David Teten

JULY 25, 2017

As I’ve worked to build out HOF Capital ’s portfolio acceleration platform , the #1 question I think about is: how do we scalably support our companies? Many VCs offer (or strive to offer) a bundle of levers and support structures to help their portfolio companies. We have lower AUM, therefore lower management fees.

Portfolio 60

Portfolio Technical Review Private Equity Database 60

Steve Blank

JANUARY 22, 2014

Three types of regional venture funds exist today: Regionally located funds, such as Foundry Group in Boulder, are located outside of Silicon Valley or NY but their investments are primarily in the Valley or NY… they are not a regional fund per this discussion. Large regionally based early stage funds have mostly failed.

Early Stage 286

Early Stage Silicon Valley Oregon Technical Review 286

Steve Blank

APRIL 12, 2013

This post is about the rise of Chinese venture capital and how it helped build the countries entrepreneurial ecosystem. The Rise of Chinese Venture Capital. The second wave of technology investors were Chinese banks, who provided the majority of the later stage investments in the Torch Program. Like the U.S.

Venture Capital 271

Venture Capital China Offshore SBIR 271

Steve Blank

APRIL 23, 2014

The Innovation Portfolio. Companies manage these three types of innovation with an innovation portfolio – they build innovation internally, they buy it or they partner with resources outside their company. What can companies learn from others’ failed efforts to integrate startups into large companies?

Acquisition 332

Acquisition Intellectual Property Silicon Valley Startup 332

Both Sides of the Table

OCTOBER 12, 2014

They often create the biggest tensions between investors who are investing at different stages in the business. These tensions seep out in some angels or seed funds publicly or semi-privately deriding later-stage VCs for their “bad” behavior. I have seen bad behavior from later-stage VCs, believe me.

Technical Review 336

Technical Review Later Stage Early Stage LP 336

Steve Blank

APRIL 12, 2013

This post is about the rise of Chinese venture capital and how it helped build the countries entrepreneurial ecosystem. The Rise of Chinese Venture Capital. The second wave of technology investors were Chinese banks, who provided the majority of the later stage investments in the Torch Program. Like the U.S.

Venture Capital 163

Venture Capital China Offshore SBIR 163

Austin Startup

MAY 11, 2017

645 Ventures: A New Era of Venture Capital Investing Arena Growth Partners We help great leaders build great businesses. Our unique approach to investing, coupled with a pioneering spirit, provides the vision to guide early stage growth companies beyond today and toward future success.

Private Equity 48

Private Equity Venture Capital Technical Review Seed Stage 48

Both Sides of the Table

JUNE 27, 2021

When you’ve been playing the game a bit longer or when you have responsibilities at the fund level you start thinking more about “portfolio construction.” They sold 2 years later for $16 million In the financial crisis of 2008 we had a company that had jointly hired lawyers to consider a bankruptcy and also pursued (and achieved!)

Bankruptcy 294

Bankruptcy Bridge Financing Portfolio Angel Investor 294

This is going to be BIG.

MAY 5, 2023

It will be the 105th deal out of Brooklyn Bridge Ventures, the firm I started back in September 2012, and it will be the last deal I’ll be making out of my third fund. It will also be my last venture capital deal. First-check investors tend to go one of two ways later in their careers when they start a family.

Later Stage 218

Later Stage Venture Capital Term Sheet Limited Partner 218

Both Sides of the Table

APRIL 2, 2010

This is part of my series on Understanding Venture Capital. In an early stage deal that fund might reserve 2x their initial investment or if it’s a larger round or later stage they might reserve 1x. We also took one of our large portfolio companies, Ulta, public.

Venture Capital 269

Venture Capital Balance Sheet Early Stage Software Review 269

The Equity Kicker

AUGUST 19, 2015

In the words of an alum from the 2006 cohort: Companies are joining YC at a much later stage. Now that the YC portfolio is worth over $30bn (a number they put on their homepage ) acquihires don’t move the needle. That marks a shift in the YC investment strategy which used to focus on younger businesses.

Later Stage 60

Later Stage Private Equity Venture Capital Valuation 60

Austin Startup

JUNE 27, 2017

Austin-Based Venture Capital Firms There are a eleven venture capital firms based in Austin that are actively investing today, six of which are first funds. VC Firms Actively investing in Austin Companies Finally, there are a group of venture capital firms that are not based in Austin that are active investors here.

