Table of Contents

Executive Summary

Reported holdings period ending December 31st, 2020:

ZX Market Update as of February 28th, 2021:

  • February marked the eighth consecutive month of bid volume exceeding ask volume, with ZX seeing 114% more bids than asks.
  • February ZX transactions priced from a 65% discount to a 123% premium to most recent financings, reflecting buyers continued willingness to purchase stock at premiums to the companies’ last rounds.

Heat Map: December 31st, 2020 Reporting Period

11.70%

Appreciation/Depreciation of All Reported Holdings1

7.90%

Average Mark-Up/Mark-Down Across All Reported Holdings2
Nuvation Bio
108.5%
GitLab
105.7%
Tempus Labs
105.2%
4D Molecular
80.1%
1stdibs
77.9%
Topgolf
75.1%
Doximity
73.4%
Plex Systems
67.6%
NextRoll
63.3%
Tory Burch
57.7%
UiPath
56.1%
Aurora Innovation
53.0%
Marqeta
50.6%
23andMe
49.9%
Delphix
49.8%
Toast
46.1%
Udemy
41.5%
Procore
40.0%
Instacart
36.9%
Databricks
35.8%
SoundHound
35.2%
Kardium
35.1%
Bytedance
32.7%
Deliveroo
31.1%
Evolve Vacation
30.5%
Butterfly Network
28.5%
Zymergen
26.5%
Grove Collaborative
26.4%
FabFitFun
25.7%
OfferUp
22.2%
Enjoy
22.0%
Carbon 3D
21.8%
Riskified
20.9%
Planet
20.2%
Wine.com
18.2%
Centrexion
18.1%
Druva
17.7%
TransferWise
17.4%
Reddit
17.1%
Illumio
17.0%
WeWork
16.4%
Credo Semi
16.4%
Wheels Up
16.1%
Talis Bio
15.8%
ServiceTitan
15.2%
Rover
13.0%
FlixBus
12.4%
Nextdoor
12.2%
Unqork
11.9%
Trumid
11.4%
Algolia
10.6%
Malwarebytes
10.3%
Grab
9.7%
Yasso
9.3%
Course Hero
9.3%
Proterra
9.3%
NexImmune
8.6%
Farmers Business Network
8.2%
Innovium
8.2%
Impossible Foods
7.8%
SambaNova
7.6%
Beta Bionics
7.2%
Convoy
7.1%
GroundTruth
6.5%
Coupang
6.5%
Contentful
6.4%
Cazoo
6.0%
Sharecare
5.9%
ACV Auctions
5.9%
OpenX
5.1%
Rivian
4.9%
Didi Chuxing
4.9%
GrubMarket
4.8%
Lookout
4.6%
Warby Parker
4.2%
CapLinked
4.0%
On AG
4.0%
Dialpad
3.8%
SpaceX
3.7%
Made
3.6%
Robinhood
3.5%
Zero Mass Water
3.4%
Starry
3.2%
SnapDeal
3.0%
PsiQuantum
2.4%
Sprinklr
2.3%
Rent the Runway
2.2%
Trax
2.2%
D2iQ
1.8%
ThoughtSpot
1.5%
Heap
1.4%
AvidXchange
1.4%
ResearchGate
1.1%
Nuvia
0.7%
Circle
0.6%
RealSelf
0.5%
Coursera
0.4%
Udacity
0.2%
Sonder
0.1%
Tynker
0.0%
JetClosing
0.0%
Capsule
0.0%
Inspirato
0.0%
Stripe
0.0%
Omio
0.0%
Pluribus Networks
0.0%
Ginkgo Bioworks
0.0%
Insitro
0.0%
Heal
0.0%
HaulHub
0.0%
HashiCorp
0.0%
Waymo
0.0%
Sweetgreen
0.0%
Epic Games
0.0%
Allbirds
0.0%
PACT Pharma
0.0%
Gusto
0.0%
Stash
0.0%
Revolut
0.0%
Sonendo
0.0%
Varsity Tutors
0.0%
Patreon
0.0%
Cava
0.0%
Fanatics
0.0%
Bright Health
0.0%
Caris
0.0%
Passport
0.0%
Clever
0.0%
Nurx
0.0%
Seismic
0.0%
Magic Leap
0.0%
Aspiration
0.0%
Paytm
0.0%
Endeavor
0.0%
Rappi
0.0%
Alkami
0.0%
Xometry
0.0%
Go Maps
0.0%
Lime
0.0%
Minted
0.0%
Tanium
0.0%
MasterClass
0.0%
Cohesity
-0.1%
Curology
-0.2%
KeepTruckin
-0.2%
Blend
-0.4%
INRIX
-0.5%
Wag
-0.6%
Tempo Automation
-0.7%
Houzz
-0.7%
Docker
-0.8%
SoFi
-0.8%
Checkr
-1.2%
StormWind
-1.5%
Turo
-1.5%
Fundbox
-1.7%
Honest Co
-1.9%
Foursquare
-2.0%
Dataminr
-2.3%
Grand Rounds
-2.5%
Essence Group
-2.8%
Metabiota
-2.9%
Ripple
-3.9%
Ant Financial
-4.0%
WideOrbit
-5.2%
Tealium
-7.5%
XANT.ai
-8.3%
Musely
-10.3%
Rubrik
-10.9%
CNEX Labs
-11.6%
Sojern
-13.1%
MemSQL
-13.4%
BYJU's
-13.6%
Blink Health
-14.5%
Prosper Marketplace
-15.9%
JUUL
-18.7%
Bolt Threads
-19.9%
ZocDoc
-23.1%
Code 42
-23.3%
Bird
-37.2%
I-Pulse
-49.0%
Intarcia Therapeutics
-87.1%

