Table of Contents

Executive Summary

ZX Market Snapshot: February, 2022:

  • Epic Games, Stripe and OpenSea were the three most active companies on ZX in February. Check out our new Most Active Companies section, which combines ZX usage and order flow data.
  • ZX received 359% more asks than bids in February, the most skewed the order book has been to-date.
  • February transactions priced from a 28.6% discount to a 24.2% premium to December average reported holding values.

Reported Holdings: Quarter Ending December 31st, 2021

  • This quarter reporting holders marked up their private portfolios 8.8% with an average mark-up of 4.6%. The period saw a near 1:1 advance-decline ratio.
  • Sentiment up:
  • Sentiment down:

Heat Map: December 31st, 2021 Reporting Period

8.8%

Appreciation/Depreciation of All Reported Holdings1

4.6%

Average Mark-Up/Mark-Down Across All Reported Holdings2
I-Pulse
261.1%
WiTricity
152.4%
Heap
125.6%
Color Genomics
118.3%
Course Hero
114.4%
Gyroscope
92.3%
Nuro
59.7%
ThoughtSpot
53.7%
SnapDeal
45.0%
Cava
43.1%
Turo
41.3%
ABL Space
39.4%
Einride
37.1%
SpaceX
33.5%
Evolve Vacation
29.4%
SiMa ai
27.4%
Tenstorrent
26.2%
Savage X
25.7%
Xsight Labs
24.8%
Stash
24.1%
Acrisure
20.8%
Astera Labs
20.2%
TechStyle
19.8%
Tempo Automation
18.7%
Lime
17.8%
Druva
17.4%
Lyra Health
16.1%
Hydrow
15.7%
Freenome
14.1%
Pine Labs
14.1%
Earnin
14.0%
Malwarebytes
12.2%
Prosper Marketplace
11.8%
Stripe
11.5%
Credo Semi
11.4%
Loadsmart
10.7%
Diamond Foundry
9.8%
Tanium
9.8%
FLEXE
8.7%
RealSelf
8.5%
Volocopter
8.3%
Brain Corp
8.0%
Imperfect Foods
8.0%
Dialpad
7.7%
Clio
7.4%
Yasso
6.9%
Medly Health
6.8%
Ripple
5.5%
Rapyd
4.3%
Rubrik
4.2%
OfferUp
4.1%
RefleXion Medical
4.0%
Outreach
3.8%
Circle
3.0%
WideOrbit
2.9%
Automation Anywhere
2.7%
Trumid
2.7%
Wine.com
2.7%
Zocdoc
2.5%
Lyst
2.4%
dMed
2.3%
Impossible Foods
2.3%
Foursquare
2.1%
Udacity
1.9%
Magic Leap
1.5%
Epic Games
1.4%
Illumio
1.3%
Tempus Labs
1.3%
Kraken
1.1%
Lookout
1.0%
Eruditus
0.6%
Bytedance
0.5%
Dataminr
0.3%
Exabeam
0.3%
Crossover Health
0.2%
Verily
0.2%
KeepTruckin
0.1%
Affinivax
0.0%
Arcadia
0.0%
Axiom Space
0.0%
BETA Technologies
0.0%
Betterment
0.0%
Binx Health
0.0%
Blink Health
0.0%
Bolt Threads
0.0%
Bowery
0.0%
Caris
0.0%
Celonis
0.0%
Checkr
0.0%
Clear Labs
0.0%
Coalition
0.0%
Cohesity
0.0%
DataRobot
0.0%
Delfi
0.0%
Element Bio
0.0%
Enevate
0.0%
Evernote
0.0%
FogPharma
0.0%
Fundbox
0.0%
Generate Bio
0.0%
Genesis Therapeutics
0.0%
Getir
0.0%
GOAT
0.0%
Go Maps
0.0%
goPuff
0.0%
GroundTruth
0.0%
Grove Collaborative
0.0%
GrubMarket
0.0%
GupShup
0.0%
Gusto
0.0%
HaulHub
0.0%
Heal
0.0%
High Power Exploration
0.0%
Honor Tech
0.0%
Inscripta
0.0%
Insitro
0.0%
Inspirato
0.0%
Kardium
0.0%
Laronde
0.0%
Lumicks
0.0%
Meesho
0.0%
Metabiota
0.0%
Minted
0.0%
Moshi (Mind Candy)
0.0%
Nurx
0.0%
Nutcracker
0.0%
Ocrolus
0.0%
Omio
0.0%
Passport
0.0%
Patreon
0.0%
Pluribus Networks
0.0%
Prime Medicine
0.0%
Printify
0.0%
PrognomIQ
0.0%
QuintoAndar
0.0%
Rad Power
0.0%
Rappi
0.0%
Reddit
0.0%
Redwood Materials
0.0%
Resilience
0.0%
Revolut
0.0%
Ring Therapeutics
0.0%
SambaNova
0.0%
Scribe
0.0%
SecurityScorecard
0.0%
Seismic
0.0%
ServiceTitan
0.0%
Sila Nano
0.0%
StockX
0.0%
Treeline Bio
0.0%
Waymo
0.0%
WorkRise
0.0%
Yotpo
0.0%
Zipline
0.0%
Capsule
-0.1%
PsiQuantum
-0.1%
Relativity Space
-0.1%
Convoy
-0.2%
Sojern
-0.2%
Farmers Business Network
-0.3%
MasterClass
-0.3%
NextRoll
-0.3%
Wag
-0.3%
Algolia
-0.4%
Delhivery
-0.4%
Docker
-0.6%
Tealium
-0.6%
Forum Brands
-0.7%
SoundHound
-0.7%
Solugen
-0.8%
Domino Data
-1.0%
Mythic AI
-1.4%
Contentful
-1.6%
BlockFi
-1.9%
Starry
-1.9%
Unqork
-2.2%
Delphix
-2.6%
Databricks
-2.7%
INRIX
-3.2%
JumpCloud
-3.2%
JUUL
-3.2%
SmartHR
-3.3%
Discord
-3.4%
ResearchGate
-3.9%
BYJU's
-4.2%
Apartment List
-4.3%
Adagio Medical
-4.4%
Ant Financial
-4.7%
Code 42
-4.9%
Cybereason
-5.1%
Tory Burch
-5.1%
Bombas
-5.6%
Instacart
-5.8%
Asapp
-5.9%
Breeze Airways
-5.9%
Grand Rounds
-6.3%
Collective Health
-6.7%
Zero Mass Water
-7.1%
Exo Imaging
-7.3%
Trax
-7.3%
Essence Group
-7.4%
Snyk
-8.2%
Snorkel AI
-8.3%
Deep Instinct
-8.4%
Noodle
-8.9%
Resident Home
-9.4%
OpenX
-10.2%
Carbon 3D
-10.3%
SingleStore
-10.6%
FlixBus
-11.7%
ElevateBio
-12.2%
Curology
-12.4%
Musely
-12.8%
FabFitFun
-12.9%
Automattic
-13.7%
Centrexion
-14.0%
Astranis
-14.2%
Beta Bionics
-15.5%
Sonder
-16.6%
CapLinked
-26.1%
D2iQ
-26.7%
Click Therapeutics
-32.0%
Houzz
-38.0%
JetClosing
-42.3%
PACT Pharma
-50.1%

