venture financing report - 2014 year in review
TRANSCRIPT
892019 Venture Financing Report - 2014 Year in Review
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32
29
19
2035
26
22
17
35
30
16
19
2009 2010 2011
DEAL BREAKDOWNmdashBy Series 2014 saw a marked increase in the percentage of Series A deals
completed reaching 44 of all transactions
40
24
17
19
2012
37
27
16
19
2013
44
25
18
14
2014
Series A Series B Series C Series D or Higher
2014 marked a banner year for both total
deal volumes and aggregate dollars raised
During 2014 we handled 540 disclosable
financing transactions representing more than
$95 billion of invested capital Both numbers
represent volumes not seen since the
inception of this report over seven years ago
We witnessed an increase in median pre-
money valuations across all deal stages in
2014 In fact median valuations reachedlevels not seen in over six years Valuation
increases were most pronounced in Series
A deals where median pre-money valuations
hit $15 million in 2014 Series B transactions
saw valuations increase to $38 million Deals
with median pre-money valuations greater
than $100 million also rose to 18 of total
transactions
Also of note was the mix of deal types during
the year Series A transactions made up 44
of all financings in 2014 the highest level inover six years This may correlate to a broader
mix and sources of Series A funding being
available to entrepreneurs Additionally the
percentage of up versus flatdown rounds
hit historical highs in 2014 as over 80 of
financings were up rounds
During 2014 basic deal terms reflected
a company-friendly environment The
percentage of deals with a liquidation
preference of 1x or less increased acrossall deal stages in 2014 We also saw a
decrease in the percentage of deals including
fully participating preferred provisions
across all deal stages with the exception
of Series D+ transactions The percentage
of recapitalization transactions dropped to
just 5 of deals during the year while deals
structured in tranches decreased to just 11
of transactions a level not seen in six years
2014 Venture Financing in ReviewmdashA Banner Year for Deal Volumes and Invested Capital
Quarterly analysis based upon 103 completed deals totaling approximately $14 billion in the fourth quarter of 2014 125
completed deals totaling approximately $18 billion in the third quarter of 2014 189 completed deals totaling approximately $37
billion in the second quarter of 2014 and 123 completed deals totaling approximately $27 billion in the first quarter of 2014
Please note our past quarterly deal numbers can change based on data not available at the time of the report
COOLEY VENTURE FINANCING REPORT
2 0 14 Y E A R I N R E V I E W
attorney advertisement
TOTAL DEAL VOLUME AND AGGREGATE DOLLARS RAISED We handled 540 disclosable
financings in 2014 representing over $95 billion of invested capital
2009 2010 2011 2012 2013 2014
$0
$5
$10
0
200
400
600
TRENDS IN FINANCIAL TERMS
of Deals 397 430 440 443 432 540
Amt (billions) $425 $501 $669 $601 $481 $950
892019 Venture Financing Report - 2014 Year in Review
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2
CO O LEY VENTURE F INANC ING REPO RT
2009 2010 2011 2012 2013 2014
0
25
50
75
100
33
61
71 75 7180
MEDIAN PRE-MONEY VALUATION ($ millions)mdashBy Series We saw median pre-money valuationsincrease across all deal stages in 2014
2009 2010 2011 2012 2013 2014
$0
$5
$10
$15
$20
SERIES A
$55$70
$80 $80$95
$150
2009 2010 2011 2012 2013 2014
$0
$10
$20
$30
$40
$50
SERIES B
$171$200
$230
$296$265
$380
2009 2010 2011 2012 2013 2014
$0
$50
$100
$150
SERIES D or HIGHER
$450
$800
$966
$1100$1000
$1306
2009 2010 2011 2012 2013 2014
$0
$50
$100
$150
SERIES C
$300
$450 $500 $500 $500
$925
PERCENTAGE OF UP DOWN AND FLAT ROUNDS The percentage of up rounds reached 80 of
transactions in 2014
892019 Venture Financing Report - 2014 Year in Review
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3
CO O LEY VENTURE F INANC ING REPO RT
PRE-MONEY VALUATIONS OF MORE THAN $100 MILLIONmdashBy Deal The data point to an increase in
the percentage of deals with a median pre-money valuation greater than $100 million in 2014
2009 2010 2011 2012 2013 2014
0
5
10
15
20
25
7
13
1714 15
18
lt=1X gt1X-=lt2X gt2X-=lt3X gt3X No ne
0
20
40
60
80
100
SERIES A
lt=1X gt1X-=lt2X gt2 X-=lt3X gt3X None
0
20
40
60
80
100
SERIES B
I I I
I I
lt=1X gt1X-=lt2X gt2X-=lt3X gt3X No ne
0
20
40
60
80
100
SERIES C
lt=1X gt1X-=lt2X gt2X-=lt3 X gt3X None
0
20
40
60
80
100
SERIES D or HIGHER
LIQUIDATION PREFERENCEmdashBy Series In 2014 the percentage of deals with a liquidation preference
of 1x or less increased across all deal stages
2009 851 107 16 16 08
2010 950 43 00 00 07
2011 918 30 22 00 30
2012 933 60 00 07 00
2013 922 47 08 00 23
2014 962 32 05 00 00
2009 861 74 18 28 18
2010 950 40 00 10 00
2011 915 76 08 00 00
2012 920 46 23 11 00
2013 882 97 11 00 11
2014 922 58 10 00 10
2009 732 211 56 00 00
2010 929 24 35 12 00
2011 871 81 16 16 16
2012 873 95 00 16 16
2013 875 89 18 00 18
2014 933 53 13 00 00
2009 781 164 41 00 14
2010 779 191 00 00 29
2011 882 79 13 13 13
2012 831 113 28 00 28
2013 761 164 30 15 30
2014 877 105 18 00 00
892019 Venture Financing Report - 2014 Year in Review
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4
CO O LEY VENTURE F INANC ING REPO RT
