Both Sides of the Table

MAY 19, 2010

Greycroft is an early-stage VC. If I were a number 3-5 players I’d be looking to exit early while there’s still a lot of enthusiasm for this hot market. Current round: $35mm in Series C (extension of Series B at higher valuation) from General Atlantic, Matrix Partners. Founded in 2007. Time will tell.

Partner 240

Partner New York City Cofounder Syndicate 240

Both Sides of the Table

APRIL 27, 2014

I started in 2007 with a thesis that my primary investment decision would be about the team (70%) and only afterward about the market opportunity (30%). Seed investors are aplenty and of course they need downstream money to fuel their early-stage bets. And we live in public so many people are able just to reach out.

Cofounder 374

Cofounder Syndicate Syndication Early Stage 374

View from Seed

JANUARY 26, 2016

With that in mind, let’s look at an illustration of these trends below, which demonstrates what’s been happening to early-stage financing rounds over the last 15 years or so. Series A investors invested quite early, often before product/market fit. Also, the stage of the company tends to be very early.

Seed Stage 120

Seed Stage Early Stage Cofounder Finance 120

Gust

OCTOBER 20, 2011

In 2011, the valuation of pre-revenue, start-up companies is typically in the range of $1.5–$2.5 These anticipated outcomes were validated by “ Returns to Angels in Groups ” by Professor Rob Wiltbank in November 2007. Scorecard Valuation Methodology. The range of the data is from a low pre-money valuation of $0.8

Valuation 146

Valuation Pre-Money Valuation Intellectual Property Technical Review 146

Both Sides of the Table

MARCH 6, 2015

*. If you are a 20-something tech entrepreneur you could be forgiven for thinking that seed-stage investors, Angellist Syndicates and widely available angel money always existed. It is, of course, a very recent phenomenon. I was out to raise my first seed money in my second startup of $500,000.

Seed Stage 150

Seed Stage Silicon Valley Syndicate Syndication 150

Professor VC

JANUARY 17, 2008

One of my comments was that we would likely see more institutionalization of angel groups and syndication of deals among groups. If my math is correct, this is approximately a 31% IRR, which has to beat individual angel investments on aggregate and venture capital returns over the period of the study (1990-2007). Back to the panel.

Pre-Money Valuation 28

Pre-Money Valuation Angel Investor Angel Groups Valuation 28

Feld Thoughts

AUGUST 1, 2018

The $750 million fund combines all of our prior fund strategies – our early stage, early growth, and partner fund investments – into a single fund. For historical reference, our early-stage funds (FG 2007, FG 2010, FG 2013, and FG 2016) are all $225 million in size.

Syndicate 17

Syndicate Syndication IRR Canada 17