Pre-IPO Report: A Fundamental Data AnalysisA deeper look into a few companies that may be making headlines in the coming year

Here are 6 companies from our database that have caught our attention lately having large capital raises in the last 6 months.

In the following analysis, we have benchmarked these companies against other high growth Venture Backed companies that have gone public in the last few

years (sample includes companies which have filed an IPO from 2011-present).

Infusion Software, Inc

Inrix, Inc Lookout, Inc

The Honest Company, Inc

Thumbtack, Inc Veracode, Inc

2

Infusion Software

Offers automation on marketing, sales, and customer management. Infusion Software's product, Infusion CRM, is a web-based software program that centralizes, organizes and

automates lead generation and lead conversion.

Round Series A Series B Series B2 Series C Series D

Investment Date 2007-10-12 2010-07-21 2008-12-19 2013-01-07 2014-09-30

Investment Amount $9.26 $2.00 $7.90 $54.00 $40.00

Direction Not Applicable Flat Round Up Round Up Round Up Round

Liq. Pref. Not Applicable Pari Passu Pari Passu Pari Passu Senior

Liq. Multiple 0 - 1x 0 - 1x 0 - 1x 0 - 1x 0 - 1x

Stock Type Participating Preferred Participating Preferred Participating Preferred Participating Preferred Participating Preferred

Capped Participation Yes Yes Yes Yes Yes

Anti-Dilution Weighted Average Weighted Average Weighted Average Weighted Average Weighted Average

Redemption No No No No No

Cumulative Dividends No No No No No

Dividend Rate 8.0% 8.0% 8.0% 8.0% 8.0%

Pay to Play No No No No No

Pay to Play Penalties No No No No No

Reorganization No No No No No

Valuation $40,820,692 $57,915,175 $56,463,112 $254,438,734 $607,543,956

Preferred PPS $2.650 $2.950 $2.950 $11.670 $25.960

$608

$254

$58

$41

$290

$128

$50

$19

$ $100 $200 $300 $400 $500 $600 $700

Series D

Series C

Series B

Series A

(In Millions)

IPO Benchmark Post Money Valuation

3

Inrix, Inc

FKA: Device-Works, Inc., the company addresses the need for traffic information nationwide across a variety of platforms, devices and distribution channels to individuals and businesses

$560

$461

$172

$61

$13

$475

$290

$128

$50

$19

$ $100 $200 $300 $400 $500 $600

Series E

Series D

Series C

Series B

Series A

(In Millions)

IPO Benchmark Post Money Valuation

Round Series A Series A Series B Series C Series D Series E Series E

Invt Date 2005-04-25 2005-10-28 2006-05-23 2007-10-29 2011-07-25 2014-11-04 2014-03-18

Invt Amount $3.10 $3.00 $10.00 $15.00 $37.00 $26.00 $10.00

Direction Not Applicable Not Applicable Up Round Up Round Up Round Up Round Up Round

Liq. Pref. Not Applicable Not Applicable Pari Passu Pari Passu Pari Passu Pari Passu Pari Passu

Liq. Multiple 0 - 1x 0 - 1x 0 - 1x 0 - 1x 0 - 1x 0 - 1x 0 - 1x

Stock Type Conv. Convertible Conv. Convertible Conv. Convertible Conv. Convertible Conv. Convertible Conv. Convertible Conv. Convertible

Capped Part. No No No No No No No

Anti-Dilution Weighted Average Weighted Average Weighted Average Weighted Average Weighted Average Weighted Average Weighted Average

Redemption No No No No No No No

Cum Dividends No No No No No No No

Dividend Rate 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%

Pay to Play Yes Yes Yes Yes Yes Yes Yes

Pay to Play Penalties

Conv of Pref. to Com. Stock

Conv of Pref. to Com. Stock

Conv of Pref. to Com. Stock

Conv of Pref. to Com. Stock

Conv of Pref. to Com. Stock

Conv of Pref. to Com. Stock

Conv of Pref. to Com. Stock

Reorganization No No No No No No No

Valuation $9,790,830 $13,320,242 $61,003,606 $171,849,561 $461,234,244 $560,430,740 $529,842,513

Preferred PPS $1.651 $1.651 $6.103 $15.258 $35.044 $38.938 $38.938

4

Lookout, Inc

FKA: Flexilis, Inc, the company develops software that delivers a combination of technology and policy solutions to secure mobile devices.

