Spreadsheet: 0e2123c8-0498-4cfb-953f-80ae169eb7ed
Sheet: by Stage of Dev

 |  |  |  |  |  | PricewaterhouseCoopers/National Venture Capital Association
 |  |  |  |  |  | MoneyTree™ Report, Data: Thomson Reuters
 |  |  |  |  |  | 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 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2007 Total | Qtr 1 | Qtr 2 | Qtr 3 | Qtr 4 | 2008 Total | 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 | 257134600 | 385558500 | 205660400 | 271820500 | 1120174000 | 299522800 | 421549600 | 197424500 | 300715900 | 1219212800 | 379145900 | 306071800 | 307383300 | 296768100 | 1289369100 | 367258100 | 391418500 | 430203600 | 438872900 | 1627753100 | 484218600 | 779947100 | 935096900 | 1241351100 | 3440613700 | 764110400 | 865899300 | 810287500 | 452953300 | 2893250500 | 234587000 | 234569000 | 112627700 | 107182800 | 688966500 | 61839000 | 90239200 | 78311000 | 76643200 | 307032400 | 68989000 | 90314900 | 85317200 | 81214300 | 325835400 | 95017100 | 115215000 | 109264200 | 541352000 | 860848300 | 120667900 | 490959700 | 158335700 | 153062100 | 923025400 | 239131100 | 368819500 | 347908400 | 297792400 | 1253651400 | 299963600 | 425647500 | 387588600 | 499711600 | 1612911300 | 446546500 | 499990500 | 485102500 | 318166100 | 1749805600 | 307837300 | 543659500 | 512470400 | 385362800 | 1749330000 | 408841100 | 779825100 | 303505700 | 233234000 | 1725405900 | 145577600 | 403023300 | 178512700 | 727113600
Early Stage | 402503400 | 386816100 | 346832900 | 517826000 | 1653978400 | 550811100 | 647135500 | 570028500 | 680250700 | 2448225800 | 716672400 | 817950200 | 750462100 | 1022251500 | 3307336200 | 1027970100 | 971906700 | 1068907600 | 1868665300 | 4937449700 | 1117233900 | 1801384700 | 2502716500 | 5173545200 | 10594880300 | 6727429900 | 6326137600 | 5390714700 | 4684622500 | 23128904700 | 3287988000 | 1864144600 | 1590003100 | 1191326100 | 7933461800 | 1070960100 | 1061283000 | 770908800 | 752172100 | 3655324000 | 674919400 | 984922900 | 773833000 | 1031922300 | 3465597600 | 881586400 | 936825800 | 947975000 | 1000555600 | 3766942800 | 838031600 | 938295200 | 1062963800 | 967695800 | 3806986400 | 859046400 | 908180600 | 1066728700 | 1592084900 | 4426040600 | 1251639400 | 1606736500 | 1239088100 | 1694971100 | 5792435100 | 1330288700 | 1414674500 | 1269900400 | 1364825500 | 5379689100 | 722980900 | 1143417800 | 1200019700 | 1710459200 | 4776877600 | 1095040300 | 1696857700 | 1293716500 | 1468922600 | 5554537100 | 1796350100 | 2112948100 | 1956646200 | 5865944400
