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Oliver Wyman shall not have any liability to any third party in respect of this report or any actions taken or decisions made as a consequence of the results, advice or recommendations set forth herein. This report does not represent investment advice or provide an opinion regarding the fairness of any transaction to any and all parties. This report does not represent legal advice, which can only be provided by legal counsel and for which you should seek advice of counsel. The opinions expressed herein are valid only for the purpose stated herein and as of the date hereof. Information furnished by others, upon which all or portions of this report are based, is believed to be reliable but has not been verified. No warranty is given as to the accuracy of such information. Public information and industry and statistical data are from sources Oliver Wyman deems to be reliable; however, Oliver Wyman makes no representation as to the accuracy or completeness of such information and has accepted the information without further verification. No responsibility is taken for changes in market conditions or laws or regulations and no obligation is assumed to revise this report to reflect changes, events or conditions, which occur subsequent to the date hereof.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:12:49.375+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1c3ba5e-1f70-45e6-ae23-eed047488d6f", "parentComponentId": null }, { "bbox": { "h": 0.088, "w": 0.312, "x": 0.048, "y": 0.372 }, "kind": "title", "text": "REPORT QUALIFICATIONS, ASSUMPTIONS AND LIMITING CONDITIONS", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:12:49.375+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb66c5eb-8770-4886-8067-8e88c489616c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 4, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Setup", "beatId": "1f643751-e5b1-4208-9156-02d82bfb747e", "matchId": "5d898b14-d007-445c-b4ef-e37ee4241615", "beatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. 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We opted to take a highly quantitative approach to the review, focusing on what could be learnt from available data as opposed to assessing the varying opinions that exist in the market.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:12:50.328+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18e37259-bd8c-4045-ac08-c94869456ec0", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.904, "x": 0.048, "y": 0.625 }, "kind": "paragraph", "text": "We acknowledge there are a number of data sources covering the venture investing market that are not entirely consistent. This report focuses on global technology investing and the subsectors that make up that universe. In this context, we believe Crunchbase's data provides tangible advantages over other sources and have used this data as the primary source throughout the report. For more detail on how we have used the data please refer to p.28 of the report.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:12:50.328+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22de9f83-47ec-43e8-a6f9-11a18c0f3285", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.904, "x": 0.048, "y": 0.355 }, "kind": "paragraph", "text": "These high-level trends have generated significant debate on the impact large technology players may or may not be having on the technology investing market. Against this backdrop, Facebook commissioned Oliver Wyman to investigate the dynamics of the technology venture investing market and review the potential impact of large technology firms on the health of the market.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:12:50.328+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d0608cc-16fd-4f8e-a870-8c9645408333", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.904, "x": 0.048, "y": 0.22 }, "kind": "paragraph", "text": "The technology sector is the deepest and amongst the fastest growing segments of the venture investing market. The technology venture investing market has grown very rapidly, with total annual deal value in 2017 more than three times the size it was prior to the dot-com bubble crisis. While deal value growth has been robust, the market has recently experienced a decline in volume of deals.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:12:50.328+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc08d9da-e772-4113-8201-d4e230df3a5e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.008, "x": 0.944, "y": 0.955 }, "kind": "source-note", "text": "3", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Whilst this analysis suggests that the technology sector receives at least its fair share of VC investment, it doesn't normalise for sector maturity. One might naturally expect less mature sectors to attract more venture capital investment. Indeed, using sales growth as a proxy for maturity, we find an inverse correlation between sector maturity and venture capital investment. 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This results in potential duplication of investments to sectors, but we normalize for this by dividing by total investment including duplication and only review relative share of investment by sector.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:12:58.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98c5d555-9030-407d-a997-da8ef92b9e03", "parentComponentId": null }, { "bbox": { "h": 0.019, "w": 0.373, "x": 0.048, "y": 0.181 }, "kind": "paragraph", "text": "Primary data source of the venture investing market", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:12:58.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9dbc59c6-c870-457b-ae88-d7ef3000ba0f", "parentComponentId": null }, { "bbox": { "h": 0.038, "w": 0.904, "x": 0.048, "y": 0.868 }, "kind": "paragraph", "text": "Oliver Wyman also relied on Thomson Reuters Datastream and Eikon for data relating to industry / subsector growth rates and M&A transaction statistics respectively.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:12:58.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a308b4fb-c46d-4498-8164-395a280c9d54", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.904, "x": 0.048, "y": 0.483 }, "kind": "paragraph", "text": "Crunchbase does not have a mutually exclusive industry sector and subsector categorisation. Instead it has roughly 300 industry categories and investments can be assigned to multiple categories. In defining the \"Technology\" sector within the Crunchbase venture investing market data, we reviewed each of the category fields contained in the data set to determine whether to include or exclude that category from our technology sector definition. We considered 53 of these to fall within the technology sector for the purposes of this analysis. Companies that did not fall in one of these subsectors were assigned to \"other\". This necessarily creates the broadest definition of what constitutes a technology startup and one that is suitable for the exercise of understanding trends in the broader technology venture investing market.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:12:58.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b183f327-2aa6-4b1a-8e2c-256973aa6683", "parentComponentId": null }, { "bbox": { "h": 0.019, "w": 0.203, "x": 0.048, "y": 0.833 }, "kind": "paragraph", "text": "Other data sources used", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:12:58.555+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5ba4119-6649-4d93-a87e-05a1c6c0bff6", "parentComponentId": null }, { "bbox": { "h": 0.106, "w": 0.904, "x": 0.048, "y": 0.708 }, "kind": "paragraph", "text": "When analyzing investments by technology subsector (e.g. p10, 14, 24) we also allocate investments to all technology subsectors identified in the Crunchbase data. For example, the data for an early-stage investment in a drone technology startup specializing in autonomous navigation, would be included (inter alia) within both the \"drone\" and \"augmented reality\" subsectors. This creates potential duplication of investments by subsector, but the analysis focuses only on relative growth by subsector and not absolute size. 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