Table of Contents

Executive Summary

ZX Market Snapshot: June 2022:

  • Flexport, SpaceX, Stripe were the three most active companies on ZX in June.
  • ZX received 671% more asks than bids in June, the most skewed the order book has been to-date and marks the fifteenth consecutive month the order book has been skewed to the sell-side.
  • June transactions priced from a 74.6% discount to a 19.6% premium to April average reported holding values.

Reported Holdings: Quarter Ending April 30th, 2022

  • This quarter reporting holders marked down their private portfolios 5.7% with an average mark-down of 10.3%. The period saw more than three companies decline for each advancing company.
  • Sentiment up:
  • Sentiment down:

Heat Map: April 30th, 2022 Reporting Period

-5.7%

Appreciation/Depreciation of All Reported Holdings1

-10.3%

Average Mark-Up/Mark-Down Across All Reported Holdings2

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)
Dataminr
3
SpaceX
3
Breeze Airways, GOAT
2
Lookout, Zero Mass Water
2
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
SambaNova
7
MasterClass
6
Loadsmart
5
Bytedance, Rad Power
4

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
Canva.29$807.19$1400.00$707.73
Tanium.21$9.64$11.80$7.74
Phonic.18$2.20$3.13$2.04
Tory Burch.15$46.71$54.67$40.71
Databricks.14$175.23$220.45$137.84

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
+20.5%
ZX Marketed Offers at Greatest Discount to Latest Reported Median Holding Value6
BYJU’s
-67.9%
Databricks
-25.3%
Discord
-16.5%
Gusto
-15.1%
Chime
-4.2%

6 Premium and Discount agnostic to share class

ZX Market Snapshot: June 2022

Most Active Companies7

1
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Flexport
2
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SpaceX
3
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Stripe
4
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Epic Games
5
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Arctic Wolf
6
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Discord
7
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Klarna
8
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Chainalysis
9
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Anduril
10
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Airtable

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

Flexport, SpaceX, Stripe were the three most active companies on ZX in June.

ZX received 671% more asks than bids in June, the most skewed the order book has been to-date and marks the fifteenth consecutive month the order book has been skewed to the sell-side. June transactions priced from a 74.6% discount to a 19.6% premium to April average reported holding values.

Reported Holdings Commentary: Quarter Ending April 30th, 2022

This quarter reporting holders marked down their private portfolios 5.7% with an average mark-down of 10.3%. The period saw more than three companies decline for each advancing company.

Zero Mass Water saw the largest mark-up this reporting period, with BETA Technologies, GOAT, and BYJU's rounding out the largest gainers.ClearMotion saw the largest mark-down this reporting period, with Lime, Benchling, and Smule rounding out the largest decliners.

Dataminr and SpaceX saw their first positive reversals in three quarters. Meanwhile, SambaNova and MasterClass saw their first negative reversals in seven and six quarters, respectively.

This period, Canva ($707.43 - $1,400.00) saw the highest share price variance across funds.

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, 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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