Both Sides of the Table

OCTOBER 21, 2009

We meet to discuss trends in the industry and to find ways to work together to help with SoCal deal syndication – somethings that happens automatically on Sand Hill Road in NorCal due to proximity. Pure Digital to Cisco) but that even the 2nd largest will get much lover valuations. We feature a prominent speaker at every event.

Technical Review 241

Technical Review IPO Southern California Venture Capital 241

Agile VC

SEPTEMBER 15, 2011

Also portfolio management strategy has shifted a bit in recent years, and many large investors now evaluate at all risky assets together (US tech IPOs, Brazilian bonds, Chinese private equity, etc) rather than making discrete allocations to each bucket. The second tier of companies probably have to wait whether they like it or not.

IPO 100

IPO Marketing Silicon Valley Private Equity 100

Genuine VC

MAY 29, 2014

Yet even today, whether or not to take a (relatively) small check in a seed round syndicate from a multi-hundred million or even billion dollar fund is still a decision which takes quite a bit of consideration and sometimes consternation. So there is an element of (positive) selection bias in the larger VC syndicate cohort companies.

Syndicate 166

Syndicate Syndication Seed Stage Valuation 166

thebarefootvc

MAY 8, 2012

However, the reality is that I am building a portfolio of investments and, like Brad, I believe in being an active and helpful investor. If there is an opportunity to bring in a syndicate partner that will add exponential value, it would be foolish to not include them. This takes a lot of time.

Venture Capital 78

Venture Capital Syndicate Syndication Bandwidth 78

David Teten

SEPTEMBER 23, 2017

I’ve primarily seen quantitative analytic techniques used in origination , filtering , and in portfolio company recruiting , but technology can be used throughout the nine steps of the private company investing process: The 9 Steps of the Private Company Investing Process. 8) Accelerate portfolio company value. 9% (1 / 12).

Private Equity 60

Private Equity Venture Capital Equity Technical Review 60

Gust

JULY 12, 2012

I enjoyed giving a short interview on BBC radio the following morning, after which a dozen Halo members participated in a workshop I led on portfolio strategy and post-investment relationships. On Wednesday, April 18th, I gave a keynote speech on US Startup Valuation Trends for the 1st Irish Angel Meetup.

Community 121

Community Estonia Ireland Finland 121

David Teten

JANUARY 19, 2021

Yes, via conversion rights at a valuation cap. Yes, via conversion rights at a valuation cap. Seed-stage compatible: Like traditional equity VC investors, Flexible VCs accomodate early-stage investment risk within their portfolios better than a traditional RBI funder. Flexible VC: Compensation-based. Flexible VC: Blended Return.

Cofounder 78

Cofounder Technical Review Equity Dividend 78

Gust

OCTOBER 20, 2011

In 2011, the valuation of pre-revenue, start-up companies is typically in the range of $1.5–$2.5 Active angels invest in a diversified portfolio of 10 or more companies, usually spreading their investments over a few years. 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

View from Seed

JUNE 10, 2020

The dynamics for participation in the next round’s fundraise syndicate is complex, and many accelerators (and VCs) obfuscate their intentions for self-serving interests. We proactively look to build friendly syndicates for our Seed investments, and welcome collaborating to build together.

Cofounder 177

Cofounder Syndicate Syndication Alabama 177

Feld Thoughts

DECEMBER 10, 2014

The number of companies I’ve heard of (mostly outside our portfolio) who are “getting ready to raise money in Q1″ is a very long list. We are syndication agnostic and are happy to continue to finance strong, later stage companies in our portfolio with or without new co-investors.

Later Stage 142

Later Stage Syndicate Syndication Portfolio 142

Both Sides of the Table

APRIL 27, 2014

But they are also a tax on your time with portfolio companies, looking for new investments, running your shop and honestly they are a tax on your family life. If we got an offer to raise $25 million to grow would she take it or be too worried about exit price, dilution, valuation expectations, etc. I don’t.

Cofounder 374

Cofounder Syndicate Syndication Early Stage 374

This is going to be BIG.

