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Benchmarking Corporate

Venture Capital

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A data-driven look at investment trends, top investors

and performance within U.S. corporate venture capital. 

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Below is a transcript of our Webinar, Benchmarking Corporate Venture Capital, led by CB Insights Analyst Matthew Wong.

Peeling back mobile now, you'll see probably that Q2 bar stick out. That's because of some corporate participation in a big round of Uber. But what we're seeing is more of a steady trend within mobile by corporate venture investors. You know, despite the proliferation of mobile startups, actually corporate activity in the sector has remained relatively steady. In fact, CVCs actually did 7% less deals in the first half of 2015, within mobile, than the same period last year, and we are seeing more steady activity there. 


So we're going to be going through a lot today around the world of corporate venture capital. Just briefly I'm going to go over a quick overview of what we're going to be going through today. The first is just a look at the macro trends in corporate VC, so the broad investment trends. Second, we'll be quantifying corporate VC within the broader realm of venture. So how big of a role is corporate venture today, playing within the greater corporate VC ecosystem?



Google Ventures and Cisco Investments also doing a notable amount of deals within cybersecurity. It was interesting. The Cisco investments actually invested in Open DNS, the cloud security company, and then after, Cisco acquired that company, recently this year. So cyber security another area we're seeing as a hot area for corporate investors.

VC PERCEPTIONS OF CORPORATE VENTURE  CAPITAL


VCs have not been shy when it comes to critiquing the role of corporate investors in the

venture business. 

CORPORATE VCs DIVE INTO FIN TECH

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This is a look at our heat map, and I will just quickly mention that all these charts in this case study are from CP Insight's industry analytics tool. So these are screen shots from our database, the analytics tool is on top of it. But what we see here is that security and digital health are gaining prominence. These are different boxes in terms of their timeline and what they were focused on. And most recently we're seeing more security deals: Duo, Ionic, ThreatStream, Synack, to name a few. And a broader push into digital health, whether that's in data or the consumer side, telehealth. They invested in Spruce here in New York.  


They're also doing a broad array of investments within this I guess trend of big data and data analytics. So whether that's by vertical, or just within different areas within it, Rocana, MapD, Cohesity, recent investments into this sort of broader trend of big data and data analytics. And that's a big area for Google Ventures within their industry focus.

Third, we'll look at a little bit of data around the sectors as well as the hot areas where corporates are investing in today. So what are corporates investing in within mobile, healthcare, as well as some of the hotter, more trendier areas within tech. Fourth, we'll be doing a case study on Google Ventures. Google is a player that emerged in the corporate venture scene a little over five years ago and has really established itself, and is today now the most prolific venture firm in corporate venture capital. So we'll be looking at a deep dive into their strategy and portfolio. And lastly we'll be just looking at a few different criteria around corporate venture funds by focus area, so we'll look at what tech CVCs are doing, media CVCs, as well as healthcare and their deal size, stage, focus across different verticals.



One thing to start with is the perception of VCs, of corporate VC, as well as the realities of it. One thing that's interesting to see here is that since the last few years we've seen a lot of commentary by venture capital investors around their corporate venture peers.

Fred Wilson, probably most notable, in 2008 wrote a blog post on corporate venture capital, noting that, "Venture investing is probably not a best use of the corporation's capital. It will produce subpar returns." Actually in 2013 mentioned that he wouldn't do a deal with a corporate VC again. Later recanted on that, but that garnered some headlines you'll see here from Bloomberg, as well as others. And there's some other commentary by VC investors around corp VC.

In terms of the geography breakdowns, similar to Internet, California is the hot area for mobile CVC deals. And then at the stage level we're seeing again much fewer seed deals by CVCs, and we're seeing more activity more at the mid-stage. In fact, Series A CVC deal share in mobile hit a multi-quarter high, but we're seeing less early-stage and a bit more mid-stage in terms of mobile as well. 

One thing that we saw in a guest post by founder collectives, Michael Rosenblum, "Be careful. You'll have sold your company when you take money from strategics. You just won't know it." So a lot of different commentary going around the role of corporate VCs in the venture business, and VCs haven't really been shy about talking about that.


