Mattermark COO & Cofounder Andy Sparks kicked off the Pandoland conference with a data-driven keynote covering the state of startups and startup funding in 2015.

1. © 2015 ALL RIGHTS RESERVED ● MATTERMARK TRACTION REPORT ● MATTERMARK.COM ● (415) 366-6587
PANDOLAND 2015: Q1-Q2 2015 STATE OF STARTUPS
by Andy Sparks
Mattermark Co-founder & COO
@SparksZilla
1copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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Q1-Q2 2015: ACQUISITIONS & IPO ACTIVITY
Mattermark tracked over 500 investor backed acquisitions and 140 IPOs in the United
States between Q1 2014 and Q2 2015. These are companies that had received venture or
private equity financing prior to liquidity and indicated positive growth according to the
Mattermark Growth Score.
2copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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EXITS
3
Investor Backed Exits Q1 2014 - Q2 2015
NumberofIPOs
0
40
80
120
160
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
Acquisitions IPO
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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EXITS
4
Investor Backed Acquisitions by Industry, Q1 - Q2 2015
NumberofExits
0
10
20
30
40
Enterprise Software Analytics Healthcare Advertising & Marketing E-Commerce
Companies that were acquired in 2015
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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EXITS
5
Time Taken to Acquisition, Q1 - Q2 2015
NumberofCompanies
0
3
6
9
12
15
18
Time taken to Exit (Years)
1 2 3 4 5 6 7 8 9 10 Untitled 1
Years to Acquisition
Of all the investor-backed
companies that were
acquired in Q1 and Q2 of
2015, the the median time
taken was 7 years.
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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EXITS - M&A
6
Most Active Acquirers, Q1 - Q2 2015
Company Name: Google
Website: google.com
Acquisitions
Launchpad Toys, InMobi, Tilt Brush, Timeful, Pulse.io, Lumedyne Technologies
Company Name: Apple
Website: apple.com
Acquisitions
Semetric, OttoCat, Dryft, LinX Imaging, Coherent Navigation, Metaio
Company Name: Amazon
Website: amazon.com
Acquisitions
Annapurna Labs, 21emetry, Shoefitr, Clusterk
Company Name: Sprinklr
Website: sprinklr.com
Acquisitions
Launchpad Toys, InMobi, Tilt Brush, Timeful, Pulse.io, Lumedyne Technologies, Get Satisfaction
Company Name: Dropbox
Website: dropbox.com
Acquisitions
CloudOn, Pixelapse, Umano
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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EXITS - IPO
7
Volume of IPOs, Q1 2014 - Q2 2015
NumberofIPOs
0
25
50
75
100
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
21
29
70
44
58
33
16
109
24
35
39
Investor Backed IPOs
Other IPOs
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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Investor Backed IPOs by Industry, Q1 - Q2 2015
NumberofExits
0
4
8
12
16
Healthcare (Inc. Biotech) Enterprise Software Finance Human Resources Clean Technology
Companies that IPO’d in 2015
EXITS - IPO
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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Market Capitalization of Investor Backed IPOs, Q1 - Q2 2015
MarketCapitalization(InMM)
0
1000
2000
3000
4000
Healthcare (Inc. Biotech) Enterprise Software E-Commerce Finance Clean Technology
Total Market Capitalization
EXITS - IPO
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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EXITS - IPO
10
Selected Investor Backed IPOs, Q1 - Q2 2015
Company
Total Funding $130,000,000 $564,000,000 $122,000,000 $85,000,000
Key Funding
04/11 Series A: $40M
01/14 Series B: $25M
11/14 Series C: $50M
03/15 Series D: $15M
10/06 Series A: $15M
02/08 Series B: $6M
04/10 Series C: $15M
10/11 Series D: $81M
01/13 Series E: $125M
12/13 Series F: $100M
07/14 Series G: $150M
12/10 Series A: $7M
10/11 Series B: $15M
12/13 Series C: $100M
10/09 Series A: $23M
10/10 Series B: $25M
10/11 Series C: $37M
Key Investors
Redmile Group, Cowen
Investments, RA Capital
Partners, Third Rock Ventures,
Fidelity Biosciences
TPG, Coatue Management,
Draper Fisher Jurvetson (DFJ),
Andreessen Horowitz, New
Enterprise Associates
Felicis Ventures, Bessemer
Venture Partners, OMERS
Ventures, Georgian Partners,
FirstMark Capital
Norwest Venture Partners,
Walden International, Opus
Capital, Lightspeed Venture
Partners, GE Capital
*certain funding rounds were excluded for the purposes of this presentation
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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EXITS - IPO
11
Selected Technology IPO 1st Day Performance
Price($USD)
$0
$10
$20
$30
$40
$12.89
$29.27
$35.15
$17.19
$16.42 $16.68
$26.15$25.86
$23.15
$30
$17
$20
$17
$14
$16
IPO Share Price End of Day 1 Share Price Price 6/15/15
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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Selected Technology IPO: 1st Day v. Total Return to Date
Return (%)
-22.5 0 22.5 45 67.5 90
-13%
45%
61%
24%
-4%
-2%
31%
51%
66%
88%
1st Day Return Total Return (to 6/4/15)
EXITS - IPO
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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Q1-Q2 2015 VENTURE CAPITAL FINANCING ACTIVTY
13
Mattermark identified over 1,600 venture capital financing events using natural language
processing technology. Our analysis indicates that although deal volume is down, deal size
is increasing, particularly at later stages.
