A look at the greater-LA area venture capital and startup market in Q1 2015, compiled by CB Insights & Upfront Venture

1. The LA Tech
Venture
Capital
Report
2014 Year in Review
Produced / Issued by:

2. 3LA Almanac
About Upfront Ventures
Upfront Ventures is the largest and longest-serving venture capital fund in
Los Angeles having invested more than $1 billion since 1996 in
companies such as Maker Studios, TrueCar, and Overture. While Upfront
is a national investment firm, it invests at least 50% of its capital in
Southern California-based technology companies from San Diego to
Santa Barbara. Upfront recently announced it closed its 5th fund of $280
million.
About CB Insights
CB Insights is a National Science Foundation-backed company that uses
data to provide VCs, corporate strategy, M&A teams and business
development professionals with intelligence on emerging companies and
disruptive technology trends. To see how our data can make your life
easier, visit: cbinsights.com

3. TABLE OF CONTENTS
4
Highlights 5
Financing Trends 7
Exit Trends
Investor League Tables
Most Well Funded Startups
16
21
28
Investor Syndicate Dashboards 33

4. GEOGRAPHY
This report covers companies headquartered in or around the Greater Los Angeles / SoCal Area (with the
exclusion of San Diego). The areas represented by the companies in this report are listed below in alphabetical
order.
5
Agoura Hills Foothill Ranch Mission Viejo Santa Monica
Aliso Viejo Glendale Monrovia Sherman Oaks
Altadena Goleta Monterey Park South Pasadena
Anaheim Hawthorne Newbury Park Studio City
Baldwin Park Hollywood Newport Beach Thousand Oaks
Beverly Hills Huntington Beach North Hollywood Torrance
Burbank Inglewood Northridge Valley Village
Calabasas Irvine Orange Van Nuys
Camarillo La Crescenta Pasadena Venice
Canoga Park Laguna Hills Playa del Rey Ventura
Carpinteria Lake Forest Rancho Dominguez Walnut
Costa Mesa Long Beach Riverside West Covina
Culver City Los Angeles San Juan Capistrano West Hollywood
El Segundo Manhattan Beach Santa Ana Westlake Village
Encino Marina del Rey Santa Barbara Woodland Hills

5. LOS ANGELES TECH
FINANCING TRENDS

6. 2014: FUNDING TO LA TECH ECOSYSTEM HITS
$2 BILLION ACROSS 194 DEALS
Funding to venture-backed tech startups in the greater LA area jumped 25% year-over-year to reach $2B in
2014. At the current run rate, 2015 in on track for a new funding high.
7
$0.7 $0.7
$1.0 $0.9
$1.6
$2.0
$0.7
100
137
152
187
201 194
37
2009 2010 2011 2012 2013 2014 Q1 '15
Los Angeles Tech Financing History: Deals and Dollars
2009 - Q1'15
Investments ($B) Deals

7. OH SNAP: FUNDING TO LA TECH TOPS $600M IN
EACH OF LAST TWO QUARTERS
Despite a drop in deals, Q4’14 and Q1’15 saw spikes in funding due to megadeals to Snapchat and just-
acquired Lynda.com. Snapchat alone raked in more than $685M in the last four months.
9

8. LA TECH SEED DEAL SHARE DROPS AS LATE-
STAGE PICKS UP
Seed deal share to LA tech companies dropped for the second consecutive year in 2014 and fell to just 26% in
Q1’15. Meanwhile, late-stage deal share (Series D+) hit a four-year high in 2014 at a combined 10% and took
16% of all deals in Q1’15.
10

9. LATE STAGE DEALS DOMINATE DOLLAR SHARE
On the funding front, late-stage deals (Series D+) took over 40% of all funding in LA tech in 2014. 2015 is off to
a similar skew as Series D+ deals have taken over 60% of all funding dollars behind Snapchat’s $200M
investment from Alibaba.
11

10. 12
THE RISE OF MOBILE LA: 1 OF EVERY FIVE
DEALS NOW GO TO MOBILE STARTUPS
Over the last five years, over 60% of all LA tech deals have gone to the Internet sector. But mobile has
emerged as a key tech sector in greater LA, taking close to 1/5th of annual deal share between 2011 and 2014.

