Table of Contents

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Executive Summary

ZX Market Snapshot: August 2022:

  • SpaceX, Flexport and Stripe were the three most active companies on ZX in August.
  • ZX received 80% more asks than bids in August as the order book continues to skew to the sell-side.
  • August transactions priced from a 12.0% premium to a 60.4% discount to June average reported holding values.

ZXData Reported Holdings: Three months ending June 30th, 2022

  • This quarter reporting holders marked down their private portfolios 3.7% with an average mark-down of 10.3%. The period saw five companies decline for each advancing company.
  • Sentiment up:
  • Sentiment down:

Heat Map: June 30th, 2022 Reporting Period

-3.7%

Appreciation/Depreciation of All Reported Holdings1

-10.3%

Average Mark-Up/Mark-Down Across All Reported Holdings2
Astera Labs
151.7%
Affinivax
118.7%
Circle
107.6%
Docker
87.5%
Zero Mass Water
87.2%
Sojern
79.3%
Arcadia
61.7%
Freenome
54.7%
Coalition
36.8%
Rhino Labs
30.0%
HaulHub
29.4%
ElevateBio
26.7%
Pivot Bio
26.4%
SpaceX
22.1%
Epic Games
18.6%
Evernote
18.5%
Course Hero
12.6%
Prosper Marketplace
9.6%
SiMa ai
8.6%
CapLinked
8.3%
KeepTruckin
6.8%
Ursa
5.0%
Tempus Labs
3.9%
Einride
2.6%
Acrisure
1.7%
Rubrik
1.7%
BETA Technologies
1.6%
Diamond Foundry
1.5%
Impossible Foods
0.9%
Bytedance
0.4%
WiTricity
0.3%
Cybereason
0.2%
Omada Health
0.1%
ThoughtSpot
0.1%
Wag
0.1%
Arbor Bio
0.0%
Axiom Space
0.0%
Cellanome
0.0%
CelLink
0.0%
Celonis
0.0%
Cerebras
0.0%
Chroma
0.0%
Clear Labs
0.0%
Collective Health
0.0%
Color Genomics
0.0%
Compliable
0.0%
Curology
0.0%
Earnin
0.0%
Eikon
0.0%
Element Bio
0.0%
EndeavorBio
0.0%
Enevate
0.0%
Envoy
0.0%
Epirus
0.0%
FabFitFun
0.0%
FLEXE
0.0%
FogPharma
0.0%
Forum Brands
0.0%
Fundbox
0.0%
Generate Bio
0.0%
Genesis Therapeutics
0.0%
Getir
0.0%
GrubMarket
0.0%
High Power Exploration
0.0%
Hydrow
0.0%
Imperfect Foods
0.0%
Insitro
0.0%
IntelyCare
0.0%
Invaio Sciences
0.0%
I-Pulse
0.0%
Kardium
0.0%
KoBold Metals
0.0%
Loadsmart
0.0%
Lumicks
0.0%
Lyra Health
0.0%
Medly Health
0.0%
Nutcracker
0.0%
Orchard
0.0%
PACT Pharma
0.0%
Passport
0.0%
PayJoy
0.0%
PickUp
0.0%
Pluribus Networks
0.0%
Prime Medicine
0.0%
Printify
0.0%
PrognomIQ
0.0%
Redwood Materials
0.0%
RefleXion Medical
0.0%
Resilience
0.0%
Revolut
0.0%
Ring Therapeutics
0.0%
Roofstock
0.0%
SalioGen
0.0%
Saluda Medical
0.0%
Savage X
0.0%
Scribe
0.0%
ServiceTitan
0.0%
SiFive
0.0%
Sila Nano
0.0%
Sionna
0.0%
Skyryse
0.0%
Somatus
0.0%
Stash
0.0%
Tessera
0.0%
Thriveworks
0.0%
Treeline Bio
0.0%
True Footage
0.0%
Uniphore
0.0%
Verbit
0.0%
Verily
0.0%
Via Transportation
0.0%
Voyager Space
0.0%
Waymo
0.0%
WorkRise
0.0%
YAP Therapeutics
0.0%
Cohesity
-0.1%
Lyst
-0.1%
