Both Sides of the Table

JULY 23, 2014

The rise of “micro VCs” or seed-stage funds. At the other end of the spectrum large funds have gotten even larger in the past few years which has massively increased the amount of consolidation in our industry as 66% of LP money into venture is now concentrated in late-stage or full-cycle VCs. Why is this?

Technical Review 398

Technical Review Venture Capital Valuation Pre-Money Valuation 398

Hunter Walker

APRIL 24, 2017

Folks outside of seed stage venture often think “winning” deals is the most important part of being a great investor, but I’d argue it’s “seeing” the best opportunities that’s actually the strongest indicator of future fund success.

Cap Table 71

Cap Table LP Seed Stage Vertical 71

View from Seed

MAY 29, 2019

Many of us in the seed stage ecosystem have noticed a shift in the way seed rounds are coming together. Historically, seed rounds were syndicated among several different firms. They are also increasingly focused on “leading” rounds, because funds that are institutionalizing get LP pressure around whether or not they lead.

Syndicate 267

Syndicate Syndication Cofounder Cap Table 267

Genuine VC

OCTOBER 11, 2011

I hypothesized that, “Perhaps a contrarian statement in this environment: but even though there’s been a dip in fund size due to broad economic factors and LP appetite, it wouldn’t surprise me if the truly top firms raise even larger funds over the coming decade.” More brewers = more sources of capital.

Venture Capital 150

Venture Capital Seed Stage Entrepreneur LP 150

Both Sides of the Table

OCTOBER 18, 2015

I spoke last week at the annual Cendana VC/LP conference. Too much capital will be allocated to this channel relative to its value until the next down turn when many unsophisticated investors will be burned or until the SEC begins to crack down on the less reputable platforms or investors in these platforms.

IPO 150

IPO Venture Capital LP SEC 150