Table of Contents

Executive Summary

ZX Market Snapshot: November, 2021:

  • ZX received 60% more asks than bids in September, marking the eighth consecutive month that the ZX orderbook skewed to the sellside.
  • November transactions priced from a 43.1% discount to a 43.4% premium to September average reported holding values.

Reported Holdings: Quarter Ending September 30th, 2021

  • Reporting holders marked up their private portfolios 6.8% and saw a 2:1 advance-decline ratio.
  • Sentiment up:
  • Sentiment down:

Heat Map: September 30th, 2021 Reporting Period

6.8%

Appreciation/Depreciation of All Reported Holdings1

9.9%

Average Mark-Up/Mark-Down Across All Reported Holdings2
Revolut
597.3%
JumpCloud
232.8%
Algolia
198.8%
Tynker
182.2%
Minted
131.4%
Turo
115.4%
Checkr
102.1%
Rad Power
98.7%
Course Hero
94.3%
Exscientia
79.9%
Einride
73.2%
DataRobot
68.3%
Impossible Foods
65.0%
Seismic
64.1%
Snyk
58.5%
goPuff
55.6%
StormWind
52.1%
Gusto
50.0%
Trumid
49.7%
Farmers Business Network
47.3%
Cohesity
45.8%
Reddit
45.5%
Intercom
41.3%
INRIX
40.9%
ZocDoc
39.9%
SingleStore
37.9%
Dialpad
36.5%
Fanatics
35.8%
Honor Tech
31.3%
Convoy
28.5%
Pine Labs
26.4%
Stash
26.0%
Domino Data
25.3%
Databricks
24.3%
WiTricity
24.0%
Udemy
23.8%
Illumio
23.1%
Enjoy
21.6%
Color Genomics
21.6%
Loadsmart
21.0%
Druva
19.9%
RealSelf
19.8%
Sojern
18.9%
Automattic
18.2%
Betterment
18.0%
Circle
17.5%
ABL Space
15.7%
BYJU's
14.7%
Curology
14.1%
SambaNova
14.0%
Foursquare
13.6%
Evolve Vacation
13.2%
PatientPop
12.9%
Patreon
12.4%
Yasso
12.3%
Planet
12.0%
GitLab
10.9%
SoundHound
10.3%
Astranis
9.9%
Deep Instinct
9.6%
Omio
9.4%
Adagio Medical
9.3%
Rivian
8.7%
Mythic AI
8.1%
AvidXchange
7.8%
Rappi
7.8%
Axiom Space
7.6%
Stripe
7.3%
Aspiration
7.3%
SnapDeal
7.0%
Rapyd
6.9%
NextRoll
6.7%
Prosper Marketplace
6.7%
Allbirds
6.5%
Malwarebytes
6.5%
Credo Semi
6.2%
Rubrik
5.7%
Bombas
5.3%
Cava
5.3%
D2iQ
4.1%
Udacity
4.0%
Rent the Runway
3.8%
Lime
3.0%
ThoughtSpot
2.8%
Wine.com
2.8%
Volocopter
2.6%
Brain Corp
2.4%
Tempo Automation
2.3%
Yotpo
2.2%
Epic Games
2.1%
Crossover Health
1.8%
SpaceX
1.2%
Heap
1.1%
Hearth
0.9%
Sonendo
0.7%
ResearchGate
0.7%
Instacart
0.7%
WorkRise
0.5%
Outreach
0.5%
Fundbox
0.4%
Wag
0.3%
Delhivery
0.3%
Relativity Space
0.1%
Sonder
0.1%
Dataminr
0.1%
Tealium
0.1%
Capsule
0.0%
Inspirato
0.0%
Nuro
0.0%
Nurx
0.0%
Verily
0.0%
Inscripta
0.0%
Pluribus Networks
0.0%
High Power Exploration
0.0%
Insitro
0.0%
Heal
0.0%
HaulHub
0.0%
FLEXE
0.0%
Automation Anywhere
0.0%
Blink Health
0.0%
Lyra Health
0.0%
Binx Health
0.0%
Imperfect Foods
0.0%
Genesis Therapeutics
0.0%
FabFitFun
0.0%
Resilience
0.0%
Sweetgreen
0.0%
ServiceTitan
0.0%
ElevateBio
0.0%
GOAT
0.0%
HashiCorp
0.0%
Earnin
0.0%
Apartment List
0.0%
PACT Pharma
0.0%
BETA Technologies
0.0%
Exo Imaging
0.0%
Bowery
0.0%
Treeline Bio
0.0%
I-Pulse
0.0%
Tempus Labs
0.0%
GrubMarket
0.0%
Moshi (Mind Candy)
0.0%
Prime Medicine
0.0%
Beta Bionics
0.0%
Kardium
0.0%
Ring Therapeutics
0.0%
GupShup
0.0%
Passport
0.0%
Pavilion Data
0.0%
Hydrow
0.0%
Magic Leap
0.0%
Redwood Materials
0.0%
Paytm
0.0%
Enevate
0.0%
Waymo
0.0%
Tenstorrent
0.0%
dMed
0.0%
Clio
0.0%
KeepTruckin
0.0%
SiMa ai
0.0%
PsiQuantum
0.0%
Celonis
0.0%
Diamond Foundry
0.0%
SecurityScorecard
0.0%
StockX
0.0%
Caris
0.0%
Getir
0.0%
Savage X
0.0%
Xsight Labs
0.0%
Unqork
0.0%
Gyroscope
0.0%
Zipline
0.0%
MasterClass
0.0%
Sila Nano
0.0%
Bird
-0.1%
SmartHR
-0.2%
Delphix
-0.2%
Collective Health
-0.3%
Invaio Sciences
-0.5%
Docker
-0.6%
OpenX
-0.7%
Grab
-0.7%
Trax
-0.8%
Tanium
-1.0%
Exabeam
-1.6%
Lookout
-1.7%
Snorkel AI
-1.8%
Ripple
-2.0%
CapLinked
-2.2%
Musely
-2.2%
FlixBus
-2.3%
Bolt Threads
-2.8%
Code 42
-2.9%
WideOrbit
-3.1%
GroundTruth
-3.2%
Bytedance
-3.7%
Aurora Innovation
-4.1%
Tory Burch
-4.3%
Grove Collaborative
-6.2%
Click Therapeutics
-6.4%
Nubank
-7.0%
OfferUp
-7.8%
Nextdoor
-10.5%
Carbon 3D
-10.5%
Acrisure
-10.5%
Pivot Bio
-10.7%
Contentful
-11.2%
Essence Group
-12.2%
JUUL
-12.8%
Zero Mass Water
-12.9%
WeWork
-12.9%
TechStyle
-13.1%
Innovium
-14.2%
Starry
-14.4%
Grand Rounds
-16.1%
CNEX Labs
-16.7%
Resident Home
-19.3%
Centrexion
-19.4%
Go Maps
-21.7%
Ant Financial
-22.4%
JetClosing
-22.8%
Asapp
-27.1%
Houzz
-33.0%
Clever
-33.6%
Metabiota
-98.4%

