Reported Holdings as of September 30th, 2020:
ZX Market Update since September 30th, 2020:
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.
1 Dollar-weighted return on all reported holdings
2 Equal-weighted mark-up or mark-down across all reported holdings
3 Trend Reversal – Positive reflects an individual holding marked up after consecutive quarterly periods marked down or flat
4 Trend Reversal – negative reflects an individual holding marked down after consecutive quarterly periods marked up or flat
5 Premium and Discount agnostic to share class
Reported holdings recorded their fourth consecutive month of gains in September, appreciating 7.4% over the period. Gains were driven by large mark-ups in Marqeta, SpaceX and Ant Financial. While September’s 7.4% gain exceeded August’s 6.8%, the breadth of the gains narrowed with the advance/decline ratio falling to near 1:1.
Unqork led gainers with the largest mark-up, followed by Farmers Business Network, Toast, and ChargePoint. Intarcia Therapeutics, XANT.ai, Optimizely, and Nanigans saw the period’s largest mark-downs.
On an absolute dollar basis, SpaceX contributed the largest appreciation to portfolios, followed by Airbnb, Ant Financial, and Marqeta. Oscar Health, Butterfly Network, Deliveroo, and Intarcia Therapeutics contributed the largest dollar losses. Of note, Modumetal and Intarcia Therapeutics saw several complete write-offs.
SoFi saw its first positive reversal in 3 years, while Wag, Aurora Innovation, Farmers Business Network, WeWork and Airbnb all saw positive reversals for the first time in a year or more. Enjoy saw a negative reversal for the first time in over 2 years, while Innovium and Lookout saw negative reversals for the first time in 9 months.
November ZX ticket volume continued to skew to the demand side, with ZX seeing 9% more bids than offers through the month. While this reflects continued strong demand for private company exposure, it also represents a more balanced market than October, which saw 80% more bids than offers. ZX transactions priced from a 77% discount to a 74% premium to most recent financings, which suggests the continued heightened levels of demand are benefitting some companies more than others.
On average, ZX Firm Buy Orders sit at a 32% premium to September 30th median holding values, highlighted by bids in Databricks, Affirm and SpaceX at 56.2%, 38.3% and 20.4% respectively. ZX Firm Sell Orders are being offered at a 40.4% average discount to September 30th median holding values with Reddit, Ripple and Fundbox representing the largest discounts to median holding values at -54.6%, -46.8% and -32.8%% respectively.
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.
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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Updated February 20, 2021
The Site and the App are operated by Zanbato Securities LLC with technology provided by Zanbato, Inc.
You are strictly prohibited from unauthorized use of our systems or this Service, including but not limited to unauthorized entry into our systems, misuse of passwords, or misuse of any information posted to the Service. Use of the Service may be monitored, tracked and recorded. Anyone using this Service expressly consents to such monitoring, tracking and recording.
Section 1 - SCOPE AND SITE STRUCTURE
1.1 Structure & Links
1.1.1 The Service. The Site and the App allow you to access Zanbato Content and Third Party Content (collectively, “Service Content”). Service Content does not include any content on linked websites.
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1.4 Scope of Use.
1.4.1 Access. Certain parts of the Service, including, without limitation, the Service Content, may be accessed only by persons who have been authorized by The Zanbato Group and, if an employee of a Zanbato customer, by that employee’s employer. You agree to access and use those parts of the Service and all Service Content therein solely pursuant to your login information (username and password). You agree to notify us and change your password immediately, if your password is lost, stolen, or misused. You are responsible for all activity (including any unauthorized activity) attributable to your login information.
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1.6 Registration and Access Data; Authorized Customer Delegees
1.6.2 Authorized Customer Delegees. If you are a customer of The Zanbato Group, you shall designate to The Zanbato Group such of your delegees ("Authorized Customer Delegees") you wish to have access to the Service and shall promptly notify The Zanbato Group of all additions and deletions to your list of Authorized Customer Delegees.
