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[PreMoney SF 2016] Anand Sanwal > CB Insights on Tech, VC and Emerging Trends

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Anand Sanwal, CEO, CB Insights > CB Insights on Tech, VC and Emerging Trends

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[PreMoney SF 2016] Anand Sanwal > CB Insights on Tech, VC and Emerging Trends

  1. 1. www.cbinsights.com @cbinsights 1 PREMONEY CB Insights on tech, vc and emerging trends
  2. 2. www.cbinsights.com @cbinsights WHAT CB INSIGHTS DOES WE TELL YOU WHERE TECHNOLOGY IS GOING CB Insights organizes massive amounts of information so that our clients can predict, communicate and discuss technology trends. http://www.cbinsights.com
  3. 3. www.cbinsights.com @cbinsights DO YOU LIKE BEING SMART? GET OUR NEWSLETTER 168,000+ get our newsletter to see the latest in emerging tech, startups and venture capital. It’s free and will make you smarter and better looking. http://www.cbinsights.com/newsletter
  4. 4. www.cbinsights.com @cbinsights ABOUT ME WHO AM I? • CEO and Co-founder of CB Insights • Ran American Express’ $50M Chairman’s Innovation Fund • Worked in venture capital and M&A • Author of “Optimizing Corporate Portfolio Management” (Wiley 2007) • Graduate of Wharton (Finance and Accounting) and the University of Pennsylvania (Chemical Engineering) Email | asanwal@cbinsights.com Twitter | @asanwal
  5. 5. www.cbinsights.com @cbinsights A FEW OF OUR HAPPY CUSTOMERS The most publicly reference-able customers of anyone in the industry See what other customers have to say at http://www.cbinsights.com/customer-love “Designed by a VC insider who truly knows the space and understands end-user needs.” “We're using CB Insights at Salesforce Ventures to analyze industry trends that are relevant to our strategy. It's helped improve our efficiency.” Matt Garratt Sr. Director, Corporate Development Salesforce Ventures “CB Insights provides our team with a holistic and thematic approach that really captures market activity….we've found CBI to have the best access for the most accurate market view.” “We have been looking for a tool that could give us the ability to track, research and identify investment opportunities. CB Insights provides this simply and in a simple, easy to use interface. The depth of information that we get is exactly what we need. Great product.” Jonathan Tudor Ventures Director Castrol innoVentures “CB Insights perfectly illustrates what I expect today from such online services to stay tuned to our fast-changing Tech Landscape. Accurate and up-to-date data mash-ups, intuitive UIs, smart data visualization capabilities and direct API access… all packaged together with straightforward pricing.” Simon Mencarelli Senior Manager, Strategic Planning Dassault Systems “CB Insights' intuitive user interface, analytical capabilities, and detailed investment information create a very powerful tool for our team's research needs.” Nate D’Anna Corporate Development Cisco Greg Bae Investments & Biz Dev Comcast Ventures Jack Leeney Portfolio Manager Telefonica Ventures LOVED BY CUSTOMERS USED BY THE SMARTEST TEAMS ACROSS EVERY INDUSTRY
  6. 6. www.cbinsights.com @cbinsights @cbinsights @asanwal
  7. 7. www.cbinsights.com @cbinsights Image source: Affirm Agency
  8. 8. www.cbinsights.com @cbinsights GLOBAL AND US FINANCING TRENDS
  9. 9. www.cbinsights.com @cbinsights $25.5B DEPLOYED ACROSS 1829 DEALS TO VC-BACKED COMPANIES IN THE FIRST QUARTER OF 2016 2015 was a record year in both deals and dollars invested in VC-backed companies, though we saw a marked pullback in financings towards year-end. 2016 has seen a less exuberant start; at the current run rate, deal activity is roughly on pace to match 2013 while investment dollars would fall between the 2014 and 2015 figures.
  10. 10. www.cbinsights.com @cbinsights Q1’16 SEES CONTINUED DECLINE FROM Q4’15 AS BOTH DEAL TALLY AND FUNDING DOLLARS DROP The negative sentiment that caused a sharp correction in Q4’15 has continued to persist into the new year. Global funding fell a further 8% vs. the previous quarter as mega-round activity continued to cool. Deal count was a bit more stable but nevertheless fell 4% as opposed to recovering from the drastic drop-off in Q4’15.
  11. 11. www.cbinsights.com @cbinsights SEED-STAGE DEAL SHARE FALLS TO 5-QUARTER LOW WHILE SERIES A RISES Deal share to seed-stage investments abruptly dropped in Q1’16, down from 32% of the total in Q4’15 to just 28%. Series A deals continued to take a strong proportion of deals with the 26% in Q1’16 representing a 5- quarter high for A rounds.
