Q3 2019 Recon Report - Prime Unicorn Index · 2019-07-19 · Tealium revolutionizes today’s digital businesses with a universal approach to customer data orchestration –spanning

Q3 2019 Prime Unicorn IndexReconstitution Report

[email protected] www.primeunicornindex.com 646-429-0949

PRIME UNICORN INDEXLAGNIAPPE LABS

IN PARTNERSHIP WITH

Introducing 10 new components to the Index

Additions to the Index

Company Valuation

TripActions $4,070,125,799

Carbon $2,124,434,146

Impossible Foods $1,512,311,024

Auth0 $1,042,847,917

Keep Truckin $993,018,346

View the Space $879,696,146

Tealium $855,002,741

Enjoy Technology $795,990,120

Ionic Security $624,627,918

Giddy (Boxed) $581,833,404

Deletions from the Index

Company Reason

AdRoll Valuation less than $500M

Prime Unicorn Index LAGNIAPPE LABSIN PARTNERSHIP WITH

RETURN AND RISK

OVERVIEW

INDEX INFORMATION INDEX CHARACTERISTICS

*The Inception Date of the Index is August 17, 2017. Historical returns prior to that date are backtested and therefore hypothetical in nature. Past performance is not an indicator of future outcomes.

The Prime Unicorn Index is an equally-weighted price return index that measures the share price performance of U.S. privatecompanies valued at $500 million or more. The price changes of component companies are derived from publicly availableinformation associated with company transactions, filings, and other disclosures. The index provides empirical data to assetmanagers and financial advisors interested in tracking today’s private capital markets. The index is designed for use in thecreation of financial products and as a performance benchmark.

Annualized Volatility*1 year 8%

3 year 5%

5 year 11%

Full History 35%

Year Return (%)2019 (To date) 38.36%

2018 37.56%

2017 9.29%

2016 3.00%

2015 46.55%

2014 76.38%

2013 59.45%

2012 50.85%

2011 250.33%

2010 40.09%

2009 6.41%


Component Universe US private companies valued at $500 million or more

Base Value 100

Base Date December 31, 2008

Inception Date August 17, 2017

Reconstitution Cycle January, April, July, October

Currency USD

Calculation Frequency Daily values, distributed weekly

Index Calculation Agent Solactive AG

Data File Distribution Via FTP and email

Bloomberg Code PUNICORN

Reuters Code .PUNICORN

Number of Components 133

Component Weighting Equal

Total Market Value $449,743,941,594

Largest Component $75,188,225,833

Smallest Component $509,154,112

Average Component $3,381,533,395

Median Component $1,042,847,917

Top 10 Components Valuation (as a % of Total Combined Valuation)

61%

Prime Unicorn Index Levels

0

1000

2000

3000

4000

5000

6000

7000

8000

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019


IN PARTNERSHIP WITH


Round Series Seed Series A Series A-1 Series B Series C Series D

Invest. Date 4/3/2015 2/12/2016 10/4/2017 3/7/2018 10/26/2018 6/27/2019

Invest. Amount $3.38M $9.13M $12.50M $51.00M $152.35M $250.00M

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

Liq. Preference 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. Convertible

Conv. Convertible

Conv. Convertible

Conv. Convertible

Conv. Convertible

Conv. Convertible

Anti-Dilution Weighted Avg. Weighted Avg. Weighted Avg. Weighted Avg. Weighted Avg. Weighted Avg.

Redemption No No No No No No

Dividend Rate 8% 8% 8% 8% 8% 8%

Valuation $14,400,306 $39,706,473 $61,498,729 $255,944,954 $1,212,909,000 $4,070,125,799

Preferred PPS $0.0823 $0.165575 $0.195125 $0.6217 $2.4018 $7.4095

INDEX COMPARISON

DEAL BREAKDOWN

TripActions is a corporate travel platform that gives road warriors the travel experience they deserve with a wide selection of inventory, easy-to-use booking and trip management tools, and proactive 24/7 support. Travelers are rewarded for booking cost-effectively with the TripActionsRewards Program and customers receive full visibility into their travel spend savings.


IN PARTNERSHIP WITH


Round Series A Series B Series C Series D Series E

Investment Date 1/24/2014 9/16/2014 9/12/2016 2/14/2018 3/22/2019

Invest. Amount $11.00 $30.34M $181.06M $200.00M $120.00M

Direction Not Applicable Up Round Up Round Up Round Up Round

Liq. Preference Not Applicable Pari Passu Pari Passu Pari Passu Pari Passu

Liq. Multiple 0-1X 0-1X 0-1X 0-1X 0-1X

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

Anti-Dilution Weighted Avg. Weighted Avg. Weighted Avg. Weighted Avg. Weighted Avg.