CORPORATE VC TODAY: FROM TECH TO  HEALTHCARE TO FINANCE TO ENERGY TO MEDIA


DIGITAL HEALTH / HEALTH IT DEALS BY CVCs JUMP

CYBERSECURITY CVC DEALS HIT HIGH IN 2014

But when we look at the reality, corporate VC today is really expanding its role. People traditionally think of the intel capital as Qualcomm Ventures, Google Ventures of the world. But today there's a big portion of healthcare CVCs, financial services CVCs, energy, to media, to automobile, telecom, big conglomerates like GE and Siemens, as well as now a lot of Asian corporations who are descending on the US and investing in startups as well. The ecosystem is really growing. This is just a small portion of it. There's actually many more venture firms within the corporate realm that aren't included, but this is just to give you an idea of how many VCs within corporate are now investing.

Google had long been doing acquisitions. They had acquired YouTube and others, and there was a lot of questions around what Google Ventures would look like. Fast forward to 2015, what we see is that Google Ventures is now the most prolific firm in corporate venture capital. In 2014 we saw Google Ventures participate in just under 100 new and follow-on deals, the most in any year since its inception. The pace of Google Ventures has slowed down a bit in 2015. It's done 39% less deals in the first half of 2015 than 2014. But just this ramp up since its inception is just quite remarkable, and as we'll see, they are doing that in a bunch of different areas. 

2015: CORPORATE VENTURE CAPITAL ON TRACK  FOR NEW HIGHS

Geographically, I'm just going to go quickly through this. You're seeing more interest in New York. One thing that we tracked that was interesting is that 2012 and 2013, Google Ventures participated in 13 New York deals. Since then, did more, did 16 deals, including a big investment in Flatiron Health. That's the cancer, oncology data provider, and that was a big investment for Google Ventures in New York, as well as digital health. And we're seeing an increase in interest in New York more recently.

The first half of 2015 saw corporate venture capital investors participate in 357 deals totaling  $7.85B. At the current run rate, corporate VC deal activity in on track to top 2014’s high. Funding dollars involving corporate VC arms has topped $3B in each of the last 3 quarters.

Follow-on investments, actually Q2 '15 marked the highest percentage of follow-on deals it's very done as a percentage of new and follow-on deals. And that's interesting to see in terms of Google Ventures slowing down its deals in 2015 a bit, but they are doing more follow-on investments, in terms of companies they've either seeded or invested in earlier, and that's something we're seeing bear out.

So a look at the macro trends, and what we see here is that the deals by corporate venture firms are really increasing to new highs. In terms of capital invested, we're seeing 2015 on probably a run rate topping a multi-year high. Already we saw 357 deals across $7.8 billion in the first half of 2015, and we'll probably expect significant activity as well heading into the latter half of 2015. So here you can see a look at the five-year trend within corporate venture funding and deal activity, and just the ramp up by corporate VCs, especially as more firms are becoming active.

Lastly, just a look at their syndicate. Google Ventures is a frequent co-investor with a bunch of Silicon Valley Firms. SV Angel is their most frequent co-investor. And you also see them frequently co-investing with Kleiner Perkins as well as Andreessen Horowitz. They also frequently take deals from Y Combinator, and have invested in over 25 companies that have originated from YC, and later invested in them.

This is just a look quickly at one venture firm, Google doing a diversity of different deals, In fact today what's interesting I think, the news that came out that one of their investments in Impossible foods, they were looking to acquire that as well. So you're see just a focus that Google is having across a diversity of sectors, and this was just a quick look at the data around some of their more specific trends.


INTERNET CVC SEED DEAL SHARE FALLS IN 2015

CALIFORNIA STAYS DOMINANT FOR CORPORATE  VENTURE DEAL ACTIVITY 

CORPORATE INVESTMENTS IN MOBILE FALL

In terms of the geography, California has been the main area where corporate venture dollars have been deployed. I'm sorry, corporate venture deals have been deployed. So 50% of all deals by corporate venture firms have gone to California-based companies in four of the past five quarters. New York and Massachusetts have been swapping positions for the Number 2 spot. In recent quarters we saw about an equal amount of deal share in Q2 '15 by corporate venture investors in New York and Mass-based companies. And that's been going back and forth a bit, but California taking about half of the deals by corporate venture investors in the US.

CALIFORNIA STAYS HOT FOR CORPORATE VC  DEALS IN MOBILE

California has taken 50%+ of all CVC deals in four of the last five quarters. Massachusetts

and New York have been swapping positions for the No. 2 spot and saw a nearly equal

amount of deal share in Q2’15.

CVC SEED DEAL SHARE IN MOBILE FALLS TO LOW

Healthcare CVC funding hit $1.59B in the first half of 2015, a jump of 35% from H1 2014.

Corporate funding participation in healthcare has topped $650M in each of the last three

quarters.

