Shaking the Money Tree Q4, 2010, presented by Owen Davis
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Owen Davis - Partner, PricewaterhouseCoopers presented this at the April 12, 2011 CVG Crossroads Connection Series Breakfast, Exits & Trends, in Stamford CT.
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Shaking the Money Tree Q4, 2010, presented by Owen Davis
- 5. U.S. MoneyTree total investments: Q1 2002 – Q4 2010 ($ in billions) PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters # of Deals 2002 2003 2004 2005 2006 2007 2008 2009 2010 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 853 868 701 735 716 745 731 798 724 866 701 854 739 837 794 831 883 978 924 969 875 1,067 1,017 1,076 1,027 1,072 1,005 921 637 710 716 864 763 960 789 765
- 7. Investments by region: Q4 2010 Q4 2010 Total Investments - $5,017.0 million in 765 deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters Unknown region totals not included Region # of Deals % Change $ from Q3’ 10 Silicon Valley 231 9% New England 88 2% NY Metro 83 50% Midwest 62 46% LA/Orange County 48 33% Colorado 24 190% San Diego 26 -13% Southeast 33 -28% Northwest 33 -17% DC/Metroplex 23 -45% Texas 34 -65% Philadelphia Metro 30 -43% North Central 14 -53% South Central 18 645% SouthWest 8 -57% Upstate NY 4 -58% AK/HI/PR 0 N/A Sacramento/N.Cal 0 N/A Total 765 1%
- 8. Investments by region: Full year 2010 2010 Total Investments - $21,823.4 million in 3,277 deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters Unknown region totals not included Region # of Deals % Change $ from 2009 Silicon Valley 961 16% New England 387 15% NY Metro 350 26% LA/Orange County 205 66% Midwest 245 52% Southeast 187 12% Texas 143 30% San Diego 115 -10% DC/Metroplex 136 39% Northwest 156 11% Colorado 77 1% Philadelphia Metro 118 -1% North Central 50 -15% SouthWest 58 -2% South Central 42 232% Upstate NY 23 359% Sacramento/N.Cal 8 88% AK/HI/PR 6 117% Total 3,277 19%
- 10. Investments by industry: Q4 2010 Q4 2010 Total Investments - $5,017.0 million in 765 deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters Visit www.pwcmoneytree.com for Industry definitions Region # of Deals % Change in $ from Q3’ 10 Software 218 16% Industrial/Energy 72 104% Biotechnology 94 -24% Media and Entertainment 70 126% IT Services 65 -10% Medical Devices & Equipment 71 -31% Computers and Peripherals 20 63% Networking and Equipment 13 14% Consumer Products & Services 27 20% Telecommunications 29 -65% Semiconductors 23 -47% Electronics/Instrumentation 11 -2% Business Products & Services 16 5% Financial Services 12 -20% Healthcare Services 9 -58% Retailing/Distribution 5 -56% Other 10 11% Total 765 1%
- 11. Investments by industry: Full year 2010 2010 Total Investments - $21,823.4 million in 3,277 deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters Visit www.pwcmoneytree.com for Industry definitions Region # of Deals % Change in $ from 2009 Software 835 20% Biotechnology 460 3% Industrial/Energy 277 39% Medical Devices and Equipment 324 -9% IT Services 272 44% Media and Entertainment 292 18% Semiconductors 124 20% Telecommunications 136 77% Networking and Equipment 64 -18% Consumer Products and Services 104 46% Financial Services 70 42% Computers and Peripherals 70 33% Business Products and Services 90 71% Electronics/Instrumentation 65 25% Healthcare Services 42 100% Retailing/Distribution 26 22% Other 26 185% Total 3,277 19%
- 13. Connecticut Investments 1998 – 2010 ($ in millions) January 2011 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters Year Deals Dollars Average Deal Size 2010 52 $200.1 $3.8 2009 39 $157.4 $4.0 2008 36 $118.7 $3.3 2007 34 $277.0 $8.1 2006 31 $249.6 $8.1 2005 30 $185.1 $6.2 2004 32 $194.9 $6.1 2003 34 $233.9 $6.9 2002 37 $176.7 $4.8 2001 69 $535.8 $7.8 2000 115 $1,498.8 $13.0 1999 91 $946.9 $10.4 1998 74 $373.4 $5.0
- 14. Investments by industry: Q4 2010 – CT Q4 2010 Total Investments - $12.5 million in 9 deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters Visit www.pwcmoneytree.com for Industry definitions Industry # of Deals % Change in $ from Q3’ 10 Financial Services 1 146% Biotechnology 1 -87% Media and Entertainment 2 100% Medical Devices and Equipment 1 2394% IT Services 1 81% Software 2 -86% Telecommunications 1 100% Grand Total 9 -63%
- 15. Investments by industry: Full Year 2010 – CT Q4 2010 Total Investments - $200.1 million in 52 deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters Visit www.pwcmoneytree.com for Industry definitions Industry # of Deals % Change in $ from 2009 Financial Services 4 1089% Biotechnology 14 -46% Software 12 634% Retailing/Distribution 1 100% Medical Devices and Equipment 6 51% Media and Entertainment 5 80% IT Services 3 -17% Industrial/Energy 2 -31% Telecommunications 2 -61% Semiconductors 1 100% Business Products and Services 1 -100% Networking and Equipment 1 0% Grand Total 52 27%
