About the report • PricewaterhouseCoopers and the National Venture Capital Association produce the MoneyTree™ Report, based on data from Thomson Reuters • ‘Core’ measure of equity investments in venture-backed companies in the United States • Companies have received at least one round of financing, involving a professional VC firm or equivalent • Captures: tranches, not term sheets, foreign VCs, qualified private placement • Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc. • MoneyTree™ Report in its 20th year • Results online at www.pwcmoneytree.com and www.nvca.org