Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't (12/37)

Private market valuations had risen beyond what some believe are sustainable (up 3x in 2 years). Q4 saw massive correction (we asked VCs if they thought it was an anomaly or a trend). US VC-backed ﬁnancing median pre-money valuation ($M) $80 $68 $60 $60 $58 $51 $53 $40 $37 $24 $28 $20 $21 $22 $17 $19 $0 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 12 Source: Dow Jones VentureSource Venture Capital Report 4Q’15; Upfront analysis.

Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't - Page 12

Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't Page 11 Page 13