LIQUIDATION PREFERENCE PARTICIPATION FEATURESmdashBy Series The percentage of deals with
fully participating preferred provisions in 2014 decreased in all deal stages with the exception of Series
D+ transactions
None 2x Cap 3x Cap gt3x Cap Full
0
20
40
60
80
100
SERIES A
I
I I I
I
None 2x Cap 3x Cap gt3x Cap Full
0
20
40
60
80
100
SERIES B
I I I
I I
None 2x Cap 3x Cap gt 3x Cap Full
0
20
40
60
80
100
SERIES C
I I
I I
I
None 2x Cap 3x Cap gt 3x Cap Full
0
20
40
60
80
100
SERIES D or HIGHER
2009 324 56 127 28 465
2010 329 153 106 47 365
2011 548 81 97 16 258
2012 413 79 127 48 333
2013 589 125 71 00 214
2014 747 27 53 40 133
2009 370 82 110 68 370
2010 471 88 103 74 265
2011 513 40 171 66 210
2012 479 84 127 42 268
2013 508 104 104 60 224
2014 474 88 105 35 298
2009 504 50 99 25 322
2010 540 86 65 14 295
2011 689 22 74 22 193
2012 680 47 60 13 200
2013 750 62 31 23 133
2014 789 38 38 11 124
2009 398 65 83 46 407
2010 630 90 40 40 200
2011 610 76 68 17 229
2012 568 80 46 57 250
2013645 64 43 22 226
2014 689 58 19 10 223
892019 Venture Financing Report - 2014 Year in Review
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5
CO O LEY VENTURE F INANC ING REPO RT
2009 2010 2011 2012 2013 2014
0
25
50
PERCENTAGE OF DEALS WITH PARTICIPATING PREFERRED991252By Year and Series Deals utilizing
participating preferred provisions decreased to just 26 of transactions in 2014
2009 2010 2011 2012 2013 2014
0
25
50
75
59
49
38 40
3226
Series A 274 330 274 300 264 325
Series B 297 191 301 238 273 267
Series C 219 294 183 231 190 158
Series D or Higher 210 186 242 231 273 250
RECAPITALIZATIONSmdashBy Year We observed a continued trend of fewer recapitalization transactions in
2014
2009 2010 2011 2012 2013 2014
0
5
10
15
10
76 6 6
5
TRANCHED DEALSmdashBy Year The percentage of deals structured in tranches decreased significantly in
2014 from prior years
2009 2010 2011 2012 2013 2014
0
10
20
30
40
27 27
2017
20
11
892019 Venture Financing Report - 2014 Year in Review
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6
CO O LEY VENTURE F INANC ING REPO RT
2009 2010 2011 2012 2013 2014
0
10
20
30
PERCENTAGE OF DEALS WITH PAY-TO-PLAYmdashBy Year and Series During 2014 there was a marked
decrease in the utilization of pay-to-play provisions in later stage deals
2009 2010 2011 2012 2013 2014
0
5
10
15
20
16
10
5 5 6
4
Series A 107 79 22 13 08 23
Series B 130 80 08 46 22 47
Series C 183 82 145 111 132 00
Series D or Higher 219 191 92 113 138 119
2009 2010 2011 2012 2013 2014
50
75
100
63
68
62
7269
82
PERCENTAGE OF DEALS WITH DRAG-ALONGmdashBy Year and Series Utilization of drag-along provisions
in 2014 increased to 82 of deals
2009 2010 2011 2012 2013 2014
0
20
40
60
80
100
Series A 653 684 511 713 727 849
Series B 704 700 729 739 763 903
Series C 648 729 710 698 804 747
Series D or Higher 480 632 710 775 627 842
892019 Venture Financing Report - 2014 Year in Review
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7
CO O LEY VENTURE F INANC ING REPO RT
ANTI-DILUTION PROTECTIONmdashBy Year Over the last year more than 94 of transactions included
broad-based weighted average anti-dilution protection The chart below breaks out the percentage of
deals with broad-based weighted average narrow-based weighted average full ratchet and no anti-
dilution protection
Narrow-BasedWgt-Avg
Full Ratchet Broad-BasedWgt-Avg
None
2009 2010 2011 2012 2013 2014
0
20
40
60
80
100
No CA 55 85 59 36 47 23
Other 301 303 247 183 165 154
REDEMPTION PROVISION AND DIVIDEND PROVISION UTILIZATIONmdashBy Region We continued
to see a gap in the usage of redemption and accruing dividend provisions between SF Bay AreaSilicon
Valley and other geographic regions during 2014
2009 2010 2011 2012 2013 2014
0
20
40
60
REDEMPTION PROVISIONS I I I
No CA 158 157 124 153 120 88
Other 478 454 443 358 366 284
I I I
2009 2010 2011 2012 2013 2014
0
10
20
30
40
ACCRUING DIVIDENDS
About The Cooley Venture Financing Report This quarterly report provides data reflecting Cooleyrsquos experience in
venture capital financing terms and trends Information is taken from transactions in which Cooley served as counsel to
either the issuing company or investors For more information regarding this report please contact the Cooley attorneys
listed below
About Cooley Cooleyrsquos attorneys solve legal issues for entrepreneurs investors financial institutions and established
companies Clients partner with Cooley on transformative deals complex IP and regulatory matters and bet-the-companylitigation often where innovation meets the law
Cooley has 850 lawyers across 12 offices in the United States China and Europe
This Cooley Venture Financing Report is not intended to provide specific legal advice or to establish an attorney-client relationship copy2015
Cooley LLP 3175 Hanover Street Palo Alto CA Palo Alto CA 94304 +1 650 843 5000 Permission is granted to make and redistribute
without change copies of this entire document provided that such copies are complete and unaltered and identify Cooley LLP as the author
All other rights reserved
wwwcooleycom
BOSTON MA Patrick Mitchell +1 617 937 2315BROOMFIELD CO Brent Fassett +1 720 566 4025LONDON Justin Stock +44 0 20 7556 4260LOS ANGELES CA David Young +1 310 883 6416NEW YORK NY Babak (Bo) Yaghmaie +1 212 479 6556PALO ALTO CA Matt Bartus +1 650 843 5756
