Table of Contents

Executive Summary

ZX Market Snapshot: June, 2021:

  • The third consecutive month in which ask volume exceeded bid volume (this month by 56%). Check out our new interactive graph describing bid/ask trends.
  • ZX transactions priced from a 47.9% discount to a 63.6% premium to average reported holding values.

Reported Holdings: Quarter Ending April 30, 2021

  • April saw reporting holders mark up their private portfolios 30.5%—the largest monthly percentage gain in two years, and the sixth consecutive month of appreciation.
  • Sentiment up:
  • Sentiment down:
    • Private Companies: Nuvia, Ant Financial, Bird
    • Sectors: Payments, Advertising, Data & Analytics, Content & Publishing

Heat Map: April 30th, 2021 Reporting Period

30.5%

Appreciation/Depreciation of All Reported Holdings1

14.6%

Average Mark-Up/Mark-Down Across All Reported Holdings2
Dataminr
165.9%
MasterClass
163.9%
Stripe
155.7%
Sharecare
152.4%
Grab
150.5%
Talkdesk
139.4%
Cazoo
111.1%
Instacart
108.3%
Sema4
103.1%
Fanatics
74.3%
SambaNova
57.8%
SpaceX
55.6%
Epic Games
53.9%
WeWork
43.8%
BYJU's
21.1%
Delphix
18.3%
Starry
17.5%
Loadsmart
12.9%
LegalZoom
12.1%
Malwarebytes
11.9%
Rubicon Global
10.0%
Farmers Business Network
7.5%
Essence Group
6.1%
JumpCloud
6.0%
Tula Tech
5.2%
Bytedance
4.8%
Wheels Up
4.1%
Tory Burch
2.6%
ClearMotion
2.6%
Mythic AI
2.5%
HashiCorp
2.5%
AvidXchange
1.4%
Tempus Labs
0.2%
Magic Leap
0.1%
Nubank
0.0%
AgBiome
0.0%
Enevate
0.0%
Waymo
0.0%
Zenefits
0.0%
Prosetta Bio
0.0%
Aurora Innovation
0.0%
Sonder
0.0%
Sweetgreen
0.0%
Rivian
0.0%
Riskified
0.0%
Rappi
0.0%
Nuro
0.0%
Rad Power
0.0%
Blink Health
0.0%
Sila Nano
0.0%
Resilience
0.0%
Smule
-0.7%
Newsela
-1.0%
Warby Parker
-1.3%
Lookout
-1.3%
Allbirds
-1.3%
Illumio
-1.8%
Tanium
-2.3%
dMed
-2.6%
Rent the Runway
-3.5%
Databricks
-5.0%
JUUL
-7.2%
GitLab
-7.3%
Bolt Threads
-8.0%
Grand Rounds
-11.5%
Convoy
-13.6%
Optoro
-15.3%
Reddit
-25.0%
Lime
-26.0%
MOD Pizza
-26.7%
Proterra
-32.3%
Bird
-36.8%
Ant Financial
-66.3%
Nuvia
-88.9%

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)
Honest Co
13
Dataminr
4
Essence Group
4
Rubicon Global, WeWork
2
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Lookout
7
Allbirds, Confluent
3
Gitlab, Proterra
3
Proterra, Reddit
3

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
Tory Burch.26$63.92$83.41$49.22
Fanatics.14$31.25$34.87$26.19
Lookout.12$11.16$11.74$5.87
Sweetgreen.12$13.34$17.10$9.00
Ant Financial.10$2.89$8.07$2.88

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
Tanium
+22.3%
SpaceX
+17.9%
Databricks
+12.8%
ZX Firm Offers at Greatest Discount to Latest Reported Median Holding Value6
There were no ZX Firm Offers at a discount to April's median holding values

6 Premium and Discount agnostic to share class

ZX Market Snapshot: June, 2021

We’re excited to introduce a new chart to ZX Monthly Movers. Click to see bid/ask ratio for each month.

ZX saw more asks than bids in June, continuing a three month trend in which ask volume exceeded bid volume. Transactions priced from a 47.9% discount to a 63.6% premium to average reported holding values.

On average, ZX Firm Buy Orders sit at a 17.7% premium to April’s median holding values, highlighted by bids in Tanium, SpaceX and Databricks at 22.3%, 17.9% and 12.8% respectively. This marks the second consecutive month with no ZX Firm Offers at a discount to April’s median holding values.

Reported Holdings Commentary: Quarter Ending April 30, 2021

This quarter, reporting holders marked up their private portfolios 30.5%—the largest monthly appreciation in two years and the sixth consecutive month of gains. Dataminr, MasterClass, Stripe, Sharecare and Grab (also the single largest appreciation by an individual fund) saw the largest mark-ups in the April quarter.

Nuvia, Ant Financial, Bird, and Proterra saw the quarter’s largest mark-downs.

Notable positive and negative reversals include Honest Co, seeing its first positive reversal in over three years ahead of its IPO debut. Lookout saw a negative reversal for the first time in seven quarters.

Tory Burch saw the highest pricing variance reported across funds. Some holders valued the company’s shares as high as $83.41 and others as low as $49.22.

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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