11. 13
MOBILE FUNDING SHARE RISES TO SIX-YEAR
HIGH IN 2014, OFF TO BIG START IN 2015.
Internet funding share reached a peak of 75% in 2011, but has decreased every consecutive year taking 57%
in 2014. That’s because mobile funding has exploded largely behind Snapchat, which has raised more than
$800M since its inception in 2012.

12. LA FUNDING GROWTH SLOWS COMPARED TO
NY AND MA
Funding in LA grew by 25% between 2013 and 2014, compared to 50% in NY and 93% in MA. All three states
are on track to exceed their 2014 funding levels.
14

13. MA AND NY DEAL GROWTH IS INCREASING, LA
SLOWS DOWN
While NY and MA had positive YoY deal growth between 2013 and 2014, tech dealflow in LA decreased.
Currently, MA is the only hub of the three on track to exceed their 2014 deal count in 2015 based on their
Q1’15 numbers.
15
100
137 152
187 201 194
37
145
243
380 404
482 503
102
166
209 226 248 244
271
70
2009 2010 2011 2012 2013 2014 2015 Q1
Tech Deal Comparison: LA vs NY vs MA
2009 - Q1 2015, $B
LA NY MA

14. LOS ANGELES TECH
EXIT TRENDS

15. VC-BACKED TECH EXITS HIT HIGH IN 2014
VC-backed tech exits in LA hit a six-year high in 2014 with 37 exits including two IPOs, TrueCar, backed by
Upfront Ventures & Anthem Ventures, and Rubicon Project, which counts backers including Mayfield Fund
and Clearstone Venture Partners.
17
5
15
23
27
24
37
4
2009 2010 2011 2012 2013 2014 Q1 2015
Los Angeles Exit History: VC-backed Tech Exits
2009 - Q1 2015
VC-Backed Tech Exits

16. LARGEST LA VC-BACKED TECH EXITS SINCE
2009
18
Company Type Select VC Investors Valuation Year
M&A
Spark Capital, Founders
Fund, Formation 8
$2B 2014
IPO Oak Investment Partners $1.5B 2011
*
M&A
Accel Partners, Meritech
Capital Partners
$1.5B 2014
M&A
Upfront Ventures, Greycroft
Partners
$950M 2014
IPO Upfront Ventures $639M 2014
*The acquisition of Lynda.com was in Q2’15, but was included in this chart for its notability

17. LARGEST LA VC-BACKED TECH EXITS SINCE
2009
19
Company Type Select VC Investors Valuation Year
IPO
Bessemer Venture Partners,
ff Venture Capital
$606M 2011
IPO
IDG Ventures, Mayfield
Fund
$521M 2014
M&A
Benchmark Capital,
FirstMark Capital
$472M 2011
M&A
Intel Capital, New
Enterprise Associates,
Qualcomm Ventures
$380M 2012
M&A
Menlo Ventures, Steamboat
Ventures
$350M 2013

18. UPFRONT VENTURES AND GREYCROFT HAVE
THE MOST LA TECH EXITS
Upfront Ventures and Greycroft Partners have the most LA tech exits in their portfolios, while Rustic Canyon
Partners was a close second. There were 9 investors with at least 5 LA tech exits.
20
Rank Investor Rank Investor
1 Upfront Ventures 10 CrossCut Ventures
1 Greycroft Partners 10 Clearstone Venture Partners
3 Rustic Canyon Partners 10 Intel Capital
4 Redpoint Ventures 10 CRV
4 New Enterprise Associates 10 Mission Ventures
4 Coffin Capital & Ventures 10 Founders Fund
7 Bessemer Venture Partners 10 Founder Collective
7 Qualcomm Ventures 10 Google Ventures
7 Benchmark Capital 10 Rincon Venture Partners
10 Miramar Venture Partners 10 True Ventures
10 Insight Venture Partners 10 Wavemaker Partners
Top VC Investors in Los Angeles-Based Exited Tech Companies, 2009 - Q1 2015