1 Dollar-weighted return on all reported holdings
2 Equal-weighted mark-up or mark-down across all reported holdings

Analysis

Positive Trend Reversal3 (# = consecutive prior qtrs marked down or flat)
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Positive Trend Reversal3 (# = consecutive prior qtrs marked down or flat)
Grab
8
WeWork
8
Kardium
7
Delphix
6
Didi Chuxing
4
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Prosper Marketplace
14
Musely
13
Cohesity
11
Ant Financial
9
Honest Co
9

3 Positive Trend Reversal reflects an individual holding marked up after consecutive quarterly periods marked down or flat
4 Negative Trend Reversal reflects an individual holding marked down after consecutive quarterly periods marked up or flat

Highest Variance in Reported Marks5
CompanyNormalized Std Dev5$ Weighted AvgMaxMin
Intarcia Therapeutics17.05$0.01$3.00$0.00
Magic Leap1.49$1.26$11.52$0.00
D2iQ0.60$5.17$9.11$2.23
Proterra0.57$5.49$10.00$3.31
Lookout0.51$7.49$11.63$3.10

5 Normalized Standard Deviation is used to express the measure of spread across reported marks and allows for comparison between companies independent of their price per share based on a dollar-weighted average.

ZX Firm Bids at Greatest Premium to Latest Reported Median Holding Value6
Robinhood
+149.2%
UiPath
+89.1%
SpaceX
+83.3%
DigitalOcean
+61.3%
Rubrik
+57.6%
ZX Firm Offers at Greatest Discount to Latest Reported Median Holding Value6
Ripple
-44.6%
Bolt Threads
-9.4%

6 Premium and Discount agnostic to share class

Commentary

Reporting holders marked up their private portfolios 11.7% in the December reporting period, finishing 2020 with the largest single jump of the year. The gains were broad-based, with nearly three companies advancing for every one marked down.

The reporting period saw three companies marked-up by 100% or more Nuvation Bio led gainers, followed by GitLab and Tempus Labs. Intarcia Therapeutics, I-Pulse and Bird saw the period’s largest mark-downs.

Grab and WeWork saw positive reversals for the first time in 2 years while Kardium, Delphix and Didi Chuxing all saw positive reversals for the first time in a year or more. Prosper Marketplace and Musely saw negative reversals for the first time in more than 3 years, while Cohesity, Ant Financial and Honest Co saw negative reversals for the first time in over 2 years.

Intarcia Therapeutics and Magic Leap once again saw the period’s highest variance across funds in reported marks. Several funds continued writing off their investments in both companies while others were more optimistic. D2iQ, Proterra and Lookout rounded out the top 5 for the highest variance in reported marks.

ZX Market Updates Since Reporting Date

ZX ticket volumes continued to skew further to the demand side in February, with ZX seeing 114% more bids than asks. February marked the eighth consecutive month of bid volume exceeding ask volume. February ZX transactions priced from a 65% discount to a 123% premium to most recent financings, reflecting buyers continued willingness to purchase stock at premiums to the companies’ last rounds.

On average, ZX Firm Buy Orders sit at a 27% premium to December 31st median holding values, highlighted by bids in Robinhood, UiPath and SpaceX at 149.2%, 89.1% and 83.3% respectively. On the sell-side, Ripple and Bolt Threads are offered at 44.6% and 9.4% discounts to their December median holding values.

What is a ZX Firm Order?

ZX Firm Orders are unique to ZX. A ZX Firm Order (Offer or Bid) is a form of contract accepted on ZX, that allows a buyer or seller to contractually commit themselves to trading at the terms of an order ticket should a bona fide counterparty be presented, or pay a fee set to 10% of the notional value of the transaction should they fail to transact. Zanbato developed the concept of a Firm Order for private stock trading to solve for frequent frustration that parties often hold themselves out as buyers or sellers, but then pull out of transactions when counterparties are presented.

Disclaimer

This report is based on data reported by 200+ funds. Many holders of private company shares do not report their holding values and are thus not included in this report’s dataset. Further, many venture-backed private companies are not held by any reporting funds and are thus not included in this report. As such, this report should not be construed as providing a complete picture of shareholder sentiment or venture-backed private company performance.

Zanbato Securities LLC (“Zanbato”) prepares and disseminates market information about venture-backed private company securities, and the current bids and offers for those securities listed on the ATS operated by Zanbato (“ZX”). The information provided in this report has been prepared by sales, trading, or other non-research functions. Pricing indications and macro commentary are provided for factual information purposes only. This report is not intended to assess the individual merits of a particular investment or strategy, does not constitute a recommendation to buy or sell any financial instrument or to participate in any trading strategy and should not be construed as such. This report does not constitute investment advice. Certain information in this report has been obtained from third party sources and, while such information was believed by Zanbato to be reliable, it has not been independently verified by Zanbato and Zanbato shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with any use of, or reliance on, such third party information. Furthermore, the information contained in this report may not be current due to, among other things, changes in the financial markets or economic environment. Zanbato does not, and has no obligation to, update any such information contained in this report. Any prices or quotations contained herein are indicative only, do not represent firm quotes as to either price or size and should not be used for valuation purposes.

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