RESTON VA Mike Lincoln +1 703 456 8022SAN DIEGO CA Tom Coll +1 858 550 6013SAN FRANCISCO CA Craig Jacoby +1 415 693 2147SEATTLE WA Gordon Empey +1 206 452 8752SHANGHAI Patrick Loofbourrow +86 21 6030 0608WASHINGTON DC Ryan Naftulin +1 202 842 7822
892019 Venture Financing Report - 2014 Year in Review
httpslidepdfcomreaderfullventure-financing-report-2014-year-in-review 27
2
CO O LEY VENTURE F INANC ING REPO RT
2009 2010 2011 2012 2013 2014
0
25
50
75
100
33
61
71 75 7180
MEDIAN PRE-MONEY VALUATION ($ millions)mdashBy Series We saw median pre-money valuationsincrease across all deal stages in 2014
2009 2010 2011 2012 2013 2014
$0
$5
$10
$15
$20
SERIES A
$55$70
$80 $80$95
$150
2009 2010 2011 2012 2013 2014
$0
$10
$20
$30
$40
$50
SERIES B
$171$200
$230
$296$265
$380
2009 2010 2011 2012 2013 2014
$0
$50
$100
$150
SERIES D or HIGHER
$450
$800
$966
$1100$1000
$1306
2009 2010 2011 2012 2013 2014
$0
$50
$100
$150
SERIES C
$300
$450 $500 $500 $500
$925
PERCENTAGE OF UP DOWN AND FLAT ROUNDS The percentage of up rounds reached 80 of
transactions in 2014
892019 Venture Financing Report - 2014 Year in Review
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3
CO O LEY VENTURE F INANC ING REPO RT
PRE-MONEY VALUATIONS OF MORE THAN $100 MILLIONmdashBy Deal The data point to an increase in
the percentage of deals with a median pre-money valuation greater than $100 million in 2014
2009 2010 2011 2012 2013 2014
0
5
10
15
20
25
7
13
1714 15
18
lt=1X gt1X-=lt2X gt2X-=lt3X gt3X No ne
0
20
40
60
80
100
SERIES A
lt=1X gt1X-=lt2X gt2 X-=lt3X gt3X None
0
20
40
60
80
100
SERIES B
I I I
I I
lt=1X gt1X-=lt2X gt2X-=lt3X gt3X No ne
0
20
40
60
80
100
SERIES C
lt=1X gt1X-=lt2X gt2X-=lt3 X gt3X None
0
20
40
60
80
100
SERIES D or HIGHER
LIQUIDATION PREFERENCEmdashBy Series In 2014 the percentage of deals with a liquidation preference
of 1x or less increased across all deal stages
2009 851 107 16 16 08
2010 950 43 00 00 07
2011 918 30 22 00 30
2012 933 60 00 07 00
2013 922 47 08 00 23
2014 962 32 05 00 00
2009 861 74 18 28 18
2010 950 40 00 10 00
2011 915 76 08 00 00
2012 920 46 23 11 00
2013 882 97 11 00 11
2014 922 58 10 00 10
2009 732 211 56 00 00
2010 929 24 35 12 00
2011 871 81 16 16 16
2012 873 95 00 16 16
2013 875 89 18 00 18
2014 933 53 13 00 00
2009 781 164 41 00 14
2010 779 191 00 00 29
2011 882 79 13 13 13
2012 831 113 28 00 28
2013 761 164 30 15 30
2014 877 105 18 00 00
892019 Venture Financing Report - 2014 Year in Review
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4
CO O LEY VENTURE F INANC ING REPO RT
LIQUIDATION PREFERENCE PARTICIPATION FEATURESmdashBy Series The percentage of deals with
fully participating preferred provisions in 2014 decreased in all deal stages with the exception of Series
D+ transactions
None 2x Cap 3x Cap gt3x Cap Full
0
20
40
60
80
100
SERIES A
I
I I I
I
None 2x Cap 3x Cap gt3x Cap Full
0
20
40
60
80
100
SERIES B
I I I
I I
None 2x Cap 3x Cap gt 3x Cap Full
0
20
40
60
80
100
SERIES C
I I
I I
I
None 2x Cap 3x Cap gt 3x Cap Full
0
20
40
60
80
100
SERIES D or HIGHER
2009 324 56 127 28 465
2010 329 153 106 47 365
2011 548 81 97 16 258
2012 413 79 127 48 333
2013 589 125 71 00 214
2014 747 27 53 40 133
2009 370 82 110 68 370
2010 471 88 103 74 265
2011 513 40 171 66 210
2012 479 84 127 42 268
2013 508 104 104 60 224
2014 474 88 105 35 298
2009 504 50 99 25 322
2010 540 86 65 14 295
2011 689 22 74 22 193
2012 680 47 60 13 200
2013 750 62 31 23 133
2014 789 38 38 11 124
2009 398 65 83 46 407
2010 630 90 40 40 200
2011 610 76 68 17 229
2012 568 80 46 57 250
2013645 64 43 22 226
2014 689 58 19 10 223
892019 Venture Financing Report - 2014 Year in Review
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5
CO O LEY VENTURE F INANC ING REPO RT
2009 2010 2011 2012 2013 2014
0
25
50
PERCENTAGE OF DEALS WITH PARTICIPATING PREFERRED991252By Year and Series Deals utilizing
participating preferred provisions decreased to just 26 of transactions in 2014
2009 2010 2011 2012 2013 2014
0
25
50
75
59
49
38 40
3226
Series A 274 330 274 300 264 325
Series B 297 191 301 238 273 267
Series C 219 294 183 231 190 158
Series D or Higher 210 186 242 231 273 250
RECAPITALIZATIONSmdashBy Year We observed a continued trend of fewer recapitalization transactions in
2014
2009 2010 2011 2012 2013 2014
0
5
10
15
10
76 6 6
5
TRANCHED DEALSmdashBy Year The percentage of deals structured in tranches decreased significantly in
2014 from prior years
2009 2010 2011 2012 2013 2014
0
10
20
30
40
27 27
2017
20
11
892019 Venture Financing Report - 2014 Year in Review
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6
CO O LEY VENTURE F INANC ING REPO RT
2009 2010 2011 2012 2013 2014
0
10
20
30
PERCENTAGE OF DEALS WITH PAY-TO-PLAYmdashBy Year and Series During 2014 there was a marked
decrease in the utilization of pay-to-play provisions in later stage deals
2009 2010 2011 2012 2013 2014
0
5
10
15
20
16
10
5 5 6
4
Series A 107 79 22 13 08 23
Series B 130 80 08 46 22 47
Series C 183 82 145 111 132 00
Series D or Higher 219 191 92 113 138 119
2009 2010 2011 2012 2013 2014
50
75
100
63
68
62
7269
82
PERCENTAGE OF DEALS WITH DRAG-ALONGmdashBy Year and Series Utilization of drag-along provisions
in 2014 increased to 82 of deals
2009 2010 2011 2012 2013 2014
0
20
40
60
80
100
Series A 653 684 511 713 727 849
Series B 704 700 729 739 763 903
Series C 648 729 710 698 804 747
