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Bay Area Venture Capital
Q3− 2015 Update
Produced by:
Marin Economic ConsultingJanuary 4, 2016
Jon Haveman, Principal
415-336-5705 or [email protected]
Contents
Overview of VC Investment in Most Recent Quarter 2
Overall County Investment: Ranking, Amounts, and Shares 2
Recent Investment Amounts 3
Recent Quarter Investments by Company Stage 4
Historical Investment Patterns - by Industry 11
Historical Investment Rankings - by Industry 18
Regional Definition: The Bay Area region consists of: Alameda, Contra Costa, Marin, Napa, San Francisco, San
Mateo, Santa Clara, Solano, and Sonoma counties in Northern California.
Overview of VC Investment in Most Recent Quarter
Table: Quarterly Summary
Sector Share of U.S. VC Amount (Mil. $) # of Deals
Software 59.9 3, 034.763 138Financial Services 91.0 1, 048.400 6Media and Entertainment 34.6 465.589 21IT Services 36.6 441.425 29Industrial Energy 63.9 423.988 16Biotechnology 20.2 353.396 21Computers and Peripherals 94.5 330.379 7Consumer Products and Services 23.9 234.583 13Retailing Distribution 61.4 176.918 6Medical Devices and Equipment 21.9 165.619 13Healthcare Services 33.3 132.845 5Semiconductors 79.2 124.528 11Telecommunications 64.8 76.500 1Electronics Instrumentation 14.6 14.100 2Business Products and Services 16.0 13.250 3Networking and Equipment 12.4 6.753 3Total 48.7 7, 043.035 295
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Overall County Investment: Ranking, Amounts, and Shares
01
23
45
Nat
ionw
ide
Ran
k
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in Rank
by Value of All Deals in the QuarterBay Area Rank Among All U.S. MSAs
2
0
69
138
207
276
345
Num
ber o
f Dea
ls
2,000
4,000
6,000
8,000
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay Area
20
40
60
80
100
Perc
ent o
f Cal
iforn
ia a
nd U
.S. (
Line
s)
0102030405060708090
100110
Perc
ent o
f Bay
Are
a (B
ar)
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader GeographiesVenture Capital Activity in Bay Area
Recent Investment Amounts
0 10,000 20,000 30,000 40,000$ Millions
SoftwareMedia and Entertainment
BiotechnologyIT Services
Industrial EnergyMedical Devices and Equipment
Consumer Products and ServicesSemiconductors
Financial ServicesComputers and Peripherals
TelecommunicationsNetworking and EquipmentElectronics Instrumentation
Retailing DistributionHealthcare Services
Business Products and ServicesOther
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Amount ($ Millions), by Industry
Venture Capital Activity in Bay AreaCumulative Amounts Between: Q4-2009 and Q3-2015
3
Recent Quarter Investments by Company Stage
Table: Startup Seed Investments
Company Name City Sector Amount (Mil. $)
Castar Inc Palo Alto Computers and Peripherals 15.0Tizona Therapeutics Inc South San Francisco Biotechnology 13.5Datiphy Inc San Jose Software 8.0Blade Therapeutics Inc South San Francisco Biotechnology 6.0Xockets Inc San Jose Networking and Equipment 5.3Instabase Inc San Francisco Software 3.8Datos IO Inc San Jose Software 2.8MagicCube Inc Sunnyvale Software 2.2BioTrace Medical Inc San Carlos Medical Devices and Equipment 1.7Genee Inc Mountain View Software 1.4Agentdesks Inc San Francisco Business Products and Services 1.0FogHorn Systems Palo Alto Software 0.8Zerostack Inc Mountain View Software 0.6Qustn Technologies Inc Palo Alto Software 0.4Getscale Inc Redwood City Networking and Equipment 0.0GrollTex San Francisco Industrial Energy 0.0Careerdean Inc Mountain View Software 0.0
Source: PWC Money Tree; Calculations by Marin Economic Consulting
4
Table: Early Stage Investments
Company Name City Sector Amount (Mil. $)