Venture Capital 54

Venture Capital Austin Texas Private Equity 54

Both Sides of the Table

FEBRUARY 18, 2017

Union Square Ventures (USV) has been one of the most successful venture capital firms of the past 10–15 years and continues to be a leader in our industry. Lindel is no stranger to thorny venture capital issues — he was arguably amongst the most successful LPs of his generation.

Leadership 161

Leadership LP Venture Capital Silicon Valley 161

Both Sides of the Table

MAY 24, 2021

Since funds were driven by extreme successes in their portfolios where just one deal could return 5x the entire fund while 95% of the fund may have done well but not amazing, not missing out on deals was critical. It literally drove FOMO. By any external benchmarks this will be a $billion++ company.

Venture Capital 363

Venture Capital LP Valuation Later Stage 363

This is going to be BIG.

FEBRUARY 21, 2021

Or that venture capital is a meritocracy? This doesn’t take into consideration, however, that venture capital is a financial product—a product that works for some people and doesn’t work for others. We know what the racial and gender wealth disparity looks like: This is a lesson taught to be by Jewel from Collab Capital.

Venture Capital 162

Venture Capital Cofounder Deal Flow Later Stage 162

VC Adventure

AUGUST 15, 2018

Back in the olden days of venture capital, company boards had wide discretion in pricing company options. I thought it would be worth taking a look at the data across the Foundry portfolio. Similarly I assumed that later stage companies would also show a smaller gap. Quick note: I’m not your lawyer.

Valuation 48

Valuation Common Stock Cap Table Software Review 48

Seeing Both Sides

AUGUST 28, 2017

Goldman Sachs and CB Insights recently reported that startups have raised over $1 billion in Initial Coin Offerings (ICOs) this summer — more than the total amount of venture capital raised during the same period. Need for growth capital. A company that can successfully raise money in an ICO may never need venture capital again.

Early Stage 20

Early Stage Equity Venture Capital Government 20

Seeing Both Sides

AUGUST 28, 2017

Goldman Sachs and CB Insights recently reported that startups have raised over $1 billion in Initial Coin Offerings (ICOs) this summer — more than the total amount of venture capital raised during the same period. Need for growth capital. A company that can successfully raise money in an ICO may never need venture capital again.

Early Stage 20

Early Stage Equity Venture Capital Government 20

Version One Ventures

JANUARY 23, 2019

And if there is a recession, will there be less venture capital available for start-ups in 2019? You should also watch your burn rate and the amount of capital in the bank. For later-stage start-ups, it’s always advisable to have a Plan B on how to get to profitability with existing cash in case funding markets dry up.

Burn Rate 90

Burn Rate Later Stage China Venture Capital 90

The Equity Kicker

SEPTEMBER 9, 2014

In the traditionally slow moving world of venture capital they have gone from standing start to raising $4bn across three funds in 5 years – Summit Partners , an older highly successful later stage VC took 15 years to achieve the same feat. Venture Capital'

Silicon Valley 125

Silicon Valley Venture Capital Portfolio Later Stage 125

View from Seed

SEPTEMBER 14, 2021

You’d expect the number to go down over time, but it’s notable that even 14 years later, VC funds are showing that a very significant % of value is still illiquid. So, four years later, DPI is still trying to catch up with TVPI from 2017. Was this a lost decade for venture capital? The answer is likely a mix of both.

Valuation 319

Valuation Pre-Money Valuation Distribution Early Stage 319

The Next Web

SEPTEMBER 13, 2013

The venture capital landscape in Asia is varied and complex, as most of the active firms on the continent are concentrated in just a few areas. The rest of Asia is still developing with far more angel and early-stage investors than mid-to-later stage folks. Golden Gate Ventures , Jungle Ventures , etc.),

Asia 132

Asia Silicon Valley India Term Sheet 132

David Teten

SEPTEMBER 5, 2014

I’ve written on the expert network industry a fair amount in the past: see How to Earn More Consulting Revenue from Expert Networks and How Executives Can Work with Private Equity and Venture Capital Portfolio Companies. We’re not mainly for B2B companies or later stage companies or anything like that.

New York 114

New York Technical Review Networking Advisory Board 114

View from Seed

SEPTEMBER 14, 2021

You’d expect the number to go down over time, but it’s notable that even 14 years later, VC funds are showing that a very significant % of value is still illiquid. So, four years later, DPI is still trying to catch up with TVPI from 2017. Was this a lost decade for venture capital? The answer is likely a mix of both.

Valuation 295

Valuation Pre-Money Valuation Distribution Early Stage 295

Both Sides of the Table

MARCH 12, 2013

So I started introducing him to portfolio companies. And we’ve designed the economic incentives so that Greg is aligned with the overall performance of GRP in addition to his investments so I’m excited to get him involved across all of our portfolio companies helping provide fresh perspectives on the important topic of growth.

Partner 360

Partner Las Vegas Los Angeles San Francisco 360

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. In many ways this favors venture capital over other less patient or short-term forms of capital.

LP 150

LP Valuation Burn Rate Pre-Money Valuation 150

K9 Ventures

JUNE 5, 2015

The Venture Capital industry as a whole does a terrible job of giving things the right name and so we end up keeping the same name, but changing the meaning out from under it. Your early stage investment portfolio may no longer really be early stage. Scaling venture capital breaks it.

Seed Stage 48

Seed Stage Venture Capital Early Stage Valuation 48

David Teten

DECEMBER 3, 2019

Private equity and venture capital investors are copying our sisters in the hedge fund world: we’re trying to automate more of our job. . The proportion of LPs using technology to manage their portfolios will continue to increase, and GPs unable to provide quality data to LPs will find it increasingly hard to retain and attract LPs.

Technical Review 78

Technical Review Software Review Analytics Private Equity 78

Austin Startup

JULY 29, 2018

It doesn’t make any sense to pitch a later stage, “growth” investor with your seed stage idea just like it doesn’t make much sense to pitch a new tech startup to an investor who only does oil & gas. They rationalize it with portfolio theory but almost everyone I know does it because they really enjoy it.

Angel Investor 59

Angel Investor Technical Review Los Angeles Seed Stage 59

View from Seed

SEPTEMBER 14, 2021

You’d expect the number to go down over time, but it’s notable that even 14 years later, VC funds are showing that a very significant % of value is still illiquid. So, four years later, DPI is still trying to catch up with TVPI from 2017. Was this a lost decade for venture capital? The answer is likely a mix of both.

Valuation 156

Valuation Pre-Money Valuation Distribution Early Stage 156

Genuine VC

MAY 5, 2015

Today, I’m thrilled to publicly announce NextView’s Talent Exchange, a program helping both top talent and NextView-backed startups connect with each other more easily, beginning with Boston companies (which make up just over half our portfolio). Below, I’ll quickly explain the genesis of this initiative and share a few more key details.

Portfolio 100

Portfolio Startup Boston Seed Stage 100

Both Sides of the Table

AUGUST 24, 2015

When many venture investors are seeing their personal public portfolios tank it creeps into their business lives and creates an emotion that is less risk tolerant whether they’re aware of it or not. At least later stage investors. This could have an impact on later-stage valuations.

Stock 150

Stock Finance Marketing Valuation 150

The Equity Kicker

FEBRUARY 9, 2016

The consensus is definitely negative, but one thing that has buoyed my optimism about the prospects for our portfolio is the number of new funds raised in London recently. There’s been a lot of talk recently about what will happen to startup financing in 2016, including here on this blog.

Marketing 60

Marketing Institutional Investors Venture Capital Later Stage 60

A Crowded Space

MAY 18, 2017

The most effective investment strategy is a highly un-diversified portfolio when you are right.” – Jim Collins, From Good to Great. I recently appeared on TwentyMinute VC podcast and declared that highly concentrated portfolios are the best way to invest as a venture capitalist. What if the squirrel could see?

Seed Stage 60

Seed Stage Portfolio Venture Capital Valuation 60

Version One Ventures

SEPTEMBER 6, 2017

While I am close to conceding that it is perhaps too difficult to predict success at the seed stage, I think there is great potential for funds that invest at later stages or are exploring other ways to provide “capital as a service” (like my friends at S+C). So, what do we do at the seed stage?

Seed Stage 127

Seed Stage Later Stage Algorithm API 127

David Teten

JANUARY 21, 2021

V: Should you raise venture capital from a traditional equity VC or a Revenue-Based Investing VC? VI: Revenue-based financing: The next step for private equity and early-stage investment. If the company sells or raises enough capital, the investment converts into an agreed-upon percentage of equity.

Equity 78

Equity Revenue Cofounder Colorado 78

Up and Running

AUGUST 21, 2017

Historically, while unicorn startups rightfully garner a lot of media attention and interest throughout the venture capital (VC) community, smart investors have spread their money around among a large number of startups, both large and small. at around 27 million. Of that number, only 98 are currently considered unicorns.

Silicon Valley 86

Silicon Valley Venture Capital Valuation Later Stage 86