MARCH 3, 2014

There are a few obvious investors with great track records of repeat success, but when''s the last time you really tried to value an investor''s portfolio. At what valuation? Would the entrepreneur enthusiastically include them in the syndicate of their next venture? They raised more money, but when? How long ago?

Syndicate 124

Syndicate Syndication Venture Capital Valuation 124

View from Seed

AUGUST 20, 2014

how large an exit they prefer to see), portfolio strategy, etc. If the company is doing really well, the VC will have an incentive to try to do more of the next round at perhaps not the highest possible valuation. It should be noted however that some angels belong to syndicates that allow them to speak for larger amounts of capital.

Startup 301

Startup Syndicate Syndication Boston 301

Rob Go

JANUARY 7, 2013

This is why I’ve made a habit of profiling our portfolio quantitatively and why we write summaries announcing pretty much all of our new investments. So, here is our annual quantitative summary of our portfolio. A Stroll Through Our Portfolio. Syndicate Composition: NextView + Seed Funds + Angels: 9. Commerce: 5.

Portfolio 49

Portfolio Seed Stage Cofounder B2B 49

David Teten

DECEMBER 3, 2019

However, in private markets, there is more room to optimize across all 11 steps of the investing process: firm management , marketing, fundraising , origination , manage relationships, due diligence, negotiation, monitoring, portfolio acceleration , reporting, and. If you have one, please contact me. 7) Negotiate .

Technical Review 78

Technical Review Software Review Analytics Private Equity 78

Agile VC

FEBRUARY 28, 2012

Startups in NextView’s portfolio frequently receive inbound interest from other VC investors who are intrigued about what they’re doing, and I often talk with other early-stage entrepreneurs how to approach similar situations. AGILEVC My idle thoughts on tech startups. February 28, 2012. What’s Your Favorite Future?

Early Stage 100

Early Stage Syndicate Syndication Silicon Valley 100

Rob Go

MARCH 10, 2012

Valuation Discipline. We have a pretty strong sense of what realistic valuation ranges are and aren’t for seed stage companies. We try to maintain a pretty steady investment pace each year, although it tends to ebb and flow a little bit based on our deal flow and valuations in the market. Syndicate diversification.

Seed Stage 49

Seed Stage Syndicate Syndication Marketing 49

Rob Go

SEPTEMBER 2, 2014

I’ve seen a few cases now where a number of very high-quality institutional investors were interested in investing in a company at valuation, but a non-institutional investor was willing to set terms 1.5 – 2X higher than that valuation. The institutions walked, but the round got done. Alternative funding sources.

Cram Down 66

Cram Down Institutional Investors Dilution Seed Stage 66

Pascal's View

NOVEMBER 1, 2008

 We had an engaging and candid conversation, which included fielding questions from audience members including  Laurie Yoler, Managing Director of GrowthPoint Technology Partners. We reviewed director legal responsibilities and fiduciary duties and noted some common board misalignments: 42in;text-indent:-.42in;text-align:left;direction:ltr;unicode-bidi:embed;

Vertical 28

Vertical Syndicate Syndication Forecast 28

Cracking the Code

DECEMBER 9, 2006

Done deal: after a quick syndication with the kitchen team (their job was at stake, so they were easy to convince.), Detailed SaaS Spreadsheet (Valuation and CAC benchmark). SaaS 13 Index Valuation. Portfolio. (3). we bought a $4 measuring spoon with an expected return of 1,000 times in the coming year. My Investments.

Software Review 48

Software Review Technical Review Europe Venture Capital 48

View from Seed

JANUARY 28, 2016

This is the best time to fundraise because that’s when you are able to command a meaningfully higher valuation for your next round to minimize your own dilution. As a founder, you and your team are building value every day, but there are certain step-function moments where the value creation significantly increases.

Cofounder 120

Cofounder Finance Founder Syndicate 120

Professor VC

JULY 25, 2013

Yes, there are a number of cases in the middle where having a senior or participating preference does make a difference in liquidation proceeds, but I argue that it does very little to overall returns in a diversified portfolio. AngelList (which I remain a big fan) also recently launched a syndicate program.

