Don't Overdose on VC: Lessons from 71 Startup IPOs (June 2018 Edit)
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We looked at five years of funding and IPO data to see if there is a relationship between the amount of funding a startup receives from venture capitalists and its ultimate success on the stock market. What did we find? Scroll right >>>Read our blog post on TechCrunchFollow us on TwitterLike us on FacebookJoin our mailing list!Here's what we found...
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All rounds are recorded in millions of dollars ($)FoundedR1YearR2YearR3YearR4YearR5YearR6YearR7YearR8YearR9YearOther FundingYearTickerIPO Share PriceCurrent Share PricePrice Change% ChangeIPO YearIPO RaiseCo. AgeYears to IPOAcquirerAcquired YearAcquired PriceSectorGeoFunding RankVC RaisedVC+IPOCurrent Market Cap There isn't a strong correlation between the amount of money a company raises and it's ultimate success on the stock market. 14 of the top 20 IPO performers of the last 5 years raised less than $125M in total VC. Here are some more stats:
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Box20050.3520051.50200613.102008-0915.002009129.002011150.00
2012-13
100.002011150.0020140.00-0.00-BOX1416.682.68▲ 19.14%2015$175,000,0001110---B2BSF5$558,950,000$733,950,000$2,466,453,285Aggregate Venture FundingVC Investment
Current Market Cap
Multiple
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Square20090.00-10.00200927.502011103.002011200.002012150.00-0.0020140.00-0.00-0.00-SQ962.5653.56▲ 595.11%2015$243,000,00076---B2CSF6$490,500,000$733,500,000$26,699,939,340Aggregate Venture Capital $10,178,423,000#N/A#N/A
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Apigee20040.00-12.00200516.00200610.00200820.00201235.00201320.00201460.0020140.00-0.00-APIC17705688▲ 4047.06%2015$87,000,0001211Google20160.625B2BSF14$173,000,000$260,000,000$625,000,000Aggregate Venture Capital (No Facebook)$10,061,723,000#N/A#N/A
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Shopify20040.00-7.00201015.002011100.0020130.00-0.00-0.00-0.00-0.00-0.00-SHOP17333.9316.9▲ 1864.12%2015$131,000,0001211---B2BToronto16$122,000,000$253,000,000$37,762,441,904Average Company - Venture FundingVC Investment
Current Market Cap
Multiple
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Etsy20050.4020051.0020060.0020073.25200727.00200820.00201040.0020120.00-0.00-5.612014ETSY1659.543.5▲ 271.88%2015$267,000,0001110---B2CNYC27$91,650,000$358,650,000$7,167,370,000Average Startup$144,151,028#N/A#N/A
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Rapid 720007.0020082.00201050.00201130.0020140.00-0.00-0.00-0.00-0.00-0.00-RPD1649.8933.89▲ 211.81%2015$103,000,0001615---B2BBoston29$89,000,000$192,000,000$2,421,586,449Median Startup$79,100,000#N/A#N/A
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Instructure20081.1020108.00201130.00201340.0020150.00-0.00-0.00-0.00-0.00-0.00-INST1642.1426.14▲ 163.38%2015$80,960,00087---B2BUtah36$79,100,000$160,060,000$1,564,127,402Average Company - Venture Funding (No Facebook)VC Investment
Current Market Cap
Multiple
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FitBit20070.00-2.0020089.00201012.00201243.0020130.00-0.00-0.00-0.00-0.00-FIT203.64-16.36▼ -81.80%2015$732,000,00098---B2CSF41$66,000,000$798,000,000$939,085,526Average Startup$144,467,471#N/A#N/A
