Spreadsheet: 2866f3cb-1ec4-42b8-994f-2208a8b65123
Sheet: First Sequence by Stage of Dev

 |  |  |  |  | PricewaterhouseCoopers/National Venture Capital Association
 |  |  |  |  | MoneyTree™ Report. Data: Thomson Reuters
 |  |  |  |  | First Sequence Investments by Stage of Development Q1 1995 - Q1 2012
Amount Invested
Stage of Development | 1995 |  |  |  |  | 1996 |  |  |  |  | 1997 |  |  |  |  | 1998 |  |  |  |  | 1999 |  |  |  |  | 2000 |  |  |  |  | 2001 |  |  |  |  | 2002 |  |  |  |  | 2003 |  |  |  |  | 2004 |  |  |  |  | 2005 |  |  |  |  | 2006 |  |  |  |  | 2007 |  |  |  |  | 2008 |  |  |  |  | 2009 |  |  |  |  | 2010 |  |  |  |  | 2011 |  |  |  |  | 2012
 | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 1995 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 1996 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 1997 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 1998 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 1999 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2000 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2001 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2002 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2003 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2004 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2005 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2006 Totals | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2007 Totals | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2008 Totals | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2009 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2010 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2011 Total | Qtr 1 | 2012 Total
Seed | 171274900 | 252377600 | 151059900 | 163929200 | 738641600 | 127444000 | 203656000 | 132228700 | 173528800 | 636857500 | 232281900 | 205172100 | 164028000 | 203439400 | 804921400 | 249699200 | 231145300 | 222665200 | 305217100 | 1008726800 | 447506300 | 569902200 | 697347000 | 1051945800 | 2766701300 | 694490400 | 705063500 | 689334500 | 422688400 | 2511576800 | 204326000 | 201650000 | 118520700 | 107514800 | 632011500 | 62319000 | 77855300 | 67835000 | 55673200 | 263682500 | 77273000 | 77791000 | 91293200 | 59215300 | 305572500 | 81121100 | 85768100 | 146035100 | 515384000 | 828308300 | 141085900 | 425356700 | 138513700 | 108073000 | 813029300 | 211551000 | 323180900 | 318195400 | 219936900 | 1072864200 | 210983900 | 378046000 | 376530400 | 442208400 | 1407768700 | 322179300 | 414902600 | 349620700 | 274881000 | 1361583600 | 155377700 | 434204500 | 177302900 | 195811300 | 962696400 | 206916600 | 327747400 | 205434500 | 173060900 | 913159400 | 154679800 | 351835100 | 175576800 | 85368300 | 767460000 | 73204200 | 73204200
Early Stage | 241837200 | 197484200 | 176323000 | 282656200 | 898300600 | 345048000 | 388268100 | 252527500 | 371912200 | 1357755800 | 387166800 | 377904900 | 363595800 | 563092200 | 1691759700 | 677682500 | 398829900 | 511146500 | 1084875700 | 2672534600 | 606921700 | 1191317800 | 1339726400 | 3192225300 | 6330191200 | 4831743200 | 4809165500 | 3504439700 | 3350700000 | 16496048400 | 1851360600 | 1115644200 | 773382200 | 686708200 | 4427095200 | 686565800 | 716344600 | 474780400 | 462877100 | 2340567900 | 365180300 | 610956300 | 465594100 | 717948400 | 2159679100 | 542497300 | 675514800 | 634469900 | 747703200 | 2600185200 | 639010200 | 621017300 | 829677400 | 582322200 | 2672027100 | 513196900 | 537924600 | 624040900 | 845172100 | 2520334500 | 680392700 | 877202900 | 553653800 | 866912400 | 2978161800 | 661111400 | 640479400 | 573924500 | 534339500 | 2409854800 | 270377300 | 270418700 | 267374100 | 516972900 | 1325143000 | 388398700 | 378645700 | 501471600 | 417328300 | 1685844300 | 595125100 | 608401000 | 573559000 | 691568300 | 2468653400 | 459629700 | 459629700