Redemption Yes Yes Yes No No

Dividend Rate 6% 6% 6% 6% 6%

Valuation $29,795,125 $222,169,336 $1,071,383,418 $1,675,337,572 $2,124,434,146

Preferred PPS $0.72985 $4.567928 $17.6461 $23.3509 $27.6427

INDEX COMPARISON

DEAL BREAKDOWN

Carbon brings together innovations in software, hardware, and material science to deliver industry-leading digital manufacturing solutions. With Carbon’s ground-breaking Digital Light Synthesis™ technology and broad family of programmable liquid resins, manufacturers can unlock new business opportunities such as mass customization, on-demand inventory, and previously impossible product designs.


IN PARTNERSHIP WITH


Round Series A Series A-1 Series B Series C Series D Series E

Invest. Date 9/6/2011 2/7/2013 7/15/2013 6/26/2014 8/17/2015 5/8/2019


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

Liq. Preference 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 Participating Preferred

Conv. Convertible

Conv. Convertible

Conv. Convertible

Conv. Convertible

Conv. Convertible


Redemption No No No No No No

Dividend Rate 8% 8% 8% 8% 8% 8%

Valuation $- $- $78,226,629 $164,839,144 $491,967,933 $1,512,311,024

Preferred PPS $1.00 $0.39276 $1.35 $2.0326 $4.499625 $10.6038

INDEX COMPARISON

DEAL BREAKDOWN

Impossible Foods is transforming the global food system by using a plant-based heme to make delicious, nutritious meat and dairy products from plants that have much smaller environmental footprint than meat from animals.


IN PARTNERSHIP WITH


Round Series A Series B Series C Series D Series E

Investment Date 4/23/2015 5/17/2016 3/14/2017 5/4/2018 5/17/2019

Invest. Amount $9.27M $14.57M $30.00M $55.20M $103.00M

Direction Not Applicable Up Round Up Round Up Round Up Round

Liq. Preference Not Applicable Pari Passu Pari Passu Pari Passu Pari Passu

Liq. Multiple 0-1X 0-1X 0-1X 0-1X 0-1X

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

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

Redemption No No No No No

Dividend Rate Not Stated Not Stated Not Stated Not Stated Not Stated

Valuation $32,980,587 $109,514,781 $252,498,345 $497,199,266 $1,042,847,917

Preferred PPS $1.4832 $3.4984 $8.0045 $13.7031 $25.4018

INDEX COMPARISON

DEAL BREAKDOWN

Auth0, a global leader in Identity-as-a-Service (IDaaS), provides thousands of customers in every market sector with the only identity solution they need for their web, mobile, IoT, and internal applications. Its extensible platform seamlessly authenticates and secures more than 2.5 billion logins per month


IN PARTNERSHIP WITH


INDEX COMPARISON

DEAL BREAKDOWN

KeepTruckin provides a fleet management platform whose robust solutions - the KeepTruckin Electronic Logging Device, KeepTruckin Electronic Logbook App for iOS and Android, and the KeepTruckin Smart Dashcam - seamlessly connect vehicles, drivers, and fleet managers. The KeepTruckin App Marketplace offers customers a catalog of customizable integrations that can improve operational efficiencies and increase productivity to save fleets money.

Round Series A Series B Series C Series D

Investment Date 6/12/2015 5/1/2017 12/28/2017 4/4/2019

Investment Amount $8.00M $15.90M $50.00M $60.00M

Direction Not Applicable Up Round Up Round Up Round

Liquidation Preference Not Applicable Pari Passu Pari Passu Pari Passu

Liquidation Multiple 0-1X 0-1X 0-1X 0-1X

Stock Type Conventional Convertible Conventional Convertible Conventional Convertible Conventional Convertible

Anti-Dilution Weighted Average Weighted Average Weighted Average Weighted Average

