Q1 2011 Venture Capital Activity Report CB Insights Final For Distribution

Venture Capital Activity Report | Q1 2011
TABLE OF CONTENTS
QUARTER SUMMARY 2
QUARTERLY TRENDS 3
SECTOR REVIEW 12
1 INTERNET 12
2 HEALTHCARE 19
3 GREEN / CLEAN TECH 27
GEOGRAPHIC REVIEW
1 CALIFORNIA 34
2 MASSACHUSETTS 40
3 NEW YORK 45
4 WASHINGTON 51
5 TEXAS 56
DEFINITIONS & DATA INTEGRITY 61
© 2010, CB Insights. All rights reserved. For more information about CB Insights, please email info@cbinsights.com.
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2 Venture Capital Activity Report | Q1 2011
Q1 2011 – This Quarter in Venture Capital

Quarter sees dealflow and funding levels reach pre-recession levels. Internet dials it
up seeing financing up 83% and deals up 29% vs. Q4 2010.
Q1 2011 registered $7.5B of venture capital funding invested in 738 deals. We’d said after Q4 2010’s performance that
those of you looking for a data point that suggests VC is back would have some data to support your claim. We’d also
said at the time that those of you who think things are getting bubblicious would have something to hang your hat on.
Q1 2011 numbers will likely reinforce whichever viewpoint you have as the quarter came in at pre-recessionary deal and
funding levels. Given the $1B jump in funding over the prior quarter with a similar number of deals, it is also clearly a
quarter driven by mega-financings in both internet and greentech companies.
If the final two quarters of the year maintain similar funding levels, we could approach $29-$30 billion invested by VCs.
Some pundits have suggested that the VC asset class’ ―right size‖ is around $25 billion so it will be interesting to see if the
momentum continues.
Before we get into specific notes on the quarter, it’s worth noting what we included and what we didn’t as this quarter had
some mega-deals which can and did greatly impact results. For example, the CB Insights database tracked Groupon’s
mega $950 funding closing in two tranches. So $500M of it was included in Q4 2010 with the remainder being reflected in
this report. Also, when non-VCs (mutual funds, hedge funds, etc) invest in internet companies for example, we do not
include those rounds unless there is also a venture firm participating. As always, we recommend you also review our
definitions and methodology on p. 59 to see what is included vs. what is not as there tends to be a fair amount of
misinformation out there about venture data.
NY Retains Spot as #2 for Tech Investment Over Mass Healthcare VC – Can’t Shake the Malaise
In Q4 2010, we’d revealed that NY overtook Mass for Deals in the Healthcare space were down 13% YoY while
tech VC dollars (http://bit.ly/dLmLYG ). While the trend funding grew 11%. On sequential basis, deals and dollars
hasn’t accelerated, the gap between the two tech VC have fallen in last 2 quarters. Mass and Cali continue to
hubs is slightly wider. Over the last six quarters, NY dominate share of Healthcare VC with Mass rebounding
has seen 261 tech deals vs. 250 for Massachusetts. over Q4 2010 levels. Early stage activity in Healthcare
Funding to NY tech companies came in at $1.60B vs. drops to five quarter low.
$1.44B for Massachusetts.
California Knows How to Party
Early Stage Investment Stays Strong Yes - California dominated (yawn). Funding climbs 47%
Q1 2011 early stage deal and funding share remained vs Q4 2010 and 32% vs. Q1 2010. Overall, Cali took
consistent with Q4 2010. Seed VC still represented 39% of deals and over 50% of funding. Deal count was
10% of overall dealflow. Its consistency over the last 4 down 7% sequentially and 3% YoY. Internet and
quarters suggests it may have found the right level of healthcare deals stayed flat and funding dipped. Energy
total VC deals (9-11%). Early stage deal activity was deals climbed with funding increasing significantly.
nearly 50% of total deals.
Texas Deals Down | Dollars Flat
Green Tech / Clean Tech Gets Its Mojo Back Texas deals and dollar stay within the state’s historical
After three quarters of what can technically be called range but deals dipped sequentially and year over year.
―blah‖ performance, green tech deals had a breakout Funding was up, however, vs. Q1 2010 and Q4 2010.
quarter with deals and dollars up 45% and 145%
respectively vs. Q4 2010. Cali consumed ¾ of the Washington At Five Quarter Low in VC Funding
greentech funding on the back of mega-deals in a Deal count in Washington grew 10% vs. Q4 2010 but
variety of areas including solar, software, electric funding remained at low levels seen in prior quarter.
vehicles and fuel cells. Greentech Seed VC deals Over 50% of Washington deals were in early-stage
ticked up nicely vs. Q4 2010 as well. companies and over 50% of deals were to Internet firms.
The smaller checks for these financings resulted in
Groupon Halo Effect? Washington’s funding levels remaining low.
Illinois saw an increase in the number of web
investments occurring in the area. The state has
historically been a non-entity in deal activity rankings but
has been showing increasing signs of life since
Groupon-mania began.
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$7.5B over 738 Deals – An Eight-Quarter High

