State of the Markets · If stock prices (and management teams) remain stable, CVCs will remain heavily involved. Look for nearly 1,000 tech venture deals to have corporate participation

State of the MarketsInside Views on the Health and Productivity of the Global Innovation Economy

First Quarter 2019

2

State of the Markets: First Quarter 2019As Good as it Gets?

With all the dire headlines, let’s not forget the epic run that venture has been on. We’re now approaching a full decade of compounding tailwinds, with low rates and abundant capital bringing in risk-incentivized asset managers from around the globe. We’ve only just begun harvesting this decade of innovation investing.

Yet some investors are left pondering: Is this as good as it gets? For starters, it appears we have entered into a new era of higher volatility in public markets. Trade turmoil, anti-globalization rhetoric and fears of a slowing global economy are also giving investors pause. And the US is no longer alone in shaping the future of technology or regulating its changing landscape.

But much of what got us here will take us further. After a decade of support from private markets, the caliber of IPO candidates approaching 2019 is unmatched. The unicorns of today have raised nearly 4x the historical average for venture-backed tech companies at IPO. And new opportunities continue to open for entrepreneurs, as technology takes hold in long-unaffected industries.

So while acknowledging the risks coming into focus, we also know that change and disruption are inherent to the venture economy. It’s what we do. No matter what the future holds, it’s unlikely that innovation will be stifled.

Bob BleeHead of Corporate FinanceSilicon Valley Bank

State of the Markets: First Quarter 2019

3


4 Predictions: SVB’s 2019 Outlook for Venture

5 US Venture: A Decade of Capital

9 IPO Conditions: Ample Opportunities, Few Takers

14 Exit Readiness: The Unicorn Generation

19 Emerging Sectors: Disrupting the Old Guard

23 Global Venture: International Exits Shine

27 Geopolitical Tensions: Technology in the Crosshairs


4

SVB’s Outlook for Venture in 2019

2018 Themes Category 2019 PredictionDeal counts at the early stages fell for another year from their 2015 highs. Capital remained robust, however; the

median Seed deal size reached $2M for the first time.Early Stage

Without the robust pool of Seed-funded companies from years past, SVB anticipates another year of steady capital in the early stages, despite declining deal counts.

Records were shattered at the later stages, with nearly 200 venture deals of $100M+ in the US in 2018. Median

pre-money valuations for Series D+ crossed $300M.Late Stage

2018 could well be an anomaly for mega-round activity without renewed support from SoftBank or sovereign wealth funds. Expect valuations in aggregate to slide.

International startups took advantage of calm markets and strong valuations to list in 2018. The US, however, still has $500B worth of unicorns on paper waiting to be realized.

ExitsIf the marquee names in venture set a positive sentiment early, 2019 could represent the tipping point between demand for private and public capital at the late stage.

US venture firms secured more than $50B in committed capital, the highest total since the dot-com era. 43% went

to funds of $1B+, like Sequoia’s $8B Global Growth III.Fundraising

The velocity of US venture firms’ fundraising efforts foreshadows another big year for capital commitments. 2019 should top $40B, even with a decrease from 2018.

Corporates participated in one-in-six US VC deals in 2018, with new CVC groups forming in old guard industries

facing disruption late in the economic cycle.Corporates

If stock prices (and management teams) remain stable, CVCs will remain heavily involved. Look for nearly 1,000 tech venture deals to have corporate participation.

Sources: PitchBook, S&P Capital IQ and SVB analysis. State of the Markets: First Quarter 2019

Records were broken in 2018 as both venture-backed companies and their investors stockpiled private capital. Will this be the year we finally see exits for many of the high-profile startups built during this decade of prosperity?

State of the Markets: First Quarter 2019 5

US Venture: A Decade of Capital

Sizeable Cash Piles as Bull Run Breaks Records

6

Notes: 1) VC and PE dry powder as of 3/31/2018 with SVB estimates for amount expected for tech investment. 2) Vision Fund dry powder remaining as of year-end. 3) Cash includes cash and ST and LT investments, net ST and LT debt. Sources: LPL Research, Yahoo, S&P Capital IQ, PitchBook and SVB analysis.

A decade of prosperity following the recovery from the Global Financial Crisis has left both traditional and emerging investors flush with cash for venture investing.

