Quarterly Review of Seed, Series A and Series B/Later Round Financings

Included in this Issue:

..Activity Level of New England Transactions: Q3 2012 -Q3 2013 - All Rounds

..Activity Level of New England Seed Transactions

..Activity Level of New England Series A Transactions

..Activity Level of New England Series B/Later Round Transactions

..Size of New England Q3 2013 Seed Transactions by Industry

..Size of New England Q3 2013 Series A Transactions by Industry

..Size of New England Q3 2013 Series B/Later Round Transactions by Industry

..The Numbers

..The National Activity Level Summary

....National Seed Transactions by Industry

....National Series A Transactions by Industry

....National Series B/Later Round Transactions by Industry

..Implied Q3 2013 Pre-Money Valuations, Industry by Round

..Terms of Selected New England Series A Rounds, Q3 2012-Q3 2013

..Terms of Selected New England Series B/Later Rounds, Q3 2012-Q3 2013

- Excerpt from The Numbers:

Venture financing activity in New England was about flat in the third quarter of 2013. The total number of deals remained at about the level of the second quarter, with activity accelerating in the technology sector and decelerating in the life sciences sector. The size of Series A deals decreased from the previous quarter, while the deal sizes for other rounds remained relatively consistent. Implied pre-money valuations generally declined across Series A and Series B/Later Rounds from the second quarter, while increasing for Seed rounds from the second quarter. Although there was some fluctuation in the frequency of key deal terms, there was no discernible aggregate loosening or tightening of terms. Set forth below are more detailed analysis and commentary regarding the information reported in the various tables throughout this issue of Venture Perspectives.