Feld Thoughts

JUNE 20, 2014

It was a $225 million fund, just like our other three $225 million funds raised in 2007, 2010, and 2013. 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.

Early Stage 147

Early Stage Later Stage Syndicate Syndication 147

View from Seed

SEPTEMBER 14, 2021

Building off Rob’s original post, let’s continue to look at the 2007 vintage. Early-stage valuations are up 70%, and late-stage valuations are up 103% (source Pitchbook ). Seed investors are being compensated for the risk because later-stage investors are paying higher prices, and diluting early-stage investors less.

Valuation 156

Valuation Pre-Money Valuation Distribution Early Stage 156

Feld Thoughts

JUNE 20, 2014

It was a $225 million fund, just like our other three $225 million funds raised in 2007, 2010, and 2013. 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.

Early Stage 108

Early Stage Later Stage Syndicate Syndication 108

Feld Thoughts

JULY 30, 2015

In 2007 we raised our first fund – Foundry Venture Capital 2007. We subsequently raised a $225 million fund in 2010 , another one in 2013 , and a late stage fund in 2013. Our investment strategy has been unchanged since we raised our first fund in 2007. Burlington, and Phoenix.).

Minneapolis 70

Minneapolis Phoenix Portland Syndicate 70

View from Seed

JANUARY 26, 2016

With that in mind, let’s look at an illustration of these trends below, which demonstrates what’s been happening to early-stage financing rounds over the last 15 years or so. I used 2007 as the marker to delineate this, but the trend probably started a bit sooner.).

Seed Stage 120

Seed Stage Early Stage Cofounder Finance 120

The Equity Kicker

FEBRUARY 9, 2016

With this slide he’s explaining that in 2006-2007 investments into startups were equal to the funds raised by VCs, implying that only minimal amounts of non VC cash was invested in startups, but by 2014/2015 the situation had changed dramatically.

Marketing 60

Marketing Institutional Investors Venture Capital Later Stage 60

Both Sides of the Table

MAY 25, 2013

But the larger funds usually have lower returns because they are often investing bigger dollars at later stages with less risk and therefore lower returns. As you can see in this Cambridge Associates data, early-stage investing beat later stage investing in returns in 70% of the past 30 years. Yeah, true.

LP 374

LP Later Stage IRR Term Sheet 374

Both Sides of the Table

JUNE 28, 2010

He says they are just as selective on seed investments as they are in later stage deals. Founded 2007 in Boulder, CO. Simple: according to Mike Polaris has followed on nearly every seed investment that they’ve done. And Mike believes that entrepreneurs often need less capital to get started these days.

San Francisco 230

San Francisco Los Angeles Cofounder SMS 230

Altgate

DECEMBER 16, 2010

A few things jumped out at me: We all know that software companies get the lion’s share of dollars (about half), but it’s impressive to see how consistent the investing is from early stage $1-2 million rounds to late stage $10-15 million rounds. Not sure how to explain that.

Liquidation Preference 59

Liquidation Preference Early Stage Venture Capital Later Stage 59

K9 Ventures

JUNE 5, 2015

As the check size increases, investors tend to look for more traction, established revenue models, proven unit-economics, and other metrics that were previously associated with later stage companies. Several of these micro-VCs have almost slipped into this form of thinking, often without even realizing it.

Seed Stage 48

Seed Stage Venture Capital Early Stage Valuation 48

Both Sides of the Table

SEPTEMBER 14, 2010

But if 2011 & 2012 look more like 2008-2009 than 2010 or 2005-2007 then one of the most important skills of angel investors will be whether they can get their companies financed (or ramen profitable, but this is harder to sustain over a long period of time). and now they’re all buying their way into innovation and talent.

Angel Investor 152

Angel Investor Cap Table Early Stage Deal Flow 152

Altgate

MARCH 8, 2009

There are three types of venture investing (early stage, “growth&# stage and later stage. Early stage means the first real investors in a startup when the team could be as small as 5-10 people. So in the current collapse, the later stage investors will fare the best, or should I say least worst.