Longest S&P 500 Bull Market Runs Since 1945

Duration of Bull Market (Years)

$64B

$80B

$44B

$123B

$115B

$55B

$41B

$6B$0B

$25B

$50B

$75B

$100B

$125B

Accumulated Net Cash: 12/31/2018

US VC1 US PE10%

50%

100%

150%

200%

250%

300%

350%

400%

450%

0 1 2 3 4 5 6 7 8 9

June 1949 - Aug 1956Oct 1974 - Nov 1980Aug 1982 - Aug 1987Oct 1990 - Mar 2000Oct 2002 - Oct 2007Mar 2009 - Present

Dot-Com Bubble

Dry PowderSB VF2

Net Cash3

Potential to be Invested in TechLikely to be Invested in Tech

Current


7

US Tech Venture: Median Round Size by Series US Tech Venture: 100th Largest Deal

State of the Markets: First Quarter 2019Sources: PitchBook and SVB analysis.

20182016201420122010 2010 2012 2014 2016 2018

$32M

$40M

$25M

$63M

$74M

$60M

$70M

$100M

$0.5M

$7M

$3M

$10M

$2M

$18M

$8M

$30M

Startups Are Better Capitalized Than EverThanks to risk-incentivized investors and their buckets of cash, capital raises at every stage have more than doubled since the beginning of this decade. In fact, in order to make the top 100 deals of 2018, a startup would need to have raised a nine-figure round.

Series C: 3.0x Series B: 2.5xSeries A: 3.2xSeed: 4.0x

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018


As Rates Rise, Tourist Investors May Pull Back

US Federal Funds: Target Rate US Tech Venture: $50M+ Rounds by Source of Capital

Note: 1) Estimate of capital contributed by rate-sensitive investors, which include asset managers, mutual funds, hedge funds, government and sovereign wealth funds and family offices. Sources: S&P Capital IQ, PitchBook and SVB estimates and analysis.

US interest rates have begun their measured climb back to historical norms, thus changing the risk-return profile for financial assets. If rate hikes continue, venture capital could see a pull back from rate-sensitive, late-stage investors like mutual funds, hedge funds, and sovereign wealth funds.

2006 2008 2010 2012 2014 2016 2018$0B

$10B

$20B

$30B

$40B

2006 2008 2010 2012 2014 2016 2018

Capital from Interest Rate-Sensitive Investors1

Capital from Traditional Venture Sources


IPO Conditions: Ample Opportunities, Few Takers

10

Fewer IPOs Even in Calmer Conditions

Sources: S&P Capital IQ, PitchBook and SVB analysis.

0

20

40

60

80

1/1/2006 1/1/2008 1/1/2010 1/1/2012 1/1/2014 1/1/2016 1/1/2018

0

5

10

15

1H'06 2H' 06 1H'07 2H' 07 1H'08 2H' 08 1H'09 2H' 09 1H'10 2H' 10 1H'11 2H' 11 1H'12 2H' 12 1H'13 2H' 13 1H'14 2H' 14 1H'15 2H' 15 1H'16 2H' 16 1H'17 2H' 17 1H'18 2H' 18

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

VIX Close

IPO Count

20

S&P 500 Volatility Index (Daily) vs. US Venture-Backed Tech IPOs (Semiannual): 2006–2018

Historically, high volatility has slowed the pace of venture-backed tech IPOs, which rely not only on first day pricing, but also on maintaining lofty valuations after a six-month lock-up. But with abundant private capital, 2016–2017 was an anomaly with relatively few IPOs despite calm markets.


Days Above 20: 470

US Tech IPOs: 12

Days Above 20: 14

US Tech IPOs: 48

Days Above 20: 42

US Tech IPOs: 29

-100%

-50%

0%

50%

100%

150%

200%

Zscaler, Inc.(NasdaqGS:ZS)

Anaplan, Inc.(NYSE:PLAN)

DocuSign, Inc.(NasdaqGS:DOCU)

Avalara, Inc.(NYSE:AVLR)

Pivotal Software, Inc.(NYSE:PVTL)

Pluralsight, Inc.(NasdaqGS:PS)

Eventbrite, Inc.(NYSE:EB)

Dropbox, Inc.(NasdaqGS:DBX)

SVMK Inc.(NasdaqGS:SVMK)

