At the end of the year, we often reflect on the current state of the venture market in technology. We are sharing it with our broader community in the hope that someone will find it informative, interesting or at least entertaining.

1. State of Venture Report, Technology
January 2021

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5. State of Venture in Technology
5

6. 6
The tech sector continues to drive public markets and the performance of
recent software IPOs has been exceptionally strong
Company Founded IPO
Valuation
@IPO
($B)
Valuation
Q4 ‘20
($B)
Expected
CAGR
@IPO
Actual
CAGR
today
2011 2019 1.5 1.9 30% 42%
2010 2019 7.8 29.98 44% 61%
2009 2019 4.0 23.35 36% 54%
2012 2018 4.9 12.77 37% 43%
2009 2018 1.8 3.42 31% 26%
2007 2018 1.9 26.8 34% 52%
2011 2019 7.0 46.87 45% 86%
2007 2017 1.2 21.64 39% 59%
2009 2017 1.2 32.92 41% 42%
2008 2016 1.2 54.32 36% 52%
Performance of Public Cloud/ SaaS vs Other Indices* Selection of Recent Software IPOs and Related Performance
• Tech continues strong public market performance – with venture-backed Cloud/ SaaS companies
leading the way driven by post-pandemic tailwinds (e.g., shift to cloud; remote-work; digitization).
• Recent software IPOs show an acceleration in revenue growth and massive increases in valuation.
(*) 3-year performance (Nov ‘17-Nov ‘20)
Source: Pitchbook; BVP; Team analysis

7. 7
U.S. Venture Capital Exits by Type, 2011-2020E
Total exit value and deal count was down in 2020, but remained high relative
to the last decade. Market been driven by ‘unicorn’ IPOs in Q3 and Q4.
VC-based Tech-IPOs in 2020
Total Deal
Value ($B)
Total Deal
Count (#) Company Category Date
IPO Valuation
($B)
Snowflake Data Q3 33.2
Palantir Technologies Data Q3 20.0
Unity Dev Tools Q3 13.7
Asana SaaS Q3 4.4
JFrog SaaS Q3 3.9
Ncino Fintech Q3 3.0
Vroom Ecommerce Q2 2.5
Sumo Logic Data Q3 2.2
Agora.io SaaS Q2 2.0
Lemonade Fintech Q3 1.6
BigCommerce Ecommerce Q3 1.6
Schrödinger SaaS Q1 1.1
Total 90.9
• ~$91B in IPOs to Q3 (3rd
highest over past decade)
• ~94% of total deal value realized in Q3
• ~76% of total deal value to Q3 accounted for by three
companies (Snowflake, Palantir and Unity). Further
concentration in Q4 with AirBnB ($47B) and
DoorDash ($32B) IPOs.
36
123
54
73
44 45
63
103
223
169
438
535
568
664
697
641
665
738
777
630
0
100
200
300
400
500
600
700
800
$-
$50
$100
$150
$200
$250
$300
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
r
u
n
-
r
a
t
e
IPO ($B) M&A ($B) Run-rate estimate # Exits
Source: Pitchbook; Bloomberg, Team analysis
Note: Q4 2020 figures are extrapolations of YTD count and investments to full-year (as of 10/08/2020)

8. 8
Tech M&A activity continues the shift towards larger deals ($1B+) and the
potential for outsized exits continues to grow
19%
14% 12% 11% 9% 7%
11%
7% 9%
4%
57%
44%
35% 39%
35%
27%
32%
30% 29%
21%
10%
14%
18% 17%
21%
20%
30%
18% 14%
17%
14%
9% 23%
5%
10%
19%
14%
31%
26%
18%
19%
12%
29%
24% 27%
12% 14%
23%
40%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
2.5B+
1B - 2.49B
500M - 999M
100M - 499M
0-99M
14% 28% 35% 34% 34% 46% 28% 25% 49% 58%
$1B+ deals (%)
Breakdown of Tech M&A Deal Value by Size, 2011-2020E
3 4 5 5 7 10 7 14 12 10
$1B+ deals (#)

9. 9
Fast growing tech companies are finding alternative routes to public markets
with the increasing prevalence of Direct Listings and SPACs
Recent Direct Listings in Tech Growth in SPACs by Count and Proceeds, 2011-2020E*
• Date: 2018
• Listing Valuation: $29.8B
• Q4 2020 Valuation: $59.7B
• Date: 2019
• Listing Valuation: $21.2B
• Q4 2020 Valuation: $24.4B
• Date: 2020
• Listing Valuation: $4.4B
• Q4 2020 Valuation: $4.7B
• Date: 2020
• Listing Valuation: $20B
• Q4 2020 Valuation: $44.2B
15
9 10 12
20
13
34
46
59
139
$1.1
$0.5
$1.4 $1.7
$3.9
$3.5
$10.0 $10.8
$13.6
$53.8
$0
$10
$20
$30
$40
$50
$60
0
20
40
60
80
100
120
140
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
(YTD)
SPAC IPO Completed SPAC IPO Searching SPAC IPO Announced
SPAC IPO Liquidated Gross Proceeds ($B)
Total Volume ($B)
Total Count (#)
(*) Assumes funding of all searching and announced SPACs
Source: Pitchbook; Team analysis

