2. LOS ELEMENTOS CULTURALES
2.3. Lorés, Rojo, Leppihalme
Some of our happy customers
California saw another strong year in venture capital. On a year-over-year basis, California deals increased a modest 13% while funding levels were up 81%, ballooning to $26.8B in 2014.
The usual suspects of SF, Palo Alto, and Mountain View dominated with the most deals in California in 2014. Snapchat was the only non-Valley based company to make the top 10.
Top Cities Deals Dollars ($M) Company Round Amount ($M) Quarter
San Francisco 584 $10,948 Uber Series E $1,200 Q4'14
Palo Alto 103 $2,872 Uber Series D $1,200 Q2'14
Mountain View 85 $1,715 Cloudera Series F $900 Q1'14
Sunnyvale 66 $731 Snapchat Series D $486 Q4'14
San Jose 62 $1,095 AirBnB Series D $475 Q2'14
San Diego 60 $715 Palantir Technologies Series H - III $337 Q3'14
San Mateo 59 $514 TangoMe Series D $280 Q1'14
Redwood City 59 $1,324 SurveyMonkey Private Equity - II $250 Q4'14
Menlo Park 55 $603 Lyft Series D $250 Q2'14
Santa Clara 39 $452 Pure Storage Series F $225 Q2'14
Top Cities in California: 2014 Top California Deals: 2014
Note: Venture capital deals included in the ranking may be tranched fundings.
Tech sectors (Internet, mobile, software, computer hardware, electronics) accounted for 79%
of all VC deals in California in 2014.
Mobile VC funding jumped from 15% to 23% in 2014 behind multiple mega-financings to Uber. The Internet sector led with 41% of total VC funding in California. Healthcare trailed at 13%.
Early-stage deal share at the Seed and Series A stage accounted for a combined 55% of all California deals in 2014. All other stages remained relatively range-bound versus 2013.
After a down 2013, Series D and E+ VC dollar share in California bounced back. All other stages were casualties, all falling YoY in 2014.
Deal activity finished strong in Massachusetts giving the state 9% YoY growth in deals in 2014. Mass. also finished the year strong on a funding basis, with an eight quarter high in VC funding at $1.6B which resulted in 37% funding growth YoY.
Year Funding ($B) Deals
2013 $3.0 318
2014 $4.2 346
YoY Growth 37% 9%
Cambridge and Boston combined to take $2.42B across 195 deals. Healthcare accounted for 5 of the top 10 deals in Massachusetts in 2014.
Top Cities Deals Dollars ($M) Company Round Amount ($M) Quarter
Boston 103 $817 Moderna Series E $450 Q4'14
Cambridge 92 $1,602 ActiFio Series E $100 Q1'14
Waltham 26 $429 SimpliSafe Series A $57 Q2'14
Burlington 10 $201 Thinking Phone Networks Series D $57 Q4'14
Woburn 9 $144 Civitas Therapeutics Series C $55 Q3'14
Watertown 8 $75 Syros Pharmaceuticals Series B $53 Q4'14
Acton 8 $59 Kaminario Series E $53 Q4'14
Wellesley Hills 4 $16 Blueprint Medicines Series C $50 Q4'14
Westborough 4 $20 Acquia Series F $50 Q2'14
Somerville 4 $10 Seres Health Series C $48 Q4'14
Top Cities in Massachusetts: 2014 Top Massachusetts Deals: 2014
Internet led Massachusetts’ deal share in 2014 at 37% followed closely by healthcare, which fell to 26% deal share versus 30% in 2013. Mobile & Telecom came in a distant third in the state at 14%.
While the Internet sector topped 2014 deal activity in Mass., healthcare took a whopping 46%
of funding share vs. Internet funding, which made up 25% of all VC Funding in the state.
Series E+ deal share grew from 7% of overall deal volume in Mass. in 2013 to 10% in 2014.
Series A saw the most deals across the spectrum taking 28% of deal share in the state.
After 2013 saw Series B deals take 31% of all funding, funding share fell to 20%, while Series E+ funding share skyrocketed from 17% to 29% funding share in 2014 behind Moderna’s
$450M Series E and ActiFio’s $100M Series E.
Venture capital funding levels broke out in NY in 2014 with every quarter clocking in above
$1B in total funding. NY VC funding was up 53% YoY while deals grew at a more modest 7%
YoY.
New York saw multiple nine-figure deals in 2014. Top deals covered a broad array of
industries ranging from eCommerce to Media to Finance. Real estate venture, WeWork, which offers co-working spaces, had 2 of the 3 largest NY deals of the year.