Continued strength in seed VC funding drives two-year high in number of deals. Total
VC funding hits high as well on back of more deal activity and a few mega-financings.
www.cbinsights.com
Cali Dips While NY and Mass Both Gain on Share of Deals.

Big Three (NY, Mass, Cali) stay at 60+% share of deals with Cali dropping a bit.
Washington and Texas share of deals stays flat.
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The Big Three’s Share of VC Funding Recovers

Cali funding levels jump on back of large deals while NY share of dollars falls given the
city’s increasing number of smaller sized deals.
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2011 Off to the Races – VCs Say Let’s Make a Deal

Similar to Q4 2010, Q1 2011 started relatively weak and ended with a flurry of deal
activity. January funding tally buoyed by mega-financing round of Groupon.
www.cbinsights.com
Early Stage Stays Strong with Seed VC Holding Its Ground

Share of deals by stage remained consistent with Q4 2010. Funding to later stage
deals declined on a sequential basis but stayed within historical range.
www.cbinsights.com
Internet and Energy Deals Climb, Healthcare Drops

Healthcare deals hit 5 quarter low on share of deals and dollars. Share of internet deals
highest in five quarters. Energy takes larger share of funding on back of large deals.
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Angel investment to venture capital to • Middle Market Private Companies
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• Green/clean tech
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Company & Investor Updates via Email. • Mobile & Telecom
• Software
Add companies and investors of • Energy & Utilities
interest to your CBI Watchlist and get • Computer Hardware & Services
notified of changes and updates • Healthcare
automatically. • Industrial
• Automotive & Transportation
Management & Board Information • Business Products & Services
• Consumer Products & Services
Find out about the people behind the • Electronics
companies including management and • Environmental Services &
board of directors profiles. Equipment
• Financial Services
• Food & Beverages
• Leisure
Analytics & Reporting • Media
• Metals & Mining
Downloadable reports and analytics
• Retail
which allow you to manipulate data
• Risk & Security
when and how you want to.
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Q1 2011 Venture Capital
INTERNET
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Another Huge Quarter for Internet Venture Investment

Optimism around all things web continues as deal volume rises and investment dollars
Internet
eclipse $2 billion for the second straight quarter.
www.cbinsights.com
Cali Reigns Supreme and Illinois Big Again Due to Groupon

California continues to dominate internet while New York maintains its momentum.
Internet
Illinois registers high on investment due to portion of Groupon financing closing in Q1.
Quarter Highlights
286 deals | $2,315M
Top Five Deals

Groupon
Angie’s List
Box.net
WeatherBill
Color Labs
Top Cities
Chicago, IL
12 deals | $491M
San Francisco, CA
49 deals | $315M
New York, NY
39 deals | $218M
Palo Alto, CA
12 deals | $189M
Redwood City, CA
4 deals | $82M
Mountain View, CA
8 deals | $78M
San Mateo, CA
7 deals | $72M
Seattle, WA
9 deals | $54M
Indianapolis, IN
1 deals | $54M
Los Angeles, CA
5 deals | $50M
www.cbinsights.com
New York Continues Position as the #2 Home for Web

New York continues its reign as the #2 spot for Internet investment. Illinois also sees
Internet
some pop in deal volume due seemingly to Groupon halo effect.
www.cbinsights.com
Early Stage Internet Investing Continues Upward Trend