Expansion | 609520800 | 1375627100 | 735882900 | 682785100 | 3403815900 | 1115962600 | 1473414700 | 1219867000 | 1540846700 | 5350091000 | 1309132900 | 1918569800 | 1975171600 | 2147000700 | 7349875000 | 1709926400 | 3103288500 | 2586380700 | 2527267800 | 9926863400 | 2951712100 | 5000745400 | 7414339700 | 13179388000 | 28546185200 | 15672677400 | 15175808000 | 14914294400 | 11513388000 | 57276167800 | 6575508200 | 6203509100 | 4237978700 | 4668032900 | 21685028900 | 3662221300 | 3603861200 | 2351192000 | 2226179100 | 11843453600 | 2319181300 | 2366518900 | 2198580900 | 2492830500 | 9377111600 | 2077128800 | 2754093400 | 2048855500 | 2278114600 | 9158192300 | 2119006100 | 2349232400 | 1732495100 | 2317384300 | 8518117900 | 2531176900 | 3281198800 | 2912636500 | 2352721800 | 11077734000 | 2857672500 | 2422415000 | 3000015500 | 3050133600 | 11330236600 | 3425510000 | 2641668700 | 2475126100 | 2082447900 | 10624752700 | 1184984000 | 1708826000 | 1800052600 | 1954125900 | 6647988500 | 2012350900 | 2812247200 | 1740441500 | 2574342800 | 9139382400 | 2114159800 | 2455302600 | 2497248200 | 7066710600
Later Stage | 310627500 | 302860600 | 252467500 | 265136100 | 1131091700 | 230456700 | 427456400 | 402167200 | 490397000 | 1550477300 | 464729800 | 486740700 | 580794400 | 668438200 | 2200703100 | 717424300 | 878215600 | 736524500 | 904192100 | 3236356500 | 1354130900 | 2466360200 | 1992027500 | 2810727700 | 8623246300 | 4026752500 | 3923443700 | 4127075700 | 3854471400 | 15931743300 | 2223466500 | 2242777600 | 1677744700 | 1587330500 | 7731319300 | 1683497700 | 1101340800 | 1096034000 | 1221792300 | 5102664800 | 1057495100 | 1302263900 | 1365044700 | 1781381400 | 5506185100 | 2130183400 | 2249494400 | 1705333500 | 2372305600 | 8457316900 | 1967286700 | 2364601300 | 2843879500 | 2318004600 | 9493772100 | 2744526000 | 2552219200 | 2359820000 | 2133384200 | 9789949400 | 2793632700 | 2992727200 | 3277248900 | 2890389500 | 11953998300 | 2701154700 | 3152902600 | 3057479000 | 2174811900 | 11086348200 | 1560355700 | 1324928000 | 1803211800 | 1805251600 | 6493747100 | 1681127700 | 1881834200 | 1969403600 | 1411844700 | 6944210200 | 2350718600 | 2913691900 | 2319760200 | 7584170700
Grand Total | 1579786300 | 2450862300 | 1540843700 | 1737567700 | 7309060000 | 2196753200 | 2969556200 | 2389487200 | 3012210300 | 10568006900 | 2869681000 | 3529332500 | 3613811400 | 4134458500 | 14147283400 | 3822578900 | 5344829300 | 4822016400 | 5738998100 | 19728422700 | 5907295500 | 10048437400 | 12844180600 | 22405012000 | 51204925500 | 27190970200 | 26291288600 | 25242372300 | 20505435200 | 99230066300 | 12321549700 | 10545000300 | 7618354200 | 7553872300 | 38038776500 | 6478518100 | 5856724200 | 4296445800 | 4276786700 | 20908474800 | 4120584800 | 4744020600 | 4422775800 | 5387348500 | 18674729700 | 5183915700 | 6055628600 | 4811428200 | 6192327800 | 22243300300 | 5044992300 | 6143088600 | 5797674100 | 5756146800 | 22741901800 | 6373880400 | 7110418100 | 6687093600 | 6375983300 | 26547375400 | 7202908200 | 7447526200 | 7903941100 | 8135205800 | 30689581300 | 7903499900 | 7709236300 | 7287608000 | 5940251400 | 28840595600 | 3776157900 | 4720831300 | 5315754500 | 5855199500 | 19667943200 | 5197360000 | 7170764200 | 5307067300 | 5688344100 | 23363535600 | 6406806100 | 7884965900 | 6952167300 | 21243939300