Series D or Higher 480 632 710 775 627 842
892019 Venture Financing Report - 2014 Year in Review
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7
CO O LEY VENTURE F INANC ING REPO RT
ANTI-DILUTION PROTECTIONmdashBy Year Over the last year more than 94 of transactions included
broad-based weighted average anti-dilution protection The chart below breaks out the percentage of
deals with broad-based weighted average narrow-based weighted average full ratchet and no anti-
dilution protection
Narrow-BasedWgt-Avg
Full Ratchet Broad-BasedWgt-Avg
None
2009 2010 2011 2012 2013 2014
0
20
40
60
80
100
No CA 55 85 59 36 47 23
Other 301 303 247 183 165 154
REDEMPTION PROVISION AND DIVIDEND PROVISION UTILIZATIONmdashBy Region We continued
to see a gap in the usage of redemption and accruing dividend provisions between SF Bay AreaSilicon
Valley and other geographic regions during 2014
2009 2010 2011 2012 2013 2014
0
20
40
60
REDEMPTION PROVISIONS I I I
No CA 158 157 124 153 120 88
Other 478 454 443 358 366 284
I I I
2009 2010 2011 2012 2013 2014
0
10
20
30
40
ACCRUING DIVIDENDS
About The Cooley Venture Financing Report This quarterly report provides data reflecting Cooleyrsquos experience in
venture capital financing terms and trends Information is taken from transactions in which Cooley served as counsel to
either the issuing company or investors For more information regarding this report please contact the Cooley attorneys
listed below
About Cooley Cooleyrsquos attorneys solve legal issues for entrepreneurs investors financial institutions and established
companies Clients partner with Cooley on transformative deals complex IP and regulatory matters and bet-the-companylitigation often where innovation meets the law
Cooley has 850 lawyers across 12 offices in the United States China and Europe
This Cooley Venture Financing Report is not intended to provide specific legal advice or to establish an attorney-client relationship copy2015
Cooley LLP 3175 Hanover Street Palo Alto CA Palo Alto CA 94304 +1 650 843 5000 Permission is granted to make and redistribute
without change copies of this entire document provided that such copies are complete and unaltered and identify Cooley LLP as the author
All other rights reserved
wwwcooleycom
BOSTON MA Patrick Mitchell +1 617 937 2315BROOMFIELD CO Brent Fassett +1 720 566 4025LONDON Justin Stock +44 0 20 7556 4260LOS ANGELES CA David Young +1 310 883 6416NEW YORK NY Babak (Bo) Yaghmaie +1 212 479 6556PALO ALTO CA Matt Bartus +1 650 843 5756
RESTON VA Mike Lincoln +1 703 456 8022SAN DIEGO CA Tom Coll +1 858 550 6013SAN FRANCISCO CA Craig Jacoby +1 415 693 2147SEATTLE WA Gordon Empey +1 206 452 8752SHANGHAI Patrick Loofbourrow +86 21 6030 0608WASHINGTON DC Ryan Naftulin +1 202 842 7822
892019 Venture Financing Report - 2014 Year in Review
httpslidepdfcomreaderfullventure-financing-report-2014-year-in-review 37
3
CO O LEY VENTURE F INANC ING REPO RT
PRE-MONEY VALUATIONS OF MORE THAN $100 MILLIONmdashBy Deal The data point to an increase in
the percentage of deals with a median pre-money valuation greater than $100 million in 2014
2009 2010 2011 2012 2013 2014
0
5
10
15
20
25
7
13
1714 15
18
lt=1X gt1X-=lt2X gt2X-=lt3X gt3X No ne
0
20
40
60
80
100
SERIES A
lt=1X gt1X-=lt2X gt2 X-=lt3X gt3X None
0
20
40
60
80
100
SERIES B
I I I
I I
lt=1X gt1X-=lt2X gt2X-=lt3X gt3X No ne
0
20
40
60
80
100
SERIES C
lt=1X gt1X-=lt2X gt2X-=lt3 X gt3X None
0
20
40
60
80
100
SERIES D or HIGHER
LIQUIDATION PREFERENCEmdashBy Series In 2014 the percentage of deals with a liquidation preference
of 1x or less increased across all deal stages
2009 851 107 16 16 08
2010 950 43 00 00 07
2011 918 30 22 00 30
2012 933 60 00 07 00
2013 922 47 08 00 23
2014 962 32 05 00 00
2009 861 74 18 28 18
2010 950 40 00 10 00
2011 915 76 08 00 00
2012 920 46 23 11 00
2013 882 97 11 00 11
2014 922 58 10 00 10
2009 732 211 56 00 00
2010 929 24 35 12 00
2011 871 81 16 16 16
2012 873 95 00 16 16
2013 875 89 18 00 18
2014 933 53 13 00 00
2009 781 164 41 00 14
2010 779 191 00 00 29
2011 882 79 13 13 13
2012 831 113 28 00 28
2013 761 164 30 15 30
2014 877 105 18 00 00
892019 Venture Financing Report - 2014 Year in Review
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4
CO O LEY VENTURE F INANC ING REPO RT
LIQUIDATION PREFERENCE PARTICIPATION FEATURESmdashBy Series The percentage of deals with
fully participating preferred provisions in 2014 decreased in all deal stages with the exception of Series
D+ transactions
None 2x Cap 3x Cap gt3x Cap Full
0
20
40
60
80
100
SERIES A
I
I I I
I
None 2x Cap 3x Cap gt3x Cap Full
0
20
40
60
80
100
SERIES B
I I I
I I
None 2x Cap 3x Cap gt 3x Cap Full
0
20
40
60
80
100
SERIES C
I I
I I
I
None 2x Cap 3x Cap gt 3x Cap Full
0
20
40
60
80
100
SERIES D or HIGHER
2009 324 56 127 28 465
2010 329 153 106 47 365
2011 548 81 97 16 258
2012 413 79 127 48 333
2013 589 125 71 00 214
2014 747 27 53 40 133
2009 370 82 110 68 370
2010 471 88 103 74 265
2011 513 40 171 66 210
2012 479 84 127 42 268
2013 508 104 104 60 224
2014 474 88 105 35 298
2009 504 50 99 25 322
2010 540 86 65 14 295
2011 689 22 74 22 193
2012 680 47 60 13 200
2013 750 62 31 23 133
2014 789 38 38 11 124
2009 398 65 83 46 407
2010 630 90 40 40 200
2011 610 76 68 17 229
2012 568 80 46 57 250
2013645 64 43 22 226
2014 689 58 19 10 223
892019 Venture Financing Report - 2014 Year in Review