1.7 Log-In Credentials; Security.
1.7.1 Log-In Credentials. The Zanbato Group shall provide separate log-in credentials (a "Log-In Credential") to you if you are approved by The Zanbato Group to access the Service. The Log-In Credential will permit you to access and use the ATS. You shall keep your Log-In Credential strictly confidential using at least the same degree of care that you use to protect your own confidential information, but in no even less than the industry-recommended degree of care for such credentials. Each Log-In Credential may only be used by you. Upon your request, or if a The Zanbato Group customer employee, your employer’s request to terminate a Log-In Credential provided to you, The Zanbato Group shall effect such request as soon as reasonably practicable after receipt thereof. In the event your Log-In Credential is lost, stolen or compromised, you shall be responsible for notifying The Zanbato Group of the same, and The Zanbato Group shall cancel any such lost, stolen or compromised Log-In Credential as soon as practicable after receipt of such notice. You shall remain responsible for any actions taken through the use of your Log-In Credential until your Log-In Credential is cancelled.
1.8 User Provided Content. All Service Content (other than The Zanbato Group Content), including comments, questions, and opinions uploaded, expressed, or submitted to a message board, blog, or other publicly available section of the Service (including password-protected areas) and all responses thereto are solely the opinions and responsibility of the person or entity submitting them and not The Zanbato Group. You understand and acknowledge that you are responsible for whatever content you submit and that you, not The Zanbato Group, have full responsibility for such content, including its legality, reliability, and appropriateness. Under no circumstances may you submit information that you know, or have reason to believe, is false or intentionally misleading. By uploading or otherwise transmitting material to any area of the Service, you warrant that the material is your own or is in the public domain or otherwise free of proprietary or other restrictions and that you have the right to post it to the Service. You grant to The Zanbato Group the perpetual, irrevocable, transferable, worldwide, royalty-free right and license to use all content you upload or otherwise transmit to the Service in any manner The Zanbato Group may choose in connection with the Service. The Zanbato Group reserve the right, but do not assume any responsibility, to remove any material posted on the Service which The Zanbato Group, in their sole discretion, deem inconsistent with the foregoing commitments, including without limitation any material as to which The Zanbato Group has been notified, or have reason to believe, constitutes a copyright infringement. The Zanbato Group can neither review all material before it is posted on the Service nor ensure prompt removal of objectionable material after it has been posted. Accordingly, The Zanbato Group will have no liability for any action or inaction regarding or otherwise involving Third-Party Content.
1.9 Right to Terminate User Access. The Zanbato Group reserve the right to limit, restrict, and terminate your access to and use of the Service at any time, in whole or in part, with or without cause in its sole discretion and without notice. Neither The Zanbato Group nor any Third Party Provider will have any liability in connection with such limitation, restriction, or termination of your access to or use of the Service.
Section 2 - INDEMNIFICATION
Section 3 - DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY
3.1 Disclaimers. The Service Content is provided to facilitate identification of investment opportunities by sophisticated investors and to provide a vehicle for access to related information, and is not a confirmation of any opinion or information contained therein. The Zanbato Group makes no representations or warranties as to any Service Content. The Service Content generally speaks only as of the date issued. You should not rely on any Third Party Content as expressing the applicable Third Party Provider's current opinion or as representing current information. The Service Content may contain or provide credit, quality, risk and other ratings, research and generalized investment opinions obtained from various sources. You acknowledge and agree that such Service Content (i) is impersonal in nature and subject to change or withdrawal without notice, (ii) does not constitute legal, accounting, tax or investment advice, (iii) does not take into account your investment objectives, financial situation or particular needs, (iv) does not constitute a solicitation or recommendation for the purchase, sale, or holding of any financial instrument or product, or a representation that any investment strategy or product is suitable for you, (v) is meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions, or disclosures, and any copyright or proprietary notices, and (vi) is provided for informational purposes only. You also acknowledge and agree that (i) any disclaimers, restrictions, disclosure, or hedge clauses in such Service Content apply to any partial document or material in the same manner as they do the whole and will be deemed incorporated in the portion of any Service Content that you consult or download, (ii) hypothetical or projected performance results (where permitted to be shown) have inherent limitations, with results that may under- or over-compensate for the impact, if any, of any number of market, political, and economic factors, and (iii) no representation is being made that any reliance on any such Service Content will or is likely to achieve profits or losses or any particular results of any kind. You further agree that (x) no Third Party Provider is under any obligation to provide such Service Content to you, (y) if you receive such Service Content through the Service or other means, you may not receive such content at the same time as other customers of the applicable Third Party Provider or its affiliates, and (z) no Third Party Provider or its affiliates is under an obligation through the Service to undertake, and may without notice choose not to undertake, to advise you of changes in the Service Content made available through the Service or otherwise provided to you.