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)
Lime
10
Tanium
5
WideOrbit
5
dMed
3
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Sonder
9
FabFitFun
7
PACT Pharma
6
Rubrik, Sonder, Waymo
5

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 Leap1.2$7.85$19.21$0.00
D2iQ.48$1.77$5.27$1.50
Docker.38$3.82$6.34$3.00
Lookout.37$8.07$12.20$4.73
Prosper Marketplace.32$0.87$1.50$0.75

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 Marketed Bids at Greatest Premium to Latest Reported Median Holding Value6
ZX Marketed Offers at Greatest Discount to Latest Reported Median Holding Value6

6 Premium and Discount agnostic to share class

ZX Market Snapshot: February, 2022

We’re excited to introduce our new Most Active Companies section to our ZX Monthly Movers report.

Most Active Companies

1
Epic Games
2
Stripe
3
OpenSea
4
SpaceX
5
Kraken
6
Automation Anywhere
7
Flexport
8
Discord
9
Airtable
10
Bolt Financial

7 Companies that received the most ticket and profile view activity over the last 30 days

Epic Games, OpenSea and Stripe were the three most active companies on ZX in February.

ZX received 359% more asks than bids in February, marking the eleventh consecutive month that the ZX orderbook skewed to the sellside. February transactions priced from a 28.6% discount to a 24.2% premium to December average reported holding values.

Reported Holdings Commentary: Quarter Ending December 31st, 2021

This quarter reporting holders marked up their private portfolios 8.8% with an average mark-up of 4.6%. The period saw a near 1:1 advance-decline ratio.

I-Pulse saw the largest mark-up this reporting period, with WiTricity, Heap, Color Genomics and Course Hero rounding out the largest gainers, all marked up more than 100%. PACT Pharma saw the largest mark-down this reporting period, while JetClosing, Houzz and Click Therapeutics saw the next largest markdowns.

Lime saw its first positive reversal in ten quarters while Sonder saw its first negative reversal in nine quarters.

Magic Leap ($0.00-$19.21) saw the highest share price variance across funds.

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. This report does not constitute investment advice or a "research report" as defined by FINRA Rules.

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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