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5
CO O LEY VENTURE F INANC ING REPO RT
2009 2010 2011 2012 2013 2014
0
25
50
PERCENTAGE OF DEALS WITH PARTICIPATING PREFERRED991252By Year and Series Deals utilizing
participating preferred provisions decreased to just 26 of transactions in 2014
2009 2010 2011 2012 2013 2014
0
25
50
75
59
49
38 40
3226
Series A 274 330 274 300 264 325
Series B 297 191 301 238 273 267
Series C 219 294 183 231 190 158
Series D or Higher 210 186 242 231 273 250
RECAPITALIZATIONSmdashBy Year We observed a continued trend of fewer recapitalization transactions in
2014
2009 2010 2011 2012 2013 2014
0
5
10
15
10
76 6 6
5
TRANCHED DEALSmdashBy Year The percentage of deals structured in tranches decreased significantly in
2014 from prior years
2009 2010 2011 2012 2013 2014
0
10
20
30
40
27 27
2017
20
11
892019 Venture Financing Report - 2014 Year in Review
httpslidepdfcomreaderfullventure-financing-report-2014-year-in-review 67
6
CO O LEY VENTURE F INANC ING REPO RT
2009 2010 2011 2012 2013 2014
0
10
20
30
PERCENTAGE OF DEALS WITH PAY-TO-PLAYmdashBy Year and Series During 2014 there was a marked
decrease in the utilization of pay-to-play provisions in later stage deals
2009 2010 2011 2012 2013 2014
0
5
10
15
20
16
10
5 5 6
4
Series A 107 79 22 13 08 23
Series B 130 80 08 46 22 47
Series C 183 82 145 111 132 00
Series D or Higher 219 191 92 113 138 119
2009 2010 2011 2012 2013 2014
50
75
100
63
68
62
7269
82
PERCENTAGE OF DEALS WITH DRAG-ALONGmdashBy Year and Series Utilization of drag-along provisions
in 2014 increased to 82 of deals
2009 2010 2011 2012 2013 2014
0
20
40
60
80
100
Series A 653 684 511 713 727 849
Series B 704 700 729 739 763 903
Series C 648 729 710 698 804 747
Series D or Higher 480 632 710 775 627 842
892019 Venture Financing Report - 2014 Year in Review
httpslidepdfcomreaderfullventure-financing-report-2014-year-in-review 77
7
CO O LEY VENTURE F INANC ING REPO RT
ANTI-DILUTION PROTECTIONmdashBy Year Over the last year more than 94 of transactions included
broad-based weighted average anti-dilution protection The chart below breaks out the percentage of
deals with broad-based weighted average narrow-based weighted average full ratchet and no anti-
dilution protection
Narrow-BasedWgt-Avg
Full Ratchet Broad-BasedWgt-Avg
None
2009 2010 2011 2012 2013 2014
0
20
40
60
80
100
No CA 55 85 59 36 47 23
Other 301 303 247 183 165 154
REDEMPTION PROVISION AND DIVIDEND PROVISION UTILIZATIONmdashBy Region We continued
to see a gap in the usage of redemption and accruing dividend provisions between SF Bay AreaSilicon
Valley and other geographic regions during 2014
2009 2010 2011 2012 2013 2014
0
20
40
60
REDEMPTION PROVISIONS I I I
No CA 158 157 124 153 120 88
Other 478 454 443 358 366 284
I I I
2009 2010 2011 2012 2013 2014
0
10
20
30
40
ACCRUING DIVIDENDS
About The Cooley Venture Financing Report This quarterly report provides data reflecting Cooleyrsquos experience in
venture capital financing terms and trends Information is taken from transactions in which Cooley served as counsel to
either the issuing company or investors For more information regarding this report please contact the Cooley attorneys
listed below
About Cooley Cooleyrsquos attorneys solve legal issues for entrepreneurs investors financial institutions and established
companies Clients partner with Cooley on transformative deals complex IP and regulatory matters and bet-the-companylitigation often where innovation meets the law
Cooley has 850 lawyers across 12 offices in the United States China and Europe
This Cooley Venture Financing Report is not intended to provide specific legal advice or to establish an attorney-client relationship copy2015
Cooley LLP 3175 Hanover Street Palo Alto CA Palo Alto CA 94304 +1 650 843 5000 Permission is granted to make and redistribute
without change copies of this entire document provided that such copies are complete and unaltered and identify Cooley LLP as the author
All other rights reserved
wwwcooleycom
BOSTON MA Patrick Mitchell +1 617 937 2315BROOMFIELD CO Brent Fassett +1 720 566 4025LONDON Justin Stock +44 0 20 7556 4260LOS ANGELES CA David Young +1 310 883 6416NEW YORK NY Babak (Bo) Yaghmaie +1 212 479 6556PALO ALTO CA Matt Bartus +1 650 843 5756
RESTON VA Mike Lincoln +1 703 456 8022SAN DIEGO CA Tom Coll +1 858 550 6013SAN FRANCISCO CA Craig Jacoby +1 415 693 2147SEATTLE WA Gordon Empey +1 206 452 8752SHANGHAI Patrick Loofbourrow +86 21 6030 0608WASHINGTON DC Ryan Naftulin +1 202 842 7822
892019 Venture Financing Report - 2014 Year in Review
httpslidepdfcomreaderfullventure-financing-report-2014-year-in-review 47
4
CO O LEY VENTURE F INANC ING REPO RT
LIQUIDATION PREFERENCE PARTICIPATION FEATURESmdashBy Series The percentage of deals with
fully participating preferred provisions in 2014 decreased in all deal stages with the exception of Series
D+ transactions
None 2x Cap 3x Cap gt3x Cap Full
0
20
40
60
80
100
SERIES A
I
I I I
I
None 2x Cap 3x Cap gt3x Cap Full
0
20
40
60
80
100
SERIES B
I I I
I I
None 2x Cap 3x Cap gt 3x Cap Full
0
20
40
60
80
100
SERIES C
I I
I I
I
None 2x Cap 3x Cap gt 3x Cap Full
0
20
40
60
80
100
SERIES D or HIGHER
2009 324 56 127 28 465
2010 329 153 106 47 365
2011 548 81 97 16 258
2012 413 79 127 48 333
2013 589 125 71 00 214
2014 747 27 53 40 133
