Table of Contents

Executive Summary

ZX Market Snapshot: May, 2022:

  • SpaceX, Stripe and Epic Games were the three most active companies on ZX in May.
  • ZX received 611% more asks than bids in May, the most skewed the order book has been to-date and marks the fourteenth consecutive month the order book has been skewed to the sell-side.
  • On average, May transactions priced at a 10.7% premium to March average reported holding values.

Reported Holdings: Quarter Ending March 31st, 2022

  • This quarter reporting holders marked down their private portfolios 1.7%. The period saw more than two stocks decline for each advancing stock.
  • Sentiment up:
  • Sentiment down:

Heat Map: March 31st, 2022 Reporting Period

-1.7%

Appreciation/Depreciation of All Reported Holdings1

-3.5%

Average Mark-Up/Mark-Down Across All Reported Holdings2
Docker
333.8%
Wag
176.8%
Ripple
142.7%
GrubMarket
127.3%
Voltron Data
103.4%
Delhivery
61.6%
FLEXE
54.2%
Neon
48.6%
Musely
47.7%
Loadsmart
43.3%
Getir
42.7%
BETA Technologies
38.5%
Resilience
36.7%
PrognomIQ
33.9%
Cohere Technologies
33.3%
Rapyd
33.2%
BYJU's
31.1%
Zero Mass Water
28.5%
Delphix
26.9%
Evernote
23.6%
Einride
21.8%
SecurityScorecard
16.5%
Bytedance
14.8%
Yasso
14.4%
StockX
13.8%
Pine Labs
12.9%
Redwood Materials
10.0%
Tory Burch
8.6%
Acrisure
7.1%
Diamond Foundry
7.0%
CloudBees
6.9%
Lumicks
6.8%
Turo
6.1%
Invaio Sciences
6.0%
QuintoAndar
5.0%
goPuff
4.7%
Druva
4.6%
Kraken
4.3%
Aspiration
4.1%
Illumio
3.8%
Zocdoc
3.8%
BlockFi
3.6%
Wine.com
2.6%
Rubrik
1.9%
Intercom
1.5%
KeepTruckin
1.2%
Lookout
1.1%
SpaceX
1.1%
Grammarly
0.7%
Gusto
0.5%
GOAT
0.2%
Cohesity
0.1%
Domino Data
0.1%
Affinivax
0.0%
Airtable
0.0%
Algolia
0.0%
Apartment List
0.0%
Arbor Bio
0.0%
Arcadia
0.0%
Astera Labs
0.0%
Betterment
0.0%
Bolt Threads
0.0%
Bombas
0.0%
Breeze Airways
0.0%
Caris
0.0%
Cellanome
0.0%
Celonis
0.0%
Centrexion
0.0%
Chroma
0.0%
Clear Labs
0.0%
Clio
0.0%
Coalition
0.0%
Color Genomics
0.0%
Compliable
0.0%
Convoy
0.0%
Curology
0.0%
Delfi
0.0%
Earnin
0.0%
Eikon
0.0%
Element Bio
0.0%
Enevate
0.0%
Envoy
0.0%
EquipmentShare
0.0%
Eruditus
0.0%
FabFitFun
0.0%
Fanatics
0.0%
FogPharma
0.0%
Forum Brands
0.0%
Freenome
0.0%
Fundbox
0.0%
GaN Systems
0.0%
Generate Bio
0.0%
Genesis Therapeutics
0.0%
Go Maps
0.0%
HaulHub
0.0%
Heap
0.0%
Hearth
0.0%
High Power Exploration
0.0%
Honor Tech
0.0%
Hydrow
0.0%
Imperfect Foods
0.0%
Inscripta
0.0%
Insitro
0.0%
I-Pulse
0.0%
JetClosing
0.0%
JOKR
0.0%
Kardium
0.0%
Laronde
0.0%
Lyra Health
0.0%
Magic Leap
0.0%
Medly Health
0.0%
Meesho
0.0%
Minted
0.0%
Moshi (Mind Candy)
0.0%
Nuro
0.0%
Nutcracker
0.0%
Omada Health
0.0%
Omio
0.0%
Orchard
0.0%
Passport
0.0%
PayJoy
0.0%
PickUp
0.0%
Pluribus Networks
0.0%
Prime Medicine
0.0%
Printify
0.0%
Rad Power
0.0%
Reddit
0.0%
RefleXion Medical
0.0%
Revolut
0.0%
Ring Therapeutics
0.0%
SalioGen
0.0%
Savage X
0.0%
Scribe
0.0%
Signifyd
0.0%
SiMa ai
0.0%
Skyryse
0.0%
Socure
0.0%
Tempus Labs
0.0%
Tenstorrent
0.0%
Treeline Bio
0.0%
True Footage
0.0%
Verbit
0.0%
Verily
0.0%
Via Transportation
0.0%
Waymo
0.0%
Xsight Labs
0.0%
Yotpo
0.0%
Zipline
0.0%
INRIX
-0.1%
OfferUp
-0.1%
PsiQuantum
-0.1%
SoundHound
-0.1%
Axiom Space
-0.3%
Cybereason
-0.4%
ThoughtSpot
-0.6%
Volocopter
-0.6%
Brain Corp
-0.7%
JumpCloud
-0.7%
Cava
-0.8%
Udacity
-0.8%
Astranis
-1.0%
Ocrolus
-1.0%
PatientPop
-1.1%
Click Therapeutics
-1.2%
MasterClass
-1.2%
Collective Health
-1.4%
Prosimo
-1.5%
Tempo Automation
-1.5%
Capsule
-1.6%
Lime
-1.9%
ElevateBio
-2.0%
Tanium
-2.0%
Mynd Management
-2.1%
CiBo
-2.2%
Dialpad
-2.2%
D2iQ
-2.3%
Tealium
-2.4%
Circle
-2.5%
DNA Script
-2.5%
Evolve Vacation
-2.7%
Snyk
-2.9%
StormWind
-3.1%
Lyst
-3.4%
Sojern
-3.4%
Varo Money
-3.4%
Verge Genomics
-3.9%
Farmers Business Network
-4.0%
NextRoll
-4.1%
Malwarebytes
-4.2%
Exabeam
-4.5%
Snorkel AI
-4.5%
WiTricity
-4.5%
Discord
-4.7%
Adagio Medical
-4.8%
Pavilion Data
-4.8%
Blink Health
-4.9%
Trax
-4.9%
Dataminr
-5.4%
Trumid
-5.5%
Essence Group
-5.7%
Prosper Marketplace
-6.1%
BigID
-6.2%
Noodle
-6.5%
SambaNova
-7.0%
Grove Collaborative
-7.1%
Benchling
-7.2%
Binx Health
-7.3%
Exo Imaging
-7.4%
Relativity Space
-7.6%
Impossible Foods
-7.8%
ABL Space
-7.9%
Deep Instinct
-8.5%
Asapp
-9.0%
ResearchGate
-9.3%
Checkr
-10.0%
GroundTruth
-10.0%
Grand Rounds
-10.2%
Course Hero
-11.3%
WideOrbit
-11.6%
Rappi
-11.9%
GupShup
-12.4%
MNTN
-13.4%
Seismic
-13.6%
Ursa
-13.7%
Code 42
-15.5%
Solugen
-16.1%
OpenX
-16.3%
Epic Games
-16.4%
Unqork
-16.9%
Heal
-17.2%
ServiceTitan
-17.3%
StubHub
-17.4%
DataRobot
-17.6%
SmartHR
-18.0%
Beta Bionics
-18.2%
TechStyle
-19.0%
Stripe
-19.1%
Canva
-19.4%
Instacart
-19.8%
Databricks
-20.1%
Ant Financial
-20.3%
JUUL
-20.6%
Bowery
-20.7%
Mythic AI
-20.7%
Automattic
-21.0%
Outreach
-22.5%
Automation Anywhere
-24.3%
Sila Nano
-24.5%
CNEX Labs
-24.6%
Stash
-25.6%
Pivot Bio
-27.0%
FlixBus
-27.1%
Patreon
-28.7%
dMed
-29.9%
WorkRise
-31.0%
SingleStore
-31.9%
RealSelf
-33.1%
Contentful
-37.2%
Foursquare
-39.6%
Tipalti
-40.0%
Carbon 3D
-40.7%
Resident Home
-42.7%
PACT Pharma
-50.0%
Houzz
-62.8%
CapLinked
-81.5%