Early stage (Seed / Series A) deals and funding climb over Q4 2010 levels. Later
Internet
stage investment funding levels show strength as well on back of large deals.
www.cbinsights.com
Internet Investment Remains Diverse Across Industries

Social and Advertising continue to be frontrunners amongst a widely diverse array of
Internet
industries for internet investment. Groupon drives funding % in ecommerce discount.
www.cbinsights.com
Early Stage Medians See Uptick; Late Stage Down

Seed through Series C deals saw medians equal to or larger than last quarter, while
Internet
later stage investment sizes fell substantially over same time period.
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HEALTHCARE
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Healthcare Investment Deals Keep Falling; Dollars Stabilize
Healthcare
Healthcare deals down for the quarter as well as year-over-year. Investment dollars
stay flat with previous quarter and are up 11% since Q1 2010.
www.cbinsights.com
Cali and Mass Grow Their Share of Healthcare VC Funding
Healthcare
California and Massachusetts combine for 56% of deals and 64% of overall Healthcare
venture funding solidifying their positions as healthcare hubs.
Quarter Highlights
150 deals | $1,561M
Top Five Deals

CardioDx
Chimerix
NextWave Pharmaceuticals
Pharmaron
RainDance Technologies
Top Cities
Redwood City, CA
4 deals | $100M
Cambridge, MA
5 deals | $79M
Mountain View, CA
6 deals | $64M
Palo Alto, CA
3 deals | $59M
San Diego, CA
8 deals | $56M
Durham, NC
2 deals | $56M
Saratoga, CA
4 deals | $49M
Cupertino, CA
2 deals | $47M
Waltham, MA
6 deals | $44M
Irvine, CA
1 deals | $40M
www.cbinsights.com
Cali & Mass Grow Dollars and Deals YOY and Sequentially
Healthcare
Massachusetts stages a comeback, earning back share of deals that has been
trending down since Q2 2010. Cali sees 5-quarter high in share of deals and dollars.
www.cbinsights.com
Early Stage Healthcare Falls Sharply in Q1 2011
Healthcare
Early stage Healthcare investment sees a 5-quarter low in share of deals and dollars
after a breakout Q4 2010. Series C to E+ all grow share of deals.
www.cbinsights.com
Medical Devices Continues Dominance of Healthcare
Healthcare
Devices which have reigned supreme continue to do so followed by Drug
Development, Pharmaceuticals, Biotech and Medical Facilities.
www.cbinsights.com
Early Stage Healthcare Medians Up Substantially
Healthcare
Seed and Series A deals see median deal growth versus last quarter and yoy, while
later stage deal sizes are a mixed bag but largely within historical values.
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GREEN & CLEAN TECH
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Green Tech Hits Five-Quarter High in Q1 2011

After 3 quarters of being less than energetic, Green Tech deal and dollars up 45% and
Green
145% respectively versus Q4 2010. Year-over-year, investment dollars up 46%.
www.cbinsights.com
Cali Swallows Nearly ¾ of Total Dollars; Mass a Solid #2

California consumes 73% of investment dollars, while Cali and Mass combine for over
Green
half of overall deal volume. The field remains fragmented after the big 2.
Quarter Highlights
86 deals | $1,936M
Top Five Deals

BrightSource Energy
Fisker Automotive
OSIsoft
Miasole
Bloom Energy
Top Cities
Oakland, CA
1 deals | $201M
Santa Clara, CA
2 deals | $197M
Irvine, CA
1 deals | $150M
San Leandro, CA
1 deals | $135M
Sunnyvale, CA
2 deals | $121M
San Jose, CA
3 deals | $80M
Santa Monica, CA
1 deals | $76M
Pleasanton, CA
1 deals | $75M
San Diego, CA
4 deals | $62M
Kansas City, MO
1 deals | $58M
www.cbinsights.com
California Dollars Surge On Back of Mega-Deals

California snaps its downward trend on funding with mega investments into solar,
Green
electric vehicles, fuel cells and energy efficiency software driving big share gain.
Greentech deals beyond outside of top 5 states hit five-quarter high.
www.cbinsights.com
Green Tech Seed Stages a Comeback in Deal Volume

Early stage Green Tech investment dollars remain flat, but deal volume picks up
Green
versus Q4 2010. Series E+ late stage investment dominates share of dollars.
www.cbinsights.com
Renewables Cede Ground to Other Green Technologies

