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Americas: Technology Summary

Core Content Overview

This report provides an in-depth analysis of venture capital (VC) investment trends in the Americas, particularly focusing on the technology sector in 2014 and early 2015. It highlights the growth of VC funding, key industry subgroups, notable companies, and active investors.

Key Highlights

Total VC Investment

• In 2014, total VC investment in private and emerging companies in the US reached $48bn, a 61% increase compared to the previous year.
• This was the highest level of funding since 2000, when it reached $105bn.
• Software companies received $19.8bn in funding, also the highest since 2000.
• Software's share of total investment increased steadily since 2009, reaching 41% in 2014.

Software & Internet Funding Breakdown

• Applications Software received $4.5bn.
• E-Commerce/Services received $3.7bn.
• Internet Applications Software received $2.9bn.
• Funding in Applications Software was broadly distributed, while other subgroups saw concentrated investments in a few large companies:
  • E-Commerce/Services: $3.7bn or 15% of total software/internet investment, with Uber Technologies receiving 65% of this amount.
  • Data Processing/Management: $1.777bn, with Cloudera receiving 51% of the total.

Unicorn Watch

• The WSJ Billion Dollar Startup Club saw an increase in members from 42 to 80 between January 2014 and March 2015.
• The total value of these companies increased from $193.2bn to $314.9bn, a 159% increase.
• Some companies exited the club via IPO or acquisition, with at least four exiting at a valuation below their most recent pre-exit valuation.
• For example:
  • Fisker Automotive exited at $149mn (pre-valuation: $1.5bn).
  • Box exited at $1.8bn (pre-valuation: $2.4bn).
  • Hortonworks exited at $900mn (pre-valuation: $1.1bn).
  • Fab exited at $15-50mn (pre-valuation: $1.2bn).

VC Corner

• The five most active VCs in 2014 were identified based on the number of early stage investments.
• Six companies received funding from at least three of these VCs since the start of 2014. These companies are:
  • Houzz, Inc.
  • Lookout, Inc.
  • Slack Technologies, Inc.
  • Okta, Inc.
  • Instacart, Inc.
  • ClearStory Data, Inc.

Main Points and Trends

• Software investment was the dominant sector, receiving the largest share of VC funding.
• E-Commerce/Services and Applications Software were the top subgroups in terms of funding.
• Uber Technologies played a significant role in E-Commerce/Services, receiving 65% of the total funding in that sector.
• Cloudera was the largest recipient in Data Processing/Management, with $900mn in funding.
• Early-stage VC investment is emphasized as a better indicator of emerging trends due to its potential for identifying growth opportunities before market saturation.
• Unicorn exits showed mixed results, with some companies seeing a significant drop in valuation post-exit.

Key Information

• VC funding growth was driven by a combination of early-stage investments and the rise of high-valued startups.
• Investor focus was on companies that demonstrated strong potential for scalability and innovation.
• Data sources included Bloomberg, CrunchBase, PwC/NVCA MoneyTree™ Report, and FactSet.

Conclusion

The technology sector in the Americas experienced substantial growth in VC investment in 2014, with software and internet companies leading the charge. The report identifies key trends, such as the concentration of funding in specific subgroups and the performance of unicorn companies, providing insights for investors and analysts. Early-stage VC activity and the emergence of new funding rounds are crucial indicators of the evolving tech landscape.