MoneyTree Venture Capital Profile for Massachusetts

PricewaterhouseCoopers/Venture Economics/NVCA

Venture Capital Investment in Massachusetts Companies

By Year

As of 03/31/2008

Year Companies Deals Investment($M)
1998 319 3911998.0
1999 461 5784908.4
2000 638 77110388.1
2001 434 5154818.1
2002 302 3722531.4
2003 307 3822768.8
2004 314 3763097.2
2005 313 3602544.7
2006 316 3852900.5
2007 358 4383612.2
2008 100 100697.9

© 2008 PricewaterhouseCooper/Venture Economics/NVCA MoneyTree Survey

Data current as of 15-APR-2008

Venture Capital Investment in Massachusetts Companies

By Quarter

Qtr Companies Deals Investment($M)
2006-1 110 111959.9
2006-2 95 95673.8
2006-3 82 82559.6
2006-4 96 97707.2
2007-1 93 93923.4
2007-2 120 122798.2
2007-3 112 112969.8
2007-4 110 111920.8
2008-1 100 100697.9

© 2008 PricewaterhouseCooper/Venture Economics/NVCA MoneyTree Survey

Data current as of 15-APR-2008

Venture Capital Investment in Massachusetts Companies

By Industry/Technology Sector

01/01/2008 to 03/31/2008

No. Sector Companies Deals Investment($M)
1 Software 29 29149.6
2 Biotechnology 26 26251.5
3 Medical Devices and Equipment 10 10 61.8
4 Telecommunications 5 5 19.9
5 Semiconductors 5 5 81.7
6 Consumer Products and Services 4 4 18.2
7 IT Services 4 4 42.0
8 Electronics/Instrumentation 4 4 29.5
9 Industrial/Energy 4 4 5.1
10 Media and Entertainment 3 3 9.7
11 Other 2 2 8.5
12 Business Products and Services 1 1 1.5
13 Retailing/Distribution 1 1 1.5
14 Healthcare Services 1 1 10.0
15 Networking and Equipment 1 1 7.5
-Total 100 100697.9

© 2008 PricewaterhouseCooper/Venture Economics/NVCA MoneyTree Survey

Data current as of 15-APR-2008

Venture Capital Investment in Massachusetts Companies

By Internet Related Technology

01/01/2008 to 03/31/2008

No. Industry Companies Deals Investment($M)
1 Internet Software,Services and Tools 19 19107.5
2 Ecommerce Goods, Services and Content 11 11 48.0
3 Online Communications,Infrastructure and Hardware 3 3 13.5
-Total 33 33169.0

© 2008 PricewaterhouseCooper/Venture Economics/NVCA MoneyTree Survey

Data current as of 15-APR-2008

Venture Capital Investment in Massachusetts Companies

By Stage

01/01/2008 to 03/31/2008

No. Stage Companies Deals Investment($M)
1Seed5 5 14.2
2Startup24 24126.1
3Oth Early Stage5 5 10.0
4Expansion29 29238.7
5Later Stage37 37308.9
-Total 100 100697.9

© 2008 PricewaterhouseCooper/Venture Economics/NVCA MoneyTree Survey

Data current as of 15-APR-2008

Venture Capital Investment in Massachusetts Companies

by Top County

01/01/2008 to 03/31/2008

No. County Companies Deals Investment($M)
1 MA-MIDDLESEX 69 69486.4
2 MA-SUFFOLK 16 16117.9
3 MA-NORFOLK 4 4 6.9
4 MA-ESSEX 3 3 14.5
5 MA-WORCESTER 3 3 16.2
6 MA-BRISTOL 2 2 21.2
7 MA-BARNSTABLE 2 2 32.5
8 MA-PLYMOUTH 1 1 2.2

© 2008 PricewaterhouseCooper/Venture Economics/NVCA MoneyTree Survey

Data current as of 15-APR-2008

Venture Capital Investment in Massachusetts Companies

By Major Metro Area

01/01/2008 to 03/31/2008

No. Area Companies Deals Investment($M)
1Boston 88 88618.3
2Other US 12 12 79.6
-Total 100 100697.9

