Private Market Update: April 2021 - Forge Global
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Private Market Update: April 2021
CONFIDENTIAL
Private Market Overview
Last 3 Month Forge Platform Activity Against Public Equity Market
Primary VC Funding Continued to Raise the Bar for the Third Month in a Row
User Indications of Interest(1) vs. S&P 500, Week Ending
• The 2021 month-over-month primary funding chart just keeps climbing up and to the right. Our Indexed: Dec 19th = 100
Q1 total registered just under $58B nearly doubling 2020’s Q1 total of $27B 200 4,000
Indications of Interest
• Within the 337 deals closed in March, 26 of the private companies gained unicorn status, more
Indexed Number of
S&P 500 Level
150 3,900
than doubling February’s 12 new unicorns, bringing the total to more than 50 unicorns YTD
100 3,800
Private Market Activity on the Forge Platform Remained Steady Amidst Rocky Public Markets
50 3,700
• Activity on the Forge platform was on par with February’s levels even with the public market
volatility 0 3,600
19-Dec 2-Jan 16-Jan 30-Jan 13-Feb 27-Feb 13-Mar 27-Mar
• The split between buy-side and sell-side interest tightened for the second month in a row
indicating shareholders are starting to see more opportunity in the current valuation backdrop of S&P 500* (RHS) Indication of Sell Interest Indication of Buy Interest
the private markets
Monthly Summary January February March
Another Herd of Unicorns Hit the Public Markets, IPO Track Shows Signs of Softening
Buy Interest as % of Total Platform Interest 95% 91% 89%
• Despite some turbulence in the public markets, five tech unicorns priced their IPOs in March Sell Interest as % of Total Platform Interest 5% 9% 11%
Number of Unique Issuers 456 458 419
• Roblox paved the tracks with their long-anticipated direct listing, which opened trading more
than 40% above their reference price. Coupang made their US public market debut the next day Year-over-Year VC Private Funding
while Digital Ocean, ACV Auction, and Coursera came at the end of the month Year- over-Year VC Private Funding ($M) (2) Summary ($M)
2019 YTD 26,970
• Meanwhile, our Select Tech IPOs and the Renaissance IPO ETF closed in the red for the second $24,000 2020 YTD
2021 YTD
27,397
57,613
month in a row, showing some signs of softening in the IPO backdrop. Looking ahead, the $20,000
Coinbase direct listing will serve as another meaningful indicator for the tech IPO market $16,000
First Quarter Results Surpassed Market Expectations $12,000
• Renaissance Capital stated that “the US IPO market produced its busiest quarter in over two $8,000
decades, with 102 IPOs raising $40.3 billion” $4,000
• SPAC IPOs remain a focus across the market as Q1’21 saw 296 SPACS(3), more than all of 2020 $0
combined Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 2020 2021
Annual Summary 2019 2020 2021
Sources: Forge Global, Yahoo Finance, Refinitiv, TechCrunch, PitchBook (Data has not been reviewed by PitchBook analysts) – As of 3/31/2021
*Note: Public market data as of 3/31/2021; Platform activity as of 3/31/2021 Total Deal Volume ($M) 108,075 113,718 57,613
(1) Indication of Interest defined as a user manually placing a non-binding bid or ask on the Forge platform. Indexed values are based on the unique number of
# of Deals 2,439 2,372 836
indications of interest, not the total dollar volume
(2) Includes U.S. issuer VC-backed deals with an investment amount of $10M or greater Average Deal Size ($M) 44 48 69
