Table of Contents

Executive Summary

ZX Market Snapshot: May, 2021:

  • In May ZX saw 173% more ask than bid volumes, continuing April’s trend of ZX ask volume exceeding bid volume.
  • May ZX transactions priced from a 66.5% discount to a 121.6% premium to most recent financings.

Reported Holdings: Quarter Ending March 31, 2021:

  • March saw reporting holders mark up their private portfolios 26.7%—the largest monthly percentage gain we’ve seen in two years, and the fifth consecutive month of appreciation.
  • Sentiment up:
  • Sentiment down:

Heat Map: March 31st, 2021 Reporting Period

26.7%

Appreciation/Depreciation of All Reported Holdings1

22.6%

Average Mark-Up/Mark-Down Across All Reported Holdings2
Rover
261.6%
Insitro
193.6%
Axiom Space
179.1%
Patreon
176.8%
ServiceTitan
175.6%
MasterClass
165.0%
Stripe
155.4%
Sharecare
152.4%
Databricks
147.9%
Nuvia
144.3%
Proterra
134.1%
Automation Anywhere
130.8%
Rivian
124.5%
Xometry
114.5%
Fanatics
101.7%
Instacart
93.6%
Dataminr
80.9%
Blend
78.7%
Snyk
66.7%
Robinhood
65.8%
Capsule
62.8%
On AG
61.5%
Sprinklr
59.3%
WeWork
57.1%
SpaceX
54.5%
Epic Games
53.9%
Yasso
52.7%
Rubrik
52.7%
Stash
49.6%
BYJU's
44.6%
Cazoo
42.4%
Heal
36.5%
Toast
35.2%
Aurora Innovation
35.0%
SambaNova
30.2%
Evolve Vacation
30.1%
Zomato
29.7%
TransferWise
26.1%
Magic Leap
23.6%
Wheels Up
22.0%
Made
21.7%
Starry
21.1%
ThoughtSpot
19.8%
Loadsmart
19.5%
SoundHound
17.9%
Resident Home
16.6%
23andMe
15.4%
Doximity
15.1%
Nextdoor
14.6%
Tealium
14.6%
Trumid
14.2%
Code 42
12.7%
Bytedance
12.5%
Sojern
12.4%
Rent the Runway
12.1%
Marqeta
11.4%
Topgolf
11.4%
RealSelf
9.4%
Fundbox
9.1%
Farmers Business Network
9.0%
CapLinked
7.7%
Dialpad
7.3%
Didi Chuxing
6.7%
Docker
6.6%
Delphix
6.6%
StormWind
5.5%
Kardium
4.8%
4D Molecular
4.7%
OfferUp
4.3%
Sonder
4.3%
Innovium
3.4%
JumpCloud
3.3%
ZocDoc
3.3%
Zero Mass Water
3.2%
Beta Bionics
2.4%
Metabiota
2.1%
Grab
1.2%
JUUL
1.1%
Udacity
0.8%
Circle
0.7%
Lookout
0.7%
Heap
0.3%
Malwarebytes
0.3%
Grand Rounds
0.2%
Cohesity
0.1%
Tynker
0.0%
JetClosing
0.0%
Turbonomic
0.0%
Inspirato
0.0%
Imago Bio
0.0%
Omio
0.0%
Pluribus Networks
0.0%
Ginkgo Bioworks
0.0%
FLEXE
0.0%
Snorkel AI
0.0%
Tory Burch
0.0%
HashiCorp
0.0%
Genesis Therapeutics
0.0%
FabFitFun
0.0%
Color Genomics
0.0%
Waymo
0.0%
Resilience
0.0%
Relativity Space
0.0%
Blink Health
0.0%
Earnin
0.0%
PACT Pharma
0.0%
Gusto
0.0%
Sonendo
0.0%
XANT.ai
0.0%
Varsity Tutors
0.0%
Plex Systems
0.0%
I-Pulse
0.0%
Tempus Labs
0.0%
Tenaya
0.0%
WiTricity
0.0%
OpenX
0.0%
1stdibs
0.0%
Bright Health
0.0%
Apartment List
0.0%
Nuro
0.0%
Passport
0.0%
Adagio Medical
0.0%
Houzz
0.0%
Clever
0.0%
Nurx
0.0%
MemSQL
0.0%
Aspiration
0.0%
Paytm
0.0%
Rappi
0.0%
KeepTruckin
0.0%
Caris
0.0%
Go Maps
0.0%
Riskified
0.0%
Grove Collaborative
0.0%
Honor Tech
0.0%
AbSci
0.0%
Minted
0.0%
Credo Semi
0.0%
Zipline
0.0%
Warby Parker
-0.1%
Revolut
-0.1%
Tanium
-0.1%
Brain Corp
-0.2%
Lime
-0.2%
Udemy
-0.3%
AvidXchange
-0.3%
PsiQuantum
-0.4%
Turo
-0.4%
Allbirds
-0.7%
Impossible Foods
-1.0%
Trax
-1.4%
Wag
-1.6%
Checkr
-1.9%
PatientPop
-2.0%
Exabeam
-2.3%
Carbon 3D
-2.6%
dMed
-2.6%
FlixBus
-2.7%
GitLab
-2.7%
GroundTruth
-3.0%
ResearchGate
-3.4%
Wine.com
-3.6%
GrubMarket
-3.7%
Planet
-4.1%
Illumio
-5.7%
Click Therapeutics
-6.1%
Course Hero
-6.6%
NextRoll
-9.1%
Convoy
-9.4%
Bolt Threads
-9.6%
Unqork
-10.6%
Sweetgreen
-11.4%
Ant Financial
-11.5%
Prosper Marketplace
-11.7%
Foursquare
-11.9%
WideOrbit
-12.2%
Curology
-12.4%
Essence Group
-12.4%
Algolia
-15.2%
SnapDeal
-17.6%
Bird
-21.3%
Musely
-22.0%
Tempo Automation
-22.6%
Reddit
-25.2%
D2iQ
-33.7%
Ripple
-39.9%
Enjoy
-42.9%
Centrexion
-43.2%
Druva
-65.4%