Expansion | 249558700 | 777106300 | 411038800 | 201358800 | 1639062600 | 478832000 | 438184700 | 335079600 | 494402000 | 1746498300 | 306448000 | 613041800 | 487225900 | 495260000 | 1901975700 | 488719000 | 1017599900 | 740785500 | 579686200 | 2826790600 | 855782000 | 1064831200 | 1528003800 | 2545757100 | 5994374100 | 2944032800 | 2678154300 | 1819112000 | 1414957100 | 8856256200 | 625196300 | 624740700 | 344416900 | 390303900 | 1984657800 | 428531100 | 305181300 | 410092900 | 212315000 | 1356120300 | 286839600 | 225849200 | 234378000 | 210119900 | 957186700 | 308010400 | 399121700 | 366855900 | 256040100 | 1330028100 | 457342200 | 346349100 | 280222100 | 478566900 | 1562480300 | 543443700 | 619733200 | 467546500 | 360607800 | 1991331200 | 521703600 | 537617700 | 802397900 | 625271500 | 2486990700 | 607039200 | 436537200 | 457014900 | 262373100 | 1762964400 | 95274000 | 175410100 | 186020200 | 280743600 | 737447900 | 303397000 | 309974200 | 246416600 | 257176200 | 1116964000 | 199557300 | 287607100 | 347890600 | 109825300 | 944880300 | 103617300 | 103617300
Later Stage | 136256900 | 242101000 | 144088100 | 162838100 | 685284100 | 86396900 | 133434000 | 102555900 | 136702100 | 459088900 | 153333900 | 79266100 | 105746000 | 143554900 | 481900900 | 52299900 | 308290400 | 213519000 | 59858700 | 633968000 | 64780000 | 210888000 | 536500000 | 196381100 | 1008549100 | 228931900 | 281573000 | 157978100 | 223721000 | 892204000 | 129798900 | 80102200 | 37784000 | 98619900 | 346305000 | 103322000 | 127128000 | 38717000 | 81270000 | 350437000 | 37435000 | 65109000 | 65490000 | 132954900 | 300988900 | 150997100 | 165400100 | 151753000 | 162998400 | 631148600 | 259810000 | 178596200 | 255581000 | 220937800 | 914925000 | 193705300 | 138105100 | 291813000 | 177603000 | 801226400 | 221500100 | 150195000 | 251416000 | 275568000 | 898679100 | 299215800 | 332637000 | 277881000 | 205008300 | 1114742100 | 143213000 | 40960000 | 158135000 | 134726000 | 477034000 | 171439000 | 180051000 | 312708000 | 53590000 | 717788000 | 296408000 | 310420000 | 165698200 | 118107000 | 890633200 | 146709000 | 146709000
Grand Total | 798927700 | 1469069100 | 882509800 | 810782300 | 3961288900 | 1037720900 | 1163542800 | 822391700 | 1176545100 | 4200200500 | 1079230600 | 1275384900 | 1120595700 | 1405346500 | 4880557700 | 1468400600 | 1955865500 | 1688116200 | 2029637700 | 7142020000 | 1974990000 | 3036939200 | 4101577200 | 6986309300 | 16099815700 | 8699198300 | 8473956300 | 6170864300 | 5412066500 | 28756085400 | 2810681800 | 2022137100 | 1274103800 | 1283146800 | 7390069500 | 1280737900 | 1226509200 | 991425300 | 812135300 | 4310807700 | 766727900 | 979705500 | 856755300 | 1120238500 | 3723427200 | 1082625900 | 1325804700 | 1299113900 | 1682125700 | 5389670200 | 1497248300 | 1571319300 | 1503994200 | 1389899900 | 5962461700 | 1461896900 | 1618943800 | 1701595800 | 1603319800 | 6385756300 | 1634580300 | 1943061600 | 1983998100 | 2209960300 | 7771600300 | 1889545700 | 1824556200 | 1658441100 | 1276601900 | 6649144900 | 664242000 | 920993300 | 788832200 | 1128253800 | 3502321300 | 1070151300 | 1196418300 | 1266030700 | 901155400 | 4433755700 | 1245770200 | 1558263200 | 1262724600 | 1004868900 | 5071626900 | 783160200 | 783160200
Number of Deals
Stage of Development | 1995 |  |  |  |  | 1996 |  |  |  |  | 1997 |  |  |  |  | 1998 |  |  |  |  | 1999 |  |  |  |  | 2000 |  |  |  |  | 2001 |  |  |  |  | 2002 |  |  |  |  | 2003 |  |  |  |  | 2004 |  |  |  |  | 2005 |  |  |  |  | 2006 |  |  |  |  | 2007 |  |  |  |  | 2008 |  |  |  |  | 2009 |  |  |  |  | 2010 |  |  |  |  | 2011 |  |  |  |  | 2012
 | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 1995 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 1996 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 1997 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 1998 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 1999 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2000 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2001 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2002 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2003 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2004 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2005 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2006 Totals | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2007 Totals | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2008 Totals | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2009 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2010 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2011 Total | Qtr 1 | 2012 Total
Seed | 78 | 52 | 64 | 62 | 256 | 61 | 90 | 66 | 92 | 309 | 110 | 71 | 71 | 95 | 347 | 105 | 113 | 112 | 130 | 460 | 129 | 170 | 200 | 158 | 657 | 167 | 160 | 135 | 117 | 579 | 60 | 61 | 56 | 43 | 220 | 33 | 39 | 29 | 28 | 129 | 43 | 47 | 35 | 38 | 163 | 35 | 62 | 30 | 48 | 175 | 44 | 50 | 56 | 62 | 212 | 66 | 78 | 102 | 72 | 318 | 73 | 110 | 109 | 127 | 419 | 97 | 100 | 99 | 81 | 377 | 46 | 60 | 46 | 68 | 220 | 53 | 77 | 64 | 78 | 272 | 62 | 107 | 84 | 69 | 322 | 38 | 38
Early Stage | 82 | 70 | 58 | 72 | 282 | 66 | 121 | 85 | 130 | 402 | 108 | 100 | 120 | 141 | 469 | 134 | 97 | 108 | 155 | 494 | 132 | 244 | 283 | 456 | 1115 | 520 | 547 | 467 | 386 | 1920 | 236 | 183 | 141 | 131 | 691 | 130 | 136 | 95 | 105 | 466 | 89 | 105 | 102 | 128 | 424 | 120 | 135 | 129 | 142 | 526 | 135 | 130 | 138 | 136 | 539 | 116 | 150 | 134 | 166 | 566 | 128 | 168 | 128 | 143 | 567 | 135 | 152 | 128 | 123 | 538 | 76 | 86 | 80 | 133 | 375 | 118 | 136 | 141 | 128 | 523 | 149 | 151 | 148 | 156 | 604 | 120 | 120
Expansion | 87 | 73 | 74 | 60 | 294 | 88 | 69 | 88 | 115 | 360 | 99 | 111 | 95 | 118 | 423 | 103 | 106 | 99 | 104 | 412 | 105 | 137 | 147 | 241 | 630 | 254 | 227 | 173 | 151 | 805 | 84 | 80 | 69 | 54 | 287 | 51 | 49 | 48 | 51 | 199 | 43 | 23 | 35 | 39 | 140 | 30 | 43 | 54 | 58 | 185 | 50 | 67 | 55 | 77 | 249 | 82 | 78 | 65 | 50 | 275 | 54 | 78 | 67 | 92 | 291 | 80 | 59 | 50 | 45 | 234 | 21 | 34 | 34 | 44 | 133 | 42 | 52 | 40 | 43 | 177 | 31 | 45 | 51 | 29 | 156 | 22 | 22
Later Stage | 13 | 14 | 19 | 22 | 68 | 21 | 18 | 14 | 19 | 72 | 22 | 15 | 12 | 19 | 68 | 8 | 22 | 21 | 13 | 64 | 9 | 18 | 19 | 12 | 58 | 23 | 22 | 18 | 20 | 83 | 9 | 6 | 9 | 14 | 38 | 11 | 17 | 10 | 10 | 48 | 5 | 9 | 11 | 17 | 42 | 15 | 19 | 13 | 16 | 63 | 18 | 18 | 11 | 23 | 70 | 19 | 33 | 29 | 24 | 105 | 20 | 22 | 26 | 28 | 96 | 34 | 37 | 39 | 35 | 145 | 22 | 14 | 17 | 20 | 73 | 22 | 29 | 26 | 18 | 95 | 33 | 34 | 24 | 16 | 107 | 15 | 15
Grand Total | 260 | 209 | 215 | 216 | 900 | 236 | 298 | 253 | 356 | 1143 | 339 | 297 | 298 | 373 | 1307 | 350 | 338 | 340 | 402 | 1430 | 375 | 569 | 649 | 867 | 2460 | 964 | 956 | 793 | 674 | 3387 | 389 | 330 | 275 | 242 | 1236 | 225 | 241 | 182 | 194 | 842 | 180 | 184 | 183 | 222 | 769 | 200 | 259 | 226 | 264 | 949 | 247 | 265 | 260 | 298 | 1070 | 283 | 339 | 330 | 312 | 1264 | 275 | 378 | 330 | 390 | 1373 | 346 | 348 | 316 | 284 | 1294 | 165 | 194 | 177 | 265 | 801 | 235 | 294 | 271 | 267 | 1067 | 275 | 337 | 307 | 270 | 1189 | 195 | 195
 | Source:  PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data:  Thomson Reuters