Domo, Inc.(NasdaqGM:DOMO)

Valuation Relative to Last Private Valuation1: 2018 US $1B+ Tech IPOs

11

Market Cap: Square and Snap

Note: 1) LPV is last private valuation from a priced venture equity round prior to IPO.Sources: S&P Capital IQ, PitchBook and SVB analysis. State of the Markets: First Quarter 2019

Public and Private Investors Seeing Eye-to-Eye

+357%

ZS PLAN AVLR PVTL PS EB DBX SVMK DOMODOCU$0B

$5B

$10B

$15B

$20B

$25B

$30B

$35B

$40B

2017 20182017 2018

Snap LPV1

Square LPV1

Public investors have largely agreed with private investors when it comes to unicorn valuations. Seven of the top ten billion-dollar debuts in 2018 priced and remained above their last private round. The IPO is just the beginning, as evidenced by Snap and Square’s reversal over the last two years.

Value at IPOValue at 12/31/2018

12

2018 SaaS Listings Price Above 2016–2017

“Rule of 40”1 Metrics from 2016–2018 SaaS IPOs

Despite similarities to the IPO cohorts of earlier years – including negative operating margins and similar revenue growth – the class of 2018 software-as-a-service companies fetched superior valuations in an improved market environment. Multiples remained locked to topline growth.


Notes: 1) The “Rule of 40” is a guideline developed in 2015 for software-as-a-service companies to manage growth (approximated by revenue) in sacrifice of profitability (approximated by operating margin). Growth rate + profitability should exceed 40%. 2) Revenue run rate = Most Recent Quarter’s Revenue x 4. 3) Most recent quarter relative to year prior.Sources: Company SEC filings, S&P Capital IQ and SVB analysis.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

-80% -60% -40% -20% 0%

Reve

nue

Grow

th

Operating Margin (Loss)

IPO Rev. Run Rate Multiple2 vs. YoY Rev. Growth3

y = 16.84x + 4.76R² = 0.63

y = 10.70x + 3.79R² = 0.61

0x

5x

10x

15x

20x

25x

0% 20% 40% 60% 80% 100%

2018

2016–2017

Revenue Growth at IPO

ESTC

AVLR

ESTC

EB

TWLO

TWLOOKTA

MULE

EB

MULE

OKTA

SMAR

SMAR

AVLR

0%

20%

40%

60%

80%

100%

1

Neither

Debt

Both

Equity

0

5

10

15

20

25

30

35

2010 2012 2014 2016 2018

Follow-On Capital Raises by Type: 2010–2018 US Tech IPO Cohort1

13

Post-IPO Convertible Debt Raises by Year of Issuance: IPO Cohort1

Percentage of IPO Cohort1 to Have Completed Follow-On over Time

Note: 1) IPO Cohort includes all venture-backed technology IPOs from 2010–2018. Sources: S&P Capital IQ, PitchBook and SVB analysis. State of the Markets: First Quarter 2019

0%

20%

40%

60%

80%

100%

1 2 3 4 5 6

The What, When and How of Post-IPO Capital RaisesOne of the primary benefits for publicly listed companies is permanent access to capital, whether in the form of additional equity or debt. 2018 saw a flurry of recently listed companies opt for a combination — convertible debt issuances — which raised more than $12B.

IPO +1 Yr. +2 +3 +4 +5


Exit Readiness: The Unicorn Generation

15

Expect IPOs to Continue Their Capital Climb

Median Equity Raised Prior to IPO and via IPO by US Venture-Backed Tech Companies

Before the flurry of private capital began in 2015, the average venture-backed tech company would raise $100M in private capital ahead of their $100M public offering. Looking at the current crop of US unicorns, more than 90% have already raised at least $100M in a single private financing.

Percentage That Raised a Private Venture Round of $50M+ and $100M+ Prior to IPO

State of the Markets: First Quarter 2019Sources: CBInsights, PitchBook and SVB analysis.

