Gregg Fraley, Author of Jack's Notebook

FEBRUARY 13, 2013

Some five years into an early stage technology company, I found myself, an experienced technology manager, as a CEO in search of competent manufacturing. It wasn’t like we were packaging software we were producing the highest performing vertical axis wind turbine. In 2010 it was 4%.(1) In 2010 it was 4%.(1)

Technical Review 102

Technical Review Engineer United States Government 102

View from Seed

SEPTEMBER 14, 2021

One thing that jumps out quickly is that TVPI between 2004-2010 (avg 2.6x) has underperformed 2011-2017 (avg 3.0x). For context, seed-stage pre-money valuations are up 24% from H1 2020 to H1 2021. Early-stage valuations are up 70%, and late-stage valuations are up 103% (source Pitchbook ). Source: AngelList.

Valuation 319

Valuation Pre-Money Valuation Distribution Early Stage 319

View from Seed

SEPTEMBER 14, 2021

One thing that jumps out quickly is that TVPI between 2004-2010 (avg 2.6x) has underperformed 2011-2017 (avg 3.0x). For context, seed-stage pre-money valuations are up 24% from H1 2020 to H1 2021. Early-stage valuations are up 70%, and late-stage valuations are up 103% (source Pitchbook ). Source: AngelList.

Valuation 295

Valuation Pre-Money Valuation Distribution Early Stage 295

View from Seed

SEPTEMBER 14, 2021

One thing that jumps out quickly is that TVPI between 2004-2010 (avg 2.6x) has underperformed 2011-2017 (avg 3.0x). For context, seed-stage pre-money valuations are up 24% from H1 2020 to H1 2021. Early-stage valuations are up 70%, and late-stage valuations are up 103% (source Pitchbook ). Source: AngelList.

Valuation 156

Valuation Pre-Money Valuation Distribution Early Stage 156