Table of Contents

Executive Summary

ZX Market Snapshot: August, 2021:

  • ZX ask volume exceeded bid volume by 76%, the fifth consecutive month in which ask volume exceeded bid volume.
  • Transactions priced from a 50.3% discount to a 35.9% premium to August average reported holding values.

Reported Holdings: Quarter Ending June 30th, 2021

  • Reporting holders marked up their private portfolios 11.4% this reporting period, marking the eighth consecutive month of gains.
  • Sentiment up:
  • Sentiment down:

Heat Map: June 30th, 2021 Reporting Period

11.4%

Appreciation/Depreciation of All Reported Holdings1

11.1%

Average Mark-Up/Mark-Down Across All Reported Holdings2
PsiQuantum
334.0%
Snorkel AI
306.2%
Resilience
225.1%
Aspiration
215.8%
Ginkgo Bioworks
195.4%
Caris
193.5%
Circle
164.9%
Plex Systems
148.2%
Exabeam
137.1%
Contentful
130.8%
GrubMarket
117.2%
FlixBus
112.8%
Grab
89.1%
NextRoll
88.9%
Rivian
69.3%
KeepTruckin
63.3%
Bolt Threads
62.7%
Enjoy
58.9%
HashiCorp
54.8%
Relativity Space
53.0%
Gusto
52.2%
Clever
50.7%
Cazoo
45.7%
On AG
37.0%
Starry
35.7%
Druva
35.6%
Stash
34.3%
Sonder
25.5%
AvidXchange
24.9%
SambaNova
22.2%
INRIX
21.6%
Evolve Vacation
17.7%
Savage X
17.4%
Udacity
17.0%
Toast
16.8%
Paytm
16.0%
Trumid
15.8%
Fundbox
15.1%
Magic Leap
14.5%
Bytedance
13.4%
Zero Mass Water
12.6%
OpenX
12.2%
Rubrik
11.8%
Grove Collaborative
11.7%
Foursquare
11.2%
ServiceTitan
10.8%
Ripple
10.8%
Zipline
10.3%
Automattic
10.1%
Nurx
9.9%
AbSci
9.9%
Farmers Business Network
9.6%
Snyk
9.5%
Databricks
9.4%
Betterment
9.3%
XANT.ai
9.1%
Essence Group
8.9%
ThoughtWorks
8.1%
Course Hero
7.8%
Lookout
7.8%
Unqork
7.8%
Automation Anywhere
7.5%
Sonendo
7.5%
D2iQ
7.4%
Illumio
7.2%
CapLinked
7.1%
Waymo
6.8%
RealSelf
6.1%
Trax
5.9%
Patreon
5.3%
GitLab
5.0%
Innovium
4.7%
Mythic AI
4.5%
Blink Health
3.9%
Rapyd
3.6%
Deep Instinct
3.6%
Brain Corp
3.1%
Apartment List
3.0%
Wine.com
2.9%
Yasso
2.7%
Carbon 3D
2.7%
Turo
2.6%
Volocopter
2.4%
I-Pulse
2.3%
ResearchGate
2.3%
Loadsmart
2.0%
Sojern
1.7%
Heap
1.4%
Prosper Marketplace
1.2%
BYJU's
1.0%
PatientPop
0.8%
Checkr
0.7%
Planet
0.6%
Stripe
0.1%
Udemy
0.1%
Revolut
0.1%
Grand Rounds
0.1%
CNEX Labs
0.1%
Tynker
0.0%
JetClosing
0.0%
Reddit
0.0%
Inspirato
0.0%
Omio
0.0%
Nuro
0.0%
Bombas
0.0%
Inscripta
0.0%
ABL Space
0.0%
Pluribus Networks
0.0%
Insitro
0.0%
Heal
0.0%
Axiom Space
0.0%
HaulHub
0.0%
Invaio Sciences
0.0%
FLEXE
0.0%
Imperfect Foods
0.0%
Genesis Therapeutics
0.0%
FabFitFun
0.0%
Color Genomics
0.0%
Sweetgreen
0.0%
SoundHound
0.0%
Docker
0.0%
Epic Games
0.0%
ElevateBio
0.0%
Hearth
0.0%
Earnin
0.0%
Curology
0.0%
Cohesity
0.0%
PACT Pharma
0.0%
Varsity Tutors
0.0%
Cava
0.0%
Tempus Labs
0.0%
Fanatics
0.0%
goPuff
0.0%
WiTricity
0.0%
Yotpo
0.0%
Kardium
0.0%
Brii Bio
0.0%
Passport
0.0%
Adagio Medical
0.0%
Aurora Innovation
0.0%
Seismic
0.0%
Hydrow
0.0%
Enevate
0.0%
Rappi
0.0%
dMed
0.0%
WorkRise
0.0%
Diamond Foundry
0.0%
SecurityScorecard
0.0%
Astranis
0.0%
Go Maps
0.0%
Xsight Labs
0.0%
Instacart
0.0%
Honor Tech
0.0%
Lime
0.0%
Minted
0.0%
Rad Power
0.0%
Gyroscope
0.0%
Credo Semi
0.0%
Sila Nano
0.0%
Dataminr
-0.1%
Wag
-0.3%
Tealium
-0.3%
Crossover Health
-0.4%
Tanium
-0.4%
MasterClass
-0.4%
Dialpad
-1.4%
SpaceX
-1.5%
Centrexion
-1.6%
Warby Parker
-1.6%
SnapDeal
-1.6%
Code 42
-1.9%
Convoy
-2.1%
SingleStore
-2.2%
GroundTruth
-3.1%
Resident Home
-3.2%
Malwarebytes
-3.8%
Click Therapeutics
-4.2%
JumpCloud
-4.3%
OfferUp
-4.3%
Musely
-5.0%
StormWind
-5.2%
Nextdoor
-5.8%
Allbirds
-5.8%
WideOrbit
-6.2%
Sharecare
-6.9%
Algolia
-7.6%
Tory Burch
-7.9%
ZocDoc
-8.7%
Rent the Runway
-10.8%
JUUL
-12.4%
Ant Financial
-14.2%
High Power Exploration
-15.7%
Impossible Foods
-19.2%
Beta Bionics
-19.5%
WeWork
-22.5%
Delphix
-23.6%
Houzz
-30.3%
Metabiota
-34.5%
Rover
-70.9%