- 16. Investments by stage of development: Full year 2010 & 2009 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters 2010 Total Investments - $21,823.4 million in 3,277 deals Stage of Development # of Deals % Change in $ Amount from 2009 Expansion 1,021 47% Later Stage 746 2% Early Stage 1,147 15% Seed Stage 363 -2% Grand Total 3,277 19%
- 17. Investments by stage of development: Full year 2010 & 2009 CT PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters ($ millions) 2010 Total Investments - $200.1 million in 52 deals 2010 2009 Stage of Development # of Deals % Change in S Amount from 2009 Expansion 12 583% Later Stage 10 49% Startup/Seed 16 -50% Early Stage 14 -67% Grand Total 52 27%
- 18. Top 10 Connecticut Investments - 2010 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters Name City Industry Stage Amount Pierpont Securities LLC Stamford Financial Services Expansion $ 84,999,900 SmartEquip, Inc. Norwalk Software Later $ 18,000,000 Cara Therapeutics, Inc. Shelton Biotechnology Later $ 15,000,000 Ion Torrent Systems, Inc. Guilford Biotechnology Expansion $ 10,000,000 Kolitan Pharmaceuticals, Inc. New Haven Biotechnology Startup/Seed $ 10,000,000 Preferred Brands International Stamford Retailing/Distribution Later $ 7,500,000 VLS Securities LLC Canaan Financial Services Startup/Seed $ 6,145,000 CyVek, Inc. Wallingford Biotechnology Startup/Seed $ 4,013,000 Mira Dx, Inc. New Haven Biotechnology Startup/Seed $ 4,000,000 Ikonisys, Inc. New Haven Biotechnology Later $ 3,804,900
- 19. Median deal size vs. mean deal size – Quarterly total U.S. investments PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters ($ in millions )
- 20. 2010 – Most active venture investors PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters Venture Capital Firm Location Total Deals Kleiner Perkins Caufield & Byers Menlo Park, California 76 First Round Capital West Conshohocken, Pennsylvania 69 New Enterprise Associates, Inc. Menlo Park, California 67 Draper Fisher Jurvetson Menlo Park, California 58 North Bridge Venture Partners San Mateo, California 55 Polaris Venture Partners Waltham, Massachusetts 53 Sequoia Capital Menlo Park, California 47 Venrock Associates Palo Alto, California 46 Canaan Partners Westport, Connecticut 42 Domain Associates LLC Princeton, New Jersey 39 Accel Partners Palo Alto, California 38 Menlo Ventures Menlo Park, California 38 U.S. Venture Partners Menlo Park, California 38 Austin Ventures, L.P. Austin, Texas 37 Intel Capital Santa Clara, California 36 Rho Capital Partners, Inc. New York, New York 36
- 21. Analysis of venture-backed IPO and M&A activity Source: Thomson Reuters and National Venture Capital Association * Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile **Only accounts for deals with disclosed values Date Number of IPOs* Total Offer Amount ($M) Average IPO Offer Amount ($M) Total M&A Deals Average M&A deal size ($M)** 2005 57 4,482.4 78.6 350 106.3 2006 57 5,117.1 89.8 378 114.6 2007 86 10,326.3 120.1 380 174.9 2008 6 470.2 78.4 348 116.6 2009 Q1 0 0.0 0.0 65 44.4 2009 Q2 5 720.7 144.1 65 197.7 2009 Q3 3 572.1 190.7 69 60.5 2009 Q4 4 349.3 87.3 74 217.7 2009 12 1,642.1 136.8 273 147.3 2010 Q1 9 936.3 104.0 122 180.2 2010 Q2 17 1,274.9 75.0 99 131.4 2010 Q3 14 1,249.1 89.2 111 134.1 2010 Q4 32 3,557.3 111.2 88 157.7 2010 72 7,017.5 97.5 420 152.6
- 22. Venture capital fundraising Source: Thomson Reuters & National Venture Capital Association Data current as of January 17, 2011 Year First Time Funds Follow-On Funds Total Number of Funds VC Raised ($M) 2005 54 180 234 30,759.6 2006 63 172 235 31,860.9 2007 71 166 237 31,205.0 2008 64 149 213 26,412.2 2009 43 107 150 16,314.9 2010 52 105 157 12,304.2 Quarter Q4 ’08 17 32 49 2,807.9 Q1 ’09 10 47 57 4,942.5 Q2 ’09 14 25 39 4,995.2 Q3 ’09 13 19 32 2,310.3 Q4 ’09 14 33 47 4,066.9 Q1 ’10 16 30 46 4,007.0 Q2 ’10 19 33 52 2,130.3 Q3 ’10 18 31 49 3,177.1 Q4 ’10 11 24 35 2,989.9
- 23. Closing thoughts & comments PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Reuters
Hinweis der Redaktion
- PricewaterhouseCoopers is one of the largest professional services firms in the world, with more than 160,000 people located in 150 countries. Provide audit, tax and business advisory services. Locally we have offices in Hartford and Stamford. We have over 700 professionals based in Connecticut. We serve sectors shown on this slide among others , including Private Equity and Venture Capital firms. Now to the Report. . . .