  12. 12. www.cbinsights.com @cbinsights MEDIAN EARLY-STAGE DEAL SIZE TICKS UPWARD TO 5- QUARTER HIGH Median early-stage (Seed - Series A) deal size among all VC-backed companies hit $2.7M in Q1’16, up 17% from the previous quarter. This reflects the active ecosystem of micro-VCs, multi-stage funds and strategic investors actively pursuing early-stage deals.
  13. 13. www.cbinsights.com @cbinsights GLOBAL MEDIAN LATE-STAGE DEAL SIZES CONTINUE TO FALL The continued decline of mega-rounds led to a further drop in global median late-stage (Series D or later) deal sizes. Q1’16’s median late-stage deal size plunged 30% from the previous quarter to just $22M, nearing the pre-euphoria figures of Q1’15.
  14. 14. www.cbinsights.com @cbinsights U.S. SAW $14.8B ACROSS 1035 DEALS IN Q1’16 US-based VC-backed companies raised a record $72.4B in equity financing in 2015, although deal count dropped by 8% from 2014. Negative sentiment has continued to the start of the new year, with deal activity barely on pace to reach 2011’s figures at the Q1’16 run-rate.
  15. 15. www.cbinsights.com @cbinsights QUARTERLY FINANCING TRENDS TO US-BASED COMPANIES
  16. 16. www.cbinsights.com @cbinsights LESS UNICORN CHATTER
  17. 17. www.cbinsights.com @cbinsights SERIES A AND SERIES B TRENDS
  18. 18. www.cbinsights.com @cbinsights $11.2B INVESTED INTO US-BASED SERIES A AND B COMPANIES IN 2015 In 2015, funding to US-based tech companies slightly increased over 2014 while deal activity slowed. 2015 had 3 mega-rounds to US-based Series B companies including Gitthub ($250M), Oscar Health ($145M), and Symphony Communication Services Holdings ($100M).
  19. 19. www.cbinsights.com @cbinsights QUARTERLY TREND REVEALS FINANCING DROPOFF TO SERIES A AND B STAGE COMPANIES The quarterly trend reveals a third consecutive quarterly drop in investment to Series A and B-stage companies. This represents the lowest quarterly total for deals and dollars since Q1’15.
  20. 20. www.cbinsights.com @cbinsights MEDIAN ROUND SIZE OF SERIES A AND B STAGE COMPANIES IN THE U.S. The median round size of both Series A and Series B investment has steadily increased over the past 5 years. From 2011 to 2015, the median round size for Series A companies increased from $3.3M to $6M, representing an 82% increase, while Series B companies went from $7M to $12.5M, a 79% increase over the period.
  21. 21. www.cbinsights.com @cbinsights HOW LONG DOES IT TAKE COMPANIES RAISE FOLLOW-ON FINANCING? Overall, its taking less time for companies to raise financing. The amount of time that seed stage companies wait before they raise a Series A has steadily declined, and the same is true for Series A companies that have raised a Series B round.
  22. 22. www.cbinsights.com @cbinsights SERIES A AND SERIES B INVESTOR TRENDS
  23. 23. www.cbinsights.com @cbinsights MOST ACTIVE SERIES A INVESTORS IN THE U.S. Rank Investors 1 SV Angel 2 Google Ventures 3 Andreessen Horowitz 4 Lerer Hippeau Ventures 5 First Round Capital 6 True Ventures 7 Accel Partners 8 New Enterprise Associates 8 KhoslaVentures 10 500 Startups 11 Greycroft Partners 12 General Catalyst Partners 13 SequoiaCapital 14 Greylock Partners 15 Kleiner PerkinsCaufield & Byers 16 FelicisVentures 17 Floodgate 18 Foundry Group Most Active SeriesA InvestorsIn The U.S. From 2011 through Q1’16, SV Angel ranks as the most active investor participating in Series A rounds to US- based companies. GV, aka Google Ventures, and a16z round out the second and third spot, as seen below. 1 2 3 4 5
  24. 24. www.cbinsights.com @cbinsights MOST ACTIVE SERIES B INVESTORS IN THE U.S. 1 2 3 4 4 Rank Investors 1 New Enterprise Associates 2 Intel Capital 3 Bessemer Venture Partners 4 Andreessen Horowitz 4 KhoslaVentures 6 Accel Partners 6 SequoiaCapital 8 Greylock Partners 9 Greycroft Partners 10 Battery Ventures 11 Redpoint Ventures 12 First Round Capital 12 Lightspeed Venture Partners 12 Kleiner PerkinsCaufield & Byers 12 Index Ventures 16 Salesforce Ventures 17 Bain Capital Ventures Most Active Series B Investors In The U.S. From 2011 through Q1’16, NEA ranks as the most active investor participating in Series B rounds to US-based companies. Intel Capital, one of the most active CVCs ranks second and Bessemer Venture Partners ranks third.
