This is going to be BIG.

MAY 5, 2023

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. Consider this.

Later Stage 218

Later Stage Venture Capital Term Sheet Limited Partner 218

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). Early-stage valuations are up 70%, and late-stage valuations are up 103% (source Pitchbook ). The chart below illustrates this, with the black vertical line representing the average VC return.

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). Early-stage valuations are up 70%, and late-stage valuations are up 103% (source Pitchbook ). The chart below illustrates this, with the black vertical line representing the average VC return.

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). Early-stage valuations are up 70%, and late-stage valuations are up 103% (source Pitchbook ). The chart below illustrates this, with the black vertical line representing the average VC return.

Valuation 156

Valuation Pre-Money Valuation Distribution Early Stage 156