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Mind Body20010.0020055.60200914.0020109.00201135.0020120.8720150.00-0.00-0.00-50.002014MB1410.09-3.91▼ -27.93%2015$100,000,0001514---B2BSLO45$64,470,000$164,470,000$8,952,011,361Median Startup$78,475,000#N/A#N/A
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Envivio20000.00200425.00200815.0020101.5020120.00-0.00-0.00-0.00-0.00-1.002009ENVI94.1-4.9▼ -54.44%2015$70,000,0001615Ericsson20150.125B2BSF60$41,500,000$111,500,000$125,000,000Most and Least Funded Company - AggregateVC Investment
Current Market Cap
Multiple
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Appfolio20065.00200717.0020088.0020090.00-0.00-0.00-0.00-0.00-0.00-0.00-APPF1295.0183.01▲ 691.75%2015$71,400,000109---B2BLA64$30,000,000$101,400,000$3,234,302,62320 Most Funded$2,719,925,000$117,891,145,90543
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Atlassian20020.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-210.002010-2014TEAM21128.33107.33▲ 511.10%2015$462,000,0001413---B2BSydney68$0$462,000,000$31,171,300,63920 Least Funded$3,410,803,000#N/A#N/A
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Wayfair2002165.00201136.002012150.0020140.00-0.00-0.00-0.00-0.00-0.00-0.00-W29107.478.4▲ 270.34%2014$319,000,0001412---B2CBoston8$351,000,000$670,000,000$9,999,237,705Most and Least Funded Company - MedianVC Investment
Current Market Cap
Multiple
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Care.com20063.8020062.00200710.00200820.00201025.00201150.0020120.00-0.00-0.00-46.352016CRCM1710.29-6.71▼ -39.47%2014$91,000,000108---B2CBoston19$110,800,000$201,800,000$337,151,84820 Most Funded$87,627,500$2,444,019,86728
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Hubspot20060.5020065.00200712.00200816.00200932.00201135.0020120.00-0.00-0.00-0.00-HUBS25162.62137.62▲ 550.48%2014$125,000,000108---B2BBoston24$100,500,000$225,500,000$6,897,750,12920 Least Funded$61,425,000#N/A#N/A
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Lending Club20072.00200710.26200712.0020093.97200924.50201025.0020110.00201117.5020120.00-297.002013-2014LC1511.88-3.12▼ -20.80%2014$1,000,000,00097---B2BSF25$95,230,000$1,095,230,000$1,035,567,729
Comparing Companies that raised over $200M & Under $34M
Avg. VC Raised
Current Market Cap
Multiple
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GoPro20030.21201088.0020110.00-0.00-0.00-0.00-0.00-0.00-0.00-200.002012GPRO243.74-20.26▼ -84.42%2014$427,000,0001311---B2CSF30$88,205,000$515,205,000$564,077,749>$200M (n=9)$183,796,667$5,662,285,92931
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ZenDesk20070.5020081.5520096.00200919.00201060.0020120.0020140.00-0.00-0.00-0.00-ZEN970.861.8▲ 686.67%2014$100,000,00097---B2BSF31$87,050,000$187,050,000$7,803,284,769<$34M (n=9)$111,398,889#N/A#N/A
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GrubHub20041.1020072.00200911.00201020.00201150.0020110.00-0.00-0.00-0.00-0.002012GRUB2654.8928.89▲ 111.12%2014$192,000,0001210---B2CChicago33$84,100,000$276,100,000$5,013,452,737Excluding Facebook
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OPower20071.70200714.00200850.0020100.00-0.00-0.00-0.00-0.00-0.00-0.00-OPWR2310.3-12.7▼ -55.22%2014$116,000,00097Oracle20160.532B2CWashington43$65,700,000$181,700,000$532,000,000Stock Market Performance
