Table of Contents

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Executive Summary

ZX Market Snapshot: January 2023:

  • SpaceX, Flexport and Databricks were the three most active companies on ZX in January.
  • ZX saw a 178% increase in submitted tickets in January versus December. Bids represented 30% of submitted tickets on ZX in January, in-line with the 12-month average of 30%.
  • January transactions priced from a 42.9% discount to a 31.5% premium to November average reported holding values.

ZXData Reported Holdings: Three months ending November 30th, 2022

  • This quarter, reporting holders marked down their private portfolios 5.0% with an average mark-down of 7.4%. The period saw two companies decline for each advancing company.
  • Sentiment up:
  • Sentiment down:

Heat Map: November 30th, 2022 Reporting Period

-5.0%

Appreciation/Depreciation of All Reported Holdings1

-7.4%

Average Mark-Up/Mark-Down Across All Reported Holdings2
Verily
70.5%
Starling Bank
30.7%
Bytedance
25.1%
Saluda Medical
14.8%
Scorpion Therapeutics
14.4%
Redwood Materials
11.0%
FlixBus
10.9%
Omada Health
10.9%
Fanatics
10.6%
VideoAmp
10.0%
Meesho
9.8%
MOD Pizza
8.3%
Conformal Medical
8.2%
Signifyd
6.6%
DNA Script
5.5%
Reddit
4.5%
Rapyd
2.8%
Inscripta
2.6%
Diamond Foundry
2.2%
Blink Health
1.9%
Pine Labs
1.7%
Caris
1.0%
Relativity Space
0.9%
Circle
0.8%
Menlo Micro
0.7%
PsiQuantum
0.1%
A24 Films
0.0%
Airtable
0.0%
Altos Labs
0.0%
Ankyra
0.0%
Arctic Wolf
0.0%
Astera Labs
0.0%
Boundless Bio
0.0%
Bright Peak
0.0%
Castle Creek
0.0%
Cava
0.0%
Celonis
0.0%
Color Genomics
0.0%
D2iQ
0.0%
Deep Genomics
0.0%
Dianthus
0.0%
dMed
0.0%
Druva
0.0%
Element Bio
0.0%
ElevateBio
0.0%
Evozyne
0.0%
Fabletics
0.0%
Faraday Pharma
0.0%
FLEXE
0.0%
Freenome
0.0%
Generate Bio
0.0%
Goop
0.0%
Grammarly
0.0%
HaulHub
0.0%
Heal
0.0%
Honor Tech
0.0%
Insitro
0.0%
Intarcia Therapeutics
0.0%
Kardium
0.0%
Korro Bio
0.0%
Laronde
0.0%
LifeMine
0.0%
Magic Leap
0.0%
PrognomIQ
0.0%
Rappi
0.0%
RefleXion Medical
0.0%
Resilience
0.0%
SalioGen
0.0%
Savage X
0.0%
Seismic
0.0%
ServiceTitan
0.0%
Sila Nano
0.0%
Skyhawk
0.0%
Sonoma Bio
0.0%
SpaceX
0.0%
Tempus Labs
0.0%
Tipalti
0.0%
T-Knife
0.0%
ValenzaBio
0.0%
Wugen
0.0%
Galvanize
-1.2%
Waymo
-1.2%
Cleerly
-1.3%
Quell
-2.7%
Aledade
-3.6%
ABL Space
-3.8%
AgBiome
-3.8%
Stripe
-5.0%
Tenstorrent
-5.0%
Xsight Labs
-5.9%
Adimab
-7.1%
Astranis
-8.7%
GupShup
-9.0%
Ant Financial
-9.9%
Farmers Business Network
-10.1%
Bolt Threads
-10.4%
Epic Games
-10.4%
Unqork
-11.2%
SiMa ai
-11.5%
Discord
-11.6%
Aristea Therapeutics
-12.5%
Databricks
-13.4%
Dragonfly Therapeutics
-14.0%
Alif Semi
-14.7%
Asimov
-14.8%
CelLink
-15.0%
Thriveworks
-15.5%
SambaNova
-16.4%
Skyryse
-16.8%
Bolt
-17.6%
BYJU's
-17.9%
GaN Systems
-17.9%
Convoy
-18.7%
Dataminr
-18.8%
Algolia
-19.4%
BETA Technologies
-20.1%
Checkr
-21.2%
Bombas
-21.6%
Tarana
-21.7%
Tory Burch
-21.7%
Lime
-22.1%
MNTN
-24.5%
Bowery
-25.8%
Rad Power
-29.6%
Nuro
-33.4%
JUUL
-33.8%
goPuff
-34.6%
Instacart
-34.6%
MasterClass
-41.6%
Canva
-42.2%
Enevate
-50.4%
Chime
-61.8%

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)
Scorpion Therapeutics
6
Caris, Inscripta
5
Verily
5
Conformal Medical
4
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Nuro
7
BETA Technologies
5
Convoy
5
SiMa ai
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
Redwood Materials.42$40.03$78.00$32.41
Instacart.32$30.45$48.48$23.92
JUUL.23$5.43$7.05$4.33
Waymo.14$88.25$91.72$46.08
Epic Games.13$744.89$846.89$651.51

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
SpaceX
+10.0%
ZX Marketed Offers at Greatest Discount to Latest Reported Median Holding Value6
BYJU’s
-52.1%
Farmers Business Network
-46.2%
Arctic Wolf
-40.9%
Epic Games
-38.0%

6 Premium and Discount agnostic to share class

ZX Market Snapshot: December 2022

Most Active Companies7

1
SpaceX
2
Flexport
3
Databricks
4
OpenAI
5
Stripe
6
Deel
7
Epic Games
8
Attentive
9
Docker
10
Snyk

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

SpaceX, Flexport and Databricks were the three most active companies on ZX in January.

ZX saw a 178% increase in submitted tickets in January versus December. Bids represented 30% of submitted tickets on ZX in January, in-line with the 12-month average of 30%. January transactions priced from a 42.9% discount to a 31.5% premium to November average reported holding values.

On average, ZX Sell Orders sit at a 26.33% discount to November’s median holding values, highlighted by offers in BYJU's, Farmers Business Network, Arctic Wolf and Epic Games. On the buyside, SpaceX was the only company in the reported set to see a bid above its November median holding value.

ZXData Reported Holdings Commentary: Three months ending November 30th, 2022

This quarter, reporting holders marked down their private portfolios 5.0% with an average mark-down of 7.4%. The period saw two companies decline for each advancing company.

Verily saw the largest mark-up this reporting period, with Starling Bank, Bytedance and Saluda Medical rounding out the largest gainers. Renewable Energy, EdTech and Delivery Services saw the largest appreciation across sectors. Chime saw the largest mark-down this reporting period, with Enevate, Canva and MasterClass rounding out the largest decliners. Platform, Content & Publishing and Privacy & Security saw the largest depreciation across sectors.

Scorpion Therapeutics saw its first positive reversals in six quarters. Inscripta and Verily saw their first negative reversals in five quarters, while Conformal Medical saw its first negative reversal in a year.

This period, Redwood Materials ($40.03 - $78.00) saw the highest share price variance across funds followed by Instacart ($30.45 - $48.48) and JUUL ($5.43 - $7.05).

Disclaimer

This report is based on data reported by 250+ funds and $40 billion+ of value. 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, Inc. (“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 is 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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