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Section 4 - TERMINATION
Section 5 - REPRESENTATIONS AND WARRANTIES.
5.1 Representations and Warranties.
5.1.2 Representations, Warranties and Agreements. You represent and warrant to, and agree with The Zanbato Group (which representations, warranties and agreements shall be deemed repeated each time you access or use the Service), that:
(i) You are in compliance with all applicable laws in all material respects;
(ii) all information provided by you in writing to The Zanbato Group (including all information contained in applications, questionnaires and information forms, and including information delivered via electronic means) is true and accurate in all material respects;
(iv) you have all Intellectual Property Rights (as defined in the Rulebook) in and to any information submitted by you to the Service, and your use of any software or equipment to access the Service (other than software or equipment provided by The Zanbato Group) does not violate any third party's Intellectual Property Rights;
(vi) If you are a customer of The Zanbato Group, alone or together with your Authorized Customer Delegee, you possess the sophistication, experience, knowledge and expertise in financial and business matters to make your own investment decisions and to properly assess the merits, risks and suitability of investing in, and entering into transactions on the Service;
(vii) If you are a customer of The Zanbato Group, alone or together with your Authorized Customer Delegee, you are (x) capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies involving a security or securities and (y) will exercise independent judgment in evaluating the merits of all potential transactions;
(viii) you acknowledge, agree and understand that (x) all transactions entered into on the Service are unsolicited transactions, (y) no such transaction will be solicited or recommended by The Zanbato Group and (z) your decision to enter into any transaction on the Service will be based on your own research and information, or on research and information obtained from a source other than the Service or The Zanbato Group, and neither The Zanbato Group nor any of its representatives will have any input into your decision to enter into such transaction;
(ix) If you are a customer of The Zanbato Group, you are and will continue to be either (x) a qualified institutional buyer under Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"), (y) a qualified purchaser, as defined in Section 2(a)(51) of the Investment Company Act, or (z) an accredited investor under Rule 501 of Regulation D of the Securities Act, subject to the right of The Zanbato Group to impose higher accreditation standards to comply with suitability requirements;
(x) you shall comply with all applicable laws related to anti-money laundering and sanctions and (y) if you are a Customer of The Zanbato Group, you shall ensure that you and your Authorized Customer Delegees follow such applicable laws with respect to your and their use of and access to the Service.
5.1.3 Role of The Zanbato Group. You acknowledge and agree that, notwithstanding anything to the contrary herein:
(i) The Zanbato Group shall not, directly or indirectly, be a principal to any transaction on the Service or be responsible for, or otherwise guarantee, performance of any transaction entered into by you, and you shall proceed solely against the counterparty in that transaction, and not against The Zanbato Group, to collect or recover any amounts owed to you or to enforce any of its rights in connection with, or as a result of, such transaction;
(iii) The Zanbato Group may receive fees from subscribers to the Service representing both the buyer and seller in respect of a transaction effected through the Service; and
(iv) if you are a customer of The Zanbato Group, the submission or posting of any Information to or on the Service by The Zanbato Group or any authorized user of the Service shall not be deemed a recommendation by The Zanbato Group or such authorized user that you enter into any particular transaction or that any particular transaction is suitable or appropriate for you.
