Global median deal size ($M) by stage 2010 — H1'17 $10.8 Angel/seed Early stage VC Later stage VC $10.0 $10.0 $7.5 $6.5 $6.2 $5.8 $5.5 $5.0 $4.0 $3.4 $2.9 $2.5 $2.5 $2.3 $2.1 $1.0 $0.8 $0.6 $0.5 $0.5 $0.5 $0.5 $0.5 2010 2011 2012 2013 2014 2015 2016 2017* Global up, flat or down rounds 2010 — H1'17 100% 90% 80% Up 70% 60% 50% 40% Flat 30% 20% 10% 0% Down 1 2 3 4 5 6 * 10 1 1 1 1 1 1 7 0 0 0 0 0 0 1 20 2 2 2 2 2 2 0 2 The capital raised recently, that investors still have at their disposal, is still exerting an upward pressure on median transaction sizes across all stages. Source: Venture Pulse, Q2'17, Global Analysis of Venture Funding, KPMG Enterprise. *As of 6/30/2017. Data provided by PitchBook,July 13, 2017. © 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