Both Sides of the Table

SEPTEMBER 10, 2021

.” * I first wrote about the changes to the Venture Capital ecosystem 10 years ago and this still serves as a good primer of how we arrived at 2011, a decade on from the Web 1.0 The market today would barely be recognizable by a time traveler from 2011. dot-com bonanza. Ten years on much has changed.

Pre-Money Valuation 471

Pre-Money Valuation Valuation Venture Capital Early Stage 471

Agile VC

APRIL 17, 2011

April 17, 2011. GameFly filed in 2010 and remains in registration, though 2011 has seen a positive start for VC-backed IPOs with 14 in Q1 2011. GameFly filed in 2010 and remains in registration, though 2011 has seen a positive start for VC-backed IPOs with 14 in Q1 2011. Quinstreet priced at $15.00/sh

Pre-Money Valuation 113

Pre-Money Valuation Liquidation Preference Dividend Common Stock 113

ReadWriteStart

JANUARY 3, 2011

That's a five-fold increase from the 8 IPOs that raised $903 million in 2009. Exit activity is staging a comeback but capital netted lagged as large M&As and IPOs were still uncommon in 2010," said Jessica Canning, director of global research for Dow Jones VentureSource. 514 companies achieved liquidity in 2010, netting $39.3

IPO 118

IPO .Net Capital Gains Acquisition 118

Growthink Blog

MARCH 13, 2014

Last week, I shared how between 2011 and 2013, Sequoia Capital invested approximately $60 million in WhatsApp – the instant messaging subscription service bought last month by Facebook for $19 billion. And how Sequoia’s return on that $60 million was close to $3 billion, or more than 50 times its original investment.

Technical Review 91

Technical Review IPO Early Stage Valuation 91

Agile VC

MARCH 8, 2012

Tech IPOs Are Back – So Now What? Three of the five “blockbuster” tech IPOs I predicted have happened (LinkedIn, Groupon, Zynga) and the biggest of all (Facebook) has filed and will likely go public within the next 90 days. I see several dynamics at work in today’s IPO markets. March 8, 2012.

IPO 100

IPO Silicon Valley Revenue Seed Stage 100

Both Sides of the Table

JUNE 22, 2011

And this is happening in mezzanine (pre-IPO) deals as well. And post IPO deals, although these tend to correct more quickly. If everybody is over-paying for early-to-mid stage deals you’d imagine that these all need to feed into a frenzied M&A and IPO market that will garner big returns for these risks investors are taking.

Saudi Arabia 309

Saudi Arabia Valuation IPO Technical Review 309

David Cohen

SEPTEMBER 19, 2020

I served on the board of directors until the IPO, and during that time we were able to recruit great firms like Foundry Group, SoftTech VC (now Uncork Capital), Bessemer Venture Partners, and Bain Capital Ventures. In 2019, SendGrid become the first ever company from any accelerator program to IPO, valued at over $1 billion.

San Antonio 171

San Antonio New York City Seattle Los Angeles 171

Agile VC

FEBRUARY 2, 2012

Facebook S-1: The Most Anticipated IPO in a Decade. Here’s my first look at Facebook viewed through the lens of their IPO filing. Financial Snapshot : 2011 Revenue: $3.71 2011 YoY Revenue Growth: 88%. 2011 Gross Profit Margin: 77%. 2011 Net Income: $1.00 How to Evaluate Firms for a Seed VC.

IPO 100

IPO South Korea Venezuela Revenue 100

crowdSPRING Blog

JANUARY 5, 2012

The image above is taken in Takotna, Alaska during the Iditarod Trail Sled Dog Race on March 9, 2011. More phenomenal photos from 2011 are in the Other section below. Some Thoughts On The IPO Market For Web Companies (by @fredwilson) – [link]. The State of Social Marketing 2011 – 2012 – [link]. – [link].

Social Media 92

Social Media Small Business Design Media 92

View from Seed

DECEMBER 4, 2019

In fact, the top quartile TVPI of the 2011 vintage is 2.6, At the same time, despite some realizations in recent years through M&A, PE acquisitions, and IPOs, the general sense I get from LPs is that the level of distributions don’t quite line up with the unrealized performance. That’s only 0.5X nearly the same as 2007.

LP 256

LP IRR Distribution Portfolio 256

Agile VC

JUNE 5, 2011

June 5, 2011. So Groupon obviously filed their S-1 the other day to formally being the IPO process. Filing Date: initial filing June 2, 2011. Run Rate Revenue: $2.6B (Q1 2011 annualized). Revenue Growth: 2241% YoY (2010 vs 2009), 1357% YOY (Q1 2011 vs Q1 2010). Run Rate Gross Profit: $1.1B (Q1 2011 annualized).

North America 100

North America Chicago Boston Silicon Valley 100

David Teten

JUNE 14, 2011

Among the firm’s most successful seed investments that have reached maturity are Cornerstone OnDemand (which raised $137m in a March 2011 IPO, ticker CSOD) and Quigo Technologies (sold to AOL for a reported $340m). We have a large crop of exciting growth companies that are starting to come into their own.

