While perusing today’s newsletter, you may start to notice a pattern: Benu Networks has raised $26.6 million in Series B funding, Sapheon has raised $19.8 million in Series B funding, HookLogic has raised $14.3 million in Series B funding—and before you know it, “Series B” will be rolling off your tongue as easily as scrolling through your email. Perhaps what makes the recent influx of Series B financings even more notable is the deal size, as all three companies boast a capital infusion of over $10 million. As you might know, at PitchBook, we love looking at trends, so we took to the PitchBook Platform to explore the number of early stage VC deals of $10 million and up.
In the past three years, U.S.-headquartered companies have landed 1,024 early stage VC financings of at least $10 million in size. Deal flow more than quadrupled from 2010 (86 deals) to 2011 (368), but slightly decreased in 2012 (327). This year, deal activity is three-quarters of the way (243) toward matching last year’s count. Since the beginning of this month, Ingram Medical ($30 million financing), ADVANCE Medical ($20 million), Loggly ($10.5 million) and RiverMeadow Software ($12 million) have joined the $10-million-and-over Series B club.