19. LOS ANGELES TECH
INVESTOR LEAGUE TABLES

20. UPFRONT VENTURES IS THE MOST ACTIVE
INVESTOR IN LA TECH
Upfront Ventures topped the list for most active investors in LA, with investments in more than 30 LA based
tech companies. The top 3 was rounded out by 500 Startups and Wavemaker Partners (formerly Siemer
Ventures).
22
Rank Investor Rank Investor
1 Upfront Ventures 12 Founder Collective
2 500 Startups 12 Accel Partners
3 Wavemaker Partners 16 Redpoint Ventures
4 Greycroft Partners 16 Rustic Canyon Partners
5 Mucker Capital 16 Benchmark Capital
6 SV Angel 19 Intel Capital
7 Rincon Venture Partners 19 Lerer Hippeau Ventures
8 Double M Partners 19 Andreessen Horowitz
9 Baroda Ventures 22 BoxGroup
9 CrossCut Ventures 22 Social Starts
9 Google Ventures 22 US Venture Partners
12 First Round Capital 22 Anthem Venture Partners
12 New Enterprise Associates 22 Qualcomm Ventures
Most Active VC Investors in Los Angeles Tech Companies, 2009 - Q1 2015

21. THE MOST ACTIVE EARLY-STAGE INVESTORS IN
LA TECH
500 Startups topped the list for most active seed investors, but 6 of the top 8 investors at the early-stage were
headquartered in the LA area. Mucker Capital and Upfront Ventures were the top LA firms leading the growth
in seed stage investments in the LA area.
23
Rank Investor Rank Investor
1 500 Startups 9 Google Ventures
2 Mucker Capital 9 Founder Collective
3 Upfront Ventures 11 Greycroft Partners
4 Wavemaker Partners 11 Social Starts
5 CrossCut Ventures 11 Lerer Hippeau Ventures
6 Double M Partners 14 First Round Capital
7 SV Angel 14 Andreessen Horowitz
8 Baroda Ventures 14 TenOneTen Ventures
Most Active Seed VC Investors in Los Angeles Tech Companies, 2009 - Q1 2015

22. ACCEL PARTNERS IS THE MOST ACTIVE LATE
STAGE INVESTOR
Accel Partners edged out the number one ranking in late stage investments. Late stage tech investments in
LA are spread between different firms ranging from Kleiner Perkins to Redpoint Ventures.
24
Rank Investor
1 Accel Partners
2 Kleiner Perkins Caufield & Byers
2 Redpoint Ventures
2 US Venture Partners
2 Norwest Venture Partners
2 Benchmark Capital
2 Intel Capital
2 Meritech Capital Partners
Most Active Late-Stage VC Investors in Los Angeles Tech
Companies, 2009 - Q1 2015

23. UPFRONT IS AN ACTIVE INVESTOR IN INTERNET
COMPANIES IN LA
With the bulk of their portfolio in Internet companies, Upfront Ventures topped the list of most active LA
Internet investors, followed by 500 Startups and Wavemaker Partners.
25
Rank Investor Rank Investor
1 Upfront Ventures 11 Pritzker Group Venture Capital
2 500 Startups 11 Accel Partners
3 Wavemaker Partners 11 Baroda Ventures
4 Mucker Capital 11 Andreessen Horowitz
5 Greycroft Partners 17 Social Starts
6 Rincon Venture Partners 17 Coffin Capital & Ventures
7 SV Angel 17 Polaris Partners
8 Redpoint Ventures 17 Anthem Venture Partners
9 Rustic Canyon Partners 17 Karlin Ventures
9 CrossCut Ventures 17 Google Ventures
11 First Round Capital 17 New Enterprise Associates
11 Double M Partners 17 Lerer Hippeau Ventures
Most Active VC Investors in Los Angeles Internet Companies, 2009 - Q1 2015

