Agile VC

APRIL 17, 2011

Historically more revenue came from distribution/lead-gen (57% in 2007), but this tipped in 2008 though appears to be steady from 2009 to 2010 at about 58% advertising and 42% distribution. 166M round closed Dec 2007. Led by Accel (London) with participation by General Catalyst & Sequoia. Pre-money valuation was approx.

Pre-Money Valuation 113

Pre-Money Valuation Liquidation Preference Dividend Common Stock 113

Feld Thoughts

JUNE 20, 2014

In one case they referred to it as a growth fund. In the other case they referred to it as an opportunity fund. It was a $225 million fund, just like our other three $225 million funds raised in 2007, 2010, and 2013. We are equally happy to syndicate with one or two other VC firms.

Early Stage 147

Early Stage Later Stage Syndicate Syndication 147

Both Sides of the Table

APRIL 27, 2014

I started in 2007 with a thesis that my primary investment decision would be about the team (70%) and only afterward about the market opportunity (30%). You can’t reference check your way into a “yes.” I guess if you’re in high-volume, low-differentiation mode perhaps this is efficient for you. I don’t.

Cofounder 374

Cofounder Syndicate Syndication Early Stage 374

Feld Thoughts

JUNE 20, 2014

In one case they referred to it as a growth fund. In the other case they referred to it as an opportunity fund. It was a $225 million fund, just like our other three $225 million funds raised in 2007, 2010, and 2013. We are equally happy to syndicate with one or two other VC firms.

Early Stage 108

Early Stage Later Stage Syndicate Syndication 108

Feld Thoughts

JUNE 25, 2015

.” These deeply held beliefs tangibly define our values and give us a frame of reference to operate. ” Each of our funds is $225 million, we have four partners and no other investment staff, and we work out of the same office we’ve worked out of since we started in 2007.

Syndicate 70

Syndicate Syndication Limited Partner Finance 70

View from Seed

JANUARY 26, 2016

In the years immediately prior to the popularity of institutional seed investing (I’m using a time frame of 2002 – 2007), the early-stage financing landscape looked similar to the first segment of the chart. 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

Gust

OCTOBER 20, 2011

These anticipated outcomes were validated by “ Returns to Angels in Groups ” by Professor Rob Wiltbank in November 2007. Others have referred to this and similar methods as the Benchmark Method. In the end, such a portfolio might yield the angel investor a total return on investment of 25% per year or more.

Valuation 146

Valuation Pre-Money Valuation Intellectual Property Technical Review 146