Section 6 - DIGITAL MILLENNIUM COPYRIGHT ACT
If you believe that the Service contains content that infringes on your copyright, please forward the following information by email to firstname.lastname@example.org or send it to The Zanbato Group, Copyright Agent, Attention: General Counsel, 715 N Shoreline Blvd., Mountain View, CA 94043.
• Your address, telephone number, and email address;
• A description of the copyrighted work that you claim has been infringed;
• A description of where the alleged infringing material is located;
• A statement by you that you have a good faith belief that the disputed use is not authorized by you, the copyright owner, its agent, or the law;
• An electronic or physical signature of the person authorized to act on behalf of the owner of the copyright interest; and
• A statement by you, made under penalty of perjury, that the above information in your notice is accurate and that you are the copyright owner or authorized to act on the copyright owner's behalf.
Our policy is to terminate the right of repeat infringers to use the Service.
Section 7 - NONDISCLOSURE
You agree to use reasonable care, but in no event no less than the same degree of care that you use to protect your own confidential and proprietary information of similar importance, and to prevent the unauthorized use, disclosure, publication or dissemination of proprietary, non-public, confidential information ("Confidential Information") of any Third Party Provider. You agree to accept any Third Party Provider's Confidential Information for the sole purpose of evaluation in connection with your business discussions with The Zanbato Group. You agree not to disclose or use Confidential Information otherwise for your own or any third party's benefit without the prior written approval of an authorized representative of The Zanbato Group in each instance. You may disclose Confidential Information if required by any judicial or governmental request, requirement or order; provided that you first take, if permitted to do so by the judicial or governmental authority with jurisdiction, reasonable steps to give the Third Party Provider sufficient prior notice in order to contest such request, requirement or order by notifying the Third Party Provider of such request. You may only disclose Confidential Information to your employees or agents with a need to know for the sole purpose of evaluation in connection with your business discussions with The Zanbato Group and, in the case of agents, only to the extent that the agent has signed a non-disclosure and non-circumvention agreement at least as restrictive as this Agreement. Information will not be deemed Confidential Information of an Third Party Provider that (i) is already in your possession prior to disclosure by such Third Party Provider, (ii) that is or becomes generally available in the public domain other than as a result of unauthorized disclosure by you or your employees or agents, or (iii) is acquired by a third party not in violation of an obligation of secrecy to such Third Party Provider.
Section 8 - MISCELLANEOUS
8.1 Bids, Offers and Firm Orders. "Bids" and “Offers" on the Service represent non-binding indications of interest submitted by The Zanbato Group or one of its respective authorized registered representatives on behalf of their clients (unless such bids/offers are noted as “firm”). A “firm” bid or offer (each, a “Firm Order”) obligates the customer of The Zanbato Group submitting the Firm Order to pay commissions or banking fees on introduction of a counter-party accepting the terms of their Firm Order, meaning these orders represent a higher level of commitment to transact. Bid and Offers may be for any class of equity security of an issuer and may be for blocks of shares held, exercisable, or held or to be held in special purpose vehicles. Rights of holders of the securities will vary, and transactions may be subject to transfer restrictions, including a right of first refusal by the issuer or others. Some issuers may restrict transfers in their securities to certain classes of investor. Specific information on a given ticket is available from The Zanbato Group market operators through its Z-Chat function.
8.4.1 This Agreement contains a pre-dispute arbitration clause. By signing this Agreement, Seller agrees as follows:
8.4.2 No person shall bring a putative or certified class action to arbitration, nor seek to enforce any pre-dispute arbitration agreement against any person who has initiated in court a putative class action; or who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until: (i) the class certification is denied; or (ii) the class is decertified; or (iii) the customer is excluded from the class by the court. Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this agreement except to the extent stated herein.