Table of Contents

Executive Summary

ZX Market Snapshot: December, 2021:

  • ZX received 118% more asks than bids in December, marking the ninth consecutive month that the ZX orderbook skewed to the sellside.
  • December transactions priced from a 35.9% discount to a 21.3% premium to October average reported holding values.

Reported Holdings: Quarter Ending October 31st, 2021

  • This quarter reporting holders marked up their private portfolios 8.9% with an average mark-up of 25.2%. The period saw a 4:3 advance-decline ratio.
  • Sentiment up:
  • Sentiment down:

Heat Map: September 30th, 2021 Reporting Period

8.9%

Appreciation/Depreciation of All Reported Holdings1

25.2%

Average Mark-Up/Mark-Down Across All Reported Holdings2
Lime
848.8%
JumpCloud
232.7%
Rad Power
98.7%
Nuro
59.7%
ABL Space
51.0%
Farmers Business Network
37.2%
Fanatics
35.8%
Bird
33.7%
Tory Burch
33.0%
HashiCorp
28.5%
Illumio
28.5%
Convoy
27.5%
Rivian
25.7%
Gusto
21.3%
OneTrust
20.3%
Databricks
18.6%
Grab
17.2%
Astranis
16.2%
Pine Labs
15.0%
Malwarebytes
14.6%
SambaNova
14.0%
Delphix
13.5%
Rubicon Global
11.1%
Loadsmart
8.4%
BYJU's
7.6%
Mythic AI
6.8%
Allbirds
5.1%
Stripe
5.0%
Bytedance
4.7%
Sweetgreen
4.4%
Snorkel AI
4.0%
Aurora Innovation
1.4%
Sonder
1.3%
Relativity Space
0.5%
Treeline Bio
0.0%
Breeze Airways
0.0%
Evozyne
0.0%
goPuff
0.0%
Reddit
0.0%
Wugen
0.0%
Bright Peak
0.0%
Algolia
0.0%
Tenstorrent
0.0%
T-Knife
0.0%
Boundless Bio
0.0%
Cybereason
0.0%
Sonoma Bio
0.0%
Redwood Materials
0.0%
Enevate
0.0%
Rappi
0.0%
Blink Health
0.0%
GOAT
0.0%
dMed
0.0%
BETA Technologies
0.0%
SiMa ai
0.0%
Blaize
0.0%
Caris
0.0%
GupShup
0.0%
Signifyd
0.0%
Waymo
0.0%
Xsight Labs
0.0%
SpaceX
0.0%
Resilience
0.0%
Nubank
0.0%
Bowery
0.0%
Druva
0.0%
MasterClass
0.0%
Castle Creek
0.0%
Sila Nano
0.0%
Exo Imaging
-0.2%
Delhivery
-0.3%
PsiQuantum
-0.5%
Lookout
-0.6%
Dataminr
-0.7%
Newsela
-0.8%
AgBiome
-1.2%
Tula Tech
-1.4%
Tanium
-2.7%
Bolt Threads
-2.8%
Talkdesk
-2.9%
Diamond Foundry
-3.9%
Epic Games
-4.1%
Instacart
-7.2%
Tempus Labs
-7.4%
Smule
-7.8%
Starry
-9.0%
Essence Group
-9.7%
Grand Rounds
-10.0%
MOD Pizza
-10.1%
JUUL
-10.4%
ClearMotion
-12.4%
Optoro
-22.8%
Deep Instinct
-24.5%
Zero Mass Water
-100.0%

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)
Lime
10
Farmers Business Network
4
Sweetgreen
4
Convoy, Illumio, Lookout
2
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Starry
5
Dataminr
4
Epic Games
4
MOD Pizza
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
Meesho.32$68.63$76.67$8.00
Bird.21$10.07$11.82$7.53
Tory Burch.18$62.82$75.99$52.89
Tanium.17$10.78$12.71$9.09
Sweetgreen.16$14.45$25.21$13.13

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
Epic Games
+41.4%
Tanium
+6.1%
ZX Firm Offers at Greatest Discount to Latest Reported Median Holding Value6
There were no ZX Firm Offers at a discount to October's median holding values

6 Premium and Discount agnostic to share class

ZX Market Snapshot: December, 2021

ZX received 118% more asks than bids in December, marking the ninth consecutive month that the ZX orderbook skewed to the sellside. December transactions priced from a 35.9% discount to a 21.3% premium to October average reported holding values.

On average, December saw ZX Firm Bids posted at a 23.8% premium to October median holding values. There were no ZX Firm Offers at a discount to October’s median holding values.

Reported Holdings Commentary: Quarter Ending October 31st, 2021

This quarter reporting holders marked up their private portfolios 8.9% with an average mark-up of 25.2%. The period saw a 4:3 advance-decline ratio.

Lime saw the largest mark-up this reporting period, with JumpCloud, Rad Power and Nuro rounding out the largest gainers. Zero Mass Water was written off across all reporting funds, while Deep Instinct, Optoro and ClearMotion saw the next largest markdowns.

Lime saw its first positive reversal in two and a half years while Farmers Business Network and Sweetgreen saw their first positive reversals in a year. Starry saw its first negative reversal in five quarters while Dataminr, Epic Games and MOD Pizza saw their first negative reversal in a year.

Meesho ($8.00-$76.67) 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. This report does not constitute investment advice or a "research report" as defined by FINRA Rules.

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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