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)
WeWork
7
Evolve Vacation
5
Magic Leap, Metabiota
5
StormWind
4
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Honest Co
13
Revolut
13
Ant Financial
8
Impossible Foods
4

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
Magic Leap1.57$1.56$9.21$0.00
Docker.83$1.20$3.00$0.65
Lookout.49$7.54$11.75$3.39
Prosper Marketplace.44$0.72$1.45$0.57
CNEX Labs.41$9.45$15.23$6.85

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
Rubrik
+36.4%
Cohesity
+31.5%
Tanium
+18.2%
SpaceX
+17.9%
ThoughtSpot
+15.4%
ZX Firm Offers at Greatest Discount to Latest Reported Median Holding Value6

6 Premium and Discount agnostic to share class

ZX Market Snapshot: May, 2021

ZX saw 173% more asks than bids in May, a continuation of the April trend of ZX ask volume exceeding bid volume. May ZX transactions priced from a 66.5% discount to a 121.6% premium to most recent financings.

On average, ZX Firm Buy Orders sit at a 17.3% premium to March’s median holding values, highlighted by bids in Rubrik, Cohesity and Tanium at 36.4%, 31.5% and 18.2% respectively. This month saw no ZX Firm Offers at a discount to March’s median holding values.

Reported Holdings Commentary: Quarter Ending March 31, 2021

Reporting holders marked up their private portfolios 26.7% in the March reporting period, the largest monthly appreciation in two years. Also seeing the fifth consecutive month of gains, March saw significant mark-ups in SpaceX, Epic Games, Fanatics and Databricks. Nearly two companies advanced for every one marked down.

Fifteen companies were marked-up by 100% or more, led by Rover, Insitro, Axiom Space, Patreon and ServiceTitan. Druva, Centrexion, Enjoy, Ripple, and D2iQ saw the largest mark-downs.

Notable positive and negative reversals include WeWork, seeing its first positive reversal in 7 quarters, and Honest Co, seeing a negative reversal for the first time in three years ahead of its April IPO.

Magic Leap saw the highest pricing variance reported by individual funds, with some valuing the company’s shares as high as $9.21 and others reporting write-offs.

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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