Median pre-money valuation ($M) by series in the Americas 2010 — H1'17 Seed Series A Series B $39 $39 $36 $31 $25 $21 $20 $20 $15 $15 $13 $11 $9 $8 $7 $6 $6.3 $5.9 $5.2 $4.8 $4.4 $3.9 $4.0 $3.2 2010 2011 2012 2013 2014 2015 2016 2017* Series C Series D+ $250 $171 $137 $139 $98 $92 $84 $80 $77 $70 $66 $57 $55 $49 $47 $38 2010 2011 2012 2013 2014 2015 2016 2017* Source: Venture Pulse, Q2'17, Global Analysis of Venture Funding, KPMG Enterprise. *As of 6/30/2017. Data provided by PitchBook, July 13, 2017. Current supply and demand dynamics in the Americas are producing a temporary equilibrium of sorts at an elevated level of valuations, at least across most financing series. The smaller population of Series D or later rounds is still contributing to unprecedented spikes in median valuations. © 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. #Q2VC