2009 370 82 110 68 370
2010 471 88 103 74 265
2011 513 40 171 66 210
2012 479 84 127 42 268
2013 508 104 104 60 224
2014 474 88 105 35 298
2009 504 50 99 25 322
2010 540 86 65 14 295
2011 689 22 74 22 193
2012 680 47 60 13 200
2013 750 62 31 23 133
2014 789 38 38 11 124
2009 398 65 83 46 407
2010 630 90 40 40 200
2011 610 76 68 17 229
2012 568 80 46 57 250
2013645 64 43 22 226
2014 689 58 19 10 223
892019 Venture Financing Report - 2014 Year in Review
httpslidepdfcomreaderfullventure-financing-report-2014-year-in-review 57
5
CO O LEY VENTURE F INANC ING REPO RT
2009 2010 2011 2012 2013 2014
0
25
50
PERCENTAGE OF DEALS WITH PARTICIPATING PREFERRED991252By Year and Series Deals utilizing
participating preferred provisions decreased to just 26 of transactions in 2014
2009 2010 2011 2012 2013 2014
0
25
50
75
59
49
38 40
3226
Series A 274 330 274 300 264 325
Series B 297 191 301 238 273 267
Series C 219 294 183 231 190 158
Series D or Higher 210 186 242 231 273 250
RECAPITALIZATIONSmdashBy Year We observed a continued trend of fewer recapitalization transactions in
2014
2009 2010 2011 2012 2013 2014
0
5
10
15
10
76 6 6
5
TRANCHED DEALSmdashBy Year The percentage of deals structured in tranches decreased significantly in
2014 from prior years
2009 2010 2011 2012 2013 2014
0
10
20
30
40
27 27
2017
20
11
892019 Venture Financing Report - 2014 Year in Review
httpslidepdfcomreaderfullventure-financing-report-2014-year-in-review 67
6
CO O LEY VENTURE F INANC ING REPO RT
2009 2010 2011 2012 2013 2014
0
10
20
30
PERCENTAGE OF DEALS WITH PAY-TO-PLAYmdashBy Year and Series During 2014 there was a marked
decrease in the utilization of pay-to-play provisions in later stage deals
2009 2010 2011 2012 2013 2014
0
5
10
15
20
16
10
5 5 6
4
Series A 107 79 22 13 08 23
Series B 130 80 08 46 22 47
Series C 183 82 145 111 132 00
Series D or Higher 219 191 92 113 138 119
2009 2010 2011 2012 2013 2014
50
75
100
63
68
62
7269
82
PERCENTAGE OF DEALS WITH DRAG-ALONGmdashBy Year and Series Utilization of drag-along provisions
in 2014 increased to 82 of deals
2009 2010 2011 2012 2013 2014
0
20
40
60
80
100
Series A 653 684 511 713 727 849
Series B 704 700 729 739 763 903
Series C 648 729 710 698 804 747
Series D or Higher 480 632 710 775 627 842
892019 Venture Financing Report - 2014 Year in Review
httpslidepdfcomreaderfullventure-financing-report-2014-year-in-review 77
7
CO O LEY VENTURE F INANC ING REPO RT
ANTI-DILUTION PROTECTIONmdashBy Year Over the last year more than 94 of transactions included
broad-based weighted average anti-dilution protection The chart below breaks out the percentage of
deals with broad-based weighted average narrow-based weighted average full ratchet and no anti-
dilution protection
Narrow-BasedWgt-Avg
Full Ratchet Broad-BasedWgt-Avg
None
2009 2010 2011 2012 2013 2014
0
20
40
60
80
100
No CA 55 85 59 36 47 23
Other 301 303 247 183 165 154
REDEMPTION PROVISION AND DIVIDEND PROVISION UTILIZATIONmdashBy Region We continued
to see a gap in the usage of redemption and accruing dividend provisions between SF Bay AreaSilicon
Valley and other geographic regions during 2014
2009 2010 2011 2012 2013 2014
0
20
40
60
REDEMPTION PROVISIONS I I I
No CA 158 157 124 153 120 88
Other 478 454 443 358 366 284
I I I
2009 2010 2011 2012 2013 2014
0
10
20
30
40
ACCRUING DIVIDENDS
About The Cooley Venture Financing Report This quarterly report provides data reflecting Cooleyrsquos experience in
venture capital financing terms and trends Information is taken from transactions in which Cooley served as counsel to
either the issuing company or investors For more information regarding this report please contact the Cooley attorneys
listed below
About Cooley Cooleyrsquos attorneys solve legal issues for entrepreneurs investors financial institutions and established
companies Clients partner with Cooley on transformative deals complex IP and regulatory matters and bet-the-companylitigation often where innovation meets the law
Cooley has 850 lawyers across 12 offices in the United States China and Europe
This Cooley Venture Financing Report is not intended to provide specific legal advice or to establish an attorney-client relationship copy2015
Cooley LLP 3175 Hanover Street Palo Alto CA Palo Alto CA 94304 +1 650 843 5000 Permission is granted to make and redistribute
without change copies of this entire document provided that such copies are complete and unaltered and identify Cooley LLP as the author
All other rights reserved
wwwcooleycom
BOSTON MA Patrick Mitchell +1 617 937 2315BROOMFIELD CO Brent Fassett +1 720 566 4025LONDON Justin Stock +44 0 20 7556 4260LOS ANGELES CA David Young +1 310 883 6416NEW YORK NY Babak (Bo) Yaghmaie +1 212 479 6556PALO ALTO CA Matt Bartus +1 650 843 5756
RESTON VA Mike Lincoln +1 703 456 8022SAN DIEGO CA Tom Coll +1 858 550 6013SAN FRANCISCO CA Craig Jacoby +1 415 693 2147SEATTLE WA Gordon Empey +1 206 452 8752SHANGHAI Patrick Loofbourrow +86 21 6030 0608WASHINGTON DC Ryan Naftulin +1 202 842 7822
892019 Venture Financing Report - 2014 Year in Review
httpslidepdfcomreaderfullventure-financing-report-2014-year-in-review 57
5
CO O LEY VENTURE F INANC ING REPO RT
2009 2010 2011 2012 2013 2014
0
25
50
PERCENTAGE OF DEALS WITH PARTICIPATING PREFERRED991252By Year and Series Deals utilizing
participating preferred provisions decreased to just 26 of transactions in 2014