$0M

$100M

$200M

$300M

$400M

2010 2012 2014 2016 2018 2019Current US Unicorns

0%

25%

50%

75%

100%

2010 2012 2014 2016 2018 2019Current US Unicorns

Capital Raised Prior to IPOCapital Raised at IPO

$50M+ Round$100M+ Round

US Tech IPOs1: LTM2 Rev. at IPO

16

Revenue Growth Rates (YoY3)Percentage Profitable2 at IPO

Notes: 1) IPO cohort includes all venture-backed technology IPOs. 2) Last 12 months prior to IPO date. 3) Most recent quarter relative to year prior.Sources: PitchBook, S&P Capital IQ and SVB analysis. State of the Markets: First Quarter 2019

Revenue Climbs, But Other Fundamentals Slide

$85M

$185M

$0M

$50M

$100M

$150M

$200M

$250M

2010 2012 2014 2016 20180%

10%

20%

30%

40%

50%

60%

70%

80%

2010 2012 2014 2016 20180%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010 2012 2014 2016 2018

With an abundance of capital at their disposal, venture-backed startups have more than doubled their average revenue base at IPO this decade. However, this scaling has come at the expense of profitability ― and few have demonstrated significantly higher revenue growth at their debut.

Middle 50%Median

EBITDAEBITNet Income

Middle 50%Median

0

2

4

6

8

10

12+

17Note: 1) Only includes US unicorns with valuations $3B+; logos represent valuations $5B+.Sources: PitchBook, CBInsights, The Wall Street Journal, S&P Capital IQ and SVB analysis.

Could 2019 finally be the year? After employing workarounds in secondary markets, a number of high-profile tech IPOs are anticipated, relieving demands for full liquidity. Pressure to access public capital remains secondary: two-thirds of US unicorns raised private rounds in 2018.

US Tech Unicorns: Time Since Founding & Last Financing (Sized by Private Value as of 12/31/18)1

0 3 6 9 12 15 18 21 24 27 30+Months Since Last Financing

Pressure to Go Public for Capital

Pres

sure

to G

o Pu

blic

for L

iqui

dity

A Stable of Unicorns Prepares to Debut

Years from Founding


$0B

$50B

$100B

$150B

$200B

$250B

2010 2012 2014 2016 2018 2020

18

Another San Francisco Gold Rush

Sources: PitchBook, S&P Capital IQ, CBInsights and SVB analysis.

Aggregate Valuation of US Venture-Backed Tech IPOs: 2010–2018

39 SF Unicorns <$10B.

San Francisco may soon find itself flush with the wealth created by its venture darlings. These startups have a combined private value equivalent to all those located across the rest of the US.

UnicornsUS Ex-SF

UnicornsSan Francisco

79 US Unicorns <$10B.



Emerging Sectors: Disrupting the Old Guard

20

Mobility Tech and Notable US Tech Decacorns: Age at Which Unicorn Status Achieved

SoftBank $100M+ Global Investments in Mobility

Sources: PitchBook and SVB analysis.

The Future of Mobility: New Platforms Skyrocket The fastest unicorns ride scooters: Bird and Lime rolled to billion-dollar valuations as quickly as any in history. Startups are benefitting from advances in fundamental hardware, artificial intelligence, and communications ― not to mention plentiful capital from the likes of SoftBank’s Vision Fund.

0 2 4 6 8 10

Bird

Lime

Zoox

Airbnb

Uber

The We Company

Stripe

Pinterest

US Unicorn Average

Palantir Technologies

Lyft

SpaceX

US Unicorn Average

$0B

$10B

$20B

$30B

$40B

201820172016

$72B Valuation

$56B Valuation

$11B Valuation

$0.9B Valuation

Acquired for $1B

$4B Valuation


Mobility TechOther

Mobility TechOther

Age:

FoodTech: New DevelopmentUS Venture Investment

21

From Farm to Table, Corporates Feeling the Pressure

Most Active Food Corporates by US Venture Deal Count: 2012–2018

FoodTech: Delivery & Meal KitsUS Venture Investment

The what and how of eating is changing. Venture capital is flowing to FoodTech opportunities ranging from meat substitutes to pre-packaged dinner delivery. In response, food industry stalwarts are eagerly investing in new ways to reach consumers.

