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514 726 398 724 381 672 449 591 405 613 416 597 426 572 375 614 313 572 1000 800 600 400 200 0 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 Active Investors Down – 712 active investors in 2022 versus 313 in 2022, a 56% decline. Average Fund Size Increased – $165M in 2022 versus $200MM in 2022. Venture Capital Firms Only the Strongest Survived the PostBubble ShakeOut Ac=ve Informa=on Technology Investors 1600 1400 1200 3 Deals/yr =3 Deals No. of VentureBacked OPO’s VentureBacked IPOs Will Return to Pre Financial Crisis Levels in 2022 57 57 86 6 12 72 80 20 0 40 100 80 60 2022 2022 2022 2022 2022 2022 2022E A new generation of large market cap tech panies will increase the field of acquirers. 2022 Trend Direction… Valuations Capital availability Fund mitments of Active Firms Tracking index – NASDAQ Technology spending Moderate Adequate $~12B ~300 2800 Stable Rising in Certain Growth Markets Stable Stable but trending down 1/2 of the high amp。A Venture Capital ! Revival! Is Upon Us R .. 10 Years ago… The decade began on a high note… but quickly evolved into extraordinary dif?cult times. Unstable Situation Venture Capital Environment Circa 2022/2022 2022 / 2022 Trend Direction… Valuations Capital availability Fund mitments of Active Firms Tracking index – NASDAQ Technology spending Very high Substantial $83B amp。 shrinking Stable with IPO market open Good and rising in some sectors VC Environment Today Attractive Conditions Economic Situation Have you heard the maxim “the venture model is broken” in the last 6 months? That question was really asking “are VCs being rewarded for their work anymore?” The Answer? YES! More so than earlier tech cycles, private investors are being rewarded for potential break out value at IPO…. Lets look back at the so called venture capital golden age….. The Golden Age How were theiconic tech panies of the past valued when they went public? IPO Date: 1986 CY 1986 Revenues: $198M CY 1987 Revenues: $346M IPO Valuation? $