Note: Venture capital deals included in the ranking may be tranched fundings.
Top Cities Deals Dollars ($M) Company Round Amount ($M) Quarter
New York 365 $3,957 WeWork Series B $355 Q4'14
Brooklyn 33 $446 Vice Media Growth Equity $250 Q3'14
Long Island City 5 $48 WeWork Series A $157 Q1'14
Rochester 3 $5 Flatiron Health Series B $130 Q2'14
Troy 2 $3 Oscar Health Insurance Co. Series A $80 Q2'14
West Henrietta 2 $6 OnDeck Capital Series E $77 Q1'14
Forest Hills 2 $5 IEX Group Series C $75 Q3'14
Geneva 1 $2 Harry's Razor Company Series B $75 Q4'14
Victor 1 $1 Harry's Razor Company Series A $75 Q1'14
Tappan 1 $1 FanDuel Series D $70 Q3'14
Top Cities in New York: 2014 Top New York Deals: 2014
63% of deals in New York went to Internet firms in 2014. Mobile saw an increased deal share for the second straight year at 19%, coming in at a solid #2 to Internet in NY.
2014 saw 67% of venture capital dollars in NY go to the Internet sector, followed by Mobile &
Telecom at 9% of funding share. Business Products & Services were buoyed by a combined
$512M in funding to co-working space WeWork.
Seed deal share grew from 34% to 40% of all NY VC deals in 2014. Series A deal share decreased for the third straight year, falling from 31% in 2012 to 28% in 2013 and reaching just 26% in 2014.
With huge deals including Flatiron Health in 2014, Series B jumped to a 32% funding share for the year. Series C and D deal share fell drastically as a result of this, while Series E+ deals saw modest growth to 19% funding share behind large deals including now-public OnDeck Capital.
Washington funding grew 34% YoY behind several sizable deals led by Juno Therapeutics.
But yearly deal totals were down 17% YoY.
Year Funding ($B) Deals
2013 $0.9 117
2014 $1.1 97
YoY Growth 34% -17%
Seattle took the lion’s share of venture capital deals and dollars in Washington. Juno
Therapeutics saw the largest deal in the state for the second straight year, followed by real estate tech company Redfin and wire data analytics company ExtraHop Networks.
Top Cities Deals Dollars ($M) Company Round Amount ($M) Quarter
Seattle 71 $853 Juno Therapeutics Series B $134 Q3'14
Redmond 7 $45 Redfin Series G $71 Q4'14
Bellevue 7 $86 ExtraHop Networks Series C $41 Q2'14
Kirkland 5 $56 Avvo Series D $38 Q2'14
Bainbridge Island 2 $56 SmartSheet Series E $35 Q2'14
Bellingham 1 $4 Skytap Series D $35 Q4'14
Tacoma 1 $14 Juno Therapeutics Series A - III $31 Q2'14
Renton 1 $5 Integrated Diagnostics Series B $30 Q2'14
Arlington 1 $17 Julep Beauty Series C $30 Q2'14
Liberty Lake 1 $10 Avalara Series E $30 Q1'14
Top Cities in Washington: 2014 Top Washington Deals: 2014
The Internet sector took nearly half of the venture capital deals in Washington in 2014. Mobile overtook healthcare in 2014, taking 16% of deals, as healthcare fell from 20% in 2013 to just 13% in 2014.
Internet funding in Washington accounted for 44% of all VC dollars in 2014 taking three of the five largest deals in the state. Healthcare fell to a 28% funding share, while mobile and
software were the only other sectors with more than 5% funding share.
After seed-stage deals grew from 20% in 2012 to 28% in 2013, it fell back to 24% in 2014.
Funding share to Series A rounds fell from 30% in 2013 to 22% in 2014, while all later stages saw modest gains. Series B rounds saw the largest growth driven by Juno Therapeutics
$134M financing.
Texas saw funding activity hit an eight-quarter high in Q1’14. Compared to 2013, funding was up 21% while deals steadily grew up 8%.
Austin dominated Texas venture capital financing activity in 2014, seeing over 5x as much funding as the second most active city, Houston. Geospatial solutions provider Surveying and Mapping’s $123M growth equity round was the biggest of the year.
Note: Venture capital deals included in the ranking may be tranched fundings.
