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Looking for the Next BIG thing: Israel's leading investors speak 8/2/11
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Current Trends in United States Venture Capital InvestingCurrent Trends in United States Venture Capital Investing
MIT Enterprise Forum of IsraelLooking for the Next BIG Thing: Israel's leading investors speak
February 8, 2011
Who We Are
• AM-Law 100 full service U.S. law firm
• Offices in Boston, London, UK, Los Angeles, New York, Palo-Alto, San Diego, Stamford, CT, Washington D.C.
• Israel liaison office in Herzelia
Israel Business Practice
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 2
• Recognized leader in serving technology based companies in Industries such as high-tech, health, clean-tech and the life-sciences
• 40 years of experience in taking emerging technology companies public
• Over 10 years of experience in supporting Israeli businesses
• Over 80% of our firm’s attorneys have Israel-related work experience
• Commitment to working with clients to build long term success
Representative Israeli Clients
Israel Business Practice
• Alvarion
• American Well Corp
• Cheetah Medical
• Lumenis
• Medingo
• Mobile Access Networks
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 3
• CellEra Technologies
• Elron
• Gamida Cell
• Glycominds
• IMDsoft
• Israel Discount Bank of NY
• NeuroPhage
• Nice Systems
• RDC
• Rosetta Genomics
• Scodix Ltd.
• Teva Pharmaceuticals
Venture Capital and Emerging Companies
• More than 200 completed venture capital transactions since 2008, with an aggregate transaction value of over $1.7 billion
• Represent founders, companies and venture capital and other investors
• All stages, from early or seed-stage investments through subsequent multi-investor and
Venture Capital and Emerging Companies
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 4
late stage financing
• Frequently initiate introductions between our start-up clients and our network of “angel” investors and venture capital firms
Venture-Backed IPO’s and M&A Deals, 2005-2010
Current Trends in United States Venture Capital Investing
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 5
Source: NVCA
Total Dollars Raised by VC Funds – 2005-2010
Current Trends in United States Venture Capital Investing
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 6
Source: NVCA
Investment in Different Stages
Current Trends in United States Venture Capital Investing
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 7
Source: PWC/NVCA MoneyTree Report, Q4 2010
VC Investments in IT, Biotech and Cleantech, 2005-2010
Current Trends in United States Venture Capital Investing
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 8
Source: PWC/NVCA MoneyTree Report
Zynga Financings
• January 15, 2008: Zynga raises $10M from Avalon Ventures; Foundry Group; and Union Square Ventures
• July 23, 2008: Zynga raises $29M from Avalon Ventures; Foundry Group; Institutional Venture Partners; Kleiner Perkins; and Union Square Ventures
Current Trends in United States Venture Capital Investing
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
• December 15, 2009: Zynga raises $180M from Andreessen Horowitz; Institutional Venture Partners; Mail.ru Group; and Tiger Global Management
• June 14, 2010: Zynga raises $150M from SOFTBANK Corp.
• July 10, 2010: Zynga raises $200M from Google Inc.
9
Twitter Financings
• July 25, 2007: Twitter raises $4.8M from Charles River Ventures and Union Square Ventures, among others
• January 8, 2008: Twitter receives an undisclosed amount from DG Incubation, Inc.
• May 21, 2008: Twitter raises $15M from Union Square Ventures
Current Trends in United States Venture Capital Investing
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
• June 24, 2008: Twitter raises an undisclosed amount from Bezos Expeditions; DG Incubation; Spark Capital; and Union Square Ventures
• February 12, 2009: In a Series C round, Twitter receives $21M from Benchmark Capital and $14M from Institutional Venture Partners, in addition to funds from DG Incubators, Charles River Ventures, Spark Capital and Union Square Ventures
• September 24, 2009: Twitter raises $100M from T. Rowe Price Group, Insight Venture Partners, Spark Capital and Institutional Venture Partners
• November 17, 2010: Kleiner Perkins and other existing investors raise $200M for Twitter; to date, Twitter has raised over $360M
10
Facebook Financings
• April 15, 2005: Facebook raises $12.7M from Accel Partners in a Series A financing
• April 19, 2006: Facebook receives $27.5M in funding from Greylock Partners; MeriTech Capital Partners; Accel; and Peter Thiel
• October 24, 2007: Facebook raises $240M in an equity round from Microsoft, with
Current Trends in United States Venture Capital Investing
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Microsoft holding a 1.6% stake in the company
• April 22, 2009: Facebook raises another round of funding from Millennium Technology Value Partners
• May 26, 2009: Facebook receives $200M in funding from Digital Sky Technologies Limited, which receives a 1.96% stake in the company, valuing it at $10B
• December 31, 2010: Facebook receives a $500M round of equity funding from Goldman Sachs, Merchant Banking Division and Mail.ru Group, valuing the company at $50B
11
Groupon Financing
• December 2, 2009: Groupon raises $30M from Accel Partners and New Enterprise Associates
• April 16, 2010: Groupon raises $135M from Accel; Battery Ventures; and Mail.ru Group, and issues equity securities
Current Trends in United States Venture Capital Investing
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
• December 17, 2010: Groupon raises $950.09M from Fidelity Investments; Mail.ru Group; Morgan Stanley Private Equity; and T. Rowe Price Group
– As of January 10, 2011, a number of other VCs had joined the investment, including Kleiner Perkins; Andreessen Horowitz; Battery Ventures; Greylock Partners; Mail.ru Group; Maverick Partners; Silverlake Partners; and Technology Crossover Ventures, valuing the company at $4.75B
12
Thank You!
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 13