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It’s Morning in Venture Capital

Both Sides of the Table

Many observers of the venture capital industry have questioned whether its best days are behind it. Looking ahead at the next decade I am excited by what I believe will be viewed as one of the best and most rational investment periods for venture capital due to seven discrete factors: 1. The Funding Problem.

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Reversing Unintended Consequences From Regulation is Critical to Restoring Small Company IPO’s

Pascal's View

First, the National Venture Capital Association has published data revealing that over 90% of the jobs created by venture-backed companies occur AFTER they go public—and this relationship holds over the past 40 years. The median age of a venture-backed company at the time of its IPO has increased from 4.5

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What if it’s 1996, not 1999?

Seeing Both Sides

In 1997, a Charles River Ventures fund yielded a stunning 15x return, backing such superstars as Ciena, Vignette and Flycast. Matrix had a fund in 1998 that yielded an eye-popping 514+% IRR. The average venture capital fund raised between 1995 and 1997 returned more than 50% per year.

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Returns for brand-name VC funds

finance.fortune.cnn.com

FORTUNE -- Its no secret that venture capitalists were hit hard by last decades dotcom bust, considering that median returns for 1998-2001 vintage funds are all underwater. Overall, the fund-of-funds is 97% called for 45 funds raised between 1999 and 2002. In parenthesis is the cumulative distribution divided by called capital.

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What is the biggest enemy of a startup?

K9 Ventures

In 19981999, when I was running my first company, one of my investors, the late Don Jones , came by to visit us at the office. Don was totally a people person and just an all around great person to talk to. In fact, I can hear the intonation of his voice in my head as I type this.

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Venture Deals 4e German Edition

Feld Thoughts

IPO issues: Possibly the biggest problem for German venture-backed companies is the very low number of IPOs in Germany. The boom years of 1998 (79 IPOs), 1999 (175 IPOs), and 2000 (142 IPOs) are long gone. The lack of conversion rights must also be considered when structuring voting rights. German Startups Association).

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It takes time to build value

BeyondVC

We did our own analysis of venture-backed software IPOs a couple of years ago (based on SEC filings, etc.) Of the 247 venture-backed companies which were acquired this year, 222 or 89.9% received its first venture funding prior to 2000 and 159 or 64.4% received its first round of funding between 1999 and 2000.

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