Sources: PitchBook and SVB analysis. State of the Markets: First Quarter 2019

$0.0B

$0.2B

$0.4B

$0.6B

$0.8B

$1.0B

$1.2B

2018201620142012

New FoodsUrban Farms

$0.0B

$0.5B

$1.0B

$1.5B

$2.0B

$2.5B

$3.0B

2018201620142012

DeliveryInstacartMeal Kits

0 3 6 9 12 15

General Mills

Kellogg's

Cargill

ADM

Tyson Foods

Danone

Campbell's

Deals:

Digital Health Startups: Most Capital Raised 2017–2018

22

Digital Health: Funding and Notable Strategics by State: 2017–2018

Sources: PitchBook and SVB analysis. State of the Markets: First Quarter 2019

Digital Health: Burgeoning Ecosystems Coast-to-Coast

Company Equity Raised Strategics

$540M

$362M

$360M

$350M

$200M

$130M

$117M

$105M

$100M

$100M Google

Massachusetts

TexasCalifornia

New York

Minnesota

$1B+ $200M+ $50M+ $10M+

Perhaps more than other industries, startups in digital health rely on strategics to accelerate growth. Eight of the ten best-funded startups of the last two years have tapped corporate capital. It’s no wonder then that states rich in partnership opportunities have attracted the most funding.


Global Venture: International Exits Shine

$0B

$10B

$20B

$30B

$40B

$50B

Mei

tuan

-Dia

npin

g

Xiao

mi

Pind

uodu

o

Spot

ify

Tenc

ent M

usic

Adye

n

Drop

box

iQIY

I

Ele.

me

Ston

e Pa

gam

ento

s

Farf

etch

GitH

ub NIO

Mer

cari

Docu

Sign

International IPOs Dominate 2018 Mega-Exits

Unicorn Value Realized in 2018 Exits Relative to Total Remaining Value

Largest Venture-Backed Technology Exits1 by Region: 2018

24Note: 1) As of first day of trading or acquisition value. Sources: PitchBook, CBInsights and SVB analysis.

US13%

China30%

56%

13%

Listings from startups in China and Europe far outpaced those of the US during 2018. And while much of the “paper” value backlog has been realized in those regions, private investors still hold nearly 90% of aggregate US unicorn value from the start of 2018.

Europe

ROW

China ExitUS ExitEurope ExitROW ExitAcquisition


Pind

uodu

o

Xiao

mi

Mei

tuan

-Dia

npin

g

Drop

box

Tenc

ent M

usic

Spot

ify

iQIY

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Ele.

me

Ston

e

Farf

etch

NIO

Mer

cari

DOCU

Adye

n

GitH

ub

25

Top 50 Most Active US Tech Venture Investors:Percentage of Deals Outside of the US

$100M+ Tech Venture Rounds Outside of the US with Participation from a US-Based Investor

Sources: PitchBook, S&P Capital IQ and SVB analysis.

0%

5%

10%

15%

20%

25%

30%

20182016201420122010

United StatesROWIsraelSoutheast AsiaLatin AmericaIndiaChinaCanadaUnited KingdomEurope

0

20

40

60

80

100

120

20182016201420122010

Frequent Fliers: US Investors Venture AbroadVenture capital from Sand Hill’s elite is increasingly finding a home outside the Bay Area. More than one-in-four deals from the most active US investors in 2018 was international. American investors have helped boost mega-rounds to new heights around the globe.


Rounds without US ParticipationRounds with US Participation

0

2

4

6

8

10

12+

Three Consumer Giants Stand Out Internationally

26Note: 1) Logos represent valuations $5B+.Sources: PitchBook, CBInsights, China Money Network, S&P Capital IQ and SVB analysis.

Tech Unicorns: Time Since Founding & Last Financing (Sized by Private Value as of 12/31/18)1

0 3 6 9 12 15 18 21 24 27 30+

Years from Founding

Months Since Last Financing

Pressure to Go Public for Capital

Pres

sure

to G

o Pu

blic

for L

iqui

dity Top 20 Europe

Top 20 Rest of World

Top 20 China

After a busy 2018, just a handful of venture-backed decacorns remain outside the US, with ascendant ByteDance now leading the pack. The rest of the field is a mix of decade-old firms from developed markets and fast-rising consumer startups from emerging markets.



Geopolitical Tensions: Technology in the Crosshairs

SVB Client Fund Transaction Destinations: Relative Proportion by Currency: 2018

28

Share of Global Technology Venture Investment

Sources: PitchBook, SVB proprietary data and SVB analysis.

