Spreadsheet: 0e2123c8-0498-4cfb-953f-80ae169eb7ed
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 - Q3 2011
Amount Invested
Stage of Development | 1995 |  |  |  |  | 1996 |  |  |  |  | 1997 |  |  |  |  | 1998 |  |  |  |  | 1999 |  |  |  |  | 2000 |  |  |  |  | 2001 |  |  |  |  | 2002 |  |  |  |  | 2003 |  |  |  |  | 2004 |  |  |  |  | 2005 |  |  |  |  | 2006 |  |  |  |  | 2007 |  |  |  |  | 2008 |  |  |  |  | 2009 |  |  |  |  | 2010 |  |  |  |  | 2011
 | 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 | 2011 Total
Seed | 139888900 | 251726600 | 134650300 | 122841200 | 649107000 | 134848900 | 214351000 | 132116600 | 166730800 | 648047300 | 216165900 | 182310100 | 152789000 | 195261400 | 746526400 | 224977200 | 207221300 | 212379200 | 289554100 | 934131800 | 365952800 | 513798100 | 686233000 | 1024522900 | 2590506800 | 657186400 | 605272500 | 629199500 | 395879400 | 2287537800 | 186896000 | 171461000 | 105100700 | 92369800 | 555827500 | 51704000 | 76445300 | 64130000 | 49763200 | 242042500 | 62089000 | 73840900 | 76330200 | 57130300 | 269390400 | 75455100 | 77975900 | 92676100 | 513757000 | 759864100 | 113215900 | 384337700 | 135298700 | 100732900 | 733585200 | 206940000 | 320820400 | 305513400 | 212814900 | 1046088700 | 195705900 | 323911300 | 316013400 | 388163400 | 1223794000 | 322524300 | 400649600 | 325446700 | 244923000 | 1293543600 | 150830700 | 375053500 | 163796000 | 220466300 | 910146500 | 197529600 | 333967500 | 169451600 | 172961000 | 873909700 | 89009900 | 342931100 | 124262700 | 556203700
Early Stage | 231666200 | 193493200 | 175161000 | 255157800 | 855478200 | 324857000 | 366294100 | 249248500 | 320528200 | 1260927800 | 365700800 | 364796400 | 373040100 | 573169200 | 1676706500 | 637062500 | 383643900 | 423499900 | 1039052500 | 2483258800 | 558798000 | 1073159800 | 1274946400 | 3024211400 | 5931115600 | 4534478700 | 4377443800 | 3239479700 | 2927474100 | 15078876300 | 1837501600 | 1060792200 | 768109200 | 605513200 | 4271916200 | 633685900 | 711559600 | 438208400 | 435125200 | 2218579100 | 371135200 | 592056300 | 468819100 | 673912300 | 2105922900 | 523093300 | 629373800 | 597119900 | 683211200 | 2432798200 | 610230200 | 535767400 | 740419400 | 566776200 | 2453193200 | 503546900 | 511538600 | 584006900 | 799556100 | 2398648500 | 616576700 | 857737800 | 547929800 | 858999400 | 2881243700 | 651561500 | 622611300 | 548471300 | 483657400 | 2306301500 | 269127300 | 251172800 | 257934900 | 493221800 | 1271456800 | 380939700 | 364995700 | 493571600 | 418571400 | 1658078400 | 597904800 | 604023000 | 567027100 | 1768954900