CORPORATE VC SEED DEAL SHARE DROPS

After taking just 19% of healthcare CVC deal share in Q4’14, California activity has risen in

each of the past two quarters and hit 35% in Q2’15, topping Mass. after ceding the lead in

Q4’14 and Q1’15.

In terms of the stage level activity, we're seeing that corporate VCs are doing primarily mid-stage deals. So in terms of Series C, Series B, you'll see it constituting the majority of deal activity. One interesting thing that we've seen is that while corporate VCs, especially Google Ventures and a few others, have dived into seed in recent quarters, we're seeing a bit of a drop off now in 2015. So as recent as Q3 '14, we saw 22% of deals at the seed stage by corporate VCs, now closer to 11% of deal share by CVCs. So it will be interesting to monitor whether that drop off continues, or whether CVCs will continue to stay prominent at the mid-stage and later, so this is a look at the stage trends.

CORPORATE VCs PURSUE FEWER EARLY-STAGE  HEALTHCARE DEALS

In Q3’14 and Q4’14, seed activity made up 1 of every 5 deals done by corporate venture arms.  There’s been a significant pullback in 2015. Each of the past two quarters saw seed deals take just 11% of CVC deal activity.

Digital health is one area, so these are Internet, mobile, and software deals within the healthcare space. And you're seeing more deals, in fact 44% more deals in 2014 than 2011. You're seeing Qualcomm Ventures, Google Ventures, and Merck as the most active investors there. You'll see some of the select investments they've done. Digital health becoming a hot area for CVCs, especially those listed to the right.

Fin tech is also another area where we're seeing an increased amount of corporate interest. What's interesting in fin tech is that a lot of the investors that are doing the most deals are actually not financial services companies, though you will see some there in terms of Citi, BBVA, and a few others. But Google has been the most active corporate investor in fin tech, doing deals to a diversity of firms, whether that's Robinhood, the trading app, Digit, the savings app. Lending, they're doing CircleUp, Kenshoo in the data space. You're seeing more corporate VCs dive into fin tech, and fin tech deal activity by CVCs actually ticked up 75% between 2011 and 2014.

INTERNET DEALS TAKE HALF OF ALL CVC DEALS IN Q2

Corporate venture deal share to the Internet sector hit a five-quarter high in Q2’15. Mobile

deal share by corporate venture arms has topped that in healthcare in three of the last five  quarters.

Next we're going to dive into a quick case study on Google Ventures. I think Google is really a corporation that a lot of investors are curious about because of the broad amount of areas that they've gone into. As far back as 2008, Google Ventures was revealed, and there was a lot of questions around what Google Ventures would look like. This is an article from The Journal in July 2008. "How the group will be structured and what sort of investments it is likely to target is unclear." I'm just reading the quote from this slide. 


When we look at the sector level trends we see that Internet deals really spiked in Q2, so this is a look at, at the highest level, mobile, Internet, healthcare, as well as a few other sectors of where CVCs are investing. So corporate venture deal share in the Internet sector hit a five quarter high in Q2. What's interesting is actually mobile deals within tech are taking more deal share than healthcare in several quarters, three of the last five in fact, so that will be interesting to monitor as well. Whether we're going to continue to see a proliferation of CVC activity in tech, and probably less deals in healthcare, which we've seen now mobile sometimes overtaking healthcare in terms of deal share by corporate investors.

GOOGLE VENTURES INDUSTRY FOCUS: SECURITY &  HEALTH GAIN PROMINENCE

GOOGLE VENTURES GEOGRAPHY STRATEGY:  INCREASED INTEREST IN NEW YORK

So next we're going to take a quick look at quantifying CVC within VC. So how big of a role is corporate venture playing within the great venture capital ecosystem? We'll be looking a bit at deal sizes, as well as overall activity, unicorns and a few other trends. And let's just dive right into the deal sizes. So this is a turn we've been monitoring for quite a bit now, in looking at the average deal size by corporate venture investors, versus overall VC deals.















What we see here in this chart is that CVC deal sizes are actually decidedly larger than VC overall. In fact, in the last five quarters average deal size by corporate venture investors has topped $21 million in five of the last six quarters. If you look back at 2013, it's a big contrast. Average corporate VC deal sizes were actually at or below $17 million, no not only are you seeing corporate venture investors participating in bigger deals, you're seeing that deal size versus the overall VC deal size increased drastically. So just sort of a dichotomy there in terms of deal sizes.

