Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't (4/37)

With more money (and new non VC entrants) venture financings have obviously increased. 2015 was an enormous year (2x pre recession) US VC ﬁnancing activity $100 Capital invested ($B) 9,3819,381 10,000 # of rounds closed 8,5638,563 8,0978,097 7,5727,572 $75 6,4286,428 $77 7,500 $68 5,1935,193 $50 4,1194,119 4,5334,533 4,3164,316 5,000 3,1453,145 $42 $40 $44 2,5742,574 $35 $36 $25 $28 $26 $30 2,500 $23 $0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 4 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 4

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