China’s Growing Global StatureChina has cemented itself as the #2 venture market, more than tripling its share of global venture capital in the matter of a decade. Despite rising geopolitical tensions, US venture-backed companies are finding opportunities given China’s development as a hub for trade and talent.

0%

10%

20%

30%

40%

50%

60%

70%

80%

20182016201420122010

United States

China

0.0 0.2 0.4 0.6 0.8 1.0

China

Hong Kong

Eurozone

Great…

Singapore

Canada

India

Israel

Switzerland

South…

Taiwan

Mauritius

Australia

Japan

Brazil


29

Participation by International Investors by Region in $25M+ US Tech Venture Deals

Most Active International Investors by Region in $25M+ US Tech Venture Deals: 2010–2018

Sources: PitchBook and SVB analysis.

The World is Still Hungry for US TechFor myriad reasons, China’s growing investment into US tech is being scrutinized by government and media. However, restrictions on all foreign investment would have a larger impact on the meaningful amount of capital flowing from the rest of the world.

0%

5%

10%

15%

20%

25%

30%

20182016201420122010

Investor Deals

UK Index (U.K.) 98

GER Deutsche Telekom 30

UK Atomico 15

IRE Atlantic Bridge 14

UK Bailie Gifford 14

UK Eight Roads 14

Investor DealsJAP SoftBank 49

SK Samsung 42

SG EDBI 28

SG Temasek 27

HK DST Global 24

Investor DealsTencent 15

IDG Capital 14

Alibaba 13

Baidu 12

China Broadband 11

Investor Deals

Telstra Ventures 26

83North 18

Georgian Partners 18

AUS Future Fund 15

Pitango VC 11

Viola Ventures 11


EuropeAsia Ex-ChinaChinaRest of World

30

Appendix


31

Authors

Andrew PardoSr. Associate, [email protected]

Steven Pipp is a Vice President based in San Francisco responsible for capital markets research and data-driven analysis of the innovation economies that SVB serves globally. In this role, he has led research efforts exploring investment, fundraising and exit dynamics between the venture ecosystems of the US, China, Southeast Asia and Europe.

Prior to his research role, Steven managed strategic advisory and valuation engagements for venture-backed technology companies as part of SVB Analytics. Before joining SVB, Steven worked in Minneapolis as a consultant and entrepreneur with a focus on clean energy technology.

Steven earned a Master of Science in Finance from Boston College and a Bachelor of Science in Business from the University of Minnesota. In addition, he holds the Chartered Financial Analyst (CFA) designation.

Bob Blee heads Silicon Valley Bank’s Corporate Finance Group, which leads SVB’s relationships with public and late-stage private companies in the Innovation sector throughout North America, providing a full suite of lending and banking products, as well as guidance as a trusted partner, helping our clients succeed and quickly scale.

Previously, Bob held a variety of roles in SVB’s California and Midwest regions, including heading seed, early and mid-stage Infrastructure, Hardware, Consumer Internet and Fintech banking in the Bay Area and Southern California and was responsible for SVB’s Mezzanine Lending and Loan Syndications practices.

Bob sits on the nonprofit board of the Network for Teaching Entrepreneurship (NFTE) and the Silicon Valley Advisory Council of the Commonwealth Club. He is also active with his alma mater, the University of Illinois.

Andrew Pardo is a Senior Research Associate based in San Francisco responsible for the capital markets research and data-driven analysis of the innovation economies that SVB serves globally. In this role, he supports research efforts exploring investment, fundraising and exit dynamics in the global venture ecosystem.

Prior to this role, Andrew was a Buy-Side Equity Research Analyst for a $100B+ asset manager based in the Bay Area. His area of coverage spanned the domestic and international Financials sector. Andrew earned a Bachelor of Science in accounting from Loyola Marymount University.


Steven Pipp, CFAVice President, [email protected]

Bob BleeHead of Corporate [email protected]

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This material including, without limitation, to the statistical information herein, is provided for informational purposes only. The material is based in part on information from third-party sources that we believe to be reliable but which have not been independently verified by us, and for this reason, we do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice, nor is it to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation, offer or recommendation to acquire or dispose of any investment or to engage in any other transaction.

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32State of the Markets: First Quarter 2019

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Documents

State of the Markets · If stock prices (and management teams) remain stable, CVCs will remain heavily involved. Look for nearly 1,000 tech venture deals to have corporate participation