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)
Musely
5
Tory Burch
4
Bytedance, Delphix
3
SpaceX
3
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Heal
9
Checkr
7
Databricks
7
ServiceTitan, Stripe
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
D2iQ.40$1.73$4.41$1.50
Blink Health.38$28.02$38.18$15.95
SingleStore.37$3.62$5.45$2.61
Prosper Marketplace.36$0.82$1.48$0.69
Docker.36$16.56$20.00$5.98

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%
GupShup
+19.8%
ZX Marketed Offers at Greatest Discount to Latest Reported Median Holding Value6
Bolt Financial
-48.1%
BYJU’s
-36.7%
Airtable
-33.8%
Color Genomics
-33.8%

6 Premium and Discount agnostic to share class

ZX Market Snapshot: May, 2022

Most Active Companies7

1
SpaceX
2
Stripe
3
Epic Games
4
Klarna
5
Databricks
6
Bolt Financial
7
Discord
8
OpenSea
9
Flexport
10
Anduril

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

SpaceX, Stripe and Epic Games were the three most active companies on ZX in May.

ZX received 611% more asks than bids in May, the most skewed the order book has been to-date and marks the fourteenth consecutive month the order book has been skewed to the sell-side. On average, May transactions priced at a 10.7% premium to March average reported holding values.

Reported Holdings Commentary: Quarter Ending March 31st, 2022

This quarter reporting holders marked down their private portfolios 1.7%. The period saw more than two stocks decline for each advancing stock.

Docker saw the largest mark-up this reporting period, with Wag, GrubMarket, and Voltron Data rounding out the largest gainers, all marked up over 100%. CapLinked saw the largest mark-down this reporting period, with Houzz, PACT Pharma, and Resident Home rounding out the largest decliners.

Musely and Tory Burch saw their first positive reversals in five quarters and one year respectively. Meanwhile, Heal saw its first negative reversal in nine quarters.

This period, D2iQ ($1.50 - $4.41) 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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