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)
Tynker
15
Minted
10
Lime
9
Curology
5
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Grab
8
Bytedance
7
Lookout
7
Clever
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 Leap1.51$5.74$19.21$0.00
Prosper Marketplace.39$0.78$1.47$0.64
Lookout.38$7.99$11.71$4.55
Docker.38$3.84$6.43$3.00
D2iQ.29$3.83$5.21$2.23

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
+35.6%
Tanium
+28.4%
Revolut
+27.1%
ZX Firm Offers at Greatest Discount to Latest Reported Median Holding Value6
There were no ZX Firm Offers at a discount to September's median holding values

6 Premium and Discount agnostic to share class

ZX Market Snapshot: November, 2021

ZX received 60% more asks than bids in September, marking the eighth consecutive month that the ZX orderbook skewed to the sellside. November transactions priced from a 43.1% discount to a 43.4% premium to September average reported holding values.

On average, November saw ZX Firm Bids posted at a 15.3% premium to September median holding values. There were no ZX Firm Offers at a discount to September’s median holding values.

Reported Holdings Commentary: Quarter Ending September 30th, 2021

Reporting holders marked up their private portfolios 6.8% this quarter, which saw two companies advancing for every decliner.

Revolut was marked up highest and JumpCloud, Algolia and Tynker rounded out the largest markups. Metabiota, Clever, Houzz and Asapp saw the largest markdowns this quarter.

Tynker saw its first positive reversal in nearly four years while Minted and Lime saw their first positive reversals in more than two years. Grab saw its first negative reversal in two years.

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.

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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