Spreadsheet: 3ba8d0b2-0aa3-4979-a83d-3738efc667fa
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 - Q2 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 | 2012 Total
Seed | 171274900 | 252377600 | 151059900 | 163929200 | 738641600 | 127444000 | 203656000 | 132228700 | 173528800 | 636857500 | 232281900 | 205172100 | 164028000 | 203439400 | 804921400 | 249699200 | 231145300 | 222665200 | 301217100 | 1004726800 | 447506300 | 569902200 | 721016900 | 1051945800 | 2790371200 | 692890400 | 707463500 | 697579600 | 422688400 | 2520621900 | 204376000 | 201650000 | 118520700 | 107514800 | 632061500 | 62319000 | 77855300 | 67835000 | 59073200 | 267082500 | 77273000 | 77791000 | 91293200 | 59215300 | 305572500 | 81121100 | 85768100 | 146134300 | 515384100 | 828407600 | 141085900 | 425356700 | 137194700 | 107873000 | 811510300 | 211551000 | 323180900 | 320205400 | 219936900 | 1074874200 | 210983900 | 377796000 | 376530400 | 449958400 | 1415268700 | 322179200 | 419402600 | 359539700 | 275381000 | 1376502500 | 155377700 | 434754500 | 176302900 | 196061300 | 962496400 | 206916900 | 327847400 | 206584000 | 175860900 | 917209200 | 168290300 | 354230800 | 174499800 | 104218300 | 801239200 | 75563400 | 146106700 | 221670100
Early Stage | 241837200 | 197484200 | 176323000 | 282656200 | 898300600 | 345048000 | 388199100 | 251027500 | 371912200 | 1356186800 | 387166800 | 377904900 | 363595800 | 563092200 | 1691759700 | 679682500 | 398829900 | 511146500 | 1082875600 | 2672534500 | 606921700 | 1170417800 | 1325626400 | 3198975200 | 6301941100 | 4831743200 | 4797089600 | 3503409800 | 3352982600 | 16485225200 | 1851360600 | 1115165200 | 773382200 | 686708200 | 4426616200 | 686565800 | 716344600 | 463840500 | 469750200 | 2336501100 | 359279100 | 593131500 | 467221100 | 717548400 | 2137180100 | 544972300 | 672514800 | 643970900 | 747703100 | 2609161100 | 631185200 | 621017500 | 830079400 | 582322200 | 2664604300 | 515655800 | 529484500 | 624310900 | 808842100 | 2478293300 | 665392700 | 875841700 | 542154000 | 883412400 | 2966800800 | 661911400 | 647554400 | 586224500 | 534339500 | 2430029800 | 270627100 | 268918700 | 277350200 | 520772900 | 1337668900 | 393098700 | 373407100 | 537957700 | 435215600 | 1739679100 | 606169800 | 599656000 | 982084100 | 708680400 | 2896590300 | 487580700 | 510584200 | 998164900
Expansion | 249558700 | 777106300 | 411038800 | 201358800 | 1639062600 | 478832000 | 438184700 | 335079600 | 494402000 | 1746498300 | 306448000 | 613041800 | 482225900 | 490360000 | 1892075700 | 488719000 | 1018598900 | 740785400 | 587745000 | 2835848300 | 855782000 | 1060331200 | 1501973800 | 2546329900 | 5964416900 | 2942782800 | 2652154300 | 1786792100 | 1414957100 | 8796686300 | 626396300 | 595740700 | 344416900 | 363860900 | 1930414800 | 413531100 | 308431300 | 404842900 | 212315000 | 1339120300 | 286839600 | 225849200 | 222378000 | 211787900 | 946854700 | 295110400 | 390921700 | 358355900 | 249940100 | 1294328100 | 465542200 | 346349100 | 283162300 | 476366900 | 1571420500 | 541693700 | 601233200 | 435796500 | 361756800 | 1940480200 | 523906100 | 538517800 | 796097900 | 626771500 | 2485293300 | 607039200 | 433162200 | 457014900 | 262373100 | 1759589400 | 95274000 | 175410100 | 189020200 | 286130600 | 745834900 | 288897000 | 274974200 | 246416600 | 237594200 | 1047882000 | 205457300 | 288092100 | 347890600 | 109403300 | 950843300 | 138820200 | 206415900 | 345236100
Later Stage | 136256900 | 242101000 | 144088100 | 162838100 | 685284100 | 86396900 | 133503000 | 104055900 | 136702100 | 460657900 | 153333900 | 79266100 | 110746000 | 143554900 | 486900900 | 52299900 | 308290400 | 213519000 | 59858800 | 633968100 | 64780000 | 260430000 | 536800000 | 191382100 | 1053392100 | 228931900 | 288073000 | 191328000 | 212352000 | 920684900 | 129798900 | 94602200 | 38899000 | 125062900 | 388363000 | 119322000 | 131127900 | 50516900 | 83420000 | 384386800 | 40435000 | 74109000 | 65490000 | 132954900 | 312988900 | 164897100 | 173600100 | 160253000 | 184098400 | 682848600 | 259810000 | 178596200 | 255631000 | 223137800 | 917175000 | 193705300 | 156605100 | 296563000 | 184614000 | 831487400 | 222400200 | 150945000 | 257716000 | 275568000 | 906629200 | 299215800 | 297136900 | 277881000 | 205008300 | 1079242000 | 132513000 | 50610000 | 158135000 | 127176000 | 468434000 | 173939000 | 167161000 | 301607000 | 53590000 | 696297000 | 296408000 | 298420000 | 165698200 | 143107000 | 903633200 | 146709000 | 191062800 | 337771800