Top Cities Deals Dollars ($M) Company Round Amount ($M) Quarter
Austin 83 $741 Surveying and Mapping Growth Equity - II $123 Q1'14
Houston 15 $141 Spiceworks Series E $57 Q1'14
Dallas 8 $74 ZS Pharma Series D $55 Q1'14
Plano 7 $57 Bellicum Pharmaceuticals Series C $55 Q3'14
San Antonio 6 $41 TelaDoc Series F $50 Q3'14
Tomball 2 $4 BigCommerce Series D $50 Q4'14
Georgetown 2 $7 SolarBridge Technologies Series E $42 Q1'14
Richardson 2 $1 Surveying and Mapping Growth Equity $37 Q1'14
Grand Prairie 2 $18 Spredfast Series D $33 Q1'14
Spring 2 $2 Phunware Series E $30 Q1'14
Top Cities in Texas: 2014 Top Texas Deals: 2014
Concentrated primarily in Austin, Internet and mobile combined to take 50% of Texas VC deals in 2014. Healthcare saw 16% of deals in the state.
On the funding front, Internet, healthcare, and software all took over 20% of overall share.
Software’s 22% funding share was largely driven by the state’s biggest deal of the year, a
$123M growth equity financing for Surveying and Mapping.
Seed and Series A activity took a combined 49% of deal volume in Texas versus 44% in 2013 as VCs invested in more seed-stage deals. Series D deal share grew modestly to 8%, while all other stages ticked down YoY.
After eRecyclingCorps $105M round buoyed Series C dollar share in 2013, Series D and E+
funding share grew drastically behind multiple $50M+ fundings.
“Designed by a VC insider who truly knows the space and understands end-user needs.”
“CB Insights are changing the way investors access private company information.”
Kevin Diestel Investor
Sapphire Ventures
“We've found CBI to have the best data for the most accurate market view.”
“They have the best quality data in the market for anyone looking to get an inside look at private company financings.”
“CB Insights' intuitive user interface, analytical capabilities, and detailed investment
information create a very powerful tool for our team's research needs.”
comparable companies. It is great to see CB Insights innovating in the venture capital data space.
Will Porteous General Partner RRE Ventures
We encourage you to review the methodology and definitions employed by us to better understand the numbers presented in this report. If you have any questions about our definitions or methodological principles, we encourage you to reach out to us directly.
What is included?
Equity financings into emerging companies. Funding must come from venture capital firms including corporate venture groups.
• Fundings of only private companies. Public companies of any kind on any exchange (including Pink Sheets) are excluded from our numbers even if they received investment by a venture firm(s)
• Companies must be headquartered in the USA. Our geographic data is based on the city and state where the company receiving investment is headquartered. If a company has a satellite
office/presence in multiple cities or was founded in a particular city but has moved its HQ, our results reflect only this HQ address.
• Only include the investment made in the quarter for tranched investments. If a company does a second closing of its Series B round for $5M and previously had closed $2M in a prior quarter, only the $5M is reflected in our results.
• Round #s reflect what has closed –not what is intended. If a company indicates the closing of $5M out of a desired raise of
$15M, our numbers reflect only the amount which has closed.
• Only verifiable fundings are included. Fundings are verified via (1) various federal & state regulatory filings (2) direct confirmation with firm or investor or (3) press release.
• Funding close date matters. Fundings are provided based on funding close date and not on announcement date.
What is not?
• Angel investment. These are not included in numbers unless an investment round included Angels investing alongside a venture capital firm or corporate venture group.
• No contingent funding. If a company receives a commitment for $20M subject to hitting certain milestones but first gets $8M, only the $8M is included in our data.
• No business development/R&D arrangements whether transferable into equity now, later or never. If a company signs a $300M R&D partnership with a larger corporation, this is not equity financing nor is it from venture capital firms. As a result, it is not included.
• Buyouts, Consolidations and Recapitalizations. All three of these of transaction types are commonly employed by private equity firms and are tracked by CB Insights. However, they are excluded for the purposes of this report. Private equity investments into companies which may have received venture capital investment prior are also not included.
• Private placements. These investments also known as PIPEs (Private Investment in Public Equities) even if made by a venture capital firm(s)
• are not included.
• Debt/loans of any kind. Venture debt or any kind of debt/loan issued to emerging, startup companies even if included as an additional part of an equity financing is not included. If a company receives $3M with $2M from venture investors and
$1M in debt, only the $2M is included in these statistics.
• Government funding. Grants, loans, equity financings by the federal government, state agencies or public -private partnerships to
• emerging, startup companies are not included. Strictly venture or corporate venture outfits.
• Incubator investments. Investments of money as equity or debt and/or services by incubators are not included.
• Strategic corporate investments. Corporations making strategic investments in companies but not as part of a specific organized venture group are not included.