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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VENTURE CAPITAL FINANCING
14
2015 Venture-Backed Startups: Key Statistics
# Startups Funded Avg. Company Size Avg. MoM Employee Growth Avg. Company Age
1,661 83 4.5% 5 Years
Number of Deals Venture Capital Deployed Avg. Deal Size
# Startups Receiving
Follow-on Investments
1,681 $27.6B $16.4M 46
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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VENTURE CAPITAL FINANCING
15
Q1-Q2 Venture Investment Amount and Deal Volume Comparison
Q1-Q2 Deal Volume
NumerofDeals
0
100
200
300
400
500
600
700
800
900
1000
1100
Pre-Series A A B C D Late
6374
171
283
477
1,009
7887
170
297
445
584
2015 2014
Q1-Q2 Venture Investment Amount
TotalVentureCapitalDeployed
$0.00B
$1.00B
$2.00B
$3.00B
$4.00B
$5.00B
$6.00B
$7.00B
$8.00B
$9.00B
$10.00B
Pre-Series A A B C D Late
3.69
4.534.54.5
3.48
0.84
$9.03
$4.23
$4.84
$5.53
$3.74
$0.84
2015 2014
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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VENTURE CAPITAL FINANCING
16
Q1-Q2 Venture Investment Amount and Deal Volume Comparison
Q1-Q2 Deal Volume
NumerofDeals
0
100
200
300
400
500
600
700
800
900
1000
1100
Pre-Series A A B C D Late
6374
171
283
477
1,009
7887
170
297
445
584
2015 2014
Q1-Q2 Venture Investment Amount
TotalVentureCapitalDeployed
$0.00B
$1.00B
$2.00B
$3.00B
$4.00B
$5.00B
$6.00B
$7.00B
$8.00B
$9.00B
$10.00B
Pre-Series A A B C D Late
3.69
4.534.54.5
3.48
0.84
$9.03
$4.23
$4.84
$5.53
$3.74
$0.84
2015 2014
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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Q1-Q2 Average Deal Size Comparison
AverageDealSize
$0.00M
$25.00M
$50.00M
$75.00M
$100.00M
Pre-Series A A B C D Late
$38.73M
$61.15M
$26.30M
$15.89M
$7.29M
$0.93M
$82.44M
$48.61M
$28.50M
$18.63M
$8.41M
$1.63M
2015 2014
VENTURE CAPITAL FINANCING
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VENTURE CAPITAL FINANCING
18
2015 Venture Backed Startups: Total by Metropolitan Region
Bay Area
New York
Boston
Los Angeles
Seattle
Washington
Austin
Chicago
San Diego
Atlanta
Number of Startups (Financed in 2015)
0 100 200 300 400 500
29
32
44
50
50
55
84
154
230
446
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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VENTURE CAPITAL FINANCING
19
2015 Venture Backed Startups: Average Company Size by Metropolitan Region
AverageCompanySize
0
25
50
75
100
125
Seattle Los Angeles Bay Area New York Chicago Atlanta Boston San Diego Austin Washington
35
43
48
51
60
72
76
90
103
121
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Largest Seattle Companies (Financed from Q1 - Q2 2015)
Company Name: Docusign
Website: docusign.com
Employees: 1225
6 Month Employee Growth Rate; 22%
Company Name: Avalara
Website: avalara.com
Employees: 849
6 Month Employee Growth Rate; 18%
Company Name: K2
Website: k2.com
Employees: 529
6 Month Employee Growth Rate; 13%
Company Name: Porch
Website: porch.com
Employees: 421
6 Month Employee Growth Rate; 43%
Company Name: Tune
Website: tune.com
Employees: 278
6 Month Employee Growth Rate; 22%
VENTURE CAPITAL FINANCING
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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VENTURE CAPITAL FINANCING
21
2015 Venture-Backed Startups: Avg. MoM Employee Growth by Metropolitan Region
Chicago
Los Angeles
New York
Atlanta
Boston
Seattle
San Diego
Bay Area
Washington
Austin
Average Month over Month Employee Growth
0% 3% 6% 9% 12%
3%
3%
3%
4%
4%
4%
5%
5%
8%
12%
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Fastest Growing Chicago Companies (Financed from Q1 - Q2 2015)
Company Name: TurboAppeal
Website: turboappeal.com
Employees: 7
MoM Employee Growth Rate; 200%
Company Name: Iris Mobile
Website: irismobile.com
Employees: 37
MoM Employee Growth Rate; 55%
Company Name: Thoughtly
Website: thoughtly.co
Employees: 3
MoM Employee Growth Rate; 50%
Company Name: Avant
Website: avant.com
Employees: 306
MoM Employee Growth Rate; 13%
Company Name: Pangea Payments
Website: gopangea.com
Employees: 25
MoM Employee Growth Rate; 10%
VENTURE CAPITAL FINANCING
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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STARTUP SPACES
Mattermark identifies a subset of startups that are growing at a rate, which will require them
to move within the next few months. The following slides examine the properties of these
companies.
