Spreadsheet: 0b01dd81-8374-4d87-bc1e-e75a516cf5cc
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 - Q4 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 | Qtr 2 | Qtr 3 | Qtr 4 | 2012 Total
Seed | 175194900 | 252377600 | 151059900 | 163929200 | 742561600 | 127444000 | 203656000 | 132228700 | 173528800 | 636857500 | 232281900 | 205172100 | 164028000 | 203439400 | 804921400 | 249699200 | 231145300 | 222665200 | 299915100 | 1003424800 | 447506300 | 569902200 | 728891900 | 1051945800 | 2798246200 | 692890400 | 707463500 | 697579600 | 422688400 | 2520621900 | 204376000 | 201650000 | 118520700 | 107514800 | 632061500 | 62319000 | 77855300 | 67835000 | 59073200 | 267082500 | 77273000 | 76791000 | 91293200 | 58715300 | 304072500 | 81121100 | 85768100 | 146134300 | 515384000 | 828407500 | 141085900 | 423356700 | 141964800 | 107373000 | 813780400 | 213301000 | 323180900 | 320205400 | 219936900 | 1076624200 | 214483900 | 383796000 | 374532400 | 449958400 | 1422770700 | 329879200 | 418902600 | 359539700 | 275381000 | 1383702500 | 155377700 | 494439300 | 176302900 | 202698600 | 1028818500 | 199716900 | 329547400 | 196517600 | 169860900 | 895642800 | 168855300 | 354430800 | 177099700 | 110557300 | 810943100 | 79463400 | 159190500 | 117660500 | 119365500 | 475679900
Early Stage | 241837200 | 197484200 | 176323000 | 282656200 | 898300600 | 345048000 | 388199100 | 251027500 | 372147200 | 1356421800 | 387166800 | 377904900 | 363595800 | 563092200 | 1691759700 | 711232500 | 398829900 | 510946500 | 1083200600 | 2704209500 | 599121700 | 1172497400 | 1325626400 | 3199975100 | 6297220600 | 4831743200 | 4803590100 | 3503409800 | 3341439600 | 16480182700 | 1849060500 | 1115165200 | 773382200 | 686708200 | 4424316100 | 686565800 | 714844600 | 463840500 | 469750300 | 2335001200 | 359279100 | 590981600 | 467221100 | 717548400 | 2135030200 | 544972300 | 672514800 | 644970900 | 747703100 | 2610161100 | 636635200 | 619017500 | 817607400 | 582322000 | 2655582100 | 516508800 | 598694400 | 633310900 | 804646100 | 2553160200 | 664783900 | 885343600 | 506776100 | 869212400 | 2926116000 | 665711500 | 648054400 | 568056900 | 533440500 | 2415263300 | 270627100 | 274453700 | 278469200 | 519135600 | 1342685600 | 396912700 | 371572100 | 533453700 | 450416700 | 1752355200 | 587373400 | 635349100 | 597863700 | 762966400 | 2583552600 | 535496000 | 518552800 | 516690000 | 536591100 | 2107329900
Expansion | 249558700 | 777106300 | 406398700 | 211358800 | 1644422500 | 478832000 | 438184700 | 335079600 | 493968000 | 1746064300 | 296448000 | 613041800 | 469226900 | 490360000 | 1869076700 | 501119000 | 1018598900 | 740785400 | 582112000 | 2842615300 | 855782000 | 1060331200 | 1497977800 | 2546329900 | 5960420900 | 2942782800 | 2652154300 | 1734292100 | 1414957100 | 8744186300 | 625796300 | 595740700 | 340416900 | 363860900 | 1925814800 | 413531100 | 308431300 | 404842900 | 213314000 | 1340119300 | 286839600 | 229349200 | 222378000 | 211787900 | 950354700 | 295110400 | 390921700 | 358355900 | 249940100 | 1294328100 | 465892200 | 343547100 | 283162300 | 470416900 | 1563018500 | 541693700 | 577233200 | 435796500 | 341757000 | 1896480400 | 523906100 | 537518800 | 796097900 | 626771500 | 2484294300 | 592239200 | 406179200 | 457014900 | 258373100 | 1713806400 | 95274000 | 176660100 | 192020200 | 326248900 | 790203200 | 188897100 | 254487200 | 238416500 | 237594200 | 919395000 | 218818600 | 293354000 | 342650600 | 184003300 | 1038826500 | 135370100 | 219414900 | 357502800 | 200675000 | 912962800
Later Stage | 136256900 | 242101000 | 156088100 | 162838100 | 697284100 | 86396900 | 133503000 | 104055900 | 136985100 | 460940900 | 150683900 | 79266100 | 123745000 | 121554900 | 475249900 | 52299900 | 304790400 | 213519000 | 65491800 | 636101100 | 64780000 | 510430000 | 536800000 | 199879100 | 1311889100 | 228931900 | 288073000 | 191328000 | 212352000 | 920684900 | 129798900 | 94602200 | 32899000 | 108077900 | 365378000 | 119322000 | 131127900 | 50516900 | 83420000 | 384386800 | 40435000 | 74109000 | 65490000 | 132954900 | 312988900 | 164897100 | 189200100 | 173453000 | 184098400 | 711648600 | 259810000 | 181096200 | 255631000 | 223137800 | 919675000 | 169205300 | 156605100 | 296563000 | 167614000 | 789987400 | 222400200 | 166945000 | 239596000 | 275568000 | 904509200 | 297215800 | 292136900 | 277881000 | 205008300 | 1072242000 | 132513000 | 41960000 | 158135000 | 127676000 | 460284000 | 165268000 | 182001000 | 304031000 | 53590000 | 704890000 | 296408000 | 316024000 | 166692200 | 206407000 | 985531200 | 148045000 | 206254700 | 67300000 | 222894200 | 644493900
Grand Total | 802847700 | 1469069100 | 889869700 | 820782300 | 3982568800 | 1037720900 | 1163542800 | 822391700 | 1176629100 | 4200284500 | 1066580600 | 1275384900 | 1120595700 | 1378446500 | 4841007700 | 1514350600 | 1953364500 | 1687916100 | 2030719500 | 7186350700 | 1967190000 | 3313160800 | 4089296100 | 6998129900 | 16367776800 | 8696348300 | 8451280900 | 6126609500 | 5391437100 | 28665675800 | 2809031700 | 2007158100 | 1265218800 | 1266161800 | 7347570400 | 1281737900 | 1232259100 | 987035300 | 825557500 | 4326589800 | 763826700 | 971230800 | 846382300 | 1121006500 | 3702446300 | 1086100900 | 1338404700 | 1322914100 | 1697125600 | 5444545300 | 1503423300 | 1567017500 | 1498365500 | 1383249700 | 5952056000 | 1440708800 | 1655713600 | 1685875800 | 1533954000 | 6316252200 | 1625574100 | 1973603400 | 1917002400 | 2221510300 | 7737690200 | 1885045700 | 1765273100 | 1662492500 | 1272202900 | 6585014200 | 653791800 | 987513100 | 804927300 | 1175759100 | 3621991300 | 950794700 | 1137607700 | 1272418800 | 911461800 | 4272283000 | 1271455300 | 1599157900 | 1284306200 | 1263934000 | 5418853400 | 898374500 | 1103412900 | 1059153300 | 1079525800 | 4140466500