Median Current Mkt Cap
Avg. Current Mkt Cap
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TrueCar20052.2720050.00200513.50200837.4020090.00-0.00-0.00-0.00-0.00-230.002011-2013TRUE93.24-5.76▼ -64.00%2014$70,000,000119---B2CLA54$53,170,000$123,170,000$342,446,61420 Most Funded▲ 137.25%▲ 385.09%
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TubeMogul20060.002007-20081.5020083.00200910.00201028.66201210.0020130.00-0.00-0.00-89.202015TUBE7147▲ 100.00%2014$44,000,000108Adobe20160.54B2BSF55$53,160,000$97,160,000$540,000,00020 Least Funded#N/A#N/A
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Workiva20081.21200912.50201030.2320120.6920140.00-0.00-0.00-0.00-0.00-7.952009-2011WK1445.1731.17▲ 222.64%2014$101,000,00086---B2BIowa57$44,629,000$145,629,000$2,083,678,527
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King200343.0020050.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-KING22.50.03-22.47▼ -99.87%2014$326,000,0001311---B2CDublin59$43,000,000$369,000,000$1,670,057
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New Relic20083.5020086.00200810.00201015.0020110.00-0.00-0.00-0.00-0.00-180.002013-2014NEWR2361.9338.93▲ 169.26%2014$115,000,00086---B2BSF62$34,500,000$149,500,000$3,617,083,597
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Twitter20065.00200715.00200835.002009100.0020095.172010200.002010400.0020110.00-0.00-400.002011TWTR2640.2214.22▲ 54.69%2013$1,820,000,000107---B2CSF3$760,170,000$2,580,170,000$31,090,784,903
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Chegg20072.2020074.70200825.00200857.00200975.0020106.00201125.0020122.40-0.00-37.302009CHGG12.532.1519.65▲ 157.20%2013$187,500,00096---B2CSF11$197,300,000$384,800,000$3,840,796,917Performance Segmented by FundraisingVC InvestmentMarket CapMultiple
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Zulilly20094.6020096.00201043.00201185.0020120.00-0.00-0.00-0.00-0.00-0.00-ZU2218.75-3.25▼ -14.77%2013$253,000,00074Liberty Interactive20162.4B2CSeattle15$138,600,000$391,600,000$2,400,000,00020 Most Funded Companies (Average Company)$139,437,750#REF!#REF!
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Tremor Video20050.0020068.40200611.0020080.00200818.0020092.00200940.00201037.0020110.00-0.00-TLRA107.27-2.73▼ -27.30%2013$75,000,000118---B2BNYC17$116,400,000$191,400,000$336,171,00710 Most Funded (No Facebook)#REF!#REF!#REF!
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Xoom20010.03-4.70-11.90-4.70-15.00200620.30200733.20201025.0020110.00-0.00-XOOM16259▲ 56.25%2013$101,200,0001512Paypal20150.89B2CSF18$114,830,000$216,030,000$890,000,000B2B Avg Company$89,146,200#N/A#N/A
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Marketo20065.4020068.00200810.00200910.00201025.00201050.0020110.00-0.00-0.00-0.00-MKTO1335.2622.26▲ 171.23%2013$80,000,000107Vista Equity20161.79B2BSF20$108,400,000$188,400,000$1,790,000,000Aggregate Venture Capital$8,709,623,000#N/A#N/A
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Mavenir Systems200513.00200620.50200717.50200813.60101040.0020110.6620130.00-0.00-0.00-0.00-MVNR1017.947.94▲ 79.40%2013$44,500,000118Mitel20150.56B2BTexas21$105,258,000$149,758,000$560,000,00020 Most Funded (Mean Company)#REF!#REF!#REF!
