1 Dollar-weighted return on all reported holdings
2 Equal-weighted mark-up or mark-down across all reported holdings
This quarter, reporting holders experienced a 1.7% decrease in the value of their private portfolios with an average mark-down of 3.2%. The period saw five companies decline for every three advancing companies.
Varo Money experienced the most significant appreciation, followed by Resident Home and GaN Systems as other notable gainers. Travel & Tourism, Construction & Engineering and Consumer Goods & Services saw the largest appreciation in value across sectors.
Mythic AI saw the largest decline in value as funds wrote off their investments, while Heal, Centrexion, and Bolt Threads also experienced notable decreases. Among the sectors, Renewable Energy, Hardware and Delivery Services experienced the most depreciation in value this reporting period.
| Companies | ZX Index Value vs. Fund Marks |
|---|---|
| Stash | +155.94% |
| Canva | +70.73% |
| Convoy | +63.90% |
| Checkr | +53.65% |
| Figure Technologies | +38.04% |
| Yotpo | +34.03% |
| Printify | +29.08% |
| Zipline | +26.17% |
| Scale AI | +24.44% |
| DataRobot | +24.29% |
| Docker | +21.48% |
| Carta | +19.40% |
| Relativity Space | +17.23% |
| Notion | +16.86% |
| Benchling | +13.04% |
| HoneyBook | +12.68% |
| Rapyd | +10.20% |
| Stripe | +6.28% |
| Varo Money | +5.64% |
| Redwood Materials | +2.17% |
| SpaceX | +1.25% |
| GupShup | -0.26% |
| Netskope | -1.29% |
| EquipmentShare | -3.81% |
| Via Transportation | -4.59% |
| DataStax | -5.64% |
| Airtable | -6.59% |
| Icertis | -7.54% |
| Rubrik | -11.91% |
| Harness | -15.36% |
| Talkdesk | -15.71% |
| MNTN | -16.21% |
| MasterClass | -16.44% |
| Project44 | -16.74% |
| Patreon | -19.70% |
| Cohesity | -19.84% |
| Circle | -20.05% |
| Automation Anywhere | -20.35% |
| Revolut | -20.87% |
| -20.98% | |
| BigID | -23.47% |
| Rappi | -24.10% |
| ThoughtSpot | -25.06% |
| Celonis | -25.53% |
| Flexport | -26.82% |
| Databricks | -28.31% |
| Bytedance | -28.66% |
| Tanium | -29.93% |
| SingleStore | -30.50% |
| Upgrade | -31.14% |
| Discord | -32.22% |
| Algolia | -32.59% |
| Reltio | -33.51% |
| Socure | -33.78% |
| Turo | -33.81% |
| SiFive | -35.45% |
| Arctic Wolf | -36.35% |
| Epic Games | -37.32% |
| Axiom Space | -37.90% |
| Cybereason | -38.57% |
| Dataminr | -40.03% |
| Snyk | -41.26% |
| Arcadia | -42.63% |
| Gusto | -42.88% |
| Illumio | -44.91% |
| GrubMarket | -44.98% |
| BYJU’s | -45.75% |
| Diamond Foundry | -45.95% |
| Color Genomics | -46.35% |
| Delphix | -47.58% |
| SambaNova | -48.45% |
| Lookout | -51.43% |
| Motive (KeepTruckin) | - 52.68% |
| Outreach | -53.37% |
| Farmers Business Network | -60.28% |
| Cerebras | -64.44% |
| Zocdoc | -65.13% |
| Ripple | -71.72% |
| Kraken | -72.54% |
| ConsenSys | -75.27% |
| Thrasio | -77.38% |
| Bolt Financial | -80.92% |
| Better.com | -86.78% |
On average, the ZX Index Values for May indicated a 19% discount compared to institutional fund marks. We expect this gap to narrow over time as secondary prices become increasingly utilized in valuation processes. As Ian Coffman, Director of Portfolio Valuation and Fund Advisory at Houlihan Lokey, affirms, “The biggest factors are price, size, security class, recency, and circumstances pertaining to the buyer(s) and/or seller(s). We wouldn’t want to weigh a couple thousand dollars of employee stock. However, on the other hand, if it's sizable then it may be appropriate to use the transaction in the valuation.”
Among the companies, Stash, Canva, and Convoy had the highest variance in reported marks versus ZX Index Values. Better.com, Bolt Financial, and Thrasio had the lowest variance in reported marks versus ZX Index Values.
| Company | Normalized Std Dev3 | $ Weighted Avg | Max | Min |
|---|---|---|---|---|
| Whoop | .79 | $0.67 | $1.65 | $0.38 |
| D2iQ | .77 | $0.96 | $2.70 | $0.62 |
| Blink Health | .73 | $23.86 | $44.02 | $3.99 |
| Houzz | .67 | $3.76 | $5.69 | $0.08 |
| Dialpad | .67 | $5.16 | $10.22 | $2.80 |
3 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.
This period, Whoop ($0.38 - $1.65) saw the highest share price variance across funds followed by D2iQ ($2.70 - $0.62) and Blink Health ($44.02 - $3.99).
4 Positive Trend Reversal reflects an individual holding marked up after consecutive quarterly periods marked down or flat
5 Negative Trend Reversal reflects an individual holding marked down after consecutive quarterly periods marked up or flat
Enevate saw its first positive reversals in seven quarters while D2iQ, OpenX, Trax and Waymo saw their first positive reversals in six quarters. Capsule saw its first negative reversal in over three years while FLEXE, Fundbox and Motive (KeepTruckin) saw their first negative reversals in two years.
This report is based on data reported by 270+ funds and $45 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.
Go to zanbato.com