Redemption No No No No

Dividend Rate 8% 8% 8% 8%

Valuation $25,631,176 $51,010,024 $405,280,800 $993,018,346

Preferred PPS $0.7575 $0.9548 $6.4740 $14.7350


IN PARTNERSHIP WITH


Round Series A Series A-1 Series B Series C Series D

Investment Date 12/1/2013 1/6/2015 11/10/2015 11/28/2016 5/3/2019

Investment Amount

$7.50M $3.30M $20.25M $71.54M $61.50M

Direction Up Round Up Round Up Round Up Round Up Round

Liquidation Preference

Pari Passu Pari Passu Pari Passu Pari Passu Pari Passu

Liquidation Multiple

0-1X 0-1X 0-1X 0-1X 0-1X

Stock Type Conventional Convertible

Conventional Convertible




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

Redemption No No No No No

Dividend Rate 8% 8% 8% 8% 8%

Valuation $23,613,645 $33,347,985 $89,568,858 $239,118,497 $879,696,146

Preferred PPS $0.93793 $1.17037 $2.27786 $2.92127 $9.45667

INDEX COMPARISON

DEAL BREAKDOWN

View The Space (VTS) is a rapidly growing, real estate technology company. The VTS platform is a commercial real estate tool developed to streamline and expedite the leasing process through HD video tours, distribution of said tours and reported analytics.


IN PARTNERSHIP WITH


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

Invest. Date 4/14/2011 12/7/2011 7/3/2012 2/27/2013 2/3/2015 11/14/2016 5/14/2019

Invest. Amt. $0.11M $1.10M $10.50M $15.60M $30.69M $15.00M $55.00M

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

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

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

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

Anti-Dilution Weighted Avg. Weighted Avg. Weighted Avg. Weighted Avg. Weighted Avg. Weighted Avg. Weighted Avg.

Redemption No No Yes Yes Yes Yes Yes

Dividend Rate

Not Stated Not Stated Not Stated Not Stated Not Stated Not Stated 6.5%, Cumulative

Valuation $1,169,163 $7,373,341 $38,441,540 $135,707,587 $269,918,263 $285,866,789 $855,002,741

Pref. PPS $0.0623 $0.2945 $1.04 $2.9418 $4.7262 $4.4578 $11.1242

INDEX COMPARISON

DEAL BREAKDOWN

Tealium revolutionizes today’s digital businesses with a universal approach to customer data orchestration – spanning web, mobile, offline and Internet of Things devices. The Tealium Universal Data Hub encompasses tag management, API hub, customer data platform, and data management solutions that enable organizations to leverage real-time data to create richer, more personalized digital experiences.


IN PARTNERSHIP WITH


Round Series Seed Series A Series B Series C

Investment Date 6/17/2014 10/16/2014 7/29/2015 4/30/2019





Stock Type Conventional Convertible Participating Preferred Participating Preferred Participating Preferred

Anti-Dilution Not Stated Weighted Average Weighted Average Weighted Average


Dividend Rate Not Stated 6% 6% 6%

Valuation $- $- $316,380,400 $795,990,120

Preferred PPS $0.3572 $1.1374 $2.3788 $3.7944

INDEX COMPARISON

DEAL BREAKDOWN

Enjoy pairs experts with the best emerging and premium technology products on the market today. Enjoy Technology will hand-deliver a customer's device and set it up where the customer needs it. They also offer personal sessions helping the customer's get the most out of their product.


IN PARTNERSHIP WITH


Round Series A Series A-1 Series B Series C Series D Series E

Invest. Date 2/24/2012 4/19/2013 2/5/2014 9/11/2015 3/26/2018 1/18/2019


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

Liq. Preference Not Applicable Pari Passu Pari Passu Pari Passu Pari Passu Senior

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

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


Redemption Yes No No No No No

Dividend Rate 8%, Cumulative 8%, Cumulative 8%, Cumulative 8%, Cumulative 8%, Cumulative 12%, Cumulative

Valuation $7,218,032 $22,908,459 $82,676,706 $312,974,906 $578,830,805 $624,627,918

Preferred PPS $1.2235 $2.007 $4.6059 $14.7760 $22.7160 $22.7160

INDEX COMPARISON

DEAL BREAKDOWN

Ionic Security accelerates and simplifies trust in a machine-scale world, helping clients systematically reduce the likelihood and impact of a data breach while simplifying information governance and the management of today's borderless enterprise. The Ionic Data Trust Platform consistently protects and controls data from creation through consumption everywhere it travels and anywhere it resides, preventing inappropriate data handling with real-time policy..