24. UPFRONT AND SV ANGEL ARE THE MOST
ACTIVE MOBILE INVESTORS
Upfront Ventures and SV Angel were the most active investors in mobile companies, making investments in
more than 6 companies each. Founder Collective and Double M Partners round out the top 3 ranking.
26
Rank Investor Rank Investor
1 Upfront Ventures 8 Qualcomm Ventures
1 SV Angel 8 Wavemaker Partners
3 Double M Partners 8 First Round Capital
3 Founder Collective 8 Shasta Ventures
5 500 Startups 8 Baroda Ventures
5 Google Ventures 8 BoxGroup
5 Greycroft Partners 8 Metamorphic Ventures
8 CrossCut Ventures
Most Active VC Investors in Los Angeles Mobile Companies, 2009 - Q1 2015

25. APPENDIX: MOST ACTIVE VENTURE CAPITAL
INVESTORS IN LOS ANGELES TECH COMPANIES
27
1 - 21 22 - 42 43 - 63 64 - 84
Upfront Ventures Social Starts e.ventures FF Angel
500 Startups Anthem Venture Partners Khosla Ventures General Catalyst Partners
Wavemaker Partners Qualcomm Ventures Social Leverage Plus Capital
Greycroft Partners BoxGroup Shasta Ventures Lightspeed Venture Partners
Mucker Capital US Venture Partners Canaan Partners Mayfield Fund
SV Angel TenOneTen Ventures MK Capital Metamorphic Ventures
Rincon Venture Partners Founders Fund Felicis Ventures Kima Ventures
Double M Partners DFJ Frontier ff Venture Capital Matrix Partners
Google Ventures Kleiner Perkins Caufield & Byers Bertelsmann Digital Media Inv. DAG Ventures
Baroda Ventures Pritzker Group Venture Capital Mission Ventures Slow Ventures
CrossCut Ventures Karlin Ventures Bain Capital Ventures Lightbank
New Enterprise Associates Bessemer Venture Partners TomorrowVentures Norwest Venture Partners
First Round Capital Coffin Capital & Ventures Index Ventures MESA+
Founder Collective True Ventures Advancit Capital Bullpen Capital
Accel Partners Insight Venture Partners Spark Capital InterWest Partners
Rustic Canyon Partners Polaris Partners Thrive Capital Momentum Venture Management
Redpoint Ventures Institutional Venture Partners Foundry Group Javelin Venture Partners
Benchmark Capital Trinity Ventures RRE Ventures Resolute.vc
Intel Capital CRV Rothenberg Ventures Azure Capital Partners
Lerer Hippeau Ventures Clearstone Venture Partners Battery Ventures Lowercase Capital
Andreessen Horowitz Miramar Venture Partners Steamboat Ventures Menlo Ventures

26. THE MOST WELL FUNDED
LOS ANGELES TECH STARTUPS

27. THE MOST WELL-FUNDED LA TECH COMPANIES
Snapchat topped the list with more than $800M of funding so far. 14 companies in the LA area have raised
more than $100M.
29
Company Select Investors Description
Snapchat
SV Angel, KPCB, Benchmark
Capital
Ephemeral Messaging Service
Storm Ventures, Greylock
Partners, Voyager Capital
Adaptive Photonic Switching
Matrix Partners, Passport
Capital, Rho Ventures
Fasion Subscription Ecommerce
Intel Capital, Sequoia Capital,
Accel Partners
Silicon Vendor
Google Capital, Stone Point
Capital
Real Estate Marketplace

28. THE MOST WELL-FUNDED LA TECH COMPANIES
30
Company Select Investors Description
General Catalyst Partner,
Lightspeed Venture Partners
Ecommerce Subscription Site
for Parents
Shepard Ventures, Kennet
Partners
Online Advertising Platform
Millenium Technology Value
Partners, Polaris Partners
Online Legal Documentation
US Venture Partners,
InterWest Partners
High Performance Wireless
Networks
Upfront Ventures, Matrix
Partners
Big Data For Underwriting