Carbon3D Inc Redwood City Computers and Peripherals 100.1Netskope Inc Los Altos Software 75.0Corvus Pharmaceuticals Inc Burlingame Biotechnology 75.0A Medium Corp San Francisco Media and Entertainment 57.0Shift Technologies Inc San Francisco Retailing Distribution 50.0Fundbox Ltd San Francisco IT Services 50.0Enjoy Technology, Inc. Menlo Park Consumer Products and Services 50.0Coursera Inc Mountain View Media and Entertainment 49.0Kahuna Inc Palo Alto Software 45.0DoubleDutch Inc San Francisco Software 43.0Procept BioRobotics Corp Redwood City Biotechnology 42.0EHang Inc San Carlos Industrial Energy 42.0MassDrop.com San Francisco Media and Entertainment 40.0Upstart Network Inc Palo Alto Media and Entertainment 35.0Alector LLC San Francisco Biotechnology 32.3Duetto Research Inc San Francisco Software 30.0Luminate Wireless Inc Cupertino Software 30.0BrightBytes Inc San Francisco Software 30.0vArmour Networks Inc Mountain View Software 28.7Chain Inc San Francisco Software 27.4Super Evil Mega Corp San Mateo Software 26.0Gritstone Oncology Inc San Francisco Medical Devices and Equipment 25.5Exabeam Inc San Mateo Software 25.0Origami Logic Inc Menlo Park Software 25.0Lightco Inc Palo Alto Consumer Products and Services 25.0Confluent Inc Mountain View IT Services 24.0Channel Medsystems Inc San Francisco Medical Devices and Equipment 23.9Skycatch Inc San Francisco Industrial Energy 22.0Flexport Inc San Francisco IT Services 20.0Cinarra Systems Inc Santa Clara IT Services 20.0WebAction Inc Palo Alto IT Services 20.0Zesty Inc San Francisco Consumer Products and Services 19.6Tascent Inc Los Gatos Computers and Peripherals 18.5Paxata Inc Redwood City Software 18.0eShares Inc Mountain View IT Services 17.0Cruise Automation Inc San Francisco Industrial Energy 16.9Madison Reed Inc San Francisco Consumer Products and Services 16.1Skillz Inc San Francisco Software 15.0Stormpath Inc San Mateo Software 15.0Stitch Labs Inc San Francisco Software 15.0Teridion Inc San Francisco Software 15.0Lumity Inc San Mateo Media and Entertainment 14.0Velostrata Inc San Jose Software 14.0Wrap Media LLC San Francisco IT Services 12.7SutroVax Inc South San Francisco Biotechnology 12.6Streamsets Inc Sunnyvale Software 12.5Gauss Surgical Inc Los Altos Software 12.0Talena Inc Milpitas Software 12.0Leanplum Inc San Francisco Software 11.6Arcadia Data Inc Foster City Software 11.3
Source: PWC Money Tree; Calculations by Marin Economic Consulting
5
Table: Early Stage Investments - continued
Company Name City Sector Amount (Mil. $)
Simility Inc Palo Alto Software 3.5Grafly Inc San Francisco Software 3.4Eden Technology Services Inc San Francisco Consumer Products and Services 3.3Trunomi Inc Campbell Software 3.0Din San Mateo Retailing Distribution 3.0Domino Data Lab Inc San Francisco Software 3.0Speaktoit Inc Palo Alto Software 3.0aboutLife Inc San Francisco Financial Services 3.0Limelight Health Inc San Francisco Software 3.0Pegasus Solar Inc San Jose Industrial Energy 2.7Airdog Inc Palo Alto Media and Entertainment 2.5Igenica Biotherapeutics Inc Burlingame Biotechnology 2.2Connectedyard Inc Campbell Software 2.2EaseCentral San Francisco Financial Services 2.1Prehire Inc San Francisco Software 2.0Walker and Company Brands Inc Palo Alto Consumer Products and Services 2.0Welkin Health Inc San Francisco Healthcare Services 2.0R2 Semiconductor Inc Sunnyvale Semiconductors 2.0Cycleio Inc Mountain View Software 1.7Charge Communication Inc San Francisco Software 1.7Amitree Inc San Francisco Media and Entertainment 1.6Projector.is Inc San Francisco Software 1.5SimplyCredit Inc San Francisco Software 1.5Allset Technologies Inc San Francisco Software 1.5Paid Inc San Francisco IT Services 1.5Siteone Therapeutics Inc San Francisco Biotechnology 1.3Rex Computing Inc Oakland Semiconductors 1.2PRENAV Inc San Carlos Industrial Energy 1.2Peeridea Inc San Francisco Media and Entertainment 1.2Safe Cash Payment Technologies Inc San Francisco IT Services 1.1WriteLab Inc Berkeley Software 1.1Room Me California Inc