(3) Data from Renaissance Capital
Copyright © 2021 Forge Global, Inc. All rights reserved. For more info contact: info@forgeglobal.com (415) 881-1612 415 Mission St, San Francisco, CA 94105 – 55th Floor 2CONFIDENTIAL
Tech IPO Landscape (1) Active on Forge platform (4)
Performance of Largest VC-Backed Tech IPOs in Since 2020
Historical Returns Public Market Performance Latest Private Market Activity
Return If
2019 2020 Last 3 Months Last Month Current Last 3 Last Funding
Company IPO Date Since IPO Series Invested
Stock Price Months Month Round(2)
Pre-IPO (3)
NASDAQ 34.6% 41.8% 2.7% -4.0%
Announced / In Progress (Filed: 25-Mar-21) Feb-21 F -
S&P 500 28.7% 15.3% 7.0% 1.5%
Announced / In Progress (Confidentially Filed: 23-Mar-21) Oct-20 G -
Renaissance IPO ETF (5) 33.6% 103.5% 40.1% -13.3% Announced / In Progress (Confidentially Filed: 16-Feb-21) May-19 E -
Market information as of 3/31/21
Announced / In Progress (Filed: 05-Feb-21) Mar-18 G -
Last 24 Months Indexed Month-Over-Month Performance Announced / In Progress (Confidentially Filed: 28-Jan-21) Apr-14 B -
Index: Mar 29th 2019 = 100
250 Announced / In Progress (Confidentially Filed: 14-Jan-21) Nov-19 G -
Announced / In Progress (Confidentially Filed: 17-Dec-20) Oct-18 E -
230
31-Mar-21 $45.00 36.4% - - Jul-20 F 164.7%
210 24-Mar-21 $34.61 38.4% - - Sep-20 1 484.6%
190 24-Mar-21 $42.13 -10.4% - - May-20 C 297.8%
11-Mar-21 $49.35 41.0% - - Nov-18 N/A(6)
170
10-Mar-21 $64.83 0.5% - - Jan-21 H 44.1%
150 13-Jan-21 $70.72 44.3% - -22.7% Apr-19 F 436.6%
16-Dec-20 $15.80 -34.2% -13.4% -19.3% May-15 E N/A(6)
130
10-Dec-20 $187.94 176.4% 28.0% -4.3% Sep-17 F 258.0%
110
9-Dec-20 $65.91 56.9% -52.5% -45.6% Sep-19 H 1207.7%
90 9-Dec-20 $131.13 28.6% -8.1% -22.4% Jun-20 H 185.6%
30-Sep-20 $28.58 5.9% -3.3% -22.7% Nov-18 E 249.0%
70
Mar-19 Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Mar-21 30-Sep-20 $23.29 132.9% -1.1% -6.1% Jan-16 K 104.7%
18-Sep-20 $100.31 92.9% -34.6% -7.6% May-19 E 356.0%
NASDAQ S&P 500 Renaissance IPO ETF 17-Sep-20 $18.86 -14.3% -34.0% -38.8% May-19 G 71.1%
16-Sep-20 $229.28 91.1% -18.5% -15.8% Feb-20 G 491.4%
Sources: PitchBook (Data has not been reviewed by PitchBook analysts), Yahoo Finance 2-Jul-20 $93.13 221.1% -24.0% -29.7% Apr-19 D 120.6%
(1) Includes all IPOs issued in USD by formerly VC-backed TMT, SaaS, E-Commerce, or FoodTech companies with a pre-money valuation of $1B or greater
(2) Latest funding round based on latest investment round leading up to the Initial Public Offering when price per share figures are publicly disclosed
(3) Return based on current market price and the preferred share price of the latest investment round leading up to the IPO when the figure is publicly disclosed
9-Jun-20 $38.99 77.2% -4.8% -16.9% Dec-18 G 117.2%
(4) Active on Forge platform defined as one completed trade or over $1 million of buy or sell side interest prior to priced public filing
(5) “The Renaissance IPO ETF reflects approximately the top 80% of newly public companies based on full market capitalization, is weighted by free float capitalization and
31-Jan-20 $39.08 179.1% -10.5% -19.9% Aug-18 I 214.4%
imposes a 10% cap on large constituents” (renaissancecapital.com) Market information as of 3/31/21 Averages 64.7% -14.7% -20.9% 300.2%
(6) Wish and Coupang historically have not publicly disclosed the preferred share prices of their investment rounds