While all stages of investment have seen increases over the last five years, the biggest growth has been  in the early rounds, with 66% of deals taking place in Seed or Series A rounds over the past five years.

CVC DEAL SIZES ARE NOW DECIDEDLY LARGER  THAN VC OVERALL

As Google Ventures’ portfolio matured since the firm’s launch in 2009, follow-on investments have  surged. Google Ventures completed twice as many follow-on deals as it did new deals in Q2’15 — the highest percentage of follow-on deals it has ever done in a single quarter.

Average deal size with corporate venture participation has topped $21M+ in five of the last  six quarters. In contrast, average corporate venture deal sizes stood ≤$17M in 2013.

Google Ventures has participated in a number of mega-financings — including those to Uber and  Cloudera — which have served to drive up the median size of its deals. In Q2’15, Google Ventures’ median deal size swelled to $15M behind large rounds including Cohesity’s $55M Series B.

ANALYZING GOOGLE VENTURES’ INVESTMENT  SYNDICATE 

CORPORATE VCs PARTICIPATE IN 1 OF EVERY 5 VC DEALS IN 2015

Corporate venture firms participated in just over 20% of the 1,768 venture-backed rounds in the  first half of 2015. That’s compared to CVCs participating in 15% of venture deals in H1 2013.

When we look at overall activity, the peel back is interesting as well. So back in half one 2013, corporate venture investors were participating in about 15% of VC deals. Now we're seeing corporate venture investors participate in a little bit, in terms of 20% of overall VC deals in the first half of 2015. So here you'll just see CVC funding versus VC funding, as well as the amount of CVC deals as a proportion of the greater VC deals, and just the increase there over time.

After topping 20% in Q2’14-Q4’14, corporate VC seed deal share in Internet fell to 11% in

Q1’15 and 13% in Q2’15. Series C CVC deal share hit a five-quarter high at 17%.

When we look at the stage trend within the Internet sector, we're seeing less seed deals, but we are seeing more mid-stage deals into the Internet sector by CVCs. So here you see, CVC deal share hit a five-quarter high at 17% in Q2, so we're seeing less seed deals, more mid-stage deals in the Internet sector by corporate venture firms.

NUMBER OF ACTIVE CORPORATE VENTURE FIRMS  IS UP 82% SINCE Q1’12

The first half of 2015 saw corporate VCs deployed 7% less deals than the same period last

year. After Uber’s $1.2B round buoyed Q2’14, mobile funding with corporate participation has  stood at $400M+ in each of the last three quarters.

106 different corporate VC firms completed an investment in Q1’15 – a multi-year high. That’s a  82% jump from the same quarter three years ago. 

So this chart here shows the number of corporate venture investors over time by quarter, and what we see here is just the drastic increase. In fact, 82% increase in active corporate venture firms, those venture firms doing a deal since Q1 '12, through now Q2 '15. So if we look at the data, you're just seeing more venture firms within the corporate realm get started. You know, recently we had Twitter Ventures, Workday Ventures become active, and as more venture firms are becoming active in the corporate space, this 

California has taken over half of all corporate VC mobile deals in each of the past five

quarters.

number is just increasing. So in Q1 '15, 106 different corporate VC forms did a deal. That was a multi-year high and that was an 82% jump, as I mentioned earlier, from the same quarter three years ago.

Mobile seed deal share by corporate VCs fell to just 8% in Q2’15, after taking 40% of all mobile  deals in the same quarter last year. Mobile Series A and Series B deal share both hit five quarter highs.

38 CORPORATE VCs COUNT A UNICORN IN THEIR  PORTFOLIO

CORPORATE VENTURE FUNDING TO HEALTHCARE  SEES BIG FIRST HALF OF 2015

106 different corporate VC firms completed an investment in Q1’15 – a multi-year high. That’s a  82% jump from the same quarter three years ago. 

So healthcare has been a big portion of corporate venture investment. You're seeing a lot of funds, whether that's Pfizer, Novartis, Lilly, and many others doing deals within healthcare. So corporate venture funding to healthcare saw a really big half in 2015, $1.59 billion in the first half. That was a jump of 35% from the same half last year. Corporate funding participation in healthcare has actually topped $650 million in each of the last three quarters, so you're seeing CVCs jump into bigger healthcare deals, and that's pushing up the funding participation. Deals have been sort of up and down, but healthcare is a big portion of where CVCs are investing, especially a lot of the specialized healthcare corporates.