San Francisco Media and Entertainment 1.1Ve-Go Mobile Apps Inc San Francisco Software 1.0HyperVerge Inc Palo Alto Software 1.0Apiary Ltd San Francisco Software 0.8PayClip Inc Redwood City IT Services 0.8Opsmatic San Francisco Software 0.8Mastermind Studios Inc San Francisco Software 0.5Penrose Studios Inc San Francisco Software 0.5Myriad Sensors Inc Mountain View Semiconductors 0.1Griti Inc San Francisco Media and Entertainment 0.1Beeline Reader Inc Redwood City Software 0.1Tutor Universe Inc Menlo Park Software 0.1Swish Analytics Inc San Francisco Software 0.0FEM Inc San Francisco Computers and Peripherals 0.0Petametrics Inc San Francisco Software 0.0Nuvelution Pharma Inc South San Francisco Biotechnology 0.0Grab A Bucket Inc San Francisco Software 0.0Internet 404 Technologies Inc San Francisco Industrial Energy 0.0Area 1 Security Inc Menlo Park Software 0.0
Source: PWC Money Tree; Calculations by Marin Economic Consulting
6
Table: Early Stage Investments - continued
Company Name City Sector Amount (Mil. $)
Full Stack Media Inc San Francisco Media and Entertainment 0.0Metanautix Inc Palo Alto Software 0.0Jobr Inc San Francisco Software 0.0Tackl San Francisco Media and Entertainment 0.0Cerebrotech Medical Systems Inc Pleasanton Medical Devices and Equipment 0.0Creditera Inc San Mateo Financial Services 0.0Dwellers Inc San Francisco Media and Entertainment 0.0Voloagri Inc South San Francisco Industrial Energy 0.0Quanergy Systems Inc Sunnyvale Industrial Energy 0.0OrphoMed Inc Mill Valley Biotechnology 0.0
Source: PWC Money Tree; Calculations by Marin Economic Consulting
7
Table: Expansion Investments
Company Name City Sector Amount (Mil. $)
Social Finance Inc San Francisco Financial Services 1, 000.0GitHub Inc San Francisco Software 251.0Twilio Inc San Francisco Software 130.0Thumbtack Inc San Francisco Media and Entertainment 125.0Tintri Inc Mountain View Computers and Peripherals 124.6CloudFlare Inc San Francisco IT Services 110.0Zscaler Inc San Jose Software 110.0Personalized Beauty Discovery Inc San Mateo Retailing Distribution 100.0Thredup Inc San Francisco Consumer Products and Services 78.3Blue Jeans Network Inc Mountain View Telecommunications 76.5Okta Inc San Francisco Software 75.0Seventh Shield Inc Menlo Park Software 75.0Fastly Inc San Francisco Software 75.0Jaunt Inc Palo Alto Computers and Peripherals 66.7Afferent Pharmaceuticals Inc San Mateo Biotechnology 55.0Radius Intelligence Inc San Francisco Software 50.0Flipboard Inc Palo Alto Software 50.0Omada Health Inc San Francisco Media and Entertainment 48.0Scality, Inc. San Francisco Software 45.0Datameer Inc San Francisco Software 40.0Sensity Systems Inc Sunnyvale Semiconductors 36.0Vectra Networks Inc San Jose Software 35.1Intercom Inc San Francisco Software 35.0Crossbar Inc Santa Clara Semiconductors 34.2PokitDok Inc San Mateo Healthcare Services 34.0CoverHound Inc San Francisco Financial Services 33.3zozi com San Francisco Media and Entertainment 30.0Base CRM Mountain View Software 30.0SFJ Pharmaceuticals Inc Pleasanton Biotechnology 27.1RadiumOne Inc San Francisco IT Services 25.1Primus Power Corp Hayward Industrial Energy 25.0StyleSeat Inc San Francisco Media and Entertainment 25.0Granular Inc San Francisco Software 21.1Bitfury USA Inc San Francisco Semiconductors 20.0Discern Group Inc San Francisco Software 20.0Bromium Inc Cupertino IT Services 19.3Expensify Inc San Francisco Software 17.5Zephyr Health Inc San Francisco Software 17.5Nurix Inc San Francisco Biotechnology 17.0Peloton Technology Inc Mountain View Industrial Energy 17.0Tripping International Inc San Francisco Media and Entertainment 16.0Yummly Inc Redwood City Software 15.0Providence Medical Technology Inc Lafayette Medical Devices and Equipment 12.0Soasta Inc Mountain View Software 11.3QuanticMind Inc. Redwood City Software 10.3Fluxx Labs Inc San Francisco Software 10.2Air Computing Inc Palo Alto Software 10.0Guidebook Inc Palo Alto Software 10.0PipelineRx San Francisco Healthcare Services 9.1TrapX Security Inc San Mateo IT Services 9.0