Expansion | 233432700 | 848364300 | 392668900 | 215129800 | 1689595700 | 480452100 | 412053700 | 330389600 | 485529000 | 1708424400 | 295138200 | 602915800 | 489323900 | 479996000 | 1867373900 | 429713600 | 962315900 | 701022000 | 512559000 | 2605610500 | 741314000 | 992095800 | 1811299900 | 2560722000 | 6105431700 | 2878767800 | 2494324300 | 1751672800 | 1350569100 | 8475334000 | 558724300 | 578473700 | 320597900 | 387986900 | 1845782800 | 414453100 | 319031300 | 377661000 | 195106000 | 1306251400 | 264300600 | 209139200 | 255378000 | 243659900 | 972477700 | 291010100 | 400742700 | 378831900 | 264419100 | 1335003800 | 437207200 | 314783100 | 260106100 | 480620900 | 1492717300 | 546966700 | 594008200 | 474521500 | 343606800 | 1959103200 | 514238600 | 537735700 | 803107900 | 615797500 | 2470879700 | 607260200 | 425215200 | 453009000 | 247373100 | 1732857500 | 119574000 | 163410100 | 176020200 | 275243600 | 734247900 | 306397000 | 309974200 | 256416600 | 257291200 | 1130079000 | 196557300 | 300662100 | 323977900 | 821197300
Later Stage | 132529900 | 150723000 | 123830000 | 129070100 | 536153000 | 42979000 | 128434000 | 90716000 | 116536100 | 378665100 | 130367900 | 49148100 | 60241000 | 83936900 | 323693900 | 22774900 | 326568400 | 204621000 | 19758900 | 573723200 | 51330000 | 176329000 | 128741900 | 119782100 | 476183000 | 168581900 | 113268000 | 82349100 | 109206000 | 473405000 | 68899900 | 74989200 | 9100000 | 73345900 | 226335000 | 68808000 | 43383000 | 25516000 | 74820000 | 212527000 | 25796000 | 53009000 | 38740000 | 112379900 | 229924900 | 141612100 | 142900100 | 142253000 | 145872400 | 572637600 | 232740000 | 172597200 | 246631000 | 203996800 | 855965000 | 186310300 | 124789100 | 283181000 | 138103000 | 732383400 | 211200100 | 139195000 | 255614000 | 271543000 | 877552100 | 295940800 | 318249000 | 261406000 | 187608300 | 1063204100 | 143213000 | 40960000 | 158135000 | 122726000 | 465034000 | 165439000 | 178361000 | 343210000 | 46090000 | 733100000 | 305458000 | 304054000 | 192835200 | 802347200
Grand Total | 737517700 | 1444307100 | 826310200 | 722198900 | 3730333900 | 983137000 | 1121132800 | 802470700 | 1089324100 | 3996064600 | 1007372800 | 1199170400 | 1075394000 | 1332363500 | 4614300700 | 1314528200 | 1879749500 | 1541522100 | 1860924500 | 6596724300 | 1717394800 | 2755382700 | 3901221200 | 6729238400 | 15103237100 | 8239014800 | 7590308600 | 5702701100 | 4783128600 | 26315153100 | 2652021800 | 1885716100 | 1202907800 | 1159215800 | 6899861500 | 1168651000 | 1150419200 | 905515400 | 754814400 | 3979400000 | 723320800 | 928045400 | 839267300 | 1087082400 | 3577715900 | 1031170600 | 1250992500 | 1210880900 | 1607259700 | 5100303700 | 1393393300 | 1407485400 | 1382455200 | 1352126800 | 5535460700 | 1443763900 | 1551156300 | 1647222800 | 1494080800 | 6136223800 | 1537721300 | 1858579800 | 1922665100 | 2134503300 | 7453469500 | 1877286800 | 1766725100 | 1588333000 | 1163561800 | 6395906700 | 682745000 | 830596400 | 755886100 | 1111657700 | 3380885200 | 1050305300 | 1187298400 | 1262649800 | 894913600 | 4395167100 | 1188930000 | 1551670200 | 1208102900 | 3948703100
Number of Deals