OfferUp
-0.1%
PsiQuantum
-0.1%
Betterment
-0.2%
Crossover Health
-0.2%
Upgrade
-0.2%
Tempo Automation
-0.3%
ABL Space
-0.4%
Hearth
-0.4%
Gusto
-0.5%
Musely
-0.5%
Eruditus
-0.6%
Domino Data
-0.8%
Aspiration
-1.0%
Pavilion Data
-1.1%
Udacity
-1.4%
Exabeam
-1.6%
Databricks
-1.7%
CiBo
-1.8%
StormWind
-2.0%
Zocdoc
-2.0%
Convoy
-2.1%
Kraken
-2.1%
NextRoll
-2.1%
GupShup
-2.6%
Cohere Technologies
-3.1%
Ripple
-3.7%
Evolve Vacation
-3.8%
Laronde
-4.5%
Outreach
-4.7%
ResearchGate
-4.7%
Heap
-4.8%
Benchling
-4.9%
Pine Labs
-5.2%
Tealium
-5.5%
Icertis
-5.6%
Cava
-5.7%
Grand Rounds
-6.0%
Lookout
-6.1%
WSO2
-6.3%
Click Therapeutics
-6.4%
FlixBus
-7.0%
Essence Group
-7.1%
Volocopter
-7.1%
Verge Genomics
-7.2%
Ocrolus
-7.7%
CloudBees
-7.9%
Nurx
-8.3%
Dialpad
-8.5%
Minted
-8.5%
Honor Tech
-8.6%
Voltron Data
-8.7%
Bolt Threads
-8.8%
DNA Script
-9.0%
Contentful
-9.1%
Meesho
-9.2%
Rappi
-9.2%
PatientPop
-9.5%
OpenX
-9.7%
SmartHR
-10.3%
Creditas
-10.4%
Magic Leap
-10.4%
Fanatics
-10.8%
Farmers Business Network
-10.8%
Trax
-10.9%
Astranis
-11.0%
Prosimo
-11.8%
Blink Health
-11.9%
Yasso
-12.1%
BYJU's
-12.2%
Trumid
-12.3%
JumpCloud
-12.5%
SingleStore
-12.8%
Adagio Medical
-13.9%
Delphix
-14.0%
INRIX
-14.1%
Relativity Space
-14.1%
MasterClass
-14.7%
Mythic AI
-14.7%
GroundTruth
-14.8%
Neurogene
-14.8%
Deep Instinct
-15.2%
ChromaCode
-15.3%
Code 42
-15.3%
Asapp
-15.5%
Tarana
-15.6%
Clio
-15.8%
Checkr
-16.0%
Capsule
-16.2%
Solugen
-16.8%
Heal
-16.9%
Seismic
-17.0%
SecurityScorecard
-17.1%
Algolia
-17.4%
Carbon 3D
-17.6%
JOKR
-17.6%
Malwarebytes
-18.0%
Dataminr
-18.3%
Patreon
-18.3%
Beta Bionics
-18.4%
Tanium
-18.5%
Caris
-18.8%
Snyk
-18.8%
Grammarly
-19.2%
Airtable
-19.4%
Foursquare
-19.4%
Signifyd
-19.4%
Automation Anywhere
-20.0%
Illumio
-20.2%
Binx Health
-20.5%
GaN Systems
-20.9%
Tipalti
-21.1%
Zipline
-22.0%
Intercom
-22.1%
Exo Imaging
-22.3%
Skydio
-22.8%
BigID
-23.3%
Socure
-23.9%
Noodle
-24.1%
SambaNova
-24.6%
Discord
-24.7%
Tenstorrent
-25.0%
Xsight Labs
-25.1%
Delhivery
-25.3%
GOAT
-25.4%
Instacart
-25.4%
Wine.com
-25.6%
Nuro
-25.8%
Unqork
-26.7%
Yotpo
-26.8%
Ant Financial
-27.2%
MNTN
-27.2%
dMed
-27.4%
Swiggy
-27.7%
Centrexion
-27.9%
Canva
-28.2%
Tory Burch
-28.6%
CNEX Labs
-29.2%
Breeze Airways
-29.4%
QuintoAndar
-29.7%
WideOrbit
-29.7%
Rad Power
-29.9%
StockX
-29.9%
Snorkel AI
-30.1%
Bowery
-30.7%
RealSelf
-31.1%
Bolt Financial
-32.4%
Varo Money
-32.7%
Stripe
-33.1%
Apartment List
-33.4%
Netskope
-33.6%
Automattic
-35.1%
Bolt
-36.4%
Reddit
-36.4%
Inscripta
-36.8%
Resident Home
-37.3%
StubHub
-38.1%
Rapyd
-41.3%
Druva
-42.2%
DataRobot
-42.9%
Bombas
-43.9%
Houzz
-44.5%
D2iQ
-45.7%
goPuff
-47.2%
Moshi (Mind Candy)
-61.3%
Lime
-63.7%
Fabletics
-65.2%
BlockFi
-73.8%
JUUL
-88.1%
Go Maps
-89.9%