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)
Foursquare
7
KeepTruckin, Tempo Automation
5
Aspiration, Checkr, HashiCorp
4
Revolut, Ripple, XANT.ai
4
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Beta Bionics
9
Lookout
8
Nextdoor
7
Tanium
6

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 Leap1.81$1.78$9.21$0.00
Rover.48$2.24$9.82$2.08
Prosper Marketplace.43$0.73$1.45$0.58
StormWind.42$1.18$1.73$0.24
CNEX Labs.40$9.46$15.08$6.93

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
Turo
+122%
Tanium
+29.7%
Databricks
+18.4%
SpaceX
+11.9%
ThoughtSpot
+10.1%
ZX Firm Offers at Greatest Discount to Latest Reported Median Holding Value6
Bolt Threads
-38.4%
Apartment List
-5.7%
GrubMarket
-4.7%

6 Premium and Discount agnostic to share class

ZX Market Snapshot: August, 2021

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

ZX ask volume again exceeded bid volume (by 76%) in August, a trend now in its fifth consecutive month. Transactions priced from a 50.3% discount to a 35.9% premium to August average reported holding values.

On average, ZX Firm Buy Orders sit at a 29.5% premium to June’s median holding values, highlighted by bids in Turo, Tanium and Databricks at 122%, 29.7% and 18.4% respectively. ZX Firm Sell Orders saw offers in Bolt Threads, Apartment List and GrubMarket sitting at -38.4%, -5.7% and -4.7% discounts to June’s median holding values.

Reported Holdings Commentary: Quarter Ending June 30th, 2021

Reporting holders marked up their private portfolios 11.4% this reporting period, marking the eighth consecutive month of gains. Four companies were marked-up 200% or more: PsiQuantum, Snorkel AI, Resilience, and Aspiration.

Rover, Metabiota, Houzz and Delphix saw the quarter’s largest mark-downs.

Foursquare saw its first positive reversal in seven quarters, while Beta Bionics and Lookout saw their first negative reversals in nine and eight quarters respectively.

Magic Leap saw the highest pricing variance reported across funds. Some holders valued the company’s shares as high as $9.21 while others wrote-off their positions.

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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