Energy Efficiency, Energy Storage and Green Auto technologies steal deal share
Green
from Renewables. Greentech Software plays hold steady.
www.cbinsights.com
Overall Median Sees Uptick Due to Automotive Investments

Early stage medians remain fairly flat, while later stage sees medians spike on the back
Green
of Fisker Automotive investment.
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CALIFORNIA
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available behind prohibitively expensive paywalls.
CB Insights is accessible for free by visiting http://www.cbinsights.com
82,000+ Private Company Profiles. Coverage Universe

Over 82,000 high value private
company profiles across industries and • Venture Capital – 1999 to present
sectors. Medical devices to • Angel Investment
mobile. Industrial to internet. • Private Equity
• Federal SBIR Grants – 3 years
• State Grant Programs
From Angel to Private Equity. • Incubators – Over 300
Angel investment to venture capital to • Middle Market Private Companies
private equity to government funding to
under the radar mid-market private Sector Coverage
companies.
• Green/clean tech
• Internet
Company & Investor Updates via Email. • Mobile & Telecom
• Software
Add companies and investors of • Energy & Utilities
interest to your CBI Watchlist and get • Computer Hardware & Services
notified of changes and updates • Healthcare
automatically. • Industrial
• Automotive & Transportation
Management & Board Information • Business Products & Services
• Consumer Products & Services
Find out about the people behind the • Electronics
companies including management and • Environmental Services &
board of directors profiles. Equipment
• Financial Services
• Food & Beverages
• Leisure
Analytics & Reporting • Media
• Metals & Mining
Downloadable reports and analytics
• Retail
which allow you to manipulate data
• Risk & Security
when and how you want to.
www.cbinsights.com
California Investment Dollars Explode, Up 47% Since Q4

Venture investment in California sees massive growth – significantly higher than levels
California
within recent history. Deal volume, however, falls 7% sequentially and 3% YoY.
www.cbinsights.com
Internet #1 in Cali; Energy Surpasses Healthcare in Dollars
California
Internet and Healthcare again combine for more than 60% of overall VC deal volume
in California, but Energy & Utilities surpasses Healthcare as #2 in investment dollars
Quarter Highlights
287 deals | $3,876M
Top Sector
# of Deals – Internet
$ of Funding – Internet
Top Five Deals

BrightSource Energy
Miasole
Tabula
Coda Automotive
Fulcrum BioEnergy
Top Cities
San Francisco
72 deals | $533M
Santa Clara
7 deals | $379M
Palo Alto
23 deals | $322M
Mountain View
20 deals | $222M
Redwood City
14 deals | $215M
Oakland
3 deals | $211M
Irvine
3 deals | $196M
San Jose
11 deals | $193M
Sunnyvale
10 deals | $170M
San Leandro
1 deals | $135M
www.cbinsights.com
Share of Dollars Towards Internet and Healthcare Falls

Energy & Utilities emerges as the #2 breadwinner stealing share from both Internet
California
and Healthcare. Deal share remains largely consistent with prior quarters.
www.cbinsights.com
Cali Early Stage Deal and Dollar Volume Up Materially YOY

Early stage deal volume and investment dollars do remain consistent over prior quarter.
California
www.cbinsights.com
MASSACHUSETTS
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Massachusetts
Massachusetts Sees Deals and Dollars Increase
First time in last five quarter that both deals and dollars up on sequential basis. Good
rebound over Q3 2010 funding nadir with deals getting back to historical range.
Overall, funding levels still down 20% year-over-year.
www.cbinsights.com
Massachusetts
Healthcare & Internet Still the Centerpiece in Mass
Healthcare and Internet combine for over half of investment dollars and deal volume.
Mobile is a solid #3 as Software, Energy and Computer Hardware round out the field.
Quarter Highlights
85 deals | $719M
Top Sector
# of Deals – Healthcare
$ of Funding - Healthcare
Top Five Deals

