1 1 - 10
Sacramento/N.Cal 9 11 8 18 20 9 7 6 5 6
AK/HI/PR 6 8 14 10 9 3 4 3 4 3
Total 3,228 3,293 3,882 4,226 4,177 3,148 3,647 4,004 3,865 4,041

Figure 3.10
Venture Capital Investments in 1985-2013 By Stage
Stage 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Seed 528.9 759.7 623.4 670.2 559.3 396.6 241.8 557.7 629.6 781.2 1,273.0 1,275.0 1,366.6 1,769.3 3,617.8 3,150.4 803.5
Early Stage 506.8 624.0 748.8 714.6 737.9 684.8 548.4 577.9 574.9 839.7 1,733.1 2,636.8 3,455.1 5,460.1 11,480.6 25,292.6 8,591.3
Expansion 1,243.9 1,198.2 1,490.6 1,568.8 1,600.3 1,265.6 1,099.6 1,770.1 1,867.0 1,506.9 3,561.7 5,503.0 7,564.1 10,322.5 29,254.7 59,047.2 22,898.7
Later Stage 499.4 550.4 498.5 457.7 435.5 486.0 369.8 688.5 591.7 1,002.4 1,447.0 1,926.9 2,618.8 3,921.0 10,493.6 17,614.5 8,658.6
Total 2,779.0 3,132.3 3,361.3 3,411.3 3,333.0 2,833.1 ,259.7 3,594.2 3,663.2 4,130.1 8,014.8 11,341.6 15,004.6 21,473.0 54,846.7 105,104.6 40,952.1
Venture Capital Investments in 1985-2013 By Stage
Stage 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Seed 340.7 364.9 916.9 995.6 1,291.6 1,837.0 1,923.1 1,735.2 1,676.3 1,079.4 836.4 966.4
Early Stage 3,979.7 3,582.2 4,040.8 4,057.9 4,770.4 6,087.3 5,888.9 4,940.6 5,913.8 8,926.9 8,315.1 9,896.0
Expansion 12,122.6 9,764.9 9,053.6 8,521.7 11,123.5 1,065.7 10,725.1 6,841.2 8,706.9 9,829.3 9,446.6 9,814.2
Later Stage 5,734.1 5,908.0 9,197.5 9,949.3 0,329.0 2,952.9 11,411.9 6,769.2 7,071.6 9,894.4 8,754.2 8,868.7
Total 22,177.1 19,620.0 23,208.8 23,524.5 7,514.5 1,942.9 29,948.9 20,286.2 23,368.6 9,730.0 27,352.3 29,545.2
Figure 3.11
Venture Capital Investments in 1985-2013 By Stage (Number of Deals)
Stage 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Seed 358 388 387 370 355 258 193 252 290 332 431 503 542 672 811 705 281
Early Stage 290 333 411 358 338 371 277 292 181 255 519 751 897 1,019 1,735 2,852 1,298
Expansion 523 502 614 614 665 600 541 603 513 422 705 1,043 1,399 1,569 2,438 3,698 2,391
Later Stage 177 200 234 182 189 234 261 247 227 223 241 338 386 469 613 783 620
Total 1,348 1,423 1,646 1,524 1,547 1,463 1,272 1,394 1,211 1,232 1,896 2,635 3,224 3,729 5,597 8,038 4,590
Venture Capital Investments in 1985-2013 By Stage (Number of Deals)
Stage 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Seed 182 217 235 264 398 528 536 374 410 446 296 221
Early Stage 879 800 903 855 1,002 1,137 1,152 979 1,287 1,603 1,738 2,031
Expansion 1,580 1,352 1,203 1,113 1,381 1,269 1,240 894 1,077 1,026 987 991
Later Stage 565 655 887 1,061 1,101 1,292 1,249 901 873 929 844 798
Total 3,206 3,024 3,228 3,293 3,882 4,226 4,177 3,148 3,647 4,004 3,865 4,041