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FireEye20046.50200514.50200614.50200810.2320096.00201050.0020130.0020140.00-0.00-739.272014FEYE2015.04-4.96▼ -24.80%2013$303,500,000129---B2BSF23$101,730,000$405,230,000$3,234,180,270Aggregate VC + IPO proceeds (No Facebook)$39,288,523,000#N/A#N/A
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Marin Software20062.0020067.25200813.00200911.20201016.00201130.0020120.8220120.00-0.00-20.002013MRIN142.09-11.91▼ -85.07%2013$105,000,000107---B2BSF35$80,268,000$185,268,000$13,869,648Median VC Raised by a Startup (No Facebook)$77,225,000#N/A#N/A
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LifeLock20056.0020066.85200725.00200840.0020090.00-0.00-0.00-0.00-0.00-100.002012LOCK95.11-3.89▼ -43.22%2013$141,300,000118---B2CArizona37$77,850,000$219,150,000#N/A
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RocketFuel20086.8020083.20200910.0020106.60201150.0020120.00-0.00-0.00-0.00-0.00-FUEL295.36-23.64▼ -81.52%2013$116,000,00085---B2BSF38$76,600,000$192,600,000#N/A
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YuMe20040.0020067.0020079.0020072.9220095.00200925.0020105.00201011.90201110.0020120.00-YUME9#N/A#N/A#N/A2013$46,110,000129---B2BSF42$75,820,000$121,930,000#N/A20 Most Funded (Enriched) Companies, minus FacebookVC InvestmentMarket CapMultiple
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ChannelAdvisor20017.00200418.00200530.00200720.0020080.00-0.000.00-0.00-0.00-0.00-ECOM148.95-5.05▼ -36.07%2013$86,000,0001512---B2BNorth Carolina39$75,000,000$161,000,000$250,984,844$200M vs. $35M (all #'s ex. Facebook)VC InvestmentMarket Cap-
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Criteo20056.60200610.4020086.36201040.0020120.00-0.00-0.00-0.00-0.00-0.00-CRTO3118.59-12.41▼ -40.03%2013$251,000,000118---B2BParis46$63,360,000$314,360,000$1,203,945,944
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Wix20065.0020073.50200810.00201040.0020110.00-0.00-0.00-0.00-0.00-0.00-WIX16.5125.6109.1▲ 661.21%2013$127,000,000107---B2CTel Aviv49$58,500,000$185,500,000$6,400,394,000
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Barracuda Networks200340.0020060.0020065.6120090.00-0.00-0.00-0.00-0.00-0.00-0.00-CUDA1827.559.55▲ 53.06%2013$75,000,0001310Thoma Bravo20181.6B2BSF56$45,610,000$120,610,000$13,986,710<$100M Raised (Average)$154,339,957#N/A#N/A
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Ring Central200312.00200712.00200810.00201010.0020110.0020120.00-0.00-0.00-0.00-0.00-RNG13175.68162.68▲ 1251.38%2013$97,500,0001310---B2BSF58$44,000,000$141,500,000$14,545,423,163
Average company fundraising for 10 most/least funded companies
VC RaisedMarket CapMultiple
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Tableau20035.00200410.0020080.0020100.00-0.00-0.00-0.00-0.00-0.00-0.00-DATA31826.55795.55▲ 2566.29%2013$177,000,0001310---B2BSeattle66$29,900,000$206,900,000$976,270,825Median VC Raised by a Startup$76,600,000#N/A#N/A
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Veeva20074.0020080.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-VEEV20153.01133.01▲ 665.05%2013$217,000,00096---B2BSF67$4,000,000$221,000,000$22,681,630,928<$34M (Average)$66,334,222#N/A#N/A
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Textura20040.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-6.752013TXTR152611▲ 73.33%2013$75,000,000129Oracle20160.663B2BChicago70$0$75,000,000$663,000,000B2C Avg Company (ex-Facebook)$218,229,167#N/A#N/A
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Facebook20050.50200412.70200527.502006240.00200760.00200715.00200860.002008200.0020090.00-1,810.002008-2011FB38185.34147.34▲ 387.74%2012$16,000,000,000117---B2CSF4$615,700,000$16,615,700,000$529,478,980,052Total amout of VC RaisedInvestmentMarket CapMultiple
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Millenial Media20066.30200715.00200716.00200927.502011175.4520130.00-0.00-0.00-0.00-0.00-MM13#N/A#N/A#N/A2012$133,000,000106---B2BBaltimore9$240,250,000$373,250,000#N/A
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Kayak20048.5020047.00200411.502006196.0020076.0020120.00-0.00-0.00-0.00-6.02-KYAK26#N/A#N/A#N/A2012$91,000,000128---B2CConnecticut10$229,000,000$320,000,000#N/A>$200M (Median)#REF!#REF!#REF!
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Exact Target200010.5020047.71200670.00200970.00200930.0020110.00-0.00-0.00-0.00-0.00-ET1933.7514.75▲ 77.63%2012$161,500,0001612Salesforce20132.5B2BIndianappolis12$188,210,000$349,710,000$2,500,000,00010 Most Funded (No Facebook/Twitter)#REF!#REF!#REF!