Harvest Power
RainDance Technologies
Genocea Biosciences
HubSpot
1366 Technologies
Top Cities
Cambridge
19 deals | $163M
Waltham
12 deals | $114M
Marlborough
3 deals | $61M
Lexington
3 deals | $53M
Boston
6 deals | $46M
Littleton
3 deals | $39M
North Lexington
1 deals | $28M
Newton
3 deals | $25M
Chelsea
1 deals | $20M
Burlington
4 deals | $18M
www.cbinsights.com
Massachusetts
Mobile & Energy Take ~30% of Funding
Internet deal share up YoY while Healthcare stays flat. Energy and Mobile both register
strong quarters in share of investment dollars and deals.
www.cbinsights.com
Massachusetts
Early Stage Deal Share Still High, Dollar Share Down
Early stage deal volume share up nicely YoY and on sequential basis. Share of
investment dollars give way to Series B and later stage deals consistent with Q4 2010.
www.cbinsights.com
NEW YORK
www.cbinsights.com
New York Venture Capital Activity Continues Momentum
New York
New York sees another strong quarter, with deals up and investment dollars down only
slightly from a raging Q4. Investment dollars up 40% year-over-year.
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Internet Continues Dominance in New York
New York
Internet consumes 60% of venture funding in New York. Computer Hardware &
Services has a strong showing, taking 18% of total investment.
Quarter Highlights
72 deals | $447M
Top Sector
$ of Funding - Internet
Top Five Deals

AppSense
Adkeeper
2tor
Kaltura
Boxee
Top Cities
New York
61 deals | $383M
Brookyln
1 deals | $20M
Irvington
1 deals | $15M
Oneonta
1 deals | $12M
Brooklyn
2 deals | $7M
www.cbinsights.com
Internet and Computer Hardware & Services Grow Share
New York
NY’s internet focus continues. Mobile deal volume share also shrinks versus Q4.
www.cbinsights.com
Many Seeds Being Planted in New York
New York
One out of every five deals in New York was a Seed deal, while overall, early stage
consumed 67% of deal volume and nearly half of all dollars invested. Significantly
above national averages for early stage and especially seed VC deals.
www.cbinsights.com
WASHINGTON
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Washington Venture Funding Remains in a Slump
Washington
Washington’s venture woes continue as investment dollars stay flat versus Q4, down
14% year-over-year. On a positive note, deal volume sees a small uptick.
www.cbinsights.com
I Can Has Internet: Cheezburger Network Tops Web Deals
Washington
Internet consumes over half of all Washington funding dollars, led by a large investment
in the Cheezburger Network. Energy, Mobile and Software round out the field.
Quarter Highlights
31 deals | $119M
Top Sector
$ of Funding - Internet
Top Five Deals

Cheezburger Network
nLight
Doxo
Tier 3
Physware
Top Cities
Seattle
19 deals | $82M
Bellevue
6 deals | $19M
Vancouver
1 deals | $11M
Issaquah
1 deals | $2M
Shoreline
1 deals | $2M
Redmond
1 deals | $2M
www.cbinsights.com
Internet Wins, Healthcare Continues Disappearing Act in Q1
Washington
Healthcare continues steep decline in share of deals and investment dollars, falling for
the third straight quarter. Internet loses deal share, but funding share grows.
www.cbinsights.com
Early Stage Consumes Over Half of Overall Investment
Washington
Early stage deals comprise half of overall deal volume, while Series A consumes 54%
of overall investment. Seed deal volume share falls, giving way to Series A.
www.cbinsights.com
TEXAS
www.cbinsights.com
Texas Venture Funding Sees Uptick, Remains Strong
Texas
Texas exceeds $300 million in venture investment for the third straight quarter, while
deal volume stays fairly stable. Investment dollars up 19% year-over-year.
www.cbinsights.com
Texas Sees Diversity in Q4 with Internet and Energy Up Top
Texas
Internet wins share of deal volume while Energy wins share of dollars in Texas.
Beyond that, Mobile, Healthcare and Business Products & Services all see dealflow.
Quarter Highlights
34 deals | $314M
Top Sector
$ of Funding – Bus. Prods. &
Svcs.
Top Five Deals

