A Note on Our Methodology Performance multiples reflect the appreciation (or skew all the results, showing that companies with depreciation) between our original investment a name that starts with a vowel, for example, and (1) the value at exit (for companies that have perform 100x better than all other investments). exited) or (2) the fair market value we used in our audited December 31, 2014 financial statements. To be clear, we’re not expecting this analysis to get us an invitation to join the American Statistical While we’ve invested in 300+ companies to date, Association. And we’re not claiming that our data we did not include investments in (1) the 16 is representative of the industry… or even companies that we backed in the last six months statistically significant. Rather, we believe that this (since their share value wasn’t included in our data can provide some interesting directional 2014 financials), (2) the 17 companies that we insight. We found some of the learnings to be invested in 2014 that did not raise follow-on surprising — and I’m sure we’ll continue to be financing by the end of 2014 (since their share surprised many more times over the next 10 years. value would not have time to change either up or down) and (3) our investment in Uber (as it would © 2015 First Round Capital 10years.firstround.com