Stage of Development | 1995 |  |  |  |  | 1996 |  |  |  |  | 1997 |  |  |  |  | 1998 |  |  |  |  | 1999 |  |  |  |  | 2000 |  |  |  |  | 2001 |  |  |  |  | 2002 |  |  |  |  | 2003 |  |  |  |  | 2004 |  |  |  |  | 2005 |  |  |  |  | 2006 |  |  |  |  | 2007 |  |  |  |  | 2008 |  |  |  |  | 2009 |  |  |  |  | 2010 |  |  |  |  | 2011
 | 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 | 2011 Total
Seed | 77 | 51 | 64 | 61 | 253 | 63 | 90 | 68 | 93 | 314 | 110 | 70 | 71 | 95 | 346 | 105 | 113 | 113 | 132 | 463 | 129 | 170 | 201 | 158 | 658 | 168 | 158 | 136 | 119 | 581 | 60 | 61 | 56 | 44 | 221 | 33 | 39 | 29 | 28 | 129 | 43 | 47 | 35 | 38 | 163 | 35 | 60 | 29 | 48 | 172 | 43 | 49 | 56 | 62 | 210 | 66 | 78 | 102 | 72 | 318 | 72 | 108 | 105 | 119 | 404 | 98 | 99 | 97 | 75 | 369 | 44 | 58 | 44 | 64 | 210 | 52 | 74 | 59 | 72 | 257 | 55 | 105 | 66 | 226
Early Stage | 83 | 70 | 59 | 73 | 285 | 68 | 124 | 86 | 131 | 409 | 111 | 102 | 121 | 143 | 477 | 134 | 97 | 110 | 157 | 498 | 132 | 244 | 284 | 458 | 1118 | 524 | 547 | 471 | 390 | 1932 | 241 | 185 | 143 | 130 | 699 | 129 | 139 | 95 | 107 | 470 | 90 | 106 | 103 | 127 | 426 | 120 | 135 | 130 | 143 | 528 | 134 | 128 | 137 | 135 | 534 | 115 | 150 | 130 | 165 | 560 | 125 | 166 | 129 | 139 | 559 | 133 | 150 | 125 | 121 | 529 | 74 | 81 | 80 | 131 | 366 | 116 | 133 | 139 | 122 | 510 | 143 | 144 | 132 | 419
Expansion | 86 | 74 | 74 | 63 | 297 | 89 | 70 | 88 | 119 | 366 | 101 | 114 | 97 | 117 | 429 | 104 | 108 | 100 | 105 | 417 | 107 | 139 | 149 | 245 | 640 | 259 | 235 | 176 | 153 | 823 | 81 | 78 | 70 | 55 | 284 | 54 | 51 | 50 | 49 | 204 | 42 | 23 | 39 | 41 | 145 | 29 | 44 | 56 | 61 | 190 | 51 | 64 | 56 | 79 | 250 | 86 | 77 | 66 | 47 | 276 | 52 | 78 | 65 | 90 | 285 | 80 | 58 | 48 | 43 | 229 | 22 | 34 | 34 | 43 | 133 | 41 | 52 | 40 | 40 | 173 | 30 | 46 | 48 | 124
Later Stage | 11 | 12 | 17 | 18 | 58 | 15 | 15 | 11 | 16 | 57 | 17 | 9 | 8 | 16 | 50 | 6 | 21 | 17 | 7 | 51 | 7 | 14 | 12 | 7 | 40 | 16 | 13 | 13 | 14 | 56 | 6 | 6 | 6 | 12 | 30 | 9 | 10 | 8 | 8 | 35 | 4 | 7 | 6 | 15 | 32 | 13 | 15 | 11 | 13 | 52 | 15 | 17 | 9 | 20 | 61 | 15 | 31 | 27 | 22 | 95 | 19 | 21 | 27 | 28 | 95 | 34 | 37 | 37 | 34 | 142 | 21 | 14 | 17 | 18 | 70 | 20 | 27 | 24 | 18 | 89 | 35 | 32 | 23 | 90
Grand Total | 257 | 207 | 214 | 215 | 893 | 235 | 299 | 253 | 359 | 1146 | 339 | 295 | 297 | 371 | 1302 | 349 | 339 | 340 | 401 | 1429 | 375 | 567 | 646 | 868 | 2456 | 967 | 953 | 796 | 676 | 3392 | 388 | 330 | 275 | 241 | 1234 | 225 | 239 | 182 | 192 | 838 | 179 | 183 | 183 | 221 | 766 | 197 | 254 | 226 | 265 | 942 | 243 | 258 | 258 | 296 | 1055 | 282 | 336 | 325 | 306 | 1249 | 268 | 373 | 326 | 376 | 1343 | 345 | 344 | 307 | 273 | 1269 | 161 | 187 | 175 | 256 | 779 | 229 | 286 | 262 | 252 | 1029 | 263 | 327 | 269 | 859
 | Source:  PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data:  Thomson Reuters