Source: PWC Money Tree; Calculations by Marin Economic Consulting
8
Table: Expansion Investments - continued
Company Name City Sector Amount (Mil. $)
Qnovo Corp Newark Electronics Instrumentation 8.6Dynamic Signal Inc San Bruno Software 8.6Credo Semiconductor Inc Milpitas Semiconductors 8.0Interview Street Inc Palo Alto Software 7.5Kinestral Technologies Inc South San Francisco Industrial Energy 7.2Signifyd Inc San Jose Software 7.0AutopilotHQ Inc San Francisco Software 7.0Koding, Inc. San Francisco Software 7.0Treasure Data Inc Mountain View Software 6.0Quote Roller Inc San Francisco Software 5.0Paperg Inc San Francisco IT Services 5.0Kaggle, Inc. San Francisco IT Services 5.0People Power Co Palo Alto Software 4.4Shots Mobile Inc San Francisco Software 4.0Transifex Inc Menlo Park Software 4.0Leaf Healthcare Inc Pleasanton Medical Devices and Equipment 3.3Triplebyte San Francisco Software 3.0Alphaclone Inc San Francisco Business Products and Services 2.2Free Range Games LLC Sausalito Software 2.0Coho Data, Inc. Palo Alto IT Services 1.9Flywheel Software Inc Redwood City Software 1.0Appthority Inc San Francisco Software 1.0TicTasks Inc San Francisco Software 0.2Instacart Inc San Francisco Consumer Products and Services 0.2Smule Inc San Francisco Software 0.0Totango Ltd Palo Alto Software 0.0Apsalar Inc San Francisco Software 0.0Mcube Inc San Jose Semiconductors 0.0
Source: PWC Money Tree; Calculations by Marin Economic Consulting
9
Table: Later Stage Investments
Company Name City Sector Amount (Mil. $)
Palantir Technologies Inc Palo Alto Software 450.0Medallia Inc Palo Alto Software 150.3Auris Surgical Robotics Inc San Carlos Industrial Energy 149.5Tanium, Inc. Emeryville Software 127.5View Inc Milpitas Industrial Energy 121.3Apttus Inc Foster City Software 108.0Mirantis Inc Mountain View Software 100.023andMe Inc Mountain View Healthcare Services 79.1Alienvault, Inc. San Mateo Software 46.0Gynesonics Inc Redwood City Medical Devices and Equipment 43.1Demandbase Inc San Francisco Software 30.0Appcelerator Inc Mountain View Software 27.5Adara Inc Mountain View IT Services 23.0WSO2 Inc Mountain View Software 20.0Leadspace Ltd San Francisco IT Services 18.0Chrono Therapeutics Inc Hayward Medical Devices and Equipment 17.7Protagonist Therapeutics, Inc. Menlo Park Biotechnology 17.5Insideview Technologies Inc San Francisco IT Services 17.5Pulsar Vascular Inc San Jose Medical Devices and Equipment 16.2Mocana Corp San Francisco Software 14.8Adesto Technologies Corp Sunnyvale Semiconductors 12.4Arrayent Inc Redwood City Software 11.0Solaria Corp Fremont Semiconductors 10.5Ironplanet Inc Pleasanton Industrial Energy 9.2Direct Flow Medical Inc Santa Rosa Medical Devices and Equipment 4.3Electric Cloud Inc San Jose Software 4.2Zetta Inc Sunnyvale IT Services 3.0Intuity Medical Inc Sunnyvale Medical Devices and Equipment 2.0Shotspotter Inc Newark Software 2.0Pinc Solutions Alameda Software 2.0Grid Dynamics International Inc Menlo Park Software 1.5Silver Peak Systems Inc Santa Clara Networking and Equipment 1.4Pbworks San Mateo Software 0.6AccelOps Inc Santa Clara Software 0.2Kilopass Technology Inc Santa Clara Semiconductors 0.1Checkster Inc Mill Valley Software 0.0Delivery Agent Inc San Francisco IT Services 0.0Survela LLC Los Gatos Software 0.0Aria Systems Inc San Francisco IT Services 0.0Crunchbase Inc San Francisco Media and Entertainment 0.0
Source: PWC Money Tree; Calculations by Marin Economic Consulting
10
Historical Investment Patterns - by Industry
0
7
14
21
28
35
Num
ber o
f Dea
ls
0
200
400
600
800
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Biotechnology
0
19