IN PARTNERSHIP WITH


Round Series A Series B Series C Series D

Investment Date 4/16/2014 12/23/2014 12/22/2015 7/17/2018





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

Anti-Dilution Weighted Average Weighted Average Weighted Average Weighted Average


Dividend Rate 6% 6% 6% 6%

Valuation $25,996,542 $108,799,989 $427,506,211 $581,833,404

Preferred PPS $1.4787 $4.48194 $10.88186 $10.9285

INDEX COMPARISON

DEAL BREAKDOWN

Giddy Inc. (DBA: Boxed) has taken the best elements of the wholesale shopping experience and folded it into one innovative, cutting edge mobile app that allows consumers direct-to-their-door access to all of their favorite warehouse club products, without membership fees.

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

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

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, orwinding 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 PreferredStock will receive prior to distribution of amounts to holders of other series of Preferred Stock or Common Stockbased 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, theParticipating 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 Ratadistribution, 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 receivedwhen participating, usually designated as a multiple of the Issue Price, for example 2X or 3X.

Anti-Dilution – Contractual measures that allow investors to keep a constant share of a firm's equity in light ofsubsequent equity issues. These may give investors preemptive rights to purchase new stock at the offeringprice.• 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 reducedprice and, (b) how many shares (or rights) are issued in the dilutive financing.

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


IN PARTNERSHIP WITH


DEFINITION OF TERMS


IN PARTNERSHIP WITH


TOP 10 COMPONENTS (RANKED BY VALUATION)

The Prime Unicorn Index is owned by Lagniappe Labs (“LL”). All rights reserved. Lagniappe Labs and Prime Unicorn Index are trademarks of LL.Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission. This document does not constitute anoffer of services in jurisdictions where LL or its respective affiliates do not have the necessary licenses. All information provided by LL is impersonaland not tailored to the needs of any person, entity or group of persons. LL receives compensation in connection with licensing its indexes to thirdparties. Past performance of an index is not a guarantee of future results.

LL does not sponsor, endorse, sell, promote or manage any investment fund or other investment vehicle that is offered by third parties and that seeksto provide an investment return based on the performance of any index. These materials have been prepared solely for informational purposes basedupon information generally available to the public and from sources believed to be reliable.

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Please visit www.primeunicornindex.com for full disclaimers associated with the index and website.

Disclaimer

INDEX METHODOLOGY

The rules for component eligibility, index composition, calculation, and maintenance are based on the Prime Unicorn IndexMethodology. The index universe includes all US private companies with market valuations that are equal to or greater than $500million. Component eligibility and price inputs are derived from publicly available information, such as federal filings (e.g., Form D),state filings (e.g., amendments to Certificates of Incorporation, Limited Offering Exemption Notices, Employee Plan ExemptionNotices) and company disclosures (e.g., press releases, other public statements). The index calculation model is based on actual orderived prices of preferred stock and common stock, which are validated by the index operations team. Corporate actions, such asbankruptcies, stock splits, reorganizations, mergers and acquisitions, and spinoffs are monitored on a daily basis. Index values arecalculated for each day, but distributed on a weekly basis each Thursday. The index is reviewed and reconstituted on a quarterlybasis on the third Wednesday of each January, April, July and October. For more detailed methodology information, please see thePrime Unicorn Index Methodology Guide.

The Prime Unicorn Index was designed and developed by Lagniappe Labs and Level ETF Ventures’ Prime Indexes group. ThePrime Unicorn Index Committee provides oversight of index calculation and maintenance, as well as ongoing evaluation of theindex methodology and related rules.

* As of July 18, 2019

Company Sector Valuation* Weight (%)*

Uber Technologies, Inc. Consumer Products and Services, Software $75,188,225,833 0.75%

WeWork Companies Business Products and Services $49,040,766,952 0.75%

JUUL Labs, Inc. Consumer Products and Services $40,415,202,181 0.75%

Space Exploration Technologies Corp Industrial/Energy $31,247,670,477 0.75%

AirBnb, Inc. Consumer Products and Services, Software $29,252,091,441 0.75%

Lyft, Inc. Consumer Products and Services, Software $13,177,809,253 0.75%

DoorDash, Inc Consumer Products and Services $12,127,400,769 0.75%

Pinterest, Inc. Media and Entertainment, Software $10,447,526,463 0.75%

Coinbase Global Financial Services $7,238,375,243 0.75%

Maplebear Inc. (Instacart) Consumer Products and Services $7,199,630,395 0.75%

Documents

Q3 2019 Recon Report - Prime Unicorn Index · 2019-07-19 · Tealium revolutionizes today’s digital businesses with a universal approach to customer data orchestration –spanning