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STARTUP SPACES
24
High Growth Startups: Key Statistics - San Francisco
Number of High
Growth Startups
Avg. Company Size Avg. MoM Employee Growth
Avg. Compound
Monthly Growth
6,380 28 26 9%
Number of Venture Backed
High Growth Startups
Venture Capital Received Avg. Office Size Total SF Needed
1,717 $6.8B 5,075 32M SF
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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STARTUP SPACES
25
High Growth Startups: US Geographic Distribution
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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STARTUP SPACES
26
High Growth Startups: Bay Area Geographic Distribution
City!
Total
Number of
Startups!
Venture-
Backed
Startups!
Average
Number of
Employees!
Average
Employee
MoM Growth!
Average
Compound
Monthly
Employee
Growth!
Average Office
Size (SF) Needed!
Total SF
Needed!
San
Francisco!
502! 276! 32! 25%! 9%! 5,614 ! 2,728,239 !
Palo Alto! 76! 53! 16! 24%! 7%! 2,751 ! 187,068 !
San Jose! 44! 18! 12! 25%! 8%! 2,194 ! 92,166 !
Sunnyvale! 39! 21! 15! 21%! 5%! 2,587 ! 121,581 !
Mountain
View!
39! 31! 57! 22%! 8%! 9,802 ! 382,294 !
Santa Clara! 28! 11! 16! 23%! 11%! 2,779 ! 77,808 !
Menlo Park! 23! 17! 20! 17%! 9%! 3,385 ! 74,474 !
San Mateo! 22! 10! 20! 22%! 10%! 3,374 ! 74,233 !
Redwood
City!
20! 11! 31! 19%! 8%! 5,239 ! 104,783 !
Berkeley! 16! 5! 33! 17%! 9%! 5,614 ! 89,827 !
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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STARTUP SPACES
27
High Growth Startups: Bay Area Geographic Distribution
City!
Total
Number of
Startups!
Venture-
Backed
Startups!
Average
Number of
Employees!
Average
Employee
MoM Growth!
Average
Compound
Monthly
Employee
Growth!
Average Office
Size (SF) Needed!
Total SF
Needed!
San
Francisco!
502! 276! 32! 25%! 9%! 5,614 ! 2,728,239 !
Palo Alto! 76! 53! 16! 24%! 7%! 2,751 ! 187,068 !
San Jose! 44! 18! 12! 25%! 8%! 2,194 ! 92,166 !
Sunnyvale! 39! 21! 15! 21%! 5%! 2,587 ! 121,581 !
Mountain
View!
39! 31! 57! 22%! 8%! 9,802 ! 382,294 !
Santa Clara! 28! 11! 16! 23%! 11%! 2,779 ! 77,808 !
Menlo Park! 23! 17! 20! 17%! 9%! 3,385 ! 74,474 !
San Mateo! 22! 10! 20! 22%! 10%! 3,374 ! 74,233 !
Redwood
City!
20! 11! 31! 19%! 8%! 5,239 ! 104,783 !
Berkeley! 16! 5! 33! 17%! 9%! 5,614 ! 89,827 !
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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STARTUP SPACES
28
High Growth Startups: Los Angeles Geographic Distribution
City!
Total Number
of Startups!
Venture-
Backed
Startups!
Average
Number of
Employees!
Average
Employee
MoM
Growth!
Average
Compoun
d Monthly
Employee
Growth!
Average
Office Size
(SF) Needed !
Total SF
Needed !
Los Angeles! 121! 36! 17! 25%! 6%! 3,025 ! 344,875 !
Santa Monica! 41! 17! 16! 20%! 8%! 2,807 ! 106,669 !
Irvine! 23! 6! 30! 16%! 7%! 5,059 ! 116,368 !