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 | Qtr 2 | Qtr 3 | Qtr 4 | 2012 Total
Seed | 78 | 52 | 64 | 62 | 256 | 61 | 90 | 66 | 93 | 310 | 110 | 71 | 71 | 95 | 347 | 105 | 113 | 112 | 129 | 459 | 129 | 170 | 203 | 159 | 661 | 167 | 161 | 137 | 118 | 583 | 61 | 61 | 55 | 43 | 220 | 33 | 39 | 29 | 30 | 131 | 44 | 47 | 36 | 39 | 166 | 35 | 61 | 31 | 51 | 178 | 44 | 50 | 56 | 61 | 211 | 67 | 78 | 104 | 72 | 321 | 74 | 111 | 109 | 132 | 426 | 98 | 102 | 101 | 84 | 385 | 46 | 61 | 45 | 74 | 226 | 54 | 80 | 65 | 82 | 281 | 69 | 110 | 90 | 83 | 352 | 41 | 54 | 47 | 51 | 193
Early Stage | 82 | 69 | 58 | 72 | 281 | 66 | 120 | 84 | 131 | 401 | 108 | 100 | 120 | 141 | 469 | 135 | 97 | 108 | 157 | 497 | 131 | 244 | 281 | 462 | 1118 | 520 | 549 | 466 | 385 | 1920 | 236 | 183 | 142 | 131 | 692 | 130 | 135 | 95 | 105 | 465 | 87 | 103 | 102 | 129 | 421 | 120 | 134 | 134 | 147 | 535 | 134 | 130 | 137 | 143 | 544 | 118 | 148 | 135 | 173 | 574 | 133 | 173 | 132 | 151 | 589 | 139 | 158 | 132 | 124 | 553 | 78 | 84 | 88 | 138 | 388 | 123 | 136 | 145 | 137 | 541 | 163 | 162 | 167 | 177 | 669 | 157 | 190 | 205 | 202 | 754
Expansion | 87 | 73 | 73 | 61 | 294 | 88 | 69 | 89 | 115 | 361 | 98 | 111 | 93 | 117 | 419 | 104 | 106 | 99 | 106 | 415 | 105 | 137 | 145 | 243 | 630 | 253 | 225 | 172 | 151 | 801 | 84 | 77 | 69 | 50 | 280 | 50 | 51 | 49 | 52 | 202 | 43 | 24 | 34 | 41 | 142 | 30 | 42 | 53 | 58 | 183 | 53 | 66 | 56 | 76 | 251 | 81 | 74 | 63 | 53 | 271 | 56 | 81 | 66 | 98 | 301 | 80 | 54 | 51 | 45 | 230 | 22 | 37 | 37 | 47 | 143 | 37 | 46 | 39 | 45 | 167 | 35 | 51 | 51 | 36 | 173 | 30 | 40 | 41 | 24 | 135
Later Stage | 13 | 14 | 20 | 24 | 71 | 20 | 19 | 15 | 21 | 75 | 21 | 15 | 14 | 18 | 68 | 8 | 21 | 21 | 15 | 65 | 9 | 21 | 20 | 12 | 62 | 23 | 24 | 21 | 22 | 90 | 10 | 8 | 9 | 16 | 43 | 13 | 18 | 11 | 11 | 53 | 6 | 10 | 12 | 17 | 45 | 17 | 21 | 16 | 20 | 74 | 18 | 20 | 14 | 24 | 76 | 19 | 36 | 31 | 26 | 112 | 22 | 24 | 27 | 29 | 102 | 35 | 36 | 39 | 35 | 145 | 22 | 15 | 16 | 21 | 74 | 22 | 30 | 24 | 22 | 98 | 34 | 35 | 28 | 21 | 118 | 17 | 23 | 12 | 29 | 81
Grand Total | 260 | 208 | 215 | 219 | 902 | 235 | 298 | 254 | 360 | 1147 | 337 | 297 | 298 | 371 | 1303 | 352 | 337 | 340 | 407 | 1436 | 374 | 572 | 649 | 876 | 2471 | 963 | 959 | 796 | 676 | 3394 | 391 | 329 | 275 | 240 | 1235 | 226 | 243 | 184 | 198 | 851 | 180 | 184 | 184 | 226 | 774 | 202 | 258 | 234 | 276 | 970 | 249 | 266 | 263 | 304 | 1082 | 285 | 336 | 333 | 324 | 1278 | 285 | 389 | 334 | 410 | 1418 | 352 | 350 | 323 | 288 | 1313 | 168 | 197 | 186 | 280 | 831 | 236 | 292 | 273 | 286 | 1087 | 301 | 358 | 336 | 317 | 1312 | 245 | 307 | 305 | 306 | 1163
 | Source:  PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data:  Thomson Reuters