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 Total | 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 | 125 | 95 | 95 | 115 | 430 | 132 | 140 | 99 | 136 | 507 | 163 | 119 | 120 | 139 | 541 | 152 | 162 | 165 | 196 | 675 | 167 | 213 | 248 | 187 | 815 | 198 | 196 | 172 | 139 | 705 | 81 | 73 | 68 | 60 | 282 | 47 | 53 | 40 | 39 | 179 | 56 | 59 | 43 | 54 | 212 | 46 | 74 | 42 | 65 | 227 | 50 | 67 | 68 | 76 | 261 | 80 | 93 | 118 | 100 | 391 | 89 | 136 | 132 | 146 | 503 | 134 | 130 | 151 | 103 | 518 | 67 | 83 | 98 | 109 | 357 | 90 | 116 | 93 | 87 | 386 | 79 | 121 | 89 | 289
Early Stage | 133 | 137 | 116 | 138 | 524 | 150 | 209 | 181 | 227 | 767 | 204 | 213 | 229 | 261 | 907 | 241 | 223 | 247 | 311 | 1022 | 249 | 381 | 451 | 655 | 1736 | 773 | 791 | 687 | 625 | 2876 | 439 | 341 | 271 | 254 | 1305 | 246 | 246 | 192 | 197 | 881 | 192 | 217 | 189 | 212 | 810 | 207 | 235 | 216 | 228 | 886 | 212 | 218 | 215 | 205 | 850 | 201 | 243 | 230 | 311 | 985 | 247 | 313 | 249 | 273 | 1082 | 261 | 288 | 271 | 282 | 1102 | 191 | 208 | 231 | 312 | 942 | 254 | 352 | 291 | 308 | 1205 | 305 | 363 | 341 | 1009
Expansion | 190 | 183 | 167 | 177 | 717 | 238 | 252 | 246 | 325 | 1061 | 320 | 373 | 331 | 419 | 1443 | 378 | 418 | 415 | 400 | 1611 | 392 | 577 | 615 | 921 | 2505 | 1030 | 1002 | 908 | 828 | 3768 | 659 | 681 | 551 | 551 | 2442 | 420 | 465 | 350 | 387 | 1622 | 350 | 326 | 350 | 351 | 1377 | 292 | 361 | 272 | 326 | 1251 | 280 | 300 | 245 | 304 | 1129 | 338 | 368 | 354 | 343 | 1403 | 282 | 330 | 326 | 359 | 1297 | 350 | 337 | 286 | 280 | 1253 | 181 | 219 | 216 | 268 | 884 | 260 | 308 | 246 | 269 | 1083 | 222 | 266 | 260 | 748
Later Stage | 57 | 49 | 54 | 56 | 216 | 65 | 73 | 77 | 86 | 301 | 87 | 75 | 79 | 94 | 335 | 97 | 114 | 98 | 109 | 418 | 127 | 159 | 130 | 121 | 537 | 170 | 146 | 184 | 187 | 687 | 138 | 144 | 133 | 137 | 552 | 145 | 110 | 123 | 121 | 499 | 121 | 147 | 148 | 184 | 600 | 184 | 200 | 176 | 242 | 802 | 207 | 264 | 275 | 261 | 1007 | 275 | 291 | 236 | 234 | 1036 | 269 | 305 | 323 | 323 | 1220 | 299 | 333 | 321 | 274 | 1227 | 226 | 232 | 190 | 225 | 873 | 189 | 229 | 220 | 184 | 822 | 228 | 265 | 186 | 679
Grand Total | 505 | 464 | 432 | 486 | 1887 | 585 | 674 | 603 | 774 | 2636 | 774 | 780 | 759 | 913 | 3226 | 868 | 917 | 925 | 1016 | 3726 | 935 | 1330 | 1444 | 1884 | 5593 | 2171 | 2135 | 1951 | 1779 | 8036 | 1317 | 1239 | 1023 | 1002 | 4581 | 858 | 874 | 705 | 744 | 3181 | 719 | 749 | 730 | 801 | 2999 | 729 | 870 | 706 | 861 | 3166 | 749 | 849 | 803 | 846 | 3247 | 894 | 995 | 938 | 988 | 3815 | 887 | 1084 | 1030 | 1101 | 4102 | 1044 | 1088 | 1029 | 939 | 4100 | 665 | 742 | 735 | 914 | 3056 | 793 | 1005 | 850 | 848 | 3496 | 834 | 1015 | 876 | 2725
 | Source:  PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data:  Thomson Reuters