PitchBook June 03, 2015
The month of May saw 667 venture capital deals completed globally, with the total value of those deals adding up to $9.1 billion. 11 different companies raised a round that generated a valuation of at least $1 billion, including Pinterest ($11 billion), DJI ($10 billion) and Zenefits ($4.5 billion); the combined value of those 11 companies—$47.2 billion. Nearly half of all deals completed in May were in the IT sector (49%), with B2C (19%) a distant second.
559 different VC investors participated in at least one financing last month. Aside from software deals, which accounted for 34% of the total capital invested by VCs in May, the most targeted sub-sectors were commercial services (17%), media (10%), biotech (10%) and transportation (9%). Andreessen Horowitz was the only firm to reach double digits in completed deals (10), making investments in Affirm, Coho Data and Instart Logic, among others. Accel Partners and New Enterprise Associates weren’t far behind, participating in nine rounds each.
No mega-funds closed last month, after two VC vehicles closed with commitments over $1.4 billion in April. The largest fund to hold its final close in May was Social Capital Partnership III, which closed at $600 million. In total, 33 VC funds closed last month, 13 of them surpassing $100 million of capital commitments.
Over the course of May, there were 70 VC-backed exits via acquisition, PE buyout or IPO. Backed by the likes of Bessemer, Felicis Ventures and Insight Venture Partners, Shopify (NYSE: SHOP) held maybe the most highly anticipated IPO of the month, raising $131 million in the public offering and grabbing a valuation of more than $1.2 billion. Another notable public market exit was Adaptimmune (NASDAQ: ADAP), which raised $191 million in its offering, though the company’s shares have fallen roughly $4 below their debut price of $19.25. Adaptimmune had received VC backing from a host of investors, including NEA, OrbiMed Advisors and Novo. Of the total exits, 51 were made via M&A, 10 through IPO and nine through PE buyout.
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