Background -

We analyzed the deal terms of 83 financings for privately-held, U.S.-based companies valued at $1 billion or more—known as unicorns—that raised money in 2017 and the first half of 2018. We included comparative data covering unicorn financings from 2014 through 2016, finding that while deal volume in H1 2018 has rebounded from depressed 2016 levels, and venture deals continued to grow in size with an increasing concentration of investment dollars into a fewer number of companies, the average amount of capital raised has decreased compared to 2016.

Key Findings -

Number of 2017 Financings Rebounds Over 2016, Continues Pace in 2018-

• Deal volume through H1 2018 is on pace to match levels reached in 2017, a year when unicorn financing activity rebounded from depressed 2016 levels.

• However, the amount of capital raised has declined in H1 2018 compared to H1 2017.