38
57
76
95
Perc
ent o
f Cal
iforn
ia a
nd U
.S. (
Line
s)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaBiotechnology
0
2
4
6
8
10
Num
ber o
f Dea
ls
0
20
40
60
80
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Business Products and Services
0
21
42
63
84
105
Perc
ent o
f Cal
iforn
ia a
nd U
.S. (
Line
s)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaBusiness Products and Services
11
0
2
4
6
8
10
Num
ber o
f Dea
ls
0
100
200
300
400
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Computers and Peripherals
0
21
42
63
84
105
Perc
ent o
f Cal
iforn
ia a
nd U
.S. (
Line
s)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaComputers and Peripherals
0
4
8
12
16
20
Num
ber o
f Dea
ls
0
100
200
300
400
500
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Consumer Products and Services
0
20
40
60
80
100
Perc
ent o
f Cal
iforn
ia a
nd U
.S. (
Line
s)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaConsumer Products and Services
0
2
4
6
8
10
Num
ber o
f Dea
ls
0
100
200
300
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Electronics Instrumentation
0
21
42
63
84
105Pe
rcen
t of C
alifo
rnia
and
U.S
. (Li
nes)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaElectronics Instrumentation
12
0
2
4
6
8
10
Num
ber o
f Dea
ls
0
200
400
600
800
1000
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Financial Services
0
21
42
63
84
105
Perc
ent o
f Cal
iforn
ia a
nd U
.S. (
Line
s)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaFinancial Services
0
2
4
6
8
10
Num
ber o
f Dea
ls
0
50
100
150
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Healthcare Services
0
21
42
63
84
105
Perc
ent o
f Cal
iforn
ia a
nd U
.S. (
Line
s)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaHealthcare Services
0
8
16
24
32
40
Num
ber o
f Dea
ls
0
200
400
600
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: IT Services
0
20
40
60
80
100Pe
rcen
t of C
alifo
rnia
and
U.S
. (Li
nes)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaIT Services
13
0
7
14
21
28
35
Num
ber o
f Dea
ls
0
200
400
600
800
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Industrial Energy
0
20
40
60
80
100
Perc
ent o
f Cal
iforn
ia a
nd U
.S. (
Line
s)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaIndustrial Energy
0
10
20
30
40
50
Num
ber o
f Dea
ls
0
500
1000
1500
2000
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Media and Entertainment
0
20
40
60
80
100
Perc
ent o
f Cal
iforn
ia a
nd U
.S. (
Line
s)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaMedia and Entertainment
0
6
12
18
24
30
Num
ber o
f Dea
ls
0
100
200
300
400
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Medical Devices and Equipment
0
19
38
57
76
95Pe
rcen
t of C
alifo
rnia
and
U.S
. (Li
nes)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaMedical Devices and Equipment
14
0
3
6
9
12
15
Num
ber o
f Dea
ls
0
20
40
60
80
100
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Networking and Equipment
0
21
42
63
84
105
Perc
ent o
f Cal
iforn
ia a
nd U
.S. (
Line
s)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaNetworking and Equipment
0
2
4
6
8
10
Num
ber o
f Dea
ls
0
5
10
15
20
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Other
0
21
42
63
84
105
Perc
ent o
f Cal
iforn
ia a
nd U
.S. (
Line
s)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaOther
15
0
2
4
6
8
10
Num
ber o
f Dea
ls
0
50
100
150
200
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Retailing Distribution
0
21
42
63
84
105
Perc
ent o
f Cal
iforn
ia a
nd U
.S. (
Line
s)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaRetailing Distribution
0
6
12
18
24
30
Num
ber o
f Dea
ls
0
50
100
150
200
250
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Semiconductors
0
21
42
63
84
105
Perc
ent o
f Cal
iforn
ia a
nd U
.S. (
Line
s)
0
22
44
66
88
110Pe
rcen
t of B
ay A
rea
(Bar