Copyright © 2021 Forge Global, Inc. All rights reserved. For more info contact: info@forgeglobal.com (415) 881-1612 415 Mission St, San Francisco, CA 94105 – 55th Floor
3CONFIDENTIAL
Fundraising Activity Summary
LTM Funding by Stage ($M)
$28,000 $80
$24,000 $70
$20,000
$60
$16,000
$50
$12,000
$40
$8,000
$4,000 $30
$0 $20
Apr '20 May '20 Jun '20 Jul '20 Aug '20 Sep '20 Oct '20 Nov '20 Dec '20 Jan '21 Feb '21 Mar '21
Seed - Series C Series D - F Series G + Other Average Deal Size (RHS)
Largest 10 Primary Financings in Last 60 Days By Investment Amount (2)
Company
Primary Industry Brokerage Internet Retail Real Estate Services Database Software Aerospace and Defense Productivity Software Holding Companies Financial Software Drug Discovery Healthcare Tech
Deal Date 01-Feb-21 23-Mar-21 24-Mar-21 01-Feb-21 16-Feb-21 01-Feb-21 09-Feb-21 14-Mar-21 15-Mar-21 22-Mar-21
Series - - B G - F C2 H C D
Investment Amount ($M) 3,400 1,150 1,075 1,000 850 750 750 600 525 500
Post-Money Valuation ($M) - 8,900 1,000 28,000 74,000 35,000 - 95,000 - 5,000
Lead Investor(s) Ribbit Capital - Global F, Greycroft Franklin Templeton Sequoia Capital Alkeon, Coatue - - Matrix Capital FirstMark, GC, TQ
Source: PitchBook (Data has not been reviewed by PitchBook analysts) – As of 3/31/2021 Active on Forge platform (1)
Note: includes U.S. issuer VC-backed deals with an investment amount of $10M or greater
(1) Active on Forge platform defined as one completed trade or over $1 million of buy or sell side interest
(2) Source: PitchBook and other publicly available news outlets
Copyright © 2021 Forge Global, Inc. All rights reserved. For more info contact: info@forgeglobal.com (415) 881-1612 415 Mission St, San Francisco, CA 94105 – 55th Floor 4CONFIDENTIAL
Companies That Have Surpassed a $1B Post-Money Valuation in the Last 30-Days
Series E - $1.6B Series D - $2.1B Series C - $1.1B Series C - $1.0B Early Stage VC - $1.1B Later Stage VC - $1.2B Series B - $1.3B Series B - $1.0B Series D - $1.0B
31-Mar-21 30-Mar-21 30-Mar-21 30-Mar-21 29-Mar-21 26-Mar-21 25-Mar-21 24-Mar-21 24-Mar-21
Series C - $1.2B Series E - $1.0B Series D - $1.0B Series C - $1.6B Series F - $1.4B Series D - $2.8B Series C - $1.7B Series C - $1.6B
23-Mar-21 23-Mar-21 20-Mar-21 18-Mar-21 18-Mar-21 16-Mar-21 16-Mar-21 16-Mar-21
Series D - $1.3B Series D - $3.0B Series E - $1.1B Series D - $3.2B Series C - $1.0B Series D - $1.7B Series E - $1.6B Series D - $1.2B Series D - $1.1B
16-Mar-21 11-Mar-21 10-Mar-21 09-Mar-21 09-Mar-21 03-Mar-21 03-Mar-21 01-Mar-21 01-Mar-21
With a Growing Unicorn Universe, Exit Opportunities Remain Limited
Active Unicorns vs. Exits (1)
100 95 $1,000,000
Aggregate Unicorn Valuation (RHS) Exit Value Per Year (RHS) New Unicorns Per Year Unicorn Exits Per Year
78
80 $800,000
63
60 $600,000
46
41
37
40 $400,000
$30
$26
21 $20
17
20 $14 $200,000
9 $11
8 $7 $7 $7
4 $5 $5
$1
0 $0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020*
Source: PitchBook (Data has not been reviewed by PitchBook analysts) – As of 3/31/2021
Note: includes U.S. issuer VC-backed deals with an investment amount of $10M of greater
(1) From PitchBook’s 2019 Unicorn Report - *Data as of 12/31/2020
Copyright © 2021 Forge Global, Inc. All rights reserved. For more info contact: info@forgeglobal.com (415) 881-1612 415 Mission St, San Francisco, CA 94105 – 55th Floor 6CONFIDENTIAL
Disclaimer
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