- See above.
- Fourth qtr. 2010, $5 billion was invested in the U.S. While we will touch on the quarterly results, we will focus more on the 2010 Annual Results.
- Despite a Sluggish Economy For the full year 2010 , venture capital investments totaled $21.8 billion in almost 3,300 deals , 19% increase over 2009 levels in dollars invested and the first year of increases in funding since 2007. 2. 2010 investments reflect a 12% increase in number of deals over prior year.
- This chart for 4Q is consistent with the annual results showing approx. 60% of Venture Capital funds are invested in 3 regions: Silicon Valley, New England and NY Metro.
- Although, we only track US investments, venture capital is borderless. 2. The Report tracks 18 regions in the US. 6 regions experienced investment levels of $1 billion or more in 2010 and 11 regions recorded more than 100 deals.
- 39% of venture investments in the US (over $8.5 billion) were made in Silicon Valley based companies . The New England region ranks second , with 12% - $2.5 billion and 387 deals . NY Metro ranks third with 8.6% - $1.9 billion and 350 deals. The top ten regions attracted over 92% of the US invested dollars.
- The Report tracks 17 industries. Nationally, in 2010, the Life Sciences sector (which includes Biotechnology and Medical Devices industries, together) raised $6.0 billion in 784 deals. For the year, Life Sciences accounted for 27.5% of all venture capital investments and 24% of all deals. Individually, the Software industry ranked first, with approximately $4.0 billion in 835 deals , a 20% increase over 2009. Once again, software holds its position as the largest single industry category with 18% of total dollars and 25% of all deals. Industrial and Energy attracted approximately $3.4 billion. IT Services industry ranked fifth in 2010 with $1.7 billion invested, a 44% decrease over 2009. BIO 16.9% MD 10.6 % 27.5% See item 3 above.
- 1. Looking at the top 5 industries by quarter, Software, E&M and IT Services are trending up.
- Venture investing in CT companies totaled $200 million in 2010 , a three year high, and a 27% increase over last year. Average deal size in 2010 stayed fairly consistent with 2009 at $3.8 million. Investments in CT companies exceeded the $200 million level for the first time since 2007 . Number of deals in-state experienced an increase of 33 % in 2010.
- CT had a poor funding performance in 4Q 2010. $12.5 million in 9 deals.
- For full year 2010 , $64 million was invested in 20 Life Sciences (Biotechnology and Medical Devices industries, together) companies. These Life Sciences investments are largely focused on technologies and companies resident in and around New Haven. However, in 2010, Financial Services companies took a larger percent of the investment dollars in CT , raising $94 million on only 4 deals. Software raised $23 million on 12 deals.
- The sustained shift towards Expansion and Later stage investing over the past 8 years reflects: (a) venture capitalists continued support of existing portfolio companies via additional follow-on rounds; (b) their interest in more mature companies; and (c) extended periods of time to exits. 2. Given the selectivity in the venture-backed IPO market, portfolio companies are reaching more mature phases of development before an IPO or M&A transaction. 3. For full year 2010, Later stage and Expansion stage received 68% of all funding.
- In 2010, Startup/Early stage investments have decreased 56% to $48 million from 2009 levels, while Later/Expansion stage investments have increased 300% from 2009.
- 6 Biotech cos. in the top 10 deals followed by financial services with 2. Open Solutions, SS&C, Best Friends Petcare, Cidra, Proton Energy, Women’s Health USA, Achillion, Priceline, Higher One, Kayak, Tangoe, Reb-X.
- CT is well below the National Average in deals in the $3.3 - $4.0 million per deal in the last 3 years.
- Highest level of IPO activity since 2007. Highest level of M&A activity since 2005.
- * Tough market for fund raising.