  25. 25. www.cbinsights.com @cbinsights MOST ACTIVE SERIES A INVESTORS IN CALIFORNIA 1 2 3 4 5 Rank Investors 1 Andreessen Horowitz 2 SV Angel 3 Google Ventures 4 True Ventures 5 KhoslaVentures 6 Accel Partners 7 SequoiaCapital 8 Greylock Partners 9 New Enterprise Associates 9 500 Startups 9 DataCollective 9 First Round Capital 13 Kleiner PerkinsCaufield & Byers 14 Lightspeed Venture Partners 15 FelicisVentures 16 Redpoint Ventures 16 Social Capital 16 Benchmark Capital Most Active Series A Investors In California Andreessen Horowitz ranks as the most active investor participating in Series A rounds to California-based companies. SV Angel and GV round out the top 3, while True Ventures and Khosla Ventures rank at the 4th and 5th spot.
  26. 26. www.cbinsights.com @cbinsights MOST ACTIVE SERIES B INVESTORS IN CALIFORNIA 1 1 3 4 5 Rank Investors 1 Andreessen Horowitz 1 New Enterprise Associates 3 KhoslaVentures 4 Intel Capital 5 Greylock Partners 5 SequoiaCapital 7 Accel Partners 8 Redpoint Ventures 9 Index Ventures 10 Bessemer Venture Partners 10 Battery Ventures 10 Lightspeed Venture Partners 13 Kleiner PerkinsCaufield & Byers 14 SV Angel 14 DCM Ventures 14 FelicisVentures 14 Trinity Ventures 18 Formation 8 18 Northgate Capital 18 Institutional Venture Partners Most Active Series B Investors In California Andreessen Horowitz ties NEA as the most active investor participating in Series B rounds to California-based companies. Both funds have billions in assets under management, and have the flexibility to invest across stages and sectors.
  27. 27. www.cbinsights.com @cbinsights MOST ACTIVE SERIES A INVESTORS IN NEW YORK 1 2 2 4 Rank Investors 1 Lerer Hippeau Ventures 2 RREVentures 2 BoxGroup 4 Greycroft Partners 5 First Round Capital 5 Softbank Capital 5 SVAngel 8 Spark Capital 8 Thrive Capital 10 IA Ventures 10 Contour Venture Partners 12 Founder Collective 12 ff Venture Capital 14 Slow Ventures 14 General Catalyst Partners 14 Social Starts 17 Great Oaks Venture Capital 17 Tribeca Venture Partners 17 Betaworks Most Active Series A Investors In New York Lerer Hippeau Ventures ranks as the most active investor participating in Series A rounds to NY-based companies. RRE Ventures and BoxGroup tie at the number 2 spot while FirstMark Capital and Greycroft Partners round out the top 5 spots.
  28. 28. www.cbinsights.com @cbinsights MOST ACTIVE SERIES B INVESTORS IN NEW YORK 1 2 2 2 2 Rank Investors 1 First Round Capital 2 RREVentures 2 Union Square Ventures 2 Softbank Capital 2 Gotham Ventures 6 Intel Capital 6 Greycroft Partners 6 New York Angels 9 Social Starts 9 QED Investors 9 New Enterprise Associates 9 IA Ventures Most Active Series B Investors In New York First Round Capital ranks as the most active investor participating in Series B rounds to NY-based companies. RRE Ventures, USV, Softbank Capital, and Gotham Ventures are all tied at the number two spot.
  29. 29. www.cbinsights.com @cbinsights THE UNITED STATE OF VENTURE CAPITAL – THE MOST ACTIVE TECH VC IN EACH STATE
  30. 30. www.cbinsights.com @cbinsights
  31. 31. www.cbinsights.com @cbinsights FLASH SALES: THAT WAS OBVIOUS
  32. 32. www.cbinsights.com @cbinsights PAST STARS HAVE LOST THEIR SHINE
  33. 33. www.cbinsights.com @cbinsights MOOCS (MASSIVE OPEN ONLINE COURSES) SEE DECLINING INTEREST. ED TECH OVERALL IS WEAK.
