Both Sides of the Table

FEBRUARY 4, 2016

” There are a lot of data points that one can observer to get a sense of the venture capital markets – both LP fundings into venture and VC financings of startups. We surveyed 73 LP firms to get their views on the market. Most flat rounds. More down rounds. How do I know?

LP 150

LP Valuation Burn Rate Pre-Money Valuation 150

Both Sides of the Table

JUNE 5, 2016

There was an explosion in number of startups both because it was cheap and there was tons of available capital. Non VC Growth Rounds. The market eventually slowed down. These are extreme positions and often the deals settle in between but it can be U-G-L-Y and the financings are at times coupled with changing management teams.

Venture Capital 150

Venture Capital Silicon Valley Burn Rate LP 150

abovethecrowd.com

APRIL 20, 2016

Why the Unicorn Financing Market Just Became Dangerous…For All Involved. In February of last year, Fortune magazine writers Erin Griffith and Dan Primack declared 2015 “ The Age of the Unicorns ” noting — “Fortune counts more than 80 startups that have been valued at $1 billion or more by venture capitalists.”

IPO 40

IPO Term Sheet Silicon Valley Valuation 40

This is going to be BIG.

MARCH 3, 2019

It doesn’t take into consideration options, down rounds, or recaps. It’s just a model of the share price of a company going up and to the right smoothly until it exits for $300mm, and the outcomes for the shares purchased in each round of financing. Seed round investors get a tidy 18.2x

Portfolio 110

Portfolio Burn Rate LP Distribution 110

This is going to be BIG.

SEPTEMBER 7, 2012

There are a lot of people that artificially group together performance metrics for venture, and try to extrapolate successful stratagies from it. I know, because those people all used to pitch me as an institutional LP back in the day. If you're doing seed deals, how often does a down round in a seed deal even happen?

Later Stage 99

Later Stage Down Round Pre-Money Valuation Early Stage 99

Both Sides of the Table

OCTOBER 18, 2015

There is a lot of uncertainty about the state of the private, high-growth technology markets and the venture capital markets that underpin them. Technology riches yield bumper crops in venture capital with new firms and new largesses – the rewards of LPs rediscovering our asset class. Are LPs to blame?

IPO 150

IPO Venture Capital LP SEC 150