Round Series A Series A Series B Series C Series D Series E Series E Series E Series F Series F

Invt Date 2008-08-20 2009-12-21 2010-05-18 2010-12-23 2011-09-21 2012-12-04 2013-03-04 2013-09-24 2014-03-20 2014-08-13

Invt Amount $2.60 $2.30 $11.00 $19.50 $36.50 $30.00 $10.00 $20.00 $63.00 $87.00

Direction N/A Up Round Up Round Up Round Up Round Up Round Up Round Up Round Up Round Up Round

Liq. Pref. N/A N/A Pari Passu Pari Passu Pari Passu Pari Passu Pari Passu Pari Passu Pari Passu Pari Passu

Liq. Multiple 0 - 1x 0 - 1x 0 - 1x 0 - 1x 0 - 1x 0 - 1x 0 - 1x 0 - 1x 0 - 1x 0 - 1x

Stock TypeConv.

ConvertibleConv.

ConvertibleConv.

ConvertibleConv.

ConvertibleConv.

ConvertibleConv.

ConvertibleConv.

ConvertibleConv.

ConvertibleConv.

ConvertibleConv.

Convertible

Capped Part No No No No No No No No No No

Anti-DilutionWeighted Average

Weighted Average

Weighted Average

Weighted Average

Weighted Average

Weighted Average

Weighted Average

Weighted Average

Weighted Average

Weighted Average

Redemption No No No No No No No No No No

Cum Div No No No No No No No No No No

Dividend Rate 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%

Pay to Play No No No No No No No No No No

Pay to Play Penalties

No No No No No No No No No No

Reorg No No No No No No No No No No

Valuation $4,179,208 $8,454,599 $50,168,561 $119,296,276 $345,444,936 $772,351,478 $784,116,184 $807,645,595 $1,279,609,386 $1,381,955,362

Preferred PPS $0.215 $0.215 $0.786 $1.733 $3.895 $7.936 $7.936 $7.936 $11.423 $11.423

$1382

$808

$345

$119

$50

$8

$914

$475

$290

$128

$50

$19

$ $500 $1000 $1500

Series F

Series E

Series D

Series C

Series B

Series A

(In Millions)

IPO Benchmark Post Money Valuation

5

The Honest Company, Inc

The Honest Company offers eco-friendly baby diapers, wipes, bath and body care products, and non-toxic cleaning products.

Round Series A Series A Series B Series C

Investment Date 2011-09-23 2012-03-23 2013-11-11 2014-08-26

Investment Amount $6.00 $21.00 $25.00 $70.00

Direction Not Applicable Up Round Up Round Up Round

Liq. Pref. Not Applicable Pari Passu Pari Passu Pari Passu

Liq. Multiple 0 - 1x 0 - 1x >1 - 2x >1 - 2x

Stock Type Conventional Convertible Conventional Convertible Conventional Convertible Conventional Convertible

Capped Participation No No No No

Anti-Dilution Weighted Average Weighted Average Weighted Average Weighted Average

Redemption No No No No

Cumulative Dividends No Yes Yes No

Dividend Rate 8.0% 8.0% 8.0% 8.0%

Pay to Play No No No No

Pay to Play Penalties No No No No

Reorganization No No No No

Valuation $19,500,000 $91,736,093 $306,636,362 $837,619,298

Preferred PPS $1.058 $3.635 $10.985 $27.057

$838

$307

$92

$128

$50

$19

$ $200 $400 $600 $800 $1000

Series C

Series B

Series A

(In Millions)

IPO Benchmark Post Money Valuation

6

Thumbtack, Inc

Thumbtack provides a marketplace and review site for local services. The Company gives it's users the ability to vet, contact and book providers the moment you find them.

Round Series A Series B Series C Series D Series E Series F

Investment Date 2009-06-19 2010-06-09 2012-01-09 2013-06-13 2014-05-22 2014-08-20

Invy Amount $0.65 $1.20 $4.50 $12.50 $30.00 $75.00Direction Not Applicable Up Round Up Round Up Round Up Round Up RoundLiq. Pref. Not Applicable Pari Passu Pari Passu Pari Passu Pari Passu Pari Passu

Liq. Multiple 0 - 1x 0 - 1x 0 - 1x 0 - 1x 0 - 1x 0 - 1x

Stock Type Conv Convert Conv Convert Conv Convert Conv Convert Conv Convert Conv Convert

Capped Part No No No No No No

Anti-Dilution Weighted Average Weighted Average Weighted Average Weighted Average Weighted Average Weighted Average

Redemption No No Yes Yes Yes Yes

Cum Div No No No No No No

Dividend Rate 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%

Pay to Play No No No No No No

Pay to Play No No No No No No

Reorganization No No No No No No

Valuation $2,311,953 $6,002,900 $14,111,599 $43,372,882 $213,394,643 $710,089,544

Preferred PPS $0.411 $0.817 $1.200 $2.437 $10.008 $29.163

$710

$213

$43

$14

$6

$2

$914

$475

$290

$128

$50

$19

$ $200 $400 $600 $800 $1000

Series F

Series E

Series D

Series C

Series B

Series A

(In Millions)

IPO Benchmark Post Money Valuation

7

VeraCode, Inc

Provides an application security service. The Company's service allows inspection of the entire application, including components without source code; as binary code analysis

provides cost-effective security implementation without the need for software installations, upgrades or patches.