  34. 34. www.cbinsights.com @cbinsights SPRINKLE SOME “AI” IN THERE
  35. 35. www.cbinsights.com @cbinsights INVESTORS CANNOT GET ENOUGH ARTIFICIAL INTELLIGENCE The new “big data”
  36. 36. www.cbinsights.com @cbinsights THE BOT BUBBLE?
  37. 37. www.cbinsights.com @cbinsights AI APPLICATIONS IN HEALTHCARE ALSO VERY HOT
  38. 38. www.cbinsights.com @cbinsights ECOMMERCE IS HAVING A BAD YEAR
  39. 39. www.cbinsights.com @cbinsights SUBSCRIPTION ECOMMERCE SEES FUNDING DECLINE
  40. 40. www.cbinsights.com @cbinsights BUT SUBSCRIPTION SPACE CONTINUES TO GET MEDIA CHATTER
  41. 41. www.cbinsights.com @cbinsights PROGRAMMATIC COMMERCE Purchases will be made with data insights (often of the recurring variety). Hardware (IoT) and software (AI) opportunities. The age old “know when I’m out of milk” and order it issue that smart fridges were supposed to solve.
  42. 42. www.cbinsights.com @cbinsights ON-DEMAND This was small handful of companies (Uber, Airbnb) which drove up funding totals and a lot of investors jumped in driven by FOMO.
  43. 43. www.cbinsights.com @cbinsights LOTS OF HEAT AROUND AUTONOMOUS VEHICLES (AND IT’S NOT ALL ABOUT GOOGLE)
  44. 44. www.cbinsights.com @cbinsights DIGITAL HEALTH IS HOT The digital health industry reached a new investment high in 2015. The past year saw nearly $5.8B invested, a small increase from the breakout year in 2014 (which itself saw more than double the funding over 2013). However, there was a more significant jump in deals, which saw a 20.6% year-over-year increase and broke the 800-mark for the first time (nearly hitting 900). We need to see exits.
  45. 45. www.cbinsights.com @cbinsights REMEMBER QUANTIFIED SELF
  46. 46. www.cbinsights.com @cbinsights CLINICAL WEARABLES HOTTER THAN GENERAL PURPOSE FITNESS WEARABLES
  47. 47. www.cbinsights.com @cbinsights FIN TECH IS HOT
  48. 48. www.cbinsights.com @cbinsights BLOCKCHAIN INCREASES IN INTEREST WHILE BITCOIN SLIPS
  49. 49. www.cbinsights.com @cbinsights WITHIN BLOCKCHAIN, LOTS OF POTENTIAL APPLICATIONS
  50. 50. www.cbinsights.com @cbinsights CYBERSECURITY ALSO HOT (BUT OVERFUNDED) In dollar terms, investment has grown from $1.1B to $3.8B, which is 235% growth over 5 years. The all-time high funding total in 2015 was bolstered by large rounds to well-funded companies including Tenable Network Security‘s $250M Series B and Tanium‘s $120M Series G. The challenge here is that this space is probably overfunded by lots of ”me too” companies and lemming investors who piled in.
  51. 51. www.cbinsights.com @cbinsights GETTING ‘REAL’ Real estate tech spans categories like property and leasing management software and listing and search services, among several others. The industry saw a record in deals and dollars in 2015.
  52. 52. www.cbinsights.com @cbinsights “ASSET INTENSIVE” From oil & gas analytics to mining software to construction tech software (not the fin tech type), a few booming areas. Smart money like Sequoia, Greylock, Bain are all making bets here.
  53. 53. www.cbinsights.com @cbinsights IoT REMAINS OF INTEREST ESPECIALLY INDUSTRIAL IoT
  54. 54. www.cbinsights.com @cbinsights INDUSTRIAL IoT Yes - the Internet of Things still has legs. Industrial applications for supply chains, factory floors and oil fields are gaining steam.
  55. 55. www.cbinsights.com @cbinsights IN GOOD NEWS, BIZ FUNDAMENTALS ARE HOT AGAIN
  56. 56. www.cbinsights.com @cbinsights Email | asanwal@cbinsights.com Twitter | @asanwal WHAT CB INSIGHTS DOES WE TELL YOU WHERE TECHNOLOGY IS GOING CB Insights organizes massive amounts of information so that our clients can discover, predict, and communicate coming technology trends.
  57. 57. www.cbinsights.com @cbinsights @cbinsights @asanwal
  58. 58. www.cbinsights.com @cbinsights DO YOU LIKE BEING SMART? GET OUR NEWSLETTER 168,000+ get our newsletter to see the latest in emerging tech, startups and venture capital. It’s free and will make you smarter and better looking. http://www.cbinsights.com/newsletter

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