MATTERMARK 2015 US STARTUP FUNDING REPORT 2016 Pace: Deal Compression at Seed & Series A Seed/Angel -27% Series A -22% Series B +18% Series C +57% Series D +56% Series E, F, G & H -1% 1200 1000 800 600 400 Number of Rounds by Stage200 0 $10 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 $8 2016 Pace $7 $5 Deployed $3 Monthly Capital (billions USD)$2 $0 SOURCES: MATTERMARK RESEARCH, CRUNCHBASE, ANGELLIST 8