Round Series A Series B Series C Series D Series E Series F Series G Series H

Invt Date 2006-03-10 2007-01-31 2009-01-21 2010-02-08 2011-12-20 2012-04-12 2013-09-03 2014-09-02Invt Amount $7.00 $10.31 $5.00 $12.26 $2.00 $30.00 $12.84 $40.00

Direction Not Applicable Up Round Down Round Up Round Flat Round Up Round Up Round Up RoundLiq. Pref. Not Applicable Pari Passu Pari Passu Senior Pari Passu Pari Passu Pari Passu Pari Passu

Liq. Multiple 0 - 1x 0 - 1x >1 - 2x 0 - 1x 0 - 1x 0 - 1x 0 - 1x 0 - 1xStock Type Partic Pref Partic Pref Partic Pref Partic Pref Partic Pref Partic Pref Partic Pref Partic Pref

Capped Part No Yes Yes Yes Yes Yes Yes Yes

Anti-Dilution Weighted Avg Weighted Avg Weighted Avg Weighted Avg Weighted Avg Weighted Avg Weighted Avg Weighted AvgRedemption Yes Yes Yes Yes Yes Yes Yes Yes

Cum Div No No No No No No No NoDividend Rate 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%

Pay to Play Ya Yes No No Yes No No No

Pay to PlayConv of Pref. to

Com. StockConv of Pref. to

Com. StockNo No

Conv of Pref. to Com. Stock

No No No

Reorg No No Yes Reverse Splits No No No No NoValuation $12,326,798 $41,009,401 $23,076,375 $49,491,623 $59,913,374 $190,969,753 $262,479,702 $369,109,270

Preferred PPS $1.000 $1.933 $3.118 $5.526 $5.526 $11.681 $15.050 $18.466

$369

$262

$191

$60

$49

$23

$41

$12

$2318

$914

$475

$290

$128

$50

$19

$ $500 $1000 $1500 $2000 $2500

Series H

Series G

Series F

Series E

Series D

Series C

Series B

Series A

(In Millions)

IPO Benchmark Actual Valuation

8

Valuation Benchmarking

The Honest Company, Infusion Software and Lookout all seem to be on/above the pace of their predecessors have set. Thumbtack, while having lower valuations in early rounds has seen an increase of over 15,000% in the last 2 rounds.

Both Inrix & Vercode have seen a flattening in their latest valuations compared to the rest of the observed companies & the IPO benchmark.

Series A Series B Series C Series D Series E Series F Series G

IPO Average $19,182,359 $50,135,463 $128,170,551 $289,543,302 $475,310,872 $913,918,388 $2,318,319,587

Infusion Software $40,820,692 $57,915,175 $254,438,734 $607,543,956

Inrix $13,320,242 $61,003,606 $171,849,561 $461,234,244 $560,430,740

Lookout $8,454,599 $50,168,561 $119,296,276 $345,444,936 $807,645,595 $1,381,955,362

The Honest Company $19,500,000 $91,736,093 $306,636,362 $837,619,298

Thumbtack $2,311,953 $6,002,900 $14,111,599 $43,372,882 $213,394,643 $710,089,544

VeraCode $12,326,798 $41,009,401 $23,076,375 $49,491,623 $59,913,374 $190,969,753 $262,479,702

$

$500

$1000

$1500

$2000

$2500

In B

illio

ns

Valuation by Series

*****IPO Average benchmark is derived from a sample of companies in the VC Experts Database that have entered the Public Markets in the last 4 years (2011 – Present)

9

Investment Benchmarking

When comparing these companies to the Benchmark for funding, Lookout, The Honest Company, and Thumbtack have all incrementally increased their raises each round. This trend falls in line with what we’ve seen from former Pre-IPO companies . Lookout has raised in excess of $280M, which is far more than the others in this analysis, and well above what previous companies have raised on their way to an IPO.