)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaSemiconductors
16
0
35
70
105
140
175
Num
ber o
f Dea
ls
0
1000
2000
3000
4000
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Software
0
20
40
60
80
100
Perc
ent o
f Cal
iforn
ia a
nd U
.S. (
Line
s)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaSoftware
0
3
6
9
12
15
Num
ber o
f Dea
ls
0
50
100
150
200
Amou
nt ($
Milli
ons)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Amount ($ Millions) Number of DealsSource: PWC Money Tree; Calculations by Marin Economic Consulting
Venture Capital Activity in Bay AreaIndustry: Telecommunications
0
21
42
63
84
105
Perc
ent o
f Cal
iforn
ia a
nd U
.S. (
Line
s)
0
22
44
66
88
110
Perc
ent o
f Bay
Are
a (B
ar)
Q4-09 Q1-11 Q2-12 Q3-13 Q4-14 Q1-16Quarter
Share of Bay Area VC FundingShare of California VC FundingShare of U.S. VC Funding
Source: PWC Money Tree; Calculations by Marin Economic Consulting
Relative to Activity in Broader Geographies
Venture Capital Activity in Bay AreaTelecommunications
17
Historical Investment Rankings - by Industry
0
2
4
6
8
10
Ran
k: b
y Va
lue
of A
ll D
eals
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Biotechnology Bay Area Rank Among All U.S. MSAs
0
2
4
6
8
10
Ran
k: b
y Va
lue
of A
ll D
eals
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Business Products and Services Bay Area Rank Among All U.S. MSAs
0
2
4
6
8
10
Ran
k: b
y Va
lue
of A
ll D
eals
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Computers and Peripherals Bay Area Rank Among All U.S. MSAs
0
2
4
6
8
10
Ran
k: b
y Va
lue
of A
ll D
eals
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Consumer Products and Services Bay Area Rank Among All U.S. MSAs
18
0
2
4
6
8
10
Ran
k: b
y Va
lue
of A
ll D
eals
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Electronics Instrumentation Bay Area Rank Among All U.S. MSAs
0
2
4
6
8
10
Ran
k: b
y Va
lue
of A
ll D
eals
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Financial Services Bay Area Rank Among All U.S. MSAs
0
4
8
12
16
20
Ran
k: b
y Va
lue
of A
ll D
eals
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Healthcare Services Bay Area Rank Among All U.S. MSAs
0
2
4
6
8
10R
ank:
by
Valu
e of
All
Dea
ls
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: IT Services Bay Area Rank Among All U.S. MSAs
0
2
4
6
8
10
Ran
k: b
y Va
lue
of A
ll D
eals
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Industrial Energy Bay Area Rank Among All U.S. MSAs
0
2
4
6
8
10
Ran
k: b
y Va
lue
of A
ll D
eals
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Media and Entertainment Bay Area Rank Among All U.S. MSAs
19
0
2
4
6
8
10
Ran
k: b
y Va
lue
of A
ll D
eals
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Medical Devices and Equipment Bay Area Rank Among All U.S. MSAs
0
2
4
6
8
10
Ran
k: b
y Va
lue
of A
ll D
eals
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Networking and Equipment Bay Area Rank Among All U.S. MSAs
0
2
4
6
8
10
Rank
: by
Valu
e of
All D
eals
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Other Bay Area Rank Among All U.S. MSAs
0
2
4
6
8
10R
ank:
by
Valu
e of
All
Dea
ls
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Retailing Distribution Bay Area Rank Among All U.S. MSAs
0
2
4
6
8
10
Ran
k: b
y Va
lue
of A
ll D
eals
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Semiconductors Bay Area Rank Among All U.S. MSAs
0
2
4
6
8
10
Ran
k: b
y Va
lue
of A
ll D
eals
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Software Bay Area Rank Among All U.S. MSAs
20
0
2
4
6
8
10
Ran
k: b
y Va
lue
of A
ll D
eals
Q3-09 Q1-11 Q3-12 Q1-14 Q3-15Quarter
Quarterly Rank Trend in RankSource: PWC Money Tree; Calculations by Marin Economic ConsultingAn empty quarter indicates no deals took place in the MSA in that quarter.
Industry: Telecommunications Bay Area Rank Among All U.S. MSAs
21
