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The Twenty Year Itch: My Last VC Investment Out of Brooklyn Bridge Ventures

This is going to be BIG.

I understand that now, being an investor in companies that have over 100 employees, closing in on $100mm run rates, where it’s been a long time since I was a Board Observer and most of their interaction is with the bigger, later stage investors that came after me.

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Kindred Spirits – Our Investment In Founder Collective

Feld Thoughts

We know many firms that build portfolios with great logos by buying into companies at later stages and higher valuations. FC’s portfolio is made up exclusively of seed stage investments at seed valuations. When Union Square Ventures’ 2004 fund was on fire, Fred and Brad raised their next fund at the same size.

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State of VC 2.0

View from Seed

One thing that jumps out quickly is that TVPI between 2004-2010 (avg 2.6x) has underperformed 2011-2017 (avg 3.0x). Early-stage valuations are up 70%, and late-stage valuations are up 103% (source Pitchbook ). But what do we see from some of the more recent (but mature) vintages? Was this a lost decade for venture capital?

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State of VC 2.0

View from Seed

One thing that jumps out quickly is that TVPI between 2004-2010 (avg 2.6x) has underperformed 2011-2017 (avg 3.0x). Early-stage valuations are up 70%, and late-stage valuations are up 103% (source Pitchbook ). But what do we see from some of the more recent (but mature) vintages? Was this a lost decade for venture capital?

Valuation 295
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The Opportunity / Growth Fund Trend

Feld Thoughts

USV has done a magnificent job of investing in later stage rounds of their existing portfolio companies as well as later stage rounds of companies that fit tightly within their investment thesis. We decided to drop the second half of that strategy as we didn’t want to spend time being late stage investors.

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The Stock Dive: How I Learned to Stop Worrying and Love the Market

This is going to be BIG.

Even after the worst period for VC in history—VC funds were back to market in 2004, no more than four years after the crash, right in line with the historical pace to get back at the game of investing. VCs need to invest to make their returns—and eventually, they’ll want to raise the next fund to layer more fees upon more fees.

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The Opportunity / Growth Fund Trend

Feld Thoughts

USV has done a magnificent job of investing in later stage rounds of their existing portfolio companies as well as later stage rounds of companies that fit tightly within their investment thesis. We decided to drop the second half of that strategy as we didn’t want to spend time being late stage investors.