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Workday200515.00200575.00200985.0020110.00-0.00-0.00-0.00-0.00-0.00-85.00-WDAY28179.03151.03▲ 539.39%2012$637,000,000117---B2BSF13$175,000,000$812,000,000$40,750,439,025<$34M (Aggregate)$1,526,060,000#N/A#N/A
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Ruckus Wireless20041.5020043.5020049.00200516.00200615.0020067.50200710.75200921.7020120.00-0.00-RKUS1513.15-1.85▼ -12.33%2012$126,000,000128Brocade20161.5B2BSF32$84,950,000$210,950,000$1,500,000,000>$100M Raised (Average) $116,399,333$5,201,773,67945
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Service Now20042.5020055.0020066.00200941.36200917.86201210.9820120.00-0.00-0.00-0.00-NOW18269.85251.85▲ 1399.17%2012$210,000,000128---B2BSF34$83,700,000$293,700,000$50,551,872,253>200M Raised (Average) No Facebook$101,967,222$6,669,020,29865
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Palo Alto Networks200510.00200618.00200727.00200810.0020080.00-0.00-0.00-0.00-0.00-264.002012PANW42211.71169.71▲ 404.07%2012$260,000,000117---B2BSF44$65,000,000$325,000,000$20,554,120,622
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Yelp20041.0020045.00200510.00200615.00200825.0020100.00-0.00-0.00-0.00-0.00-YELP1532.6717.67▲ 117.80%2012$96,000,000128---B2CSF51$56,000,000$152,000,000$2,325,441,124Aggregate VC + IPO proceeds $30,261,549,000#N/A#N/A
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Demandware200412.0020069.10200822.0020107.0020104.0020140.00-0.00-0.00-0.00-0.00-DWRE167559▲ 368.75%2012$88,000,000128Salesforce20162.8B2BBoston52$54,100,000$142,100,000$2,800,000,00020 Most Funded Companies (Aggregate)$2,370,985,000#N/A#N/A
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Vocera20001.04-7.10-12.00-11.26-9.00-13.16-0.00-0.00-0.00-0.00-VCRA1624.828.82▲ 55.13%2012$80,000,0001612---B2BSF53$53,553,000$133,553,000$783,999,400
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Splunk20035.00200410.00200625.0020070.0020100.00-0.00-0.00-0.00-0.00-0.00-SPLK17119.92102.92▲ 605.41%2012$230,000,000139---B2BSF61$40,000,000$270,000,000$18,454,433,752>$100M Raised (Average) No Facebook$124,052,174$5,086,593,72341
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Trulia20042.1020055.70200510.00200715.0020080.00-0.00-0.00-0.00-0.00-222.302013TRLA1748.4131.41▲ 184.76%2012$102,000,000128Zillow20152.5B2CSF63$32,800,000$134,800,000$2,500,000,00020 Most Funded (Aggregate)$2,380,485,000#N/A#N/A
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Guidewire Software20011.6020027.5020048.0020072.4020110.00-0.00-0.00-0.00-0.00-0.00-GWRE13107.5494.54▲ 727.23%2012$115,000,0001511---B2BSF65$19,500,000$134,500,000$8,859,944,030
Public Market Performance of Enriched vs. Efficient Startups
20 Most Funded20 Least Funded
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ShutterStock20030.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-SSTK1735.7118.71▲ 110.06%2012$76,500,000139---B2CNYC69$0$76,500,000$1,260,384,417
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Groupon20071.0020074.80200830.002009135.002010950.00201116.2020110.00-0.00-0.00-250.002016GRPN202.83-17.17▼ -85.85%2011$700,000,00094---B2CChicago1$1,137,000,000$1,837,000,000$1,600,688,362>$200M (Average)#REF!#REF!#REF!