NEOS GeoSolutions
Dachis Group
Emerus Hospital Partners
PCH International
Uplogix
Top Cities
Austin
20 deals | $184M
Houston
5 deals | $81M
Dallas
4 deals | $15M
West Lake Hills
1 deals | $13M
Richardson
2 deals | $12M
Plano
1 deals | $7M
Addison
1 deals | $2M
www.cbinsights.com
Healthcare and Internet Dollars Shrink, Energy Grows in Q1
Texas
Healthcare share of deals and dollars shrinks substantially in Texas since Q4. Internet
wins share of overall deals, but loses ground to Energy and others in terms of dollars.
www.cbinsights.com
Early Stage Investment Sees Lower Deal Volume in Texas
Texas
Seed VC deals do not register for the 2nd straight quarter while share of Series A deals
shrinks substantially vs. Q4. Share of early stage dollars, however, are stable.
www.cbinsights.com
Definitions – Ensuring Data Integrity

What’s Included in our Quarterly Venture Capital Numbers? What is not?
Given the importance of venture capital in spurring innovation and entrepreneurship, measuring venture capital activity
accurately is important. We encourage you to review the methodology and definitions employed by us to better
understand the numbers presented in this report. If you have any questions about our definitions or methodological
principles, we encourage you to reach out to us directly.
What is included? What is excluded?
• Equity financings into emerging companies. • Angel investment. These are not included in
Funding must come from venture capital firms including numbers unless an investment round included Angels
corporate venture groups. investing alongside a venture capital firm or corporate
• Fundings of only private companies. Public venture group.
companies of any kind on any exchange (including Pink • No contingent funding. If a company receives a
Sheets) are excluded from our numbers even if they commitment for $20M subject to hitting certain
received investment by a venture firm(s) milestones but first gets $8M, only the $8M is included
• Companies must be headquartered in the USA. Our in our data.
geographic data is based on the city and state where the • No business development/R&D arrangements
company receiving investment is headquartered. If a whether transferable into equity now, later or
company has a satellite office/presence in multiple cities never. If a company signs a $300M R&D partnership
or was founded in a particular city but has moved its HQ, with a larger corporation, this is not equity financing
our results reflect only this HQ address. nor is it from venture capital firms. As a result, it is not
• Only include the investment made in the quarter for included.
tranched investments. If a company does a second • Buyouts, Consolidations and Recapitalizations.
closing of its Series B round for $5M and previously had All three of these of transaction types are commonly
closed $2M in a prior quarter, only the $5M is reflected employed by private equity firms and are tracked by
in our results. CB Insights. However, they are excluded for the
• Round #s reflect what has closed – not what is purposes of this report. Private equity investments into
intended. If a company indicates the closing of $5M out companies which may have received venture capital
of a desired raise of $15M, our numbers reflect only the investment prior are also not included.
amount which has closed. • Private placements. These investments also known
• Only verifiable fundings are included. Fundings are as PIPEs (Private Investment in Public Equities) even
verified via (1) various federal & state regulatory filings if made by a venture capital firm(s) are not included.
(2) direct confirmation with firm or investor or (3) press • Debt/loans of any kind. Venture debt or any kind of
release. debt/loan issued to emerging, startup companies even
• Funding close date matters. Fundings are provided if included as an additional part of an equity financing
based on funding close date and not on announcement is not included. If a company receives $3M with $2M
date. from venture investors and $1M in debt, only the $2M
is included in these statistics.
• Government funding. Grants, loans, equity
financings by the federal government, state agencies
or public-private partnerships to emerging, startup
companies are not included. Strictly venture or
corporate venture outfits.
• Incubator investments. Investments of money as
equity or debt and/or services by incubators are not
included.
• Strategic corporate investments. Corporations
making strategic investments in companies but not as
part of a specific organized venture group are not
included.
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Venture Capital Activity Report | Q1 2011

3 GREEN / CLEAN TECH 27

DEFINITIONS & DATA INTEGRITY 61

Q1 2011 – This Quarter in Venture Capital

Nominate your portfolio companies for the Forbes 2011 list of

Forbes — with help from CB Insights’ Beacon software — has developed a

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$7.5B over 738 Deals – An Eight-Quarter High

Cali Dips While NY and Mass Both Gain on Share of Deals.

The Big Three’s Share of VC Funding Recovers

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2011 Off to the Races – VCs Say Let’s Make a Deal

Early Stage Stays Strong with Seed VC Holding Its Ground

Internet and Energy Deals Climb, Healthcare Drops

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