2021年第四季度風(fēng)險(xiǎn)投資報(bào)告

QQ42021InpartnershipwithCapitalinvestmentinUSlydoublesyearoveryearto$330billion.Page5gsrecordabannerrethan$680billioninexitvalue.Page27AnnualVCfundraisingtops$100billionforthefirsttimeckofelevatedreturnsPage29ThedefinitivereviewoftheUSventurecapitalecosystemContentsExecutivesummary3NVCApolicyhighlights4Overview5Angel,seed,andfirstfinancings7Early-stageVC9Late-stageVCionalspotlight15Dealsbysector20Venturedebt22Femalefounders23Nontraditionalinvestors25Exits27ing29Q42021leaguetables312021leaguetables32Methodology33Credits&contactPitchBookData,Inc.JOHNGABBERTFounder,CEONIZARTARHUNISeniorDirector,InstitutionalResearch&EditorialDYLANCOX,CFAHeadofPrivateMarketsResearchRESEARCHCAMERONSTANFILL,CFASeniorAnalyst,VCKYLESTANFORD,CAIASeniorAnalyst,VCJOSHUACHAO,Ph.D.SeniorAnalyst,VCpbinstitutionalresearch@DATASUSANHUDataAnalystReport&coverdesignbyDREWSANDERSandJOEYSCHAFFERNationalVentureCapitalAssociation(NVCA)BOBBYFRANKLINPresident&CEOMICHAELCHOWResearchDirector,NVCAandVentureForwardSABRINAFANGVicePresidentofCommunicationsandMarketingROBINCEPPOSCommunicationsManagerContactNVCAnvca@InsperityPAULJ.SARVADIChairmanandCEOLARRYSHAFFERSeniorVicePresident,MarketingandBusinessDevelopmentRANDYFISHERSeniorStrategyManager,MarketingandBusinessDevelopmentContactInsperityI/capitalgrowthcapitalgrowth@dealdata2Q42021PITCHBOOK-NVCAVENTUREMONITOR3Q42021PITCHBOOK-NVCAVENTUREMONITORExecutivesummary2021beganwithabanginVCactivityandendedinspectacularfashion,producinganotherrecord-settingyear.Whilemanywerebullishontheindustryatthestartof2021,possiblynoonepredictedhowremarkabletheyearwouldprovetobe.USVC-backedcompaniesraised$329.6billionin2021,nearlydoublethepreviousrecordof$166.6billionraisedin2020.Investmentactivity(measuredinbothtotaldollarsinvestedandtotaldealcount)forseed&angel,early-,andlate-stagecompaniesallhitrecords,asdidinvestmentactivityforcompaniesreceivingtheirfirstequityroundofinstitutionalfinancingandcompaniesraisingVCmega-rounds(sized$100millionormore).Totaldealcountalsoincreasedsubstantiallytoanestimated17,054dealsin2021(upfrom12,173in2020),buttheincreaseindealcountdidnotmatchthepaceofthesurgeinadditionalcapital,continuingthetrendofincreasingdealsizes.Exitswereahugepartofthestoryof2021,withapproximately$774.1billioninannualexitvaluecreatedbyVC-backedcompaniesthateitherwentpublicorwereacquired.Theoverwhelmingmajorityofthesedollars,some$681.5billion,wasrealizedthroughpubliclistings,atestamentnotonlytothefavorableconditionspresentedbyrobustpublicmarketsandstrongvaluations,butalsototheavailabilityofSPACsasanacceptableandpopularalternativetoIPOs.ThatVC-backedcompanieswereabletogeneratesuchenormousexitvaluein2021duringatimecharacterizedbygreatuncertaintyandextraordinarycircumstanceshighlightsthecontinuedimportanceofVC-backedcompaniestoUSpublicmarkets.ItisimportanttonotethatthestrongIPOactivityforVC-backedcompaniesin2021wasaresultofearly-stageinvestmentfrominvestorsthatinmanycasesfirstpartneredwiththefounders10+yearsago.Thosecompanieshavescaledoverthepastdecadeandduringastrongstartupandgrowthenvironment.Whatpartlymakes2021’sVCindustryactivitysoremarkableisthatthepandemiccontinueddespitewidespreadavailabilityofvaccinesandanationalvaccinationcampaign.Atthestartof2021,manyinvestorspredictedthattheworldwouldhavereturnedtopre-pandemicwaysbeforeyear-end,butanever-evolvingvirusandnewvariantsofconcernpreventedthoseforecastsfromcomingtrue.Whilesomeinvestorsresumedbusinesstraveltomeetwithfounders,virtualmeetings—astrangenoveltyformanyjusttwoyearsago—haveenabledinvestorstocontinuedoingbusinessandappearheretostay,regardlessofthepandemic’sfuturetrajectory.Additionaladversitiestheindustryfacesareeconomy-widesupplychainwoesandlaborshortages.Themicrochipshortageisnegativelyimpactingsomehardwarecompanies’abilitytomanufacture,butsupplychainconstraintsareslowingsomecompanies’abilitytocreateproductacrossvirtuallyallsectors.Workershortagesandthewarforskilledtalentarealsobeingfeltbroadlyandpushingupexpensesthroughsalaryincreases.Theupwardpressureonlaborcostsissomewhatoffsetbythenewparadigmofremoteworkandtheassociatedabilitytohirepeoplefromalmostanywhere.Interestingly,neitherashortageofmaterialinputsnorlaborappearstohavemateriallyreducedrevenuesformostVC-backedcompanies,sincepricescanlargelyberaisedwithoutconsequenceinthecurrentinflationaryenvironment.TheQ4dataalsohighlightsthetaleofnontraditionalinvestorparticipationintheVCindustry—oneofthebigstoriesoftheyear.In2021,$253.5billionindealvaluehadnontraditionalinvestorssuchascorporateVCfunds,hedgefunds,PEfirms,andsovereignwealthfundsparticipate(76.9%oftotalannualdealvalue),anddealsworth$138.9billionwereledbyatleastonenontraditionalinvestor(42.1%oftotalannualdealvalue).WhileinterestinVCbyinvestorstypicallyfocusedonotherassetclassesgenerallyoccurswheneverVCoutperforms,suchinterestisusuallytransientinnature.Itisnotclearthatsuchisthecasethisgo-around,andcertainnontraditionalinvestorsmaybeheretostay.Lookingto2022,nontraditionalinvestorinterestandmomentumwilllikelycontinue,partlyduetothecontinuedstrongoutperformanceofVCportfolios.Atthesametime,traditionalVCinvestorsareflushwithcapitaltodeploy;VCfundraisingtopped$100billionin2021forthefirsttimeever,with$128.3billionraisedacross730funds—$40billionmorethan2020’spreviousrecordhigh.Thegoodnewsforentrepreneursisthatthereisadeeperandwiderpoolofcapitalsourcesavailabletofundandscalethenextgenerationofinnovativecompanies.Thecohortofcompaniesraisingearly-stagefundingin2022andtheenvironmentunderwhichtheywillscaletheirbusinessesoverthecomingyearswilldeterminethelongevityandstrengthoffutureexitactivity.4Q42021PITCHBOOK-NVCAVENTUREMONITORBipartisanInfrastructureBipartisanInfrastructureLawNVCApolicyhighlightsAs2021drewtoaclose,policymakinginDCwascenteredaroundpassageoftheBuildBackBetterAct,abudgetreconciliationbillbeingconsideredonaparty-linebasis.NVCAismakingthecaseinWashingtononhowtheprogramsinthepackagecanbridgethelab-to-marketdivideanddeliverjobsandinnovationtotheAmericanpublic.Atthesametime,wearewarningagainstthecounterproductiveconsequencesofmisguidedtaxpolicy,suchasincreasingtaxesoncarriedinterestcapitalgainsandharmfulchangestoQualifiedSmallBusinessStock(QSBS).Belowarethekeyissuesonwhichwearefocused.BuildBackBetterActNVCAcontinuestoengageontheQSBSprovisionintheBuildBackBetterAct.Wearemeetingwithkeylawmakerstoraiseconcernsaboutitsinclusionandpointoutissueswiththecurrentdraftingoftheprovision,includingtheretroactivenatureofthetaxincreaseandthatthecapitalgainsexclusionundertheproposalwillactuallybe30%ratherthan50%.NVCAjoinedacoalitionletterwith31innovationandentrepreneurshiporganizationsagainsttheQSBSprovision.Wearealsoremainingvigilantandcloselymonitoringanypossibleamendmentsoncarriedinterestcapitalgains.Presently,therearenochangestocarriedinterestinthelanguage,butwewillbepreparedshouldanychangesariseviaanamendmentontheSenatefloororotherwise.ThereareotherpromisingproposalsinthereconciliationpackageforwhichNVCAhasadvocated,includingprovidingadirectpaymechanismforthecleanenergytaxcreditsandcreatinganewenergystoragecredit;$7.5billionforNationalScienceFoundationresearchgrants,technologycommercializationsupportandscholarships;anewmicro-SBICprogram;and$30billionforworkforcedevelopment,includingtechnologyskills.SignedintolawtheweekbeforeThanksgiving,thebipartisaninfrastructurepackageincludesdozensofprogramstoincorporatetechnologyintoarangeofinfrastructure-relatedsystems,accelerateresearchandtechnologydemonstrationprojects,andre-shoreadvancedtechnologymanufacturing.Theseincludeprogramsforcybersecurity,energystorage,transportationandmobility,climate,andsmartcitytechnology.NVCAcontinuestoengageontheseprogramsastheimplementationprocessgetsunderway.AntitrustandacquisitionrestrictionsAntitrustscrutinyoflargetechcompaniescontinuesinWashington,andoneelementhasbeenproposalstorestrictorbanacquisitions.Giventheimportanceofacquisitionstothestartupecosystem,NVCAhasfocuseditseffortsinthisarea.Inparticular,weareconcernedaboutthePlatformCompetitionandOpportunityActfromSenatorsAmyKlobuchar(D-MN)andTomCotton(R-AR),whichisaneffectivebanonacquisitionsforcertainlargetechcompanies.AsimilarversionofthebillpassedtheHouseJudiciaryCommitteeinJune.NVCAissuedaformaloppositionletterexpressingourconcernswiththelegislationanddiscussingtheimportanceofacquisitionstothestartupecosystem.WehavemetdirectlywiththeauthorsofthebillandmanySenateofficestoshareourconcerns.Wehavewrittenop-eds(hereandhere)toargueagainstthebill.Ouractivitieswillcontinuein2022aspolicymakersconsideractiononantitrust.EndlessFrontierAct/USInnovationandCompetitionActFollowingastrongSenatebipartisanvoteinJune,HouseSpeakerNancyPelosiandSenateMajorityLeaderCharlesSchumerannouncedinNovemberanBobbyFranklinisthePresident&CEOoftheNationalVentureCapitalAssociation(NVCA),theventurecommunity’stradeassociationfocusedonempoweringthenextgenerationoftransformativeUS-basedcompanies.BasedinWashington,DC,withanofficeinSanFrancisco,NVCAactsasthevoiceoftheUSVCandstartupcommunitybyadvocatingforpublicpolicythatsupportstheUSentrepreneurialecosystem.agreementforthetwolegislativebodiestobeginconferencenegotiationsontheUSInnovationandCompetitionAct(USICA),whichincludestheNVCA-endorsedEndlessFrontierAct(EFA).Overthelastseveralmonths,NVCAprovidedrecommendationstosponsorsMajorityLeaderSchumer(D-NY)andSen.ToddYoung(R-IN)thatwouldencouragetheparticipationoftheventurecapitalindustrythroughprioritizationofnewcompanyformation.NVCAhasweighedinwithkeydecisionmakerstourgeHouseaction.Wecontinuetoadvocateforprioritizationofentrepreneurshipinthenegotiatedpackage,includingintheimplementationprocessifthebillpasses.Thenextseveralmonthsofpolicymakingwillbeincrediblyimpactfulforthefutureofthestartupecosystem.NVCAwillkeepawatchfuleyeforproposalsthatwouldharmourecosystemandworkcloselywithpolicymakerstogrowourinnovationeconomy.5Q42021PITCHBOOK-NVCAVENTUREMONITOR$45.4$41.6$49.1$74.0$85.8$82.6$88.4$144.2$144.5$166.6$329.6$10.4$4.3$6.9$19.$45.4$41.6$49.1$74.0$85.8$82.6$88.4$144.2$144.5$166.6$329.6$10.4$4.3$6.9$19.4$25.7$26.4$24.1$64.8$59.7$76.5$190.6OverviewUSVCdealactivity17,054112,49012,17310,7139,5108,0266,90011,34411,60611,10910,21520112012201320142015201620142015Dealvalue($B)Dealcount20172018Estimateddealcount201920202021*PitchBook-NVCAVentureMonitor*AsofDecember31,2021Capitalavailabilityisking.AfairportionofthenewVCinvestmentrecordsin2021canbeattributedtotherecordlevelsofcapitalcyclingthroughthesystem.VCdrypowdercontinuestohitall-timehighs,andanincreasingnumberofnontraditionalinvestorscontinuetoforayintoventuretoparticipatein,orevenlead,VCdeals.Onlytimewilltellwhethertheseinvestorsareheretostayorwhethermacroeconomiccatalystswilldrawtheswathsofcrossoverinvestorsawayfromtheventurestrategy.PubliclistingscontinuetodominatetheVCexitmarket.Anastonishing$774.1billioninexitvaluebecameliquidduring2021,ofwhich$681.5billionwasattributedto296publiclistings.TheaccelerationofSPACacquisitionactivitywasanothertailwindforthemarketrecordingapost-2000record.Lookingforwardto2022,wehaveseenanuptickinpublicmarketvolatilityoverthelastfewmonths,especiallywithinrecentIPOsandgrowthbusinesses,whichintroducesgreateruncertaintytothepubliclistingmarket.USVCmega-dealactivity819335335253214462611310886883920112012201320142015201620172018201920202021*Dealvalue($B)DealcountPitchBook-NVCAVentureMonitor*AsofDecember31,20216Q42021PITCHBOOK-NVCAVENTUREMONITORValuationscontinuerelentlessclimbacrossallstagesUSVCmedianpre-moneyvaluations($M)bystage$120$100 $80 $60 $40 $20$0$114.5$65.0$46.0$30.0 $7.0$5.0$ $7.0$5.02011201220112012 Angel201320142015201620172018201320142015201620172018 SeedEarlyVC201920202201920202021*LateVCPitchBook-NVCAVentureMonitor*AsofDecember31,2021SPACIPOshavetaperedoffsinceQ1butremainatelevatedpaceUSSPACIPOactivity$160$140$120$100 $80 $60 $40 $20$0556273613273613931013823054201120122013201420152016201120122013201420152016Totalamountraised($B)2017201820192020220172018201920202021*ExitcountPitchBook-NVCAVentureMonitor*AsofDecember31,2021PubliclistingactivitysustainsdominantstreakwithinVCexitmarketQuarterlyUSVCexitvalue($B)bytype$300$250$200$150$100 $50$0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2QQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4201620172018201920202021BuyoutPubliclistingAcquisitionPitchBook-NVCAVentureMonitor*AsofDecember31,2021USmedianandaverageVCfundsize($M)$200$180$160$140$120$100$80$60$40$20$02011201220132014201520162017201820112012201320142015201620172018201920202021*$156.9$50.0$42.1MedianAverageMedianPitchBook-NVCAVentureMonitor*AsofDecember31,2021ElevatedVCreturnsdriveuptickinfundraisingtotals.VCfirmsraisedarecord-shattering$128.3billioninnewcapitaloverthecourseoftheyear,representinga47.5%YoYincrease.Themedianandaveragefundraisingvaluein2021alsosawanotablejumpto$50.0millionand$188.1million,respectively.Ventureasanassetclasshasoutperformedinrecentyears.Ourdatashowsthatone-yearandthree-yearhorizonIRRsforventurehavesignificantlyoutpacedeveryotherprivatecapitalassetclass,encouragingLPstocontinuetoallocatecapitaltowardventureatunprecedentedratesandallowVCstoraisenewfundswithrelativeease.7Q42021PITCHBOOK-NVCAVENTUREMONITOR$2.4$3.1$4.3$5.4$6.8$6.8$8.0$10.6$10.7$11.1$17.020112012201320142015201620172018201920202021*$2.4$3.1$4.3$5.4$6.8$6.8$8.0$10.6$10.7$11.1$17.020112012201320142015201620172018201920202021*Angel,seed,andfirstfinancingsUSangelandseedactivitybytype3,7554,0003,7554,0003,4483,000$3,0002,2471,8752,000$2,000$13.11$13.11,000$4.0$8.8$4.0$2.30$2.30201120122013201420152016Angeldealvalue($B)Seeddealvalue($B)20172018Angeldealcount201920202021*SeeddealcountPitchBook-NVCAVentureMonitor*AsofDecember31,2021themassivechangetheindustryhasgoneeedistheeriesAhasbecomeacommonfigureeecharoundtheindustryThissimplearityfortimearecordnumberofmicro2021,addingtothealreadyhighcompetitionntitionhaspushedalreadyelevateddealUSangelandseedVCdealactivity(combined)6,6495,5355,715,5355,3235,2375,1755,3235,2375,1755,2204,5883,4752,574Dealvalue($B)DealcountDealvalue($B)PitchBook-NVCAVentureMonitor*AsofDecember31,2021yearIn2021,seedpre-moneyvaluationsgrewtoaheboth2019and2020.Withtherecordnumberofsmallerfunds,wewouldexpectthenumberoffirstfinancings—theinitialinstitutionalinvestmentinacompany—toshowpositivegrowth.Forthefirsttimeinourdataset,morethan4,000companiesreceivedtheirfirstventureinvestmentduring2021,and$23.8billionwasinvestedintothesedeals.Previouslytherecordhighforthenumberoffirstfinancingsinayearwas3,704,andtherecordamountinvestedwasjust$15.3billion.20112012201320142015201620172018201920202021*9.7$15.3$14.8$14.9$23.83,1683,42920112012201320142015201620172018201920202021*9.7$15.3$14.8$14.9$23.83,1683,4293,3163,2512,775destinationforVCsandentrepreneurs,inancingsfromSeveralothergrowthoYgrowthPhoenixststThehighvolumeofcapitalandinterestinearlyventureinvestingismeetingahighvolumeofentrepreneurshipintheUS.AccordingtotheUSCensusBureau,4.4millionbusinesseswerelaunchedin2020,thehighesttotalithastrackedsincetheorganizationbegancollectingthesestatisticsin2004.1Thattranslatestoanincreaseofmorethan50%overthe2010to2019average.Thisincreaseinnewbusinesses,whilenotalltargetsforVC,shouldbringamajorboostinopportunitiesforinvestors.Withthesurgeinopportunities,firstfinancingsandtheearlieststagesofventurewilllikelycontinuetoseestronggrowthoverthenearterm.ShareofUSangelandseedVCdealcountbysizebucket100%90%80%70%60%50%40%30%20%10%0%20112012201320142015201620112012201320142015201620172018201920202021*$25M+$10M-$25M$5M-$10M$1M-$5M$500K-$1MUnder$500KPitchBook-NVCAVentureMonitor*AsofDecember31,2021USfirst-timefinancingactivityRecordproportionofdealvaluefrom$10million+dealsShareofUSangelandseedVCdealvaluebysizebucket$25M$25M+$10M-$25M$5M-$10M$1M-$5M$500K-$1MUnder$500K90%80%70%60%50%40%30%20%10%0%PitchBook-NVCAVentureMonitor*AsofDecember31,2021RangeofUSseedpre-moneyvaluations($M)byquartile4,3753,5003,5153,6493,7043,5003,515201120112012201320142015201620122013201420152016Dealvalue($B)201720182019201720182019Dealcount2020202022021*PitchBook-NVCAVentureMonitor*AsofDecember31,2021$20.0$15.0$10.0$5.0$0.0$18.5$15.0$9.5$5.02006200620072008200920102011Averagedian201220132012201320142015201620172018201920202021*75thpercentile25thpercentilePitchBook-NVCAVentureMonitor*AsofDecember31,20211:“TheStartupSurge?Unpacking2020TrendsinBusinessFormation,”EconomicInnovationGroup,JimmyO’Donnel,etal.,February8,2021.8Q42021PITCHBOOK-NVCAVENTUREMONITOR9Q42021PITCHBOOK-NVCAVENTUREMONITOR$13.8$13.7$16.9$21.9$26.3$25.4$30.6$41.0$13.8$13.7$16.9$21.9$26.3$25.4$30.6$41.0$43.0$42.9$84.3Early-stageVC2021wasarecord-shatteringyearforearly-stageinvestorsasVCdealactivityeclipsed$80billionforthefirsttimeever.Thisisnearlydoublethepriorrecord,whenaggregateearly-stageVCdealvaluehoveredjustabove$40billionforthelastthreeconsecutiveyears.Iftherewereconcernsinthelastfewyearsthattheearlystagehadreachedaplateau,2021certainlyputthoseanxietiestorest.2021sawdealcountshattertheceilingof5,000dealsannually—theestimated5,351early-stageVCdealscompletedin2021representsasignificant57.1%YoYincreaseover2020’s3,406deals.Onaquarterlybasis,Q4representsthesixthconsecutiveQoQincreaseindealvaluefromtheinflectionpointseenduringQ22020—aquartermiredwiththeheavyuncertaintyandvolatilityfromtheonsetoftheCOVID-19pandemic.Indeed,Q4notchedarecordhighof$27.3billioninearly-stageVCdealvalue,doublingtheQ4totalseenjustoneyearprior.Early-stageVCisariteofpassageforyoungstartupslookingtodisruptincumbents.CapitalraisedforSeriesAandBroundstypicallygoesintodevelopingiterationsoftheminimumviableproduct(MVP)producedduringtheseedstage,aswellasgainingcredibilityandincreasinguserbase.Yet,inflationarypressuresondealsizesandvaluationshaveshakenthingsupoverthelast12to18months.Boththemediandealsizeandpre-moneyvaluationforearly-stagestartupshavehitrecordhighsin2021,reaching$10.0millionand$46.0million,respectively.FoundershaveraisedlargerandlargerroundsasourVCdealmakingindicatorpointstoaperiodofunprecedentedfounderfriendliness.Infact,moreearly-stageVCmega-deals(dealsatorexceeding$100million,typicallyreservedforlate-stageventure)werecompletedin2021thanthetotalnumberofmega-dealsacrossallstagesin2017.Notably,thetwolargestearly-stagedealsof2021werecompletedinQ4.CommonwealthFusionSystemsraiseda$1.8billionSeriesBinDecember,andSierraSpaceraiseda$1.4billionSeriesAinNovember.sUSearly-stageVCdealactivity5,3513,6013,7243,4063,6013,4683,3443,2493,4683,3443,0932,9303,0932,6692,50720112012201320142015201620172018201920202021*Dealvalue($B)DealcountEstimateddealcountPitchBook-NVCAVentureMonitor*AsofDecember31,2021sUSearly-stageVCdealactivitybyquarter$30$25$20$15$10$5$0Q1Q32016Q1Q3Q1Q3Q1Q3Q1Q3Q1Q320172018201920202021*Dealvalue($B)DealcountEstimateddealcount1,8001,6001,4001,2001,0008006004002000InourQ22021editionoftheVentureMonitor,weassertedthatearly-stageVCwas“undergoinganidentitycrisis.”Thisdynamiconlybecamemorepronouncedthroughthesecondhalfof2021,asupwardpressuredrovechecksizesandvaluationstonewhighs.MuchofthiscanbeattributedtotherecordlevelsofcapitalwashingthroughthesystemasVCdrypowdercontinuestoPitchBook-NVCAVentureMonitor*AsofDecember31,2021hitall-timehighsandanincreasingnumberofcrossoverinvestorscontinuetoforayintoventuretoparticipatein,orevenlead,early-stageVCdeals.Thishasfundamentallyalteredtheventurelandscape,particularlyattheearlystage,wherethepresenceofthesecrossoverinvestorswaspreviouslyscarceandrelativelyuncommon.Onlytimewilltellwhethertheseinvestorsareheretostay,or10Q42021PITCHBOOK-NVCAVENTUREMONITOR20112012201320142015201620172018201920202021*2011220112012201320142015201620172018201920202021*20112012201320142015201620172018201920202021*whethermacroeconomiccatalysts—suchasthethreeexpectedinterestratehikesin2022andpotentialchangestocarriedinteresttax,orapossiblereinvigorationintootherassetclasses—willdrawtheswathsofcrossoverinvestorsbacktowardlate-stageVCandmezzaninefinancingrounds.Overhalfofall2021dealsexceeded$10millionShareofUSearly-stageVCdealcountbysizebucket100%90%80%70%60%50%40%30%20%10%0%$25M+$10M-$25M$5M-$10M$1M-$5M$500K-$1MUnder$500KPitchBook-NVCAVentureMonitor*AsofDecember31,2021Averageearly-stagedealsizeexceeds$20millionforthefirsttimeRangeofearly-stageVCdealsizes($M)byquartile$30$25$20$15$10$5$0$24.0$23.2$$10.0$2.5201120122013201120122013201420152016MedianAverage2201725th75th201820182019percentilepercentile2202022021*PitchBook-NVCAVentureMonitor*AsofDecember31,2021paceShareofUSearly-stageVCdealvaluebysizebucket100%90%80%70%60%50%40%30%20%10%0%$25M+$10M-$25M$5M-$10M$1M-$5M$500K$1MUnder$500KPitchBook-NVCAVentureMonitor*AsofDecember31,2021SharpuptickinvaluationsobservedacrossentirerangeRangeofearly-stageVCpre-moneyvaluations($M)byquartile$120$100 $80 $60 $40 $20$0$119.2$100.5$46.0 $24.0201120122011201220132014MedianAverage201520162201725th75th201820182019percentilepercentile2202022021*PitchBook-NVCAVentureMonitor*AsofDecember31,202111Q42021PITCHBOOK-NVCAVENTUREMONITOR$29.2$24.8$27.9$46.6$52.7$50.4$49.8$92.$29.2$24.8$27.9$46.6$52.7$50.4$49.8$92.6$90.8$112.6$228.3Late-stageVCInvestordemandforthemostmatureVC-backedstartupsreachednewheightsas2021recordedmorethandouble2020’spreviouslate-stageinvestmentrecord.Over$220billio