This document is a quarterly report on global venture capital trends in Q4 and full year 2018. It provides an overview of key metrics on venture investment, including record-high deal and dollar volumes in 2018. It then breaks down venture funding by stage (seed, early, late) and region. It also summarizes trends in venture-backed mergers and acquisitions and initial public offerings. The report methodology notes that some data are projections to account for late reporting.

1. The Global VC Report
All The Charts
Q4 / EOY 2018

2. Global VC Report – Q4/EOY 2018
About These Slides
This presentation contains charts, graphs, and
tables used in Crunchbase News’s quarterly
reporting.
The full text of the global investment report can be
found here. Our global liquidity report is here.
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3. Global VC Report – Q4/EOY 2018
Table of Contents
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Money In 4
General Overview 6
Seed-Angel Stage 12
Early Stage 17
Late Stage 22
Technology Growth 27
Money Out 31
Venture-Backed M&A 33
Initial Public Offerings 37
Methodology 40

4. Global VC Report – Q4/EOY 2018
Money In
Reviewing Venture Investment Into Technology Companies
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5. Global VC Report – Q4/EOY 2018
Key Finding For 2018
Full-year deal and dollar volume eclipsed 2017 by
wide margins.
Projected deal volume jumped by 32.7% and
projected dollar volume grew by 55.7 percent from
2017 totals.
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6. Global VC Report – Q4/EOY 2018
General Overview
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12. Global VC Report – Q4/EOY 2018
Seed-Angel Stage
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13. Global VC Report – Q4/EOY 2018
About Seed-Angel Stage
For reporting purposes, Crunchbase aggregates its funding data
into “stages,” reflecting the different phases of private company
development.
Angel & Seed-stage is comprised of seed, pre-seed, and angel
rounds. Crunchbase also includes venture rounds of unknown
series, transactions of undisclosed type, and convertible notes
totaling $1 million (USD or as-converted USD equivalent) or less.
Equity crowdfunding rounds with no listed dollar value, as well as
those totaling less than $5 million, are also counted as seed-stage.
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17. Global VC Report – Q4/EOY 2018
Early Stage
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18. Global VC Report – Q4/EOY 2018
About Early Stage
Early stage is comprised of Series A and Series B
rounds, as well as other round types. Crunchbase
includes venture rounds of unknown series,
transactions of undisclosed type, and convertible
notes totaling between $1,000,001 and
$15,000,000. Convertible note rounds with missing
dollar values are also counted as early-stage.
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22. Global VC Report – Q4/EOY 2018
Late Stage
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23. Global VC Report – Q4/EOY 2018
About Late Stage
Late stage is comprised of Series C, Series D,
Series E, and later-lettered venture rounds
following the “Series [Letter]” naming convention.
Also included are venture rounds of unknown
series, transactions of undisclosed type, and
convertible notes of $15,000,001 or more.
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27. Global VC Report – Q4/EOY 2018
Technology Growth
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28. Global VC Report – Q4/EOY 2018
About Technology Growth
Technology growth is a private equity round raised
by a company that has previously raised a
“venture” round. (So, basically, any round from the
previously-defined stages.)
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31. Global VC Report – Q4/EOY 2018
Money Out
Reviewing Venture-Backed M&A And IPOs
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32. Global VC Report – Q4/EOY 2018
Key Finding For 2018
The IPO market was fairly robust throughout much of
2018. Additionally, dollar volume generated from M&A
of venture-backed companies topped 2017’s totals,
indicating that the average transaction size is going up.
This being said, acquisitions of venture-backed
companies continued sliding downhill, producing the
first year-to-year decline in a long time. Also, public
market volatility may weigh on the IPO market into
2019.
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33. Global VC Report – Q4/EOY 2018
Venture-Backed
Mergers & Acquisitions
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37. Global VC Report – Q4/EOY 2018
Initial Public Offerings
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40. Global VC Report – Q4/EOY 2018
Methodology
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41. Global VC Report – Q4/EOY 2018
About “Projected” Data
Crunchbase uses projections for global and U.S. trend
analysis.
Crunchbase bases these projections on historical
patterns in late reporting, which are most pronounced
at the earliest stages of venture activity.
Using projected data helps prevent undercounting or
reporting skewed trends that only correct over time.
All projected values are noted accordingly.
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42. Global VC Report – Q4/EOY 2018
About “Reported” Data
Certain metrics, like mean and median reported
round sizes, were generated using only reported
data.
Unlike with projected data, Crunchbase calculates
these kinds of metrics based only on the data it
currently has.
All reported values are noted accordingly.
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43. Global VC Report – Q4/EOY 2018
About Foreign Currencies
All funding values are given in U.S. dollars unless
otherwise noted.
Crunchbase converts foreign currencies to US dollars at
the prevailing spot rate from the date funding rounds,
acquisitions, IPOs, and other financial events are reported.
Even if those events were added to Crunchbase long after
the event was announced, foreign currency transactions
are converted at the historic spot price.
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