Series A Series B Series C Series D Series E Series F Series G

IPO Average $6.63 $11.61 $20.43 $29.82 $47.36 $53.68 $113.14

Infusion Software $9.26 $9.90 $54.00 $40.00

Inrix $6.10 $10.00 $15.00 $37.00 $36.00

Lookout $4.90 $11.00 $19.50 $36.50 $60.00 $150.00

The Honest Company $6.00 $21.00 $25.00 $70.00

Thumbtack $0.65 $1.20 $4.50 $12.50 $30.00 $75.00

VeraCode $7.00 $10.31 $5.00 $12.26 $2.00 $30.00 $12.84

$0

$20

$40

$60

$80

$100

$120

$140

$160

In M

illio

ns

Investment Amount by Series

*****IPO Average benchmark is derived from a sample of companies in the VC Experts Database that have entered the Public Markets in the last 4 years (2011 – Present)

Preferred Stock - A class of capital stock that may pay dividends at a specified rate and that has priority over common stock in the payment of dividends and the liquidation of assets. Many venture capital investments use preferred stock as their investment vehicle. This preferred stock is convertible into common stock at the time of an IPO.

Round of Financing – The Series of Preferred or Common that is being authorized and issued in the current round.

Round Direction – Direction of the series preferred being issued based off of the current series issue price VS. the prior series issue price:

UP = current round is priced HIGHER than the prior round

FLAT = current round is priced the SAME as the prior round

DOWN = current round is priced LOWER than the prior round

Liquidation Preference – the order at which the assets or funds are dispersed upon a liquidation, dissolution, or winding up of a corporation, either voluntary or involuntary

Senior- the Series of Preferred being issued is SENIOR in liquidation preference to all other Preferred Stock and Common Stock

Pari Passu- the Series of Preferred being issued shares equally with one or more other Series of Preferred Stock but prior to the Common Stock

Junior – the Series of Preferred being issued is JUNIOR to one or Series of Preferred

N/A- Not Applicable is used if there is not a previous round of Preferred issued (EX: Series A round)

Multiple of the Liquidation Preference – The amount per share that a holder of a given series of Preferred Stock will receive prior to distribution of amounts to holders of other series of Preferred Stock or Common Stock based on the amount invested. This is usually designated as a multiple of the Issue Price, for example 2X or 3X.

Type of Preferred Stock –

Participating Preferred Stock - A Preferred stock in which the holder is entitled to receive the appropriate liquidation preference and after all payments have been made to the various Series of Preferred, the Participating Preferred Stock can participate in receiving any remaining funds or assets, on an “as if” converted basis, alongside the Common Stock shareholders.

Conventional Convertible Preferred – non-Participating, can convert to common and receive Pro Rata distribution, but CANNOT participate with the common on an “as if” converted basis.

Liquidation Cap – The Cap or Max Participation amount that the Participating Preferred Stock can received when participating

Anti-Dilution– Contractual measures that allow investors to keep a constant share of a firm's equity in light of subsequent equity issues. These may give investors preemptive rights to purchase new stock at the offering price.

Weighted Average –The investor's conversion price is reduced, and thus the number of common shares received on conversion increased, in the case of a down round; it takes into account both: (a) the reduced price and, (b) how many shares (or rights) are issued in the dilutive financing. See Broad-Based Ratchet and Narrow-Based Ratchet definitions.

Full Ratchet – The sale of a single share at a price less than the favored investors paid reduces the conversion price of the favored investors' convertible preferred stock "to the penny". For example, from $1.00 to 50 cents, regardless of the number of lower priced shares sold.

Redemption – The right or obligation of a company to repurchase its own shares.

Pay to Play Penalties – A requirement for an existing investor to participate in a subsequent investment round, especially a Down Round. Where Pay to Play provisions exist, an investor's failure to purchase its pro-rata portion of a subsequent investment round might result in one or more of:

Conversion to Common

Conversion to Shadow Preferred

Loss of Anti-Dilution protection

Loss of right to participate in future rounds

Cumulative Dividends – Dividends that accrue at a fixed rate until paid are "Cumulative Dividends" which are payments to shareholders made with respect to an investor's Preferred Stock. Generally, holders of Preferred Shares are contractually entitled to receive dividends prior to holders of Common Stock. Dividends can accumulate at a fixed rate (for example 8%) or simply be payable as and when determined by a company's Board of Directors in such amount as determined by the board. Because venture backed companies typically need to conserve cash, the use of Cumulative Dividends is customary with the result that the Liquidation Preference increases by an amount equal to the Cumulative Dividends.

10

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