Figure 3.12a
Quarterly Venture Capital Investments 1985-2013 By Stage ($ Millions)
1985 1986 1987
Stage 1985-1Q 1985-2Q 1985-3Q 1985-4Q 1985 Total 1986-1Q 1986-2Q 1986-3Q 1986-4Q 1986 Total 1987-1Q 1987-2Q 1987-3Q 1987-4Q 1987 Total
Seed 153.0 149.3 93.7 133.0 528.9 185.6 270.0 114.7 189.4 759.7 145.7 199.4 142.0 136.3 623.4
Early Stage 95.9 185.3 95.2 130.4 506.8 129.6 139.5 176.6 178.2 624.0 170.7 183.9 204.2 190.0 748.8
Expansion 219.2 319.2 312.8 392.7 1,243.9 270.2 381.4 252.3 294.3 1,198.2 421.8 352.2 402.5 314.1 1,490.6
Later Stage 154.6 89.8 175.5 79.5 499.4 125.6 96.7 180.4 147.7 550.4 100.1 167.0 119.8 111.7 498.5
Total 622.6 743.6 677.2 735.6 2,779.0 711.0 887.5 724.1 809.6 3,132.3 838.2 902.4 868.5 752.2 3,361.3
Figure 3.12b
1988 1989 1990
Seed 164.5 150.0 240.6 115.2 670.2 138.1 174.6 116.3 130.3 559.3 81.9 116.7 114.3 83.8 396.6
Early Stage 144.0 216.6 184.7 169.4 714.6 255.9 128.0 163.1 190.9 737.9 139.7 199.1 133.1 212.9 684.8
Expansion 314.5 494.6 320.2 439.5 1,568.8 399.6 426.5 305.5 468.8 1,600.3 307.2 352.6 208.0 397.9 1,265.6
Later Stage 135.3 105.0 151.4 66.0 457.7 95.5 105.3 78.3 156.4 435.5 123.1 119.9 126.3 116.7 486.0
Total 758.3 966.1 896.9 790.0 3,411.3 889.1 834.4 663.1 946.4 3,333.0 651.9 788.2 581.6 811.3 2,833.1
Figure 3.12c
1991 1992 1993
Seed 45.8 84.6 53.4 58.0 241.8 67.6 210.4 71.8 207.8 557.7 139.7 144.1 164.3 181.5 629.6
Early Stage 137.7 130.3 140.4 140.0 548.4 134.0 187.6 102.7 153.6 577.9 164.0 136.1 106.6 168.2 574.9
Expansion 249.5 276.2 257.0 317.0 1,099.6 496.0 434.8 343.9 495.4 1,770.1 357.1 412.3 461.3 636.3 1,867.0
Later Stage 89.5 115.8 63.7 100.8 369.8 211.2 163.2 115.3 198.8 688.5 189.5 111.6 116.8 173.8 591.7
Total 522.5 606.9 514.5 615.7 2,259.7 908.8 996.1 633.8 1,055.5 3,594.2 850.3 804.1 849.0 1,159.8 3,663.2
Figure 3.12d
1994 1995 1996
Seed 190.0 225.8 160.2 205.1 781.2 316.8 396.6 229.9 329.8 1,273.0 330.0 427.9 200.6 316.5 1,275.0
Early Stage 177.6 196.4 157.8 307.9 839.7 408.8 393.6 366.8 563.8 1,733.1 596.2 712.9 573.6 754.1 2,636.8
Expansion 310.5 388.5 327.7 480.1 1,506.9 620.0 1,325.7 800.4 815.7 3,561.7 1,151.9 1,506.8 1,277.0 1,567.3 5,503.0
Later Stage 201.3 192.5 262.0 346.6 1,002.4 344.5 430.5 308.7 363.4 1,447.0 348.0 461.3 546.5 571.1 1,926.9
Total 879.4 1,003.3 907.8 1,339.7 4,130.1 1,690.0 2,546.4 1,705.8 2,072.6 8,014.8 2,426.1 3,109.0 2,597.6 3,208.9 11,341.6