Venice! 18! 10! 16! 24%! 10%! 2,846 ! 51,234 !
Beverly Hills! 12! 3! 11! 24%! 7%! 1,870 ! 22,436 !
Culver City! 11! 3! 20! 30%! 7%! 3,490 ! 38,394 !
Lake Forest! 9! 1! 26! 29%! 11%! 4,437 ! 39,937 !
Newport Beach! 8! 3! 15! 16%! 8%! 2,500 ! 19,997 !
Pasadena! 8! 5! 22! 13%! 5%! 3,626 ! 29,008 !
Anaheim! 7! 1! 12! 18%! 4%! 2,120 ! 14,841 !
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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STARTUP SPACES
29
High Growth Startups: New York Geographic Distribution
City!
Total
Number of
Startups!
Venture-
Backed
Startups!
Average
Number of
Employee
s!
Average
Employee
MoM
Growth!
Average
Compoun
d Monthly
Employee
Growth!
Average
Office Size
(SF) Needed!
Total SF Needed!
Manhattan! 576! 196! 32 ! 26%! 8%! 5,993 ! 3,361,821 !
Brooklyn! 45! 11! 12 ! 28%! 10%! 2,137 ! 96,154 !
Newark! 6! 1! 10 ! 33%! 4%! 1,769 ! 8,844 !
Long
Island City!
4! 1! 9 ! 14%! 2%! 1,446 ! 5,785 !
Melville! 4! 1! 27 ! 15%! 3%! 4,513 ! 18,051 !
Allentown! 3! 0! 10 ! 15%! 5%! 1,732 ! 5,197 !
Edison! 3! 1! 14 ! 27%! 5%! 2,413 ! 7,238 !
Fairfield! 3! 1! 21 ! 9%! 3%! 3,422 ! 10,265 !
Fort Lee! 3! 0! 20 ! 11%! 3%! 3,383 ! 10,149 !
Hoboken! 3! 0! 15 ! 44%! 28%! 2,625 ! 7,876 !
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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STARTUP SPACES
30
High Growth Startups: New York Geographic Distribution
City!
Total
Number of
Startups!
Venture-
Backed
Startups!
Average
Number of
Employee
s!
Average
Employee
MoM
Growth!
Average
Compoun
d Monthly
Employee
Growth!
Average
Office Size
(SF) Needed!
Total SF Needed!
Manhattan! 576! 196! 32 ! 26%! 8%! 5,993 ! 3,361,821 !
Brooklyn! 45! 11! 12 ! 28%! 10%! 2,137 ! 96,154 !
Newark! 6! 1! 10 ! 33%! 4%! 1,769 ! 8,844 !
Long
Island City!
4! 1! 9 ! 14%! 2%! 1,446 ! 5,785 !
Melville! 4! 1! 27 ! 15%! 3%! 4,513 ! 18,051 !
Allentown! 3! 0! 10 ! 15%! 5%! 1,732 ! 5,197 !
Edison! 3! 1! 14 ! 27%! 5%! 2,413 ! 7,238 !
Fairfield! 3! 1! 21 ! 9%! 3%! 3,422 ! 10,265 !
Fort Lee! 3! 0! 20 ! 11%! 3%! 3,383 ! 10,149 !
Hoboken! 3! 0! 15 ! 44%! 28%! 2,625 ! 7,876 !
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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THE CURVE OF DEATH
While several investors use Mattermark to identify burgeoning startups, other dealmakers
including real estate brokers and recruiters are using Mattermark to identify companies that
are downsizing. Most failed startups demonstrate strongly similar growth score patterns. We
call this pattern the “Curve of Death.”
31copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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THE CURVE OF DEATH
32
KOLOS: The First iPad Racing Wheel
Kolos, the first racing wheel
for full-sized iPads failed
because the product did
not serve a market need.
“I obviously thought I was
going to create a new
category. Yeah, right.”
Ivaylo Kalburdzhiev, KOLOS
founder
copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)

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THE CURVE OF DEATH
33
Secret Inc.: Share Personal Secrets Anonymously
After raising $35 million in
one year, Secret failed to
gain much traction.
Founder David Byttow
stated that the product was
not well aligned with his
vision.
“ Secret does not represent
the vision I had when starting
the company.”
David Byttow, Secret CEO
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THE CURVE OF DEATH
34
Moped: Making messaging more web-friendly
Although Moped had lofty
ambitions - to revolutionize
communication by making
messaging and messaging
infrastructure more web-friendly -
but the company was unable to
attract or retain users.
“But instead of focusing on
why users weren’t coming
back, we were trying to attract
new users. We started costly
development cycles that, in the
end, won us some users, but,
unfortunately, not enough…”
Schuyler Deerman
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