HEALTHCARE CVC DEAL SHARE SHIFTS BACK TO  CALIFORNIA

Next we're going to do a quick look just at the unicorns. So this is a big topic within venture today, as a lot of crossover investors have jumped in to venture-backed companies. The number of unicorns, or what's known as "private billion dollar companies" has really grown in recent years. So this chart here shows the proportion of US unicorns that are back by a corporate venture arm. What we see in this chart is actually more unicorns are backed by corporate VCs than not backed by corporate VCs. And 51% of them in fact have a corporate venture unit, whether that's Google, whether it's Intel, whether it's any other CVC backing them.

In terms of the geo trends, California taking more healthcare deals than before. So we saw Massachusetts jump in, take a bit of share away from California after taking less in Q2 '14, Q3 '14. California now ramping back up. But healthcare CVC deals are typically vascillating between the healthcare hubs of California and Massachusetts. In terms of the stage trends you'll see here, Series A as well as Series B deals taking the highest amount of share by corporate venture investors in healthcare, and that's an interesting trend moving forward in terms of corporate healthcare.

THE CORPORATE VCs THAT COUNT THE MOST  UNICORNS

Salesforce Ventures narrowly edges out Google Ventures for the most investments in US

unicorns. 8 different corporate venture groups count 3 or more unicorns.

After taking just 19% of healthcare CVC deal share in Q4’14, California activity has risen in

each of the past two quarters and hit 35% in Q2’15, topping Mass. after ceding the lead in

Q4’14 and Q1’15.

Corporate venture deals into the growing digital health and health IT arena rose 44% between 2011 and 2014. 

This chart shows the number of sort of the top CVCs by number of unicorns. What we see here is Google Ventures, SalesForce Ventures taking a prominent amount of unicorn investments. You see some of them there, and SalesForce just edging out Google Ventures. But what's interesting is that Google Ventures as well as its later stage arm, Google Capital, both have a fair number of unicorns. And you're seeing a growing number of corporate venture firms now add portfolio companies that are in the billion dollar range. Obviously most of these aren't in the early stage, but jumping in later, for whether strategic interests, in some cases financial returns as well, but just more corporate venture firms in these private billion dollar companies now.

CERTAIN UNICORNS COUNT MORE STRATEGIC  INVESTORS THAN THE REST

As reported threats continue to rise, corporate venture deals into cybersecurity rose 25% on a  YoY basis in 2014 and hit a quarterly high in Q3’14.

Docusign, the e-signature and digital transaction firm, has received backing from a notable 10  corporate venture groups. There are 7 US unicorns with 3 or more corporate venture investors. 

And what's interesting is actually you're also seeing more unicorns take on corporate venture firms, so this is the list of unicorns with the most corporate venture investors. Most notably what you'll see as probably jumping out is DocuSign, which is the e-signature and digital transaction firm, received backing from actually ten different corporate venture firms. So there's actually seven different US unicorns with three or more corporate venture investors. All of them listed here: Lookout, Evernote. Across different verticals, whether that's gaming, digital health, or enterprise tech. And it's interesting to see just the number of corporate VCs that some of these big billion dollar companies are taking on. 


Corporate venture deals into financial tech or ‘fin tech’ ticked up 75% between 2011 and

2014. 

Cybersecurity, a third hot area that we're seeing more corporate interest. Corporate VC deal activity in cybersecurity rose 25% on a year-over-year basis in 2014, after it hit a quarterly high in Q3 '14. You'll see some of the investors listed on the right; Intel Capital probably most notable, doing a spectrum of deals to companies within cybersecurity, whether that's in virtualization, whether it's in cloud, or other areas. You'll see some of the investments there. 

KLEINER PERKINS IS MOST FREQUEST VENTURE  CAPITAL CO-INVESTOR WITH CVCs

CASE STUDY: GOOGLE VENTURES

Kleiner Perkins and NEA are the most frequent co-investors with CVCs since 2010 followed

by Andreessen Horowitz.

So next we're just going to do a quick bit into syndicates. So corporate venture firms primarily aren't doing these deals by themselves. They're doing deals with other firms, especially venture firms. This slide will show you the top VC co-investors of corporate venture firms, so who has done the most deals with CVCs since 2010. What we see here is the big multi cap, large stage VCs doing the most deals. So Kleiner Perkins, NEA, Andreessen Horowitz rounding out the top three in terms of doing the most deals with corporate investors.