2009 2010 2011 2012 2013 2014
0
25
50
75
59
49
38 40
3226
Series A 274 330 274 300 264 325
Series B 297 191 301 238 273 267
Series C 219 294 183 231 190 158
Series D or Higher 210 186 242 231 273 250
RECAPITALIZATIONSmdashBy Year We observed a continued trend of fewer recapitalization transactions in
2014
2009 2010 2011 2012 2013 2014
0
5
10
15
10
76 6 6
5
TRANCHED DEALSmdashBy Year The percentage of deals structured in tranches decreased significantly in
2014 from prior years
2009 2010 2011 2012 2013 2014
0
10
20
30
40
27 27
2017
20
11
892019 Venture Financing Report - 2014 Year in Review
httpslidepdfcomreaderfullventure-financing-report-2014-year-in-review 67
6
CO O LEY VENTURE F INANC ING REPO RT
2009 2010 2011 2012 2013 2014
0
10
20
30
PERCENTAGE OF DEALS WITH PAY-TO-PLAYmdashBy Year and Series During 2014 there was a marked
decrease in the utilization of pay-to-play provisions in later stage deals
2009 2010 2011 2012 2013 2014
0
5
10
15
20
16
10
5 5 6
4
Series A 107 79 22 13 08 23
Series B 130 80 08 46 22 47
Series C 183 82 145 111 132 00
Series D or Higher 219 191 92 113 138 119
2009 2010 2011 2012 2013 2014
50
75
100
63
68
62
7269
82
PERCENTAGE OF DEALS WITH DRAG-ALONGmdashBy Year and Series Utilization of drag-along provisions
in 2014 increased to 82 of deals
2009 2010 2011 2012 2013 2014
0
20
40
60
80
100
Series A 653 684 511 713 727 849
Series B 704 700 729 739 763 903
Series C 648 729 710 698 804 747
Series D or Higher 480 632 710 775 627 842
892019 Venture Financing Report - 2014 Year in Review
httpslidepdfcomreaderfullventure-financing-report-2014-year-in-review 77
7
CO O LEY VENTURE F INANC ING REPO RT
ANTI-DILUTION PROTECTIONmdashBy Year Over the last year more than 94 of transactions included
broad-based weighted average anti-dilution protection The chart below breaks out the percentage of
deals with broad-based weighted average narrow-based weighted average full ratchet and no anti-
dilution protection
Narrow-BasedWgt-Avg
Full Ratchet Broad-BasedWgt-Avg
None
2009 2010 2011 2012 2013 2014
0
20
40
60
80
100
No CA 55 85 59 36 47 23
Other 301 303 247 183 165 154
REDEMPTION PROVISION AND DIVIDEND PROVISION UTILIZATIONmdashBy Region We continued
to see a gap in the usage of redemption and accruing dividend provisions between SF Bay AreaSilicon
Valley and other geographic regions during 2014
2009 2010 2011 2012 2013 2014
0
20
40
60
REDEMPTION PROVISIONS I I I
No CA 158 157 124 153 120 88
Other 478 454 443 358 366 284
I I I
2009 2010 2011 2012 2013 2014
0
10
20
30
40
ACCRUING DIVIDENDS
About The Cooley Venture Financing Report This quarterly report provides data reflecting Cooleyrsquos experience in
venture capital financing terms and trends Information is taken from transactions in which Cooley served as counsel to
either the issuing company or investors For more information regarding this report please contact the Cooley attorneys
listed below
About Cooley Cooleyrsquos attorneys solve legal issues for entrepreneurs investors financial institutions and established
companies Clients partner with Cooley on transformative deals complex IP and regulatory matters and bet-the-companylitigation often where innovation meets the law
Cooley has 850 lawyers across 12 offices in the United States China and Europe
This Cooley Venture Financing Report is not intended to provide specific legal advice or to establish an attorney-client relationship copy2015
Cooley LLP 3175 Hanover Street Palo Alto CA Palo Alto CA 94304 +1 650 843 5000 Permission is granted to make and redistribute
without change copies of this entire document provided that such copies are complete and unaltered and identify Cooley LLP as the author
All other rights reserved
wwwcooleycom
BOSTON MA Patrick Mitchell +1 617 937 2315BROOMFIELD CO Brent Fassett +1 720 566 4025LONDON Justin Stock +44 0 20 7556 4260LOS ANGELES CA David Young +1 310 883 6416NEW YORK NY Babak (Bo) Yaghmaie +1 212 479 6556PALO ALTO CA Matt Bartus +1 650 843 5756
RESTON VA Mike Lincoln +1 703 456 8022SAN DIEGO CA Tom Coll +1 858 550 6013SAN FRANCISCO CA Craig Jacoby +1 415 693 2147SEATTLE WA Gordon Empey +1 206 452 8752SHANGHAI Patrick Loofbourrow +86 21 6030 0608WASHINGTON DC Ryan Naftulin +1 202 842 7822
892019 Venture Financing Report - 2014 Year in Review
httpslidepdfcomreaderfullventure-financing-report-2014-year-in-review 67
6
CO O LEY VENTURE F INANC ING REPO RT
2009 2010 2011 2012 2013 2014
0
10
20
30
PERCENTAGE OF DEALS WITH PAY-TO-PLAYmdashBy Year and Series During 2014 there was a marked
decrease in the utilization of pay-to-play provisions in later stage deals
2009 2010 2011 2012 2013 2014
0
5
10
15
20
16
10
5 5 6
4
Series A 107 79 22 13 08 23
Series B 130 80 08 46 22 47
Series C 183 82 145 111 132 00
Series D or Higher 219 191 92 113 138 119
2009 2010 2011 2012 2013 2014
50
75
100
63
68
62
7269
82
PERCENTAGE OF DEALS WITH DRAG-ALONGmdashBy Year and Series Utilization of drag-along provisions
in 2014 increased to 82 of deals
2009 2010 2011 2012 2013 2014
0
20
40
60
80
100
Series A 653 684 511 713 727 849
Series B 704 700 729 739 763 903
Series C 648 729 710 698 804 747
Series D or Higher 480 632 710 775 627 842
892019 Venture Financing Report - 2014 Year in Review
httpslidepdfcomreaderfullventure-financing-report-2014-year-in-review 77
7
CO O LEY VENTURE F INANC ING REPO RT
