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PricewaterhouseCoopers / Thomson Venture Economics / PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTreeNational Venture Capital Association MoneyTree Survey Survey
Q2 2003 UpdateQ2 2003 Update
August 2003August 2003
by:by:Victor PetriVictor PetriGlobal Sector LeaderGlobal Sector Leader
Shaking the MoneyTreeShaking the MoneyTree
3 PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey
About The SurveyAbout The Survey
• PricewaterhouseCoopers collaborates with Thomson Venture Economics and the National Venture Capital Association to produce the MoneyTree™ Survey
• ‘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™ Survey in its 9th year
• Results online at www.pwcmoneytree.com, www.ventureeconomics.com, www.nvca.org
4 PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey
MoneyTree Total InvestmentsMoneyTree Total InvestmentsQ1 1997 – Q2 2003Q1 1997 – Q2 2003
$3.7 $3.7$4.5 $4.2
$5.9 $5.4 $6.0 $6.6
$11.2
$13.1
$23.7
$26.4
$22.7
$12.9$11.3
$8.4 $8.1$6.5 $6.0
$4.4 $4.2 $4.0 $4.3
$3.1
$28.5$28.6
$0.0
$8.0
$16.0
$24.0
$32.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
($ in billions)
1997 1998 1999 2000
# of Deals786
778750
9071,303
932925
1,008921
1,3451,458
1,9162,164
2,1781,983
1,813
2001
1,2771,046 821
1,0001,312 672
2002
826647
720 669
YTD 2003
5 PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey
Total U.S. Venture Capital InvestmentsTotal U.S. Venture Capital Investments1980 – YTD Q2 20031980 – YTD Q2 2003
$40.8
$7.6
$21.4
$4.1$3.8 $8.3
$21.2
$54.7
$106.2
$15.1$11.6
$3.6$2.3$2.8$3.4$3.3$3.3$3.1$2.8$3.0$3.0$1.7$1.2$0.6$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
'80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02
($ in billions)
# of Deals467
7961,150
1,4241,507
1,4121,431
1,6271,519
1,5361,457 1,399
1,259 1,188 1,8872,642 4,168
5,6401,223
3,2218,138
4,6353,039
1,316
Annual Venture Capital Investments 1980 to YTD Q2 2003
6 PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey
Texas$266.8
42 Deals
Silicon Valley$1,441.2
191 Deals
New England$496.1
73 Deals
Midwest$152.0
30 Deals
South Central$19.9
3 Deals
Northwest$104.0
24 Deals
Sacramento/N. CA$8.0
2 Deals
San Diego$155.9
23 Deals
Investments by RegionInvestments by RegionQ2 2003Q2 2003
Southeast$216.5
64 Deals
Southwest$34.7
8 Deals
LA/Orange County$302.9
38 Deals
DC/Metroplex$183.1
45 Deals
NY Metro$380.4
56 Deals
Philadelphia Metro$141.4
23 Deals
North Central$80.1
19 Deals
Q2 2003 Total Investments - $4,281
($ in millions)
Colorado$229.5
18 DealsOther US/Undisclosed
$27.53 Deals
Upstate NY$33.0
4 Deals
7 PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey
$75
$956
$958
$2,292
$0 $1,250 $2,500
Startup/Seed
Early Stage
Later Stage
Expansion
Investments by Stage of Development -Investments by Stage of Development -Q2 2003Q2 2003
# of Deals
% Change in $ Amount from
Q1 ‘03($ in millions)
Q2 2003 Totals: $4,281 669 5.9%
325
106
200
38
(7.5%)
16.8%
(4.8%)
43.3%
8 PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey
$622
$775
$782
$806
$1,296
$0 $500 $1,000 $1,500
Third
First
Second
Fourth
Fifth & Beyond
Investments by Financing Sequence -Investments by Financing Sequence -Q2 2003Q2 2003
# of Deals
% Change in $ Amount from Q1 ‘03
($ in millions)
Q2 2003 Totals: $4,281 669 5.9%
172
99
142
153
103
23.5%
49.3%
5.1%
(38.8%)
11.6%
9 PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey
$1.5$2.0 $1.7 $2.0 $2.1
$3.7
$7.3
$8.7 $8.6
$6.3$5.6
$2.9
$1.9$1.3 $1.3 $1.3 $1.3 $1.1
$0.7 $0.7 $0.8
$3.1
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
$11
$12
Q1'98
Q2'98
Q3'98
Q4'98
Q1'99
Q2'99
Q3'99
Q4'99
Q1'00
Q2'00
Q3'00
Q4'00
Q1'01
Q2'01
Q3'01
Q4'01
Q1'02
Q2'02
Q3'02
Q4'02
Q1'03
Q2'03
($ in Billions)
First Sequence Financing - First Sequence Financing - Investment AmountInvestment Amount
First Sequence Investments
10 PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey
347 342371
803
262
153
560
394
944 954
712
650
373327
236 207 225172 180
138
669
874
0
200
400
600
800
1,000
1,200
Q1'98
Q2'98
Q3'98
Q4'98
Q1'99
Q2'99
Q3'99
Q4'99
Q1'00
Q2'00
Q3'00
Q4'00
Q1'01
Q2'01
Q3'01
Q4'01
Q1'02
Q2'02
Q3'02
Q4'02
Q1'03
Q2'03
First Sequence Financing - First Sequence Financing - Number of DealsNumber of Deals
First Sequence Deals
11 PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey
25.2%27.2%
22.9%
18.6%
17.5%16.7%
25.0%
16.0%
21.7%20.0%
15.5%
32.3%
35.1%32.4%31.1%
35.7%33.9%
31.5%33.3%
31.8%27.7%
28.2%30.8%
30.4%30.2%
23.9%
24.7%
22.5%
16.8%
21.3%
25.0%25.6%23.6%
43.0%
38.0%39.6%
40.9%
54.6%
37.2%
37.0%39.1%
40.3%41.6%
44.6%45.6%
43.6%43.8%40.5%
36.9%
28.4%
25.6%
25.0%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
Q1'97
Q2'97
Q3'97
Q4'97
Q1'98
Q2'98
Q3'98
Q4'98
Q1'99
Q2'99
Q3'99
Q4'99
Q1'00
Q2'00
Q3'00
Q4'00
Q1'01
Q2'01
Q3'01
Q4'01
Q1'02
Q2'02
Q3'02
Q4'02
Q1'03
Q2'03
% of Total Dollars % of Total Deals
First Sequence Financing - First Sequence Financing - Percent of Total U.S. InvestmentsPercent of Total U.S. Investments