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Zynga20070.00200710.0020085.03200825.00200815.19200915.002010300.0020106.342010490.0020110.00-ZNGA106.14-3.86▼ -38.60%2011$1,000,000,00094---B2CSF2$866,560,000$1,866,560,000$5,772,222,044<$75M Raised (Average)$175,110,684#N/A#N/A
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HomeAway200549.002005160.00200611.502007250.0020080.00-0.00-0.00-0.00-0.00-25.00-AWAY2738.3111.31▲ 41.89%2011$216,000,000116Expedia20153.9B2CAustin7$470,500,000$686,500,000$3,900,000,00020 Least Funded (Mean Company) #DIV/0!#DIV/0!#DIV/0!
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Linkedin20034.75200310.00200412.80200753.00200822.7020080.00-0.00-0.00-0.00-0.002016LNKD45196151▲ 335.56%2011$350,000,000138MIcrosoft201626.2B2CSF22$103,250,000$453,250,000$26,200,000,000
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Zillow200532.00200525.00200630.0020075.5020110.00-0.00-0.00-0.00-0.00-4.132012Z2029.619.61▲ 48.05%2011$69,200,000116---B2CSeattle26$92,500,000$161,700,000$6,098,931,29020 Most Funded (Enriched) CompaniesVC InvestmentMarket CapMultiple
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Boingo200115.00200210.00200365.0020060.00-0.00-0.00-0.00-0.00-0.00-50.002014WIFI13.59.59-3.91▼ -28.96%2011$77,900,0001510---B2CLA28$90,000,000$167,900,000$421,259,198Average VC Raised by a Startup (No Facebook)$150,543,139#N/A#N/A
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Carbonite20052.5020063.50200615.0020075.00200721.19200820.0020100.0020110.00-0.00-0.00-CARB1014.94.9▲ 49.00%2011$53,600,000116---B2CBoston40$67,190,000$120,790,000$515,840,29610 Least Funded$0$0#DIV/0!
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Jive200115.00200712.00200930.0020105.1520120.00-0.00-0.00-0.00-0.00-7.372010-2013JIVE12#N/A#N/A#N/A2011$160,000,0001510Wave Systems20170.462B2BUtah47$62,150,000$222,150,000$462,000,00010 Most Funded (No Facebook)$1,445,284,000$54,897,275,87038
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Zipcar20004.70200210.00200525.00200621.0020100.00-0.00-0.00-0.00-0.00-0.00-ZIP1812.25-5.75▼ -31.94%2011$174,000,0001611Avis20130.5B2CBoston48$60,700,000$234,700,000$500,000,000
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Pandora20001.5020007.80200412.00200535.0020090.0020100.0020110.00-0.00-0.00-0.00-P16#N/A#N/A#N/A2011$234,900,0001611---B2CSF50$56,300,000$291,200,000#N/A
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Skull Candy20030.0020070.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-SKUL205.75-14.25▼ -71.25%2011$188,800,000138Incipio20160.177B2CUtah71$0$188,800,000$177,000,000How do B2B vs. B2C startups stack up?VC InvestmentMarket Cap-
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B2C Aggregate (ex-Facebook)$6,546,875,000#N/A#N/A
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10 Least Funded#DIV/0!#DIV/0!#DIV/0!
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20 Least Funded (Efficient) CompaniesVC InvestmentMarket CapMultiple
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<$32M (Median)$62,150,000#N/A#N/A
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<$65M Raised (Average)#DIV/0!#DIV/0!#DIV/0!
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Aggregate fundraising of 10 most and least funded companies
VC InvestmentMarket CapMultiple
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20 Least Funded14.509.50
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20 Least Funded (Median Company)#NUM!#NUM!#NUM!
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B2B Aggregate$3,565,848,000#N/A#N/A
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>$200M (Aggregate)$627,694,000$17,010,643,54227
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20 Least Funded (Aggregate)$0$0#DIV/0!
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20 Most Funded11.118.20
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Average VC Raised by a Startup$206,563,333#N/A#N/A
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Did we miss a company? Make a mistake? Let us know!
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How old are these companiesCompany AgeYears to IPO
92
20 Most Funded (Median Company)$62,150,000#N/A#N/A
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Stock Price Change since IPO (ex. Facebook)#N/A#DIV/0!
95
10 Most Funded (No Facebook/Twitter)$135,928,000#N/A#N/A
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