As we predicted in our last Proformative VC update, 2014 is turning into an exciting year for venture capital, with increased investing activity and headline-grabbing exits. Please join representatives from PwC’s Emerging Company Services Group as they provide an overview of recent venture capital investment trends, interpreting findings from the PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters.

1. Ask, Share, Learn – Within the Largest Community of Corporate Finance Professionals
PwC Presents: VC Investing –
Major Trends From Q3 2014

2. Learning Objectives
After attending this event you will be able to:
• Learn key trends in venture capital investing during Q3
2014 by sector and industry
• Understand which of the 17 industry sectors in the report
experienced growth in venture capital investments in
during the quarter
• Discover investment trends by the stage of company
development, and insights into key factors which fueled
these trends

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4. Ask, Share, Learn – Within the Largest Community of Corporate Finance Professionals
PwC Presents: VC Investing – Major Trends
From Q3 2014
Brad Phillips, Director of the Emerging Company
Services (ECS) Group, PwC
Claire Hayes, Managing Director, PwC

5. www.pwc.com
Shaking the MoneyTree™
Q3 2014 Update
PricewaterhouseCoopers/National Venture Capital Association MoneyTreeTM Report,
based on data from Thomson Reuters

6. About the report
• PricewaterhouseCoopers and the National Venture Capital Association
PwC
produce the MoneyTree Report™, based on data from Thomson Reuters
• ‘Core’ measure of equity investments in venture-backed companies in the
United States
• Companies have received at least one round of financing, involving a
professional VC firm or equivalent
• Captures: tranches, not term sheets, foreign VCs, qualified private
placement
• Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc.
• MoneyTree™ Report in its 20th year
• Results online at www.pwcmoneytree.com and www.nvca.org
6
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

7. MoneyTree total investments: Q1 2010 – Q3 2014
$16.0
$14.0
$12.0
$10.0
$8.0
$6.0
$4.0
$2.0
PwC
$5.1
$6.5 $6.3 $6.1
$9.8
$7.1
$8.2
$7.5 $7.2
$13.5
$5.5
$7.5
$6.7
$8.0
$9.9
$5.7
$7.5
$7.0
$8.5
$0.0
2010 2011 2012 2013 2014
Q1 Q2 Q3 Q4
7
($ in billions)
2010 2011 2012 2013 2014
# of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Deals 827 1,023 889 912 908 1,092 1,020 1,000 889 989 954 1,072 924 1,005 1,065 1,140 1,002 1,129 1,023
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

8. MoneyTree total investments
Annual venture capital investments 1995 – Q3 2014 YTD
$120
$100
$80
$60
$40
$20
PwC
$8.0
$11.3
$15.1
$21.5
$54.9
$105.1
$40.9
$22.2 $19.7
$22.8 $23.6
$27.6
$32.1 $30.4
$20.3
$23.4
$29.8 $27.5 $29.8
$33.2
$0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Q3
YTD
($ in billions)
8
# of
deals
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Q3
YTD
1,897 2,636 3,232 3,743 5,606 8,044 4,595 3,218 3,035 3,236 3,304 3,890 4,234 4,189 3,162 3,651 4,020 3,904 4,134 3,154
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

9. MoneyTree total investments
Quarterly venture capital investments Q1 2010 – Q3 2014
$5.1
PwC
$7.1
$5.5 $5.7
$6.5
$8.2
$7.5 $7.5
$6.3
$7.5
$6.7 $7.0
$6.1
$7.2
$8.0 $8.5
$9.8
$13.5
$9.9
1200
1000
800
600
400
200
0
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14
# Deals
Total amount invested ($B)
9
Average deal size ($M)
$6.2
$7.0
$6.2 $6.2
$7.2 $7.6 $7.4 $7.5 $7.1 $7.5
$7.0 $6.6 $6.6
$7.2 $7.5 $7.5
$9.7
$12.0
$9.7
Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

10. Investments by region –
Quarterly percent of total US investments
Top 5 US regions : Q3 2013 – Q3 2014
(% of total dollars)
60%
50%
40%
30%
20%
10%
PwC
10
46%
9%
Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14
11%
6%
2%
40%
13%
11%
5%
2%
50%
10% 10%
6%
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters
3%
57%
9% 9%
4%
2%
44%
17%
7% 6% 5%
0%
Silicon Valley NY Metro New England LA/Orange County SouthWest

11. Investments by industry –
Quarterly percent of total US investments
Top 5 Industries : Q3 2013 – Q3 2014
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
PwC
11
46%
7%
12%
5% 6%
35%
13%
16%
7%
5%
42%
10%
11%
8%
6%
45%
11%
14%
5% 5%
37%
19%
11%
7% 6%
0%
Software Media and
Entertainment
Biotechnology IT Services Medical Devices and
Equipment
Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14
(% of Total Dollars)
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

12. PwC Presents: VC Investing – Major Trends
From Q3 2014
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