Here just a closer look at the share of corporate venture syndicated deals, as a proportion of their overall deals. So Kleiner Perkins probably jumps out as doing 29%, almost a third of their deals with a corporate venture investor since 2010. A couple other big ones: Venrock and Draper Fisher Jurvetson, DFJ. Both doing about a fourth of their deals with a CVC. Those are new and follow-on deals, but just some VC firms you'll see taking on a larger share of their deals with a corporate investor, and really becoming a prominent part of their investing.

Since the start of 2014, Google Ventures has placed a large strategic emphasis on

cybersecurity (ex. Duo, Ionic, Threatstream, Synack) and a broader push into digital health

(ex. Transcriptic, Spruce, Flatiron Health). Companies within the realm of “big data” and data  analytics have also been a recent focus area (ex. Rocana, MapD, Cohesity). 

THE MOST ACTIVE CORPORATE VENTURE CAPITAL

GROUPS

More recently, Google Ventures has identified more opportunities in New York. In 2012 and  2013, Google Ventures participated in 13 NY deals. Since then, Google Ventures has doubled down, completing 16 deals including a $130M investment into Flatiron Health.

So this is the quick look and we'll be sending you the slides after. But this is just as look at some of the most active CVCs. Here you'll see some of the tech corporations making it in terms of the most active VCs. Google Ventures, Intel Capital, Qualcomm Ventures, you'll see some of their recent, new investments that they're done. Rounding out the top ten, Novartis in the healthcare space as well as Fidelity, and then GE Ventures, Bloomberg Data, and Cisco Investments. 

GOOGLE VENTURES STAGE STRATEGY: EARLY STAGE  TAKES 65%+ OF DEALS

In terms of stage, early stage has been taking the most deals from Google Ventures; 65% of their deals over the last five years have taken place at the early stage. They have an active seed investment practice, so not surprising to see that, in terms of the data. New versus follow-on, so probably not surprising to see Google Ventures' portfolio maturing since launching in 2009. 

GOOGLE VENTURES – NEW vs. FOLLOW-ON  INVESTMENTS 

INTERNET CVC DEALS JUMP TO MULTI-YEAR HIGH

After dropping for three consecutive quarters, corporate VC deals in the Internet sector jumped to a quarterly high in Q2’15. Internet funding with CVC participation hit $2.3B behind several $100M+ deals.

MEGA-FINANCINGS BUMP UP DEAL SIZES BY  GOOGLE VENTURES

Next we'll be doing a look into where corporate VC are investing, so we'll look at the sector level trends as well as the hot areas of where CVCs are investing. 


In terms of the Internet sector we're seeing corporate VCs doing more deals. In fact, Q2 '15 marked a quarterly high in terms of Internet deals by corporate venture investors. Internet funding with CVC participation actually hit $2.3 billion, behind CVCs jumping into more, sort of bigger, $100 million deals, so you're seeing just more Internet investments at the sector level by CVCs. 

Another interesting thing is that Google Ventures is participating in a bunch of these mega financing rounds. Some are calling them "private IPOs," and those are rounds that are $100 million to private companies. That has in effect increased Google Ventures' median deal sizes. As we see here in Q2, their median deal size was as high as $15 million behind several large rounds they did, including Cohesity's $55 million Series B and several others.

They participated in a bunch of mega financings, as we'll see here in this timeline. That hasn't been limited to any one year, but a bunch of different years. And here, just a selection of their large deals 


that they've either led or participated in, and you'll see that across a diversity of sectors, whether that's in home automation, whether that's in Slack enterprise SaaS, whether that's in digital health, or Uber. And that's their biggest I would say. . . I think that's the investment that stands out, is that $250 million investment in Uber back in 2013, in terms of Google Ventures' really making its mark in VC. And here you'll just see a timeline of some of their notable deals.


NEW YORK DOMINATES MASSACHUSETTS FOR INTERNET CVC DEAL SHARE

Google Ventures often does deals with other VC firms such as Kleiner Perkins, SV Angel, and  Andreessen Horowitz. Several of Google Ventures’ top co-investors are also among its top deal flow  sources, including Kleiner Perkins, First Round Capital, and SV Angel. Y Combinator is a top feeder of deal flow to Google Ventures.

New York took nearly 1 of every 5 CVC deals in Internet in Q2’15 and topped Mass. in each of the last five quarters. California’s Internet CVC deal share has remained at 50%+ since Q2’14.

When we look at the geo trend, most of that as we've mentioned in terms of the broader CVC activity is happening in California. We are seeing New York take almost about a fifth of the deals, in terms of the Internet sector by corporate venture investors, much more so than Massachusetts. So CVCs are looking for Internet deals in New York, but about half of them or more are taking place in California.