Venture Capital 122

Venture Capital Technical Review Early Stage Portfolio 122

Rob Go

DECEMBER 28, 2011

So I thought I’d jot down some of the highlights I have seen from my vantage point in this 2011 Boston Consumer Web Year in Review. IPO’s/Exits. Kayak: Registered for an IPO but on hold. Raised $174M in its IPO in April, current market cap ~$550M. in its IPO, current market cap of $282M. market cap.

Technical Review 54

Technical Review Boston Software Review IPO 54

View from Seed

MAY 31, 2023

A couple of years later, as reported by the Harvard Business Review in 2011 , a survey of ~500 entrepreneurs in the UK found that serial founders frequently refrain from learning from their failures to minimize the psychological impact. For example, in the Lerner’s and Scharfstein’s study the “success” benchmark was completing an IPO.

Silicon Valley 156

Silicon Valley Cofounder Term Sheet Founder 156

Both Sides of the Table

OCTOBER 1, 2009

I obviously don’t have a crystal ball so the economy could fare better than my gut, but here’s why I’m cautious for some time in 2010 or early 2011: Why is the future still so unpredictable? Bad stock markets mean less IPO’s and lower prices for M&A.

Technical Review 269

Technical Review Stock Hawaii Early Stage 269

Agile VC

MARCH 13, 2012

And at PayPal we were hit with a couple patent disputes while in the midst of our IPO process. With Facebook in the late innings of its IPO process, Yahoo! in court if necessary even if it meant delaying their IPO slightly. So put in the context of Facebook’s IPO process and a new Yahoo! execs involved.

IP 100

IP IPO Social Network Silicon Valley 100

This is going to be BIG.

JUNE 19, 2012

3/15/2011 – All in on Facebook, “Your Trusted Social Media Marketing Company” Social Media Platform. 7/19/2011 – Same page, but Wayback Machine stops crawling pages. 8/15/2011 – The day that Buddy Media became a software company? 8/31/2010 – Same thing.

Software 105

Software Media Social Media Advertising 105

Steve Blank

MARCH 18, 2011

Dot.com Bubble ( 1995-2000): “ Anything goes” as public markets clamor for ideas, vague promises of future growth, and IPOs happen absent regard for history or profitability. The New Bubble : (2011 – 2014): Here we go again…. (If With Netscape’s IPO , there was suddenly a public market for companies with limited revenue and no profit.

Internet 334

Internet IPO Silicon Valley Agile 334

YoungUpstarts

DECEMBER 29, 2014

The IPO market for financial technology companies will start to heat up. If market conditions continue to be favorable, more IPOs are inevitable as these private market investors seek exits. The window is clearly open, so I wouldn’t be at all surprised if there are several more IPOs on the way in 2015.

IPO 236

IPO API Silicon Valley Mobile 236

Agile VC

MAY 26, 2011

May 26, 2011. Google is still a private company (their IPO was Aug 2004). And obviously all the liq prefs went away in the IPO when pref stock converted to common. © 2011 GenuineVC - All rights reserved. How to Evaluate Firms for a Seed VC. How To Think About The Future. AGILEVC My idle thoughts on tech startups.

Term Sheet 178

Term Sheet Silicon Valley Technical Review Social Network 178

Steve Blank

JUNE 15, 2011

Today, the signs of the new bubble are the Linked-In initial public offering (IPO), Facebook’s stratospheric valuation and the rapid rise of early-stage startup valuation. This was followed by another $500 million investment (along with Goldman Sachs) in 2011, at a $50 billion valuation. We have just entered the mania phase.

Silicon Valley 327

Silicon Valley Stealth Valuation Mississippi 327

Both Sides of the Table

DECEMBER 27, 2011

I find it amusing when a journalist writes an article about a prominent startup (either privately held or preparing for an IPO) and decries that, “They’re not even profitable!” There are certain topics that even some of the best journalists can’t fully grok. One of them is profitability.

Startup 418

Startup Revenue Technical Review Flash 418

Seeing Both Sides

JANUARY 25, 2014

I was excited to see Care.com''s successful IPO yesterday for multiple reasons. . First, it augurs well for 2014 as another strong IPO year in genearl and for technology companies in particular. This happened in my first company, Open Market (IPO''96), which spawned a dozen CEOs/founders in the area (e.g.,

IPO 33

IPO Boston Florida Networking 33

Altgate

JUNE 25, 2012

Facebook’s IPO minted many millionaires and even billionaires. Facebook’s situation is far from unique, even among recent tech IPOs. We analyzed the dead-equity data from a total of 733 tech startups: 257 from our 2008 survey and 476 from the 2011 survey. The graph below compares the value of dead equity in 2008 and 2011.

Equity 44

Equity Vesting Cap Table Technical Review 44

Austin Startup

NOVEMBER 16, 2010

Calxeda is on track with its business and ARM-based product development plans, moving toward providing first samples of its industry-changing technologies in 2011. He was previously Senior Vice President, responsible for product lines and manufacturing operations, at SigmaTel through its 2003 IPO and then acquisition by Freescale.

