Median deal size ($M) by stage in the US 2010 — H1'17 Angel/seed Early stage VC $11.1 Later stage VC $10.5 $10.0 $8.8 $8.0 $7.5 $6.8 $6.0 $6.0 $5.0 $4.3 $3.5 $3.0 $2.7 $2.7 $2.5 $0.9 $1.0 $0.8 $0.6 $0.5 $0.5 $0.5 $0.5 2010 2011 2012 2013 2014 2015 2016 2017* Up, flat or down rounds in the US 2010 — H1'17 100% 90% 80% 70% 60% 50% 40% Up Flat Down 30% 20% 10% 0% 0 1 2 3 4 5 6 * 1 1 1 1 1 1 1 7 0 0 0 0 0 0 0 1 2 2 2 2 2 2 2 0 2 Source: Venture Pulse, Q2'17, Global Analysis of Venture Funding, KPMG Enterprise. *As of 6/30/2017. Data provided by PitchBook,July 13, 2017. Midway through the year, the rate of increase in the median early-stage financing size has maintained by and large, while the late-stage has seen a plateau. © 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