Term Sheet 46

Term Sheet Silicon Valley Syndicate Syndication 46

Both Sides of the Table

APRIL 3, 2010

Third, he notes that even if they do invest they’re likely to do so at a lower price because you can’t truly get an independent valuation. Their entrepreneurs are evangelical about how great it is to be part of True’s portfolio. .&# This is true and does happen. I’m sure this happens, too. Great reputation.

Venture Capital 265

Venture Capital Term Sheet Early Stage Silicon Valley 265

Tim Keane

APRIL 12, 2006

Can you get references from their portfolio companies? valuation than the previous round. If the investors ideal size is smaller than your need, you ought to ask about syndication. If they don’t like to syndicate, or don’t have a track record of doing it, you will want to consider your options. past round one.

Entrepreneur 60

Entrepreneur Valuation Sweat Equity Common Stock 60

Pascal's View

AUGUST 22, 2009

It accurately points out that, when it comes to IPOs, many venture capitalists have mistakenly defaulted to choosing the large investment banks (such as Goldman Sachs, Morgan Stanley, and Credit Suisse) as lead underwriters for their portfolio companies.

IPO 40

IPO Merger Institutional Investors Venture Capital 40

Rob Go

JANUARY 28, 2016

This is the best time to fundraise because that’s when you are able to command a meaningfully higher valuation for your next round to minimize your own dilution. This is why we typically recommend not building a huge syndicate during a pre-seed — you want everyone involved to be on the same page around what success does or does not look like.

Cofounder 28

Cofounder Finance Founder Syndicate 28

Hunter Walker

NOVEMBER 30, 2022

Even with aggressive recycling, the average fund doesn’t have capital available to support every portfolio company through every round. So the follow-on support that went into a later write-down came at the expense of other companies in the portfolio, some of whom would have been more accretive to the fund. Disappearing TVPI. “It

Vertical 48

Vertical LP Syndicate Syndication 48

Austin Startup

AUGUST 1, 2017

This is most clearly highlighted in the “unicorn” boom we all saw over the past few years, where founders raised very large rounds, with terms very onerous to the underlying common stock, hoping they could eventually justify billion dollar valuations to skeptical acquirers or public market investors. Angels/Seed Funds v.

Liquidation Preference 48

Liquidation Preference Common Stock Valuation Silicon Valley 48

David Teten

NOVEMBER 15, 2013

At my firm, ff Venture Capital, we’re trying our part to rethink how the industry works, and also actively looking for opportunities to invest in companies creatively disrupting this sector, e.g., our portfolio companies Addepar and Indiegogo. However, the asset management industry collectively plays a near-zero-sum game.

Management 114

Management Pre-Money Valuation Venture Capital New Hampshire 114

Hippoland

SEPTEMBER 17, 2017

I know that some investor down the road is going to be enamored with the team’s resume and will pick that team up at a higher valuation and fund them. In fact, I’ve seen this happen over and over with my portfolio companies who have pedigree – even with the teams that are not able to execute well!

Silicon Valley 48

Silicon Valley Syndicate Syndication Angel Investor 48

Hippoland

SEPTEMBER 17, 2017

I know that some investor down the road is going to be enamored with the team’s resume and will pick that team up at a higher valuation and fund them. In fact, I’ve seen this happen over and over with my portfolio companies who have pedigree – even with the teams that are not able to execute well!

Silicon Valley 48

Silicon Valley Syndicate Syndication Early Stage 48

Agile VC

FEBRUARY 9, 2012

A lot of times you hear VCs talk about their sourcing in raw numbers… “we saw X opportunities in 2011 and invested in [small fraction of X]“ But ultimately “good” dealflow is about signals – large amplitude, high signal to noise ratio, and enough strong signals on an absolute basis to build a portfolio.

Seed Stage 100

Seed Stage Framework Silicon Valley Early Stage 100