Naming 59

Naming Hiring Technical Review Virginia 59

Both Sides of the Table

APRIL 2, 2010

A 1997 vintage is likely to perform much better than a 2000 vintage because the former got to ride the dot com bonanza and likely saw some quick IPOs and crazy trade sales while the latter is more likely filled with many companies that never reached the promise land (or are still trying). A lot will depend on how exits go in 2010/2011.

Venture Capital 269

Venture Capital Balance Sheet Early Stage Software Review 269

Austin Startup

APRIL 27, 2019

HomeAway is another one of our five tech IPOs in the last five years. billion today as a public company (it went public in 2011). And Josh Kopelman and First Round Capital were among the seed investors in Uber, the blockbuster IPO-to-be of 2019. —?for a value creation of $333 million per year. Who says Austin can’t do B2C now ?

B2C 51

B2C Austin Cofounder IPO 51

Agile VC

OCTOBER 1, 2013

Facebook’s IPO was obviously a debacle, and in the private investment sphere valuations from the seed through late stage have declined for the most part from their peaks in late 2011 through early 2012. IPO Market Is Strong - All the companies I just mentioned in cloud computing have gone public within the last 12 months.

IPO 147

IPO Cloud Valuation Mobile 147

Cracking the Code

NOVEMBER 10, 2009

While poised with a limited number of transactions this year, the world of public Cloud Computing and SaaS companies has been marked by two events in the past few months: the acquisition of Omniture by Adobe and the high profile IPO of LogMeIn, a leading provider of PC remote access and support with a very interesting freemium model.

Software Review 48

Software Review Technical Review IPO Cloud 48

Steve Blank

APRIL 13, 2013

To compare the two, in 2011 U.S. By comparison, in 2011 Chinese VC’s invested $13 billion in all deals. The number of deals in Technology, Media and Telecommunications more than doubled in 2011 over the previous five years and slowed back down dramatically in 2012. Liquidity for most Internet startups happens via IPO’s.

Silicon Valley 267

Silicon Valley China Venture Capital Merger 267

The Equity Kicker

JANUARY 21, 2014

ITA Software – $700 million, 2011. Admeld – $400 million, 2011. This re-enforces the old truism that the most reliable path to a massive exit is to head for an IPO, even with all the difficulties that come with that route. DoubleClick – $3.1 billion, 2007. YouTube – $1.7 billion, 2006. Waze – $966 million, 2013.

Acquisition 103

Acquisition IPO Mobile Internet 103

www.entrepreneur.com

SEPTEMBER 22, 2011

Money Money Home Financing Taxes Accounting Basics Personal Finance Money Management Payments & Collections IPOs and DPOs Will Crazy Market Moves Kill IPOs and Slash VC Investment? Human Resources Play Video Shark Tanks Barbara Corcoran on Bootstrapping a Growing a Business (Video). Financing Some Jobs Act Proposals Make Headway.

Sweat Equity 55

Sweat Equity Equity Fractional CTO CTO 55

Altgate

AUGUST 25, 2012

Facebook’s IPO minted many millionaires and even billionaires. Facebook’s situation is far from unique, even among recent tech IPOs. We analyzed the dead-equity data from a total of 733 tech startups: 257 from our 2008 survey and 476 from the 2011 survey. The graph below compares the value of dead equity in 2008 and 2011.

Equity 28

Equity Vesting Cap Table Technical Review 28

YoungUpstarts

NOVEMBER 13, 2012

Google reportedly turned down buyout offers from Microsoft shortly before the 2004 IPO. Google’s value has grown from $23 billion at the time of the IPO to over $200 billion today. In 2011, Microsoft bought Skype for $8.5 Their offer was rebuffed and the company went public five years later. Highly profitable.

IPO 162

IPO Exit Strategy San Francisco Startup 162

The Equity Kicker

AUGUST 19, 2013

As you can see from the chart below the latest projections for 2013 revenues are 2x what they promised in their 2011 IPO, and EBITDA is forecast at over 2x. On the back of outstripping expectations LinkedIn has had an easy ride from Wall Street and the media and the share price has risen from $93 at the IPO to $227 today.

IPO 94

IPO Forecast Revenue Media 94

Tim Keane

MARCH 9, 2011

How to prepare a sales forecast for a business plan » March 09, 2011. Example four: substantial milestone-based progress that does not generate cash but will attract an acquirer or facilitate an IPO. Example four: substantial milestone-based progress that does not generate cash but will attract an acquirer or facilitate an IPO.

Finance 83

Finance Bootstrapping Startup Equity 83

The Equity Kicker

JULY 26, 2012

You may have seen that investors sent Zynga’s shares down by as much as 40% in after hours trading last night, taking the share price to $3, which is 70% off the level of their mid-December IPO. Which raises the obvious question of why IPO investors are making these mistakes.

Investment Bankers 96

Investment Bankers IPO Marketing Valuation 96