Later Stage 34

Later Stage Early Stage Venture Capital Portfolio 34

Ben's Blog

APRIL 7, 2021

local/state QSBS) to encourage high-risk, early-stage investing. Later-stage capital of course ultimately matters, but that capital can be “borrowed” from players in other states at the right time (and even countries; capital is global after all). Federal government The U.S.

Silicon Valley 36

Silicon Valley Non-Compete San Francisco Government 36

aweissman.com

JULY 24, 2007

Jul 24, 2007. It is about the fact that while venture funding statistics show larger funds and more later stage investing, there are still a wealth of early ventures being formed, and getting funded. skip to main | skip to sidebar. aweissman.com. Maximizing the serendipity around you. Seed Investing.

Later Stage 20

Later Stage New York Naming 20

www.mint.com

MARCH 9, 2010

This is a very good excercise, and will make it much easier for me to explain the idea to potential investors at a later stage. This forces me to rethink and explain it to her in plain Norwegian (English in your case). 1 like Mackeran 448 days ago I read a few topics. I respect your work and added blog to favorites.

Software Review 68

Software Review Startup Post-Money Valuation Technical Review 68

K9 Ventures

MAY 14, 2011

Given the craziness in the market at the seed stage and the lack of good Series A / Series B investment opportunities for a couple of years between 2007-2009, several of the institutional venture funds have tried to move ”downstream” to do more seed and angel stage deals. The cycle will continue, as it inevitably does.

Preferred Stock 125

Preferred Stock Seed Stage Incubator Early Stage 125

David Teten

FEBRUARY 3, 2014

The funds with sophisticated non-venture center outbound origination programs were almost all able to raise funds equal or larger than their preceding fund in the economically challenging period 2007-2010. Summit Partners and TA Associates have leveraged their origination programs to move into later stage buyouts.

Private Equity 114

Private Equity Venture Capital Technical Review Equity 114

Feld Thoughts

DECEMBER 9, 2015

We were clear at that point that we wanted to continue to make early stage investments through a new Foundry Group fund, which we subsequently raised in the middle of 2015 and started investing at the end of the year. At the same time we discussed our later stage investment strategy.

Later Stage 70

Later Stage Early Stage Advisory Board Deal Flow 70

Both Sides of the Table

FEBRUARY 14, 2016

You’ll see here that in 2007 people were willing to pay 7.7x So the multiples paid by publics matter and when they drop, the late-stage markets drop, too. And down rounds might favor later-stage investors over earlier-stage investors who get wiped out. This corrected only to go back up to 13.4x

Valuation 150

Valuation Down Round Startup Later Stage 150

VC Adventure

DECEMBER 9, 2015

We were clear at that point that we wanted to continue to make early stage investments through a new Foundry Group fund, which we subsequently raised in the middle of 2015 and started investing at the end of the year. At the same time we discussed our later stage investment strategy.

Later Stage 48

Later Stage Early Stage Advisory Board Deal Flow 48

Duct Tape Marketing

JANUARY 4, 2023

I mean, even when I was in grad school in 2007, it was never that low. They want a path to grow themselves. They want, obviously we want to earn, but people wanna be engaged, you know? And you know what you actually, you see and feel not only inflation, but also the currency, uh, fluctuation. You know, in London it's like 1.15 to the dollar.

SEO 87

SEO Audience Channel Campaign 87

Duct Tape Marketing

SEPTEMBER 22, 2022

I mean, even when I was in grad school in 2007, it was never that low, you know, it's like, it hasn't been that low in, in 30 years or something. They want a path to grow themselves. They want, obviously we want to earn, but people wanna be engaged, you know? to the dollar. So, so there are different dynamics about the global economy.

SEO 84

SEO Channel Campaign Audience 84

Both Sides of the Table

MARCH 1, 2010

I had an offer to sell my company to Salesforce.com in 2007. Some people assert that the later stage investors didn’t make a high enough return. I had an offer to sell my company to Salesforce.com in 2007. Some people assert that the later stage investors didn’t make a high enough return.

Entrepreneur 321

Entrepreneur Warrant Silicon Valley Early Stage 321