© 2008 PricewaterhouseCooper/Venture Economics/NVCA MoneyTree Survey

Data current as of 15-APR-2008

Venture Capital Investment in Massachusetts

By state of Funding Source

01/01/2008 to 03/31/2008

No. Source state Investors Deals
1 Massachusetts 55 78
2 California 32 27
3 New York 20 23
4 Non-US 10 10
5 Connecticut 6 7
6 Maryland 3 5
7 Pennsylvania 4 4
8 Virginia 3 3
9 Texas 3 3
10 Rhode Island 1 2
11 Maine 2 2
12 D. of Columbia 2 2
13 New Hampshire 1 2
14 Illinois 2 2
15 Wisconsin 1 1
16 Washington 1 1
17 Utah 1 1
18 Ile de France 2 1
19 Queensland,(AU) 1 1
20 Ontario,(CA) 1 1
21 Ohio 1 1
22 North Carolina 1 1
23 Missouri 1 1
24 Indiana 1 1
-Total 162 233

© 2008 PricewaterhouseCooper/Venture Economics/NVCA MoneyTree Survey

Data current as of 15-APR-2008

Venture Capital Investment by Massachusetts Venture Funds

By state of Companies Receiving Money

01/01/2008 to 03/31/2008

No. Target state Companies Deals
1 Massachusetts 103 104
2 California 70 70
3 Non-US 23 23
4 New York 15 16
5 Colorado 10 10
6 Pennsylvania 7 7
7 Virginia 6 6
8 Washington 6 6
9 Texas 5 5
10 New Jersey 5 5
11 Georgia 5 5
12 Maryland 4 4
13 Florida 4 4
14 New Hampshire 4 4
15 Minnesota 3 3
16 South Carolina 3 3
17 Quebec,(CA) 2 2
18 North Carolina 2 2
19 Ontario,(CA) 2 2
20 Ohio 2 2
21 Indiana 2 2
22 Delaware 1 1
23 Vermont 1 1
24 Arizona 1 1
25 Wyoming 1 1
26 Utah 1 1
27 Iowa 1 1
28 Missouri 1 1
29 Illinois 1 1
30 New Mexico 1 1
31 Maine 1 1
32 Montana 1 1
33 Puerto Rico 1 1
- Total 295 297

© 2008 PricewaterhouseCooper/Venture Economics/NVCA MoneyTree Survey

Data current as of 15-APR-2008

Venture Capital Backed IPOs in Massachusetts

By Year

As of 03/31/2008

Year Companies Amount Raised by IPO($M) Total Valuation Placed on Company by IPO($M)
1998 5192.0 596.4
1999 202002.4 12665.2
2000 252211.5 10972.3
2001 1 56.0 261.6
2003 2118.5 479.6
2004 7291.4 1643.9
2005 8593.4 2700.0
2006 5540.2 2040.2
2007 191472.1 7011.0

© 2008 Venture Economics/NVCA

Data current as of 15-APR-2008

Venture Capital Backed IPOs in Massachusetts

By Quarter

Qtr Companies Amount Raised by IPO($M) Total Valuation Placed on Company by IPO($M)
2006-4 4435.2 1740.1
2007-1 3179.8 841.1
2007-2 6548.1 2556.5
2007-3 6477.8 2624.3
2007-4 4266.3 989.2
Total 239384.7 47121.3

© 2008 PricewaterhouseCooper/Venture Economics/NVCA MoneyTree Survey

Data current as of 15-APR-2008

Venture Capital Investing in Massachusetts

Most Active Venture Investors

01/01/2008 to 03/31/2008

No. Firm Companies Deals Investment($M)
1Highland Capital Partners LLC9 9 19.9
2Polaris Venture Partners9 9 24.6
3North Bridge Venture Partners8 8 25.2
4Flagship Ventures 7 7 8.6
5Flybridge Capital Partners (FK6 6 15.2
6General Catalyst Partners (FKA6 6 17.5
7Atlas Venture, Ltd.5 5 10.6
8Matrix Partners5 5 13.2
9Venrock Associates4 4 5.5
10HealthCare Ventures LLC (FKA: 4 4 7.1

© 2008 PricewaterhouseCooper/Venture Economics/NVCA MoneyTree Survey

Data current as of 15-APR-2008

Venture Backed IPOs in Massachusetts

Top IPOs

01/01/2008 to 03/31/2008

No. Company IPO DATE Money Raised by IPO($M) Total Valuation Placed on Company by IPO($M)
-All Companies- 0.0 0.0

© 2008 PricewaterhouseCooper/Venture Economics/NVCA MoneyTree Survey

Data current as of 15-APR-2008

Profile Created:04/16/2008