29. MOST WELL FUNDED LOS ANGELES INTERNET
COMPANIES
31
Companies Select Investors Description
JustFab Passport Capital, Polaris Partners, Technology Crossover Ventures Fashion retail and styling platform
Auction.com Google Capital, Stone Point Capital Online real estate sales platform
The Honest Company
General Catalyst Partners, Institutional Venture Partners,
Lightspeed Venture Partners
Affordable, eco-friendly, consumer goods for parents
Specific Media
Enterprise Partners Venture Capital, Francisco Partners, Kennet
Partners, Shepherd Ventures
Advertising targeting and analytics
LegalZoom
Institutional Venture Partners, Kleiner Perkins Caufield & Byers,
Polaris Partners
Online legal document preparation
ZestFinance
Flybridge Capital Partners, Lightspeed Venture Partners, Matrix
Partners, Upfront Ventures
Data analysis for credit underwriting
Machinima Coffin Capital & Ventures, Google Ventures, Redpoint Ventures Video entertainment network
Kareo
Escalate Capital Partners, OpenView Venture Partners, Silicon
Valley Bank, Stripes Group
Medical office software
Telogis GM Ventures, Kleiner Perkins Caufield & Byers Logistics and routing SaaS
MarketShare Elevation Partners, FTV Capital Analytics for Business

30. MOST WELL FUNDED LOS ANGELES MOBILE
COMPANIES
32
Companies Select Investors Description
Snapchat
Benchmark Capital, Coatue Management, Digital Sky Technologies,
General Catalyst Partners, Tencent
Ephemeral messaging
Xirrus
Alta Partners, August Capital, Canaan Partners, InterWest Partners,
US Venture Partners
High-performance wireless network provider
TeleSign
Adams Street Partners, March Capital Partners, Summit Partners,
Telstra Ventures
Mobile identity platform
WhisperText
Lightspeed Venture Partners, Sequoia Capital, Shasta Ventures,
Susa Ventures, Tencent, Thrive Capital
Anonymous social network
textPlus
Kleiner Perkins Caufield & Byers, Matrix Partners, The Raine Group,
Upfront Ventures
Mobile communication service
Scopely
BoxGroup, Felicis Ventures, Greycroft Partners, Lerer Hippeau
Ventures, New Enterprise Associates, Red Swan Ventures
Mobile gaming network
Knowledge Holdings Azure Capital Partners, Random House Ventures, TeleSoft Partners Educational software
UberMedia
Accel Partners, Betaworks, Comcast Ventures, First Round Capital,
Index Ventures, Lerer Hippeau Ventures, SV Angel
Mobile advertising platform
TigerText Easton Capital, New Leaf Venture Partners, Shasta Ventures Secure, enterprise messaging
TopLine Game Labs Cantor Ventures Fantasy sports and social gaming

31. INVESTOR SYNDICATE
DASHBOARDS

32. UNDERSTANDING THE INVESTOR SYNDICATE
DASHBOARD
34
These are VCs who invest prior to
this VC investing in the company.
These frequently represent
sources of dealflow.
These are investors who invest in
the same round as the VC.
This graph shows you the rounds
that the investors participate in
together.
The trend line indicates when
deals were done. A trend such as
the one above indicates a
strengthening relationship
between the firms as more
activity has occurred recently.
This number indicates the
number of financing deals that
the two investors have
participated in.
These are the investors who tend
to invest in this VCs portfolio
companies after their investment.

33. 35
Upfront Ventures
500 Startups

34. 36
Wavemaker Partners
Greycroft Partners

35. 37
Mucker Capital
SV Angel

36. 38
Rincon Venture Partners
Double M Partners

37. 39
Baroda Ventures
Crosscut Ventures