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Credits & Contact PitchBook Data, Inc. JOHN GABBERT Founder, CEO ADLEY BOWDEN Senior Vice President, Market Development & Analysis Content GARRET T JAMES BL ACK Senior Analyst BRIAN LEE Data Analyst J ENNIFER SAM Senior Graphic Designer Contact PitchBook Contents pitchbook.com RESE ARCH [email protected] EDITORIAL [email protected] Introduction 4 Overview 5 Angel & Seed 6 Early & Late Stage 7 Q&A: Rod Werner, City National Bank 8-9 Rounds by Metro, Region & Sector 10 Exits Overview 11-12 Fundraising 13-14 1Q 2016 League Tables 15 SALES [email protected] COPYRIGHT © 2016 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment. 3 P I TC H B O O K 1 Q 201 6 U. S . V E N T U R E I N D U S T RY R E P O R T