Figure 3.12e
1997 1998 1999
Seed 392.9 330.8 323.4 319.5 1,366.6 405.4 426.4 459.9 477.6 1,769.3 591.5 799.7 990.1 1,236.5 3,617.8
Early Stage 773.5 846.8 760.1 1,074.7 3,455.1 1,164.7 1,014.5 1,290.4 1,990.6 5,460.1 1,302.0 2,026.8 2,661.8 5,489.9 11,480.6
Expansion 1,354.4 1,938.5 1,970.1 2,301.0 7,564.1 1,753.9 3,350.1 2,690.5 2,528.0 10,322.5 3,108.3 5,487.4 7,325.5 13,333.5 29,254.7
Later Stage 601.4 551.6 669.8 795.9 2,618.8 854.6 973.6 955.0 1,137.9 3,921.0 1,620.2 3,004.2 2,620.1 3,249.1 10,493.6
Total 3,122.3 3,667.8 3,723.4 4,491.2 15,004.6 4,178.5 5,764.5 5,395.7 6,134.2 21,473.0 6,622.0 11,318.1 13,597.5 23,309.1 54,846.7
Figure 3.12f
2000 2001 2002
Seed 808.6 984.1 870.9 486.8 3,150.4 256.6 265.6 128.5 152.7 803.5 76.4 94.0 84.2 86.1 340.7
Early Stage 7,137.5 6,937.9 5,903.8 5,313.5 25,292.6 3,447.7 2,104.5 1,720.2 1,318.9 8,591.3 1,209.5 1,138.0 827.7 804.5 3,979.7
Expansion 16,100.4 15,726.9 15,253.6 11,966.2 59,047.2 6,905.3 6,622.1 4,588.8 4,782.5 22,898.7 3,804.8 3,535.3 2,461.7 2,320.8 12,122.6
Later Stage 4,382.9 4,357.2 4,582.9 4,291.6 17,614.5 2,459.6 2,515.1 1,793.4 1,890.5 8,658.6 1,932.6 1,345.6 1,096.5 1,359.4 5,734.1
Total 28,429.3 28,006.1 26,611.1 22,058.1 105,104.6 13,069.2 11,507.4 8,230.9 8,144.7 40,952.1 7,023.4 6,112.9 4,470.0 4,570.8 22,177.1
Figure 3.12g
2003 2004 2005
Seed 83.3 95.3 100.3 86.0 364.9 104.8 124.3 118.1 569.7 916.9 139.3 529.0 165.0 162.2 995.6
Early Stage 676.2 1,011.5 806.8 1,087.7 3,582.2 904.9 1,030.3 1,028.5 1,077.0 4,040.8 907.8 992.9 1,186.2 971.0 4,057.9
Expansion 2,468.1 2,508.0 2,165.5 2,623.3 9,764.9 2,069.3 2,680.0 2,042.6 2,261.7 9,053.6 2,092.9 2,336.1 1,759.6 2,333.2 8,521.7
Later Stage 1,160.2 1,374.6 1,520.5 1,852.6 5,908.0 2,312.6 2,481.9 1,856.6 2,546.4 9,197.5 2,082.1 2,579.1 2,952.5 2,335.5 9,949.3
Total 4,387.8 4,989.4 4,593.1 5,649.7 19,620.0 5,391.6 6,316.6 5,045.8 6,454.8 23,208.8 5,222.1 6,437.1 6,063.2 5,802.0 23,524.5
Figure 3.12h
2006 2007 2008
Seed 249.2 367.6 372.1 302.7 1,291.6 315.8 500.0 462.4 558.7 1,837.0 459.3 528.3 557.7 377.9 1,923.1
Early Stage 930.6 1,022.2 1,143.1 1,674.5 4,770.4 1,341.1 1,706.4 1,259.8 1,780.0 6,087.3 1,401.6 1,571.4 1,382.2 1,533.6 5,888.9
Expansion 2,594.2 3,218.2 2,863.1 2,448.0 11,123.5 2,641.8 2,335.6 3,102.0 2,986.4 11,065.7 3,421.3 2,657.7 2,549.7 2,096.4 10,725.1
Later Stage 2,832.4 2,778.3 2,473.8 2,244.5 10,329.0 3,151.4 3,297.7 3,378.0 3,125.8 12,952.9 2,827.0 3,275.0 3,126.9 2,183.1 11,411.9
Total 6,606.5 7,386.3 6,852.0 6,669.7 27,514.5 7,450.1 7,839.8 8,202.2 8,450.9 31,942.9 8,109.1 8,032.4 7,616.5 6,191.0 29,948.9

Figure 3.12i
2009 2010 2011
Seed 319.7 536.0 511.0 368.5 1,735.2 416.7 689.0 338.7 231.9 1,676.3 219.6 424.4 227.4 208.1 1,079.4
Early Stage 768.2 1,178.5 1,240.7 1,753.2 4,940.6 1,149.7 1,732.4 1,457.3 1,574.5 5,913.8 1,861.1 2,307.7 2,244.0 2,514.1 8,926.9
Expansion 1,233.0 1,779.0 1,829.0 2,000.2 6,841.2 1,820.2 2,788.6 1,670.2 2,428.0 8,706.9 2,210.7 2,457.8 2,579.8 2,580.9 9,829.3
Later Stage 1,527.1 1,600.6 1,844.7 1,796.7 6,769.2 1,702.2 1,915.0 1,985.5 1,468.8 7,071.6 2,236.0 3,007.4 2,506.0 2,145.1 9,894.4
Total 3,848.0 5,094.2 5,425.5 5,918.6 20,286.2 5,088.8 7,125.0 5,451.7 5,703.2 23,368.6 6,527.4 8,197.3 7,557.2 7,448.2 29,730.0
Figure 3.12j
2012 2013
Stage 2012-1Q 2012-2Q 2012-3Q 2012-4Q 2012 Total 2013-1Q 2013-2Q 2013-3Q 2013-4Q 2013 Total
Seed 187.4 282.5 179.3 187.2 836.4 208.7 227.9 192.2 337.5 966.4
Early Stage 1,956.2 2,184.2 1,932.5 2,242.2 8,315.1 1,551.5 2,536.9 2,862.0 2,945.6 9,896.0
Expansion 1,810.0 2,763.6 2,580.5 2,292.5 9,446.6 2,057.7 2,215.5 2,537.0 3,004.0 9,814.2
Later Stage 2,356.5 2,170.9 1,985.2 2,241.6 8,754.2 2,190.4 2,125.8 2,333.2 2,219.3 8,868.7
Total 6,310.1 7,401.1 6,677.5 6,963.5 27,352.3 6,008.3 7,106.1 7,924.4 8,506.4 29,545.2

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