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)
Docker
4
ElevateBio
4
Blink Health, Bytedance
3
CapLinked, PivotBio
3
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Nurx
11
Gusto, Yasso
8
Epic Games, Lime
7
Lookout
7

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
Lime1.4$0.03$0.10$0.00
D2IQ.83$0.94$3.82$0.67
Blink Health.62$24.68$38.18$7.11
Automattic.44$40.33$53.96$16.75
Carbon 3D.39$12.72$24.34$5.35

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
GupShup
+23.0%
SpaceX
+7.1%
ZX Marketed Offers at Greatest Discount to Latest Reported Median Holding Value6
Ripple
-71.3%
BYJU’s
-60.9%
ConsenSys
-59.3%
Kraken
-58.5%

6 Premium and Discount agnostic to share class

ZX Market Snapshot: August 2022

Most Active Companies7

1
SpaceX
2
Flexport
3
Stripe
4
Databricks
5
Epic Games
6
Klarna
7
Kraken
8
Addepar
9
ConsenSys
10
Attentive

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

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

ZX received 80% more asks than bids in August as the order book continues to skew to the sell-side. August transactions priced from a 12.0% premium to a 60.4% discount to June average reported holding values.

On average, ZX Buy Orders sit at a 15% premium to June’s median holding values, highlighted by bids in GupShup and SpaceX. On the sell-side, ZX saw offers sit at a 34.8% average discount to June median holding values, with Ripple, BYJU's and ConsenSys rounding out the top three.

ZXData Reported Holdings Commentary: Three months ending June 30th, 2022

This quarter reporting holders marked down their private portfolios 3.7% with an average mark-down of 10.3%. The period saw five companies decline for each advancing company.

Astera Labs saw the largest mark-up this reporting period, with Affinivax, Circle, and Docker rounding out the largest gainers.Go Maps saw the largest mark-down this reporting period, with JUUL, BlockFi, and Fabletics rounding out the largest decliners. Blockchain & Cryptocurrency saw the largest appreciation across sectors which was largely driven by appreciation in Circle.

Docker and ElevateBio saw their first positive reversals in a year. Nurx saw their first negative reversal in eleven quarters, while Gusto and Yasso saw their first negative reversals in two years.

This period, Lime($0.00 - $0.10) saw the highest share price variance as some funds wrote off their positions.

Disclaimer

This report is based on data reported by 250+ funds and $40 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.

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