Grand Total | 798927700 | 1469069100 | 882509800 | 810782300 | 3961288900 | 1037720900 | 1163542800 | 822391700 | 1176545100 | 4200200500 | 1079230600 | 1275384900 | 1120595700 | 1400446500 | 4875657700 | 1470400600 | 1956864500 | 1688116100 | 2031696500 | 7147077700 | 1974990000 | 3061081200 | 4085417100 | 6988633000 | 16110121300 | 8696348300 | 8444780400 | 6179109500 | 5402980100 | 28723218300 | 2811931800 | 2007158100 | 1275218800 | 1283146800 | 7377455500 | 1281737900 | 1233759100 | 987035300 | 824558400 | 4327090700 | 763826700 | 970880700 | 846382300 | 1121506500 | 3702596200 | 1086100900 | 1322804700 | 1308714100 | 1697125700 | 5414745400 | 1497623300 | 1571319500 | 1506067400 | 1389699900 | 5964710100 | 1462605800 | 1610503700 | 1676875800 | 1575149800 | 6325135100 | 1622682900 | 1943100500 | 1972498300 | 2235710300 | 7773992000 | 1890345600 | 1797256100 | 1680660100 | 1277101900 | 6645363700 | 653791800 | 929693300 | 800808300 | 1130140800 | 3514434200 | 1062851600 | 1143389700 | 1292565300 | 902260700 | 4401067300 | 1276325400 | 1540398900 | 1670172700 | 1065409000 | 5552306000 | 848673300 | 1054169600 | 1902842900
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 | 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 | 202 | 159 | 660 | 167 | 161 | 137 | 118 | 583 | 61 | 61 | 55 | 43 | 220 | 33 | 39 | 29 | 30 | 131 | 43 | 48 | 35 | 38 | 164 | 35 | 61 | 31 | 49 | 176 | 44 | 51 | 54 | 61 | 210 | 67 | 78 | 104 | 72 | 321 | 73 | 111 | 109 | 132 | 425 | 97 | 103 | 101 | 82 | 383 | 46 | 61 | 45 | 72 | 224 | 53 | 78 | 66 | 81 | 278 | 67 | 111 | 86 | 77 | 341 | 38 | 44 | 82
Early Stage | 82 | 70 | 58 | 72 | 282 | 66 | 120 | 84 | 129 | 399 | 108 | 100 | 120 | 141 | 469 | 136 | 97 | 108 | 155 | 496 | 132 | 244 | 281 | 459 | 1116 | 520 | 547 | 466 | 387 | 1920 | 236 | 183 | 142 | 132 | 693 | 130 | 136 | 95 | 105 | 466 | 87 | 104 | 103 | 127 | 421 | 121 | 134 | 133 | 143 | 531 | 133 | 130 | 139 | 139 | 541 | 117 | 149 | 135 | 169 | 570 | 130 | 168 | 129 | 147 | 574 | 137 | 157 | 131 | 123 | 548 | 77 | 85 | 85 | 137 | 384 | 119 | 136 | 146 | 133 | 534 | 159 | 154 | 157 | 166 | 636 | 139 | 177 | 316
Expansion | 87 | 73 | 74 | 60 | 294 | 88 | 69 | 89 | 116 | 362 | 99 | 111 | 94 | 117 | 421 | 103 | 106 | 99 | 107 | 415 | 105 | 137 | 145 | 243 | 630 | 253 | 225 | 173 | 151 | 802 | 85 | 77 | 70 | 51 | 283 | 50 | 51 | 49 | 52 | 202 | 43 | 23 | 34 | 39 | 139 | 30 | 42 | 53 | 57 | 182 | 52 | 66 | 56 | 77 | 251 | 80 | 76 | 63 | 51 | 270 | 56 | 80 | 66 | 97 | 299 | 81 | 58 | 50 | 45 | 234 | 22 | 37 | 35 | 44 | 138 | 39 | 50 | 40 | 45 | 174 | 33 | 48 | 52 | 34 | 167 | 30 | 36 | 66
Later Stage | 13 | 14 | 19 | 22 | 68 | 20 | 19 | 15 | 20 | 74 | 22 | 15 | 13 | 19 | 69 | 8 | 22 | 21 | 14 | 65 | 9 | 20 | 20 | 11 | 60 | 23 | 24 | 20 | 21 | 88 | 10 | 8 | 10 | 17 | 45 | 13 | 18 | 11 | 11 | 53 | 6 | 10 | 11 | 17 | 44 | 17 | 20 | 14 | 18 | 69 | 18 | 18 | 14 | 25 | 75 | 20 | 36 | 32 | 26 | 114 | 22 | 23 | 28 | 28 | 101 | 35 | 37 | 40 | 36 | 148 | 22 | 16 | 17 | 20 | 75 | 23 | 29 | 25 | 21 | 98 | 33 | 32 | 25 | 17 | 107 | 15 | 25 | 40
Grand Total | 260 | 209 | 215 | 216 | 900 | 235 | 298 | 254 | 357 | 1144 | 339 | 297 | 298 | 372 | 1306 | 352 | 338 | 340 | 406 | 1436 | 375 | 571 | 648 | 872 | 2466 | 963 | 957 | 796 | 677 | 3393 | 392 | 329 | 277 | 243 | 1241 | 226 | 244 | 184 | 198 | 852 | 179 | 185 | 183 | 221 | 768 | 203 | 257 | 231 | 267 | 958 | 247 | 265 | 263 | 302 | 1077 | 284 | 339 | 334 | 318 | 1275 | 281 | 382 | 332 | 404 | 1399 | 350 | 355 | 322 | 286 | 1313 | 167 | 199 | 182 | 273 | 821 | 234 | 293 | 277 | 280 | 1084 | 292 | 345 | 320 | 294 | 1251 | 222 | 282 | 504
 | Source:  PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data:  Thomson Reuters