10. $19.8 $19.0
$24.4
$42.9
$54.8
$61.9
$54.4
$96.5
$81.6
$87.4
2,775
3,496
4,257
4,838
5,104
4,711
5,093
5,686
5,891
4,531
-
1,000
2,000
3,000
4,000
5,000
6,000
$-
$20
$40
$60
$80
$100
$120
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Total Invested ($B) Estimate Deal Volume (#)
10
U.S. Venture Investments in Technology* U.S. Venture Investments in Financial Technology
$1.2 $1.5 $1.7
$3.9
$6.9
$5.2
$6.3
$11.1
$12.5
$16.9
172
208
264
350
422 401
493
703
762
545
-
100
200
300
400
500
600
700
800
$-
$5
$10
$15
$20
$25
$30
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Total Invested ($B) Estimate Deal Volume (#)
2.4 2.0 2.0 2.4 2.7 3.2 3.5 4.1 4.8 5.6
Median
Deal Size
($M)
4.3 2.6 2.5 3.0 4.1 4.0 4.4 5.1 5.0 6.0
Median
Deal Size
($M)
Tech venture capital deployment is projected to increase in 2020 (a
continuation of the 10-year bull run) – but deal count is down sharply
Investments
($B)
Investments
(#)
Investments
($B)
Investments
(#)
(*) Excludes Hardware and Biotech; Categories not mutually exclusive. Updated 10/8/2020 Source: Pitchbook; Team analysis
Note: Q4 2020 figures are extrapolations of YTD count and investments to full-year (as of 10/08/2020)

11. 11
Tech Investments by Quarter, 2019-2020E
• No slowdown in Tech VC
investments by dollar amount in
the first two quarters of 2020 (as
compared with 2019) despite a
pandemic and global recession.
• However, deal-count started the
year lower than 12 months ago
and has slowed dramatically
throughout the year.
• Net – investments have centered
on larger deals in higher-quality
(often later stage) companies.
$17
$23 $22
$19
$20
$25
$20
$22
1,646
1,519
1,420
1,306
1,377
1,165
882
1,141
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
$-
$10
$20
$30
$40
$50
$60
Q1 Q2 Q3 Q4
2019 Capital ($B) 2020 Capital ($B) 2019 Volume 2020 Volume
Investments
($B)
Investments
(#)
Venture dollars are being invested across fewer tech companies – signaling a
potential flight to quality in response to the pandemic/ economic slowdown
Source: Pitchbook; Team analysis
Note: Q4 2020 figures are extrapolations of YTD count and investments to full-year (as of 10/08/2020)

12. 12
VC fundraising volume projected to increase again driven by fewer, larger
funds (with record levels of dry-powder)
Tech-VC Funds Raised Each Year, 2011-20
$22.5 $24.1
$19.8
$34.2 $37.7
$44.1
$35.9
$62.5
$48.7
$64
137
197
212
314
333
395
370
462
348
208
-
50
100
150
200
250
300
350
400
450
500
$-
$20
$40
$60
$80
$100
$120
$140
$160
$180
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
FundCapital ($B) Estimate FundVolume (#)
Volume ($B) Count (#)
50 29 40 30 32 46 33 41 50 100
Median
Fund Size
($M)
+100%
Source: Pitchbook; Team analysis (*) Net capital flows is difference between annual U.S. tech VC fundraise and capital deployed into U.S. tech
Note: Q4 2020 figures are extrapolations of YTD count and investments to full-year (as of 10/08/2020)
Cumulative Dry-Powder for
North America VC
estimated at least ~$160B
(versus ~$90B in 2010)

13. 13
VC tech investment dollars continue to accrue in later stage companies
Breakdown of Tech Investments $ by Stage Breakdown of Tech Investment Count by Stage
54% 54% 42% 41% 39% 49% 37% 44% 39% 86% 88% 87% 88% 88% 88% 87% 88% 85%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2012 2013 2014 2015 2016 2017 2018 2019 2020
Seed Series A Series B Series C Series D+ Other
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2012 2013 2014 2015 2016 2017 2018 2019 2020
Seed Series A Series B Series C Series D+ Other
Seed –
Series B
as % of
Total
-16% -1%
Seed –
Series B
as % of
Total
Source: Pitchbook; Team analysis

14. 14
Median deal size and valuation continues to trend upwards across all stages
– but particularly for later stage companies
10 year
change
Median Tech Deal Size by Stage ($M)
0
5
10
15
20
25
30
35
40
45
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
YTD
Seed Series A Series B Series C
249%
156%
217%
220%
Median Pre-Money Valuation by Stage ($M)
0
50
100
150
200
250
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
YTD
Seed Series A Series B Series C
353%
212%
278%
100%
10 year
Change
Note: Public SaaS EV/ Rev has
increased by ~220%, 2011-2020
Source: Pitchbook; Team analysis

15. 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
0 -99M 100M- 249M 250M- 499M 500M- 999M 1B+
15
VC funds skewing larger for later-stage companies; ‘everyone’s an investor’
in the early-stages
Tech-VC Funds Raised Each Year by Size Band, 2011-20 Angel List Syndicates, AUM and Funded Companies, 2014-20
32% 27% 6% 29% 25% 20% 20% 40% 29% 45%
% of
capital to
$1B+
funds +13%
$100
$163
$326
$652
$1,000
$1,800
$2,200
110 150
150 165
250
335
243
441
672
902
1,133
1,657
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2014 2015 2016 2017 2018 2019 2020
AUM ($M) # of Syndicates/Funds # of Funded Companies

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