ANTI-DILUTION PROTECTIONmdashBy Year Over the last year more than 94 of transactions included
broad-based weighted average anti-dilution protection The chart below breaks out the percentage of
deals with broad-based weighted average narrow-based weighted average full ratchet and no anti-
dilution protection
Narrow-BasedWgt-Avg
Full Ratchet Broad-BasedWgt-Avg
None
2009 2010 2011 2012 2013 2014
0
20
40
60
80
100
No CA 55 85 59 36 47 23
Other 301 303 247 183 165 154
REDEMPTION PROVISION AND DIVIDEND PROVISION UTILIZATIONmdashBy Region We continued
to see a gap in the usage of redemption and accruing dividend provisions between SF Bay AreaSilicon
Valley and other geographic regions during 2014
2009 2010 2011 2012 2013 2014
0
20
40
60
REDEMPTION PROVISIONS I I I
No CA 158 157 124 153 120 88
Other 478 454 443 358 366 284
I I I
2009 2010 2011 2012 2013 2014
0
10
20
30
40
ACCRUING DIVIDENDS
About The Cooley Venture Financing Report This quarterly report provides data reflecting Cooleyrsquos experience in
venture capital financing terms and trends Information is taken from transactions in which Cooley served as counsel to
either the issuing company or investors For more information regarding this report please contact the Cooley attorneys
listed below
About Cooley Cooleyrsquos attorneys solve legal issues for entrepreneurs investors financial institutions and established
companies Clients partner with Cooley on transformative deals complex IP and regulatory matters and bet-the-companylitigation often where innovation meets the law
Cooley has 850 lawyers across 12 offices in the United States China and Europe
This Cooley Venture Financing Report is not intended to provide specific legal advice or to establish an attorney-client relationship copy2015
Cooley LLP 3175 Hanover Street Palo Alto CA Palo Alto CA 94304 +1 650 843 5000 Permission is granted to make and redistribute
without change copies of this entire document provided that such copies are complete and unaltered and identify Cooley LLP as the author
All other rights reserved
wwwcooleycom
BOSTON MA Patrick Mitchell +1 617 937 2315BROOMFIELD CO Brent Fassett +1 720 566 4025LONDON Justin Stock +44 0 20 7556 4260LOS ANGELES CA David Young +1 310 883 6416NEW YORK NY Babak (Bo) Yaghmaie +1 212 479 6556PALO ALTO CA Matt Bartus +1 650 843 5756
RESTON VA Mike Lincoln +1 703 456 8022SAN DIEGO CA Tom Coll +1 858 550 6013SAN FRANCISCO CA Craig Jacoby +1 415 693 2147SEATTLE WA Gordon Empey +1 206 452 8752SHANGHAI Patrick Loofbourrow +86 21 6030 0608WASHINGTON DC Ryan Naftulin +1 202 842 7822
892019 Venture Financing Report - 2014 Year in Review
httpslidepdfcomreaderfullventure-financing-report-2014-year-in-review 77
7
CO O LEY VENTURE F INANC ING REPO RT
ANTI-DILUTION PROTECTIONmdashBy Year Over the last year more than 94 of transactions included
broad-based weighted average anti-dilution protection The chart below breaks out the percentage of
deals with broad-based weighted average narrow-based weighted average full ratchet and no anti-
dilution protection
Narrow-BasedWgt-Avg
Full Ratchet Broad-BasedWgt-Avg
None
2009 2010 2011 2012 2013 2014
0
20
40
60
80
100
No CA 55 85 59 36 47 23
Other 301 303 247 183 165 154
REDEMPTION PROVISION AND DIVIDEND PROVISION UTILIZATIONmdashBy Region We continued
to see a gap in the usage of redemption and accruing dividend provisions between SF Bay AreaSilicon
Valley and other geographic regions during 2014
2009 2010 2011 2012 2013 2014
0
20
40
60
REDEMPTION PROVISIONS I I I
No CA 158 157 124 153 120 88
Other 478 454 443 358 366 284
I I I
2009 2010 2011 2012 2013 2014
0
10
20
30
40
ACCRUING DIVIDENDS
About The Cooley Venture Financing Report This quarterly report provides data reflecting Cooleyrsquos experience in
venture capital financing terms and trends Information is taken from transactions in which Cooley served as counsel to
either the issuing company or investors For more information regarding this report please contact the Cooley attorneys
listed below
About Cooley Cooleyrsquos attorneys solve legal issues for entrepreneurs investors financial institutions and established
companies Clients partner with Cooley on transformative deals complex IP and regulatory matters and bet-the-companylitigation often where innovation meets the law
Cooley has 850 lawyers across 12 offices in the United States China and Europe
This Cooley Venture Financing Report is not intended to provide specific legal advice or to establish an attorney-client relationship copy2015
Cooley LLP 3175 Hanover Street Palo Alto CA Palo Alto CA 94304 +1 650 843 5000 Permission is granted to make and redistribute
without change copies of this entire document provided that such copies are complete and unaltered and identify Cooley LLP as the author
All other rights reserved
wwwcooleycom
BOSTON MA Patrick Mitchell +1 617 937 2315BROOMFIELD CO Brent Fassett +1 720 566 4025LONDON Justin Stock +44 0 20 7556 4260LOS ANGELES CA David Young +1 310 883 6416NEW YORK NY Babak (Bo) Yaghmaie +1 212 479 6556PALO ALTO CA Matt Bartus +1 650 843 5756
RESTON VA Mike Lincoln +1 703 456 8022SAN DIEGO CA Tom Coll +1 858 550 6013SAN FRANCISCO CA Craig Jacoby +1 415 693 2147SEATTLE WA Gordon Empey +1 206 452 8752SHANGHAI Patrick Loofbourrow +86 21 6030 0608WASHINGTON DC Ryan Naftulin +1 202 842 7822