Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't (6/37)

Angel & Seed deals have grown fastest but dollars have scaled massively into a smaller number of later-stage deals (doubling in just 2 years) US VC # of rounds closed by stage US VC capital invested ($B) by stage 5,000 CAGR 50 CAGR Late 36% Angel/ Stage 4,000 Seed 22% 40 3,000 30 Early 3% Early 16% Stage Stage 2,000 20 Late 1% 1,000 Stage 10 Angel/ 21% Seed 0 0 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015 6 Source: PitchBook 2015 Annual U.S. Venture Industry Report; Upfront analysis.

Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't - Page 6

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