First-time venture financings of companies in the US 2010 — Q2'17 $3.0 1,200 $2.5 1,000 $2.0 800 $1.5 600 $1.0 400 $0.5 200 $0.0 0 1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q 2010 2011 2012 2013 2014 2015 2016 2017 Capital invested ($B) # of deals closed Source: Venture Pulse, Q2'17, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, July 13, 2017. Perception of heightened risk remains apparent when analyzing the level of first-time financings in the US, although it is worth noting that aggregate VC invested is hovering at standard, healthy levels by historical standards. © 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