venture capital

  • Sh#t VCs Say: “Have You Ever Tried Kiteboarding?”

    Following in the tradition of “Shit Silicon Valley Says” and other Shit ______ Says memes, August Capital’s David Hornick has made “Shit VCs Say.” There are some gems in here, including: Read More

  • Ben Horowitz: “It Took About 3 Weeks” To Raise Our $1.5 Billion Fund

    Ben Horowitz: “It Took About 3 Weeks” To Raise Our $1.5 Billion Fund

    Andreessen Horowitz is definitely killing it these days. The unconventional VC firm founded by Marc Andreessen and Ben Horowitz is less than three years old, but just raised its third fund. The amount raised: $1.5 billion. That puts Andreessen Horowitz in the rarified realm of only a handful of VC firms with funds of that size. And how long did it take to raise all that money? “It took… Read More

  • Jeff Clavier’s SoftTech VC Raises $55 Million For Fund III

    Jeff Clavier’s SoftTech VC Raises $55 Million For Fund III

    The micro-VCs are growing up. Case in point: Jeff Clavier, who started out as an angel investor backing Web 2.0 companies and then transitioned his portfolio into a more formal venture firm, SoftTech VC. Clavier just finished raising a total of $55 million for SoftTech’s third fund. SoftTech’s main focus is on three areas: mobile, next-generation e-commerce, and cloud-based services. Read More

  • Things Entrepreneurs Should Avoid When Raising Capital

    Things Entrepreneurs Should Avoid When Raising Capital

    Alright, in my last post I argued that bootstrapping is just as over-rated as raising venture capital. But for those who decide to pursue fundraising, here are some things entrepreneurs should avoid when raising capital. For all of the talk about how much excess capital there is, it’s actually hard to raise capital because very few projects fit the VC profile—even though many… Read More

  • Sean Parker And Shervin Pishevar At Le Web: “If You Don’t Fail, You Haven’t Tried Hard Enough” (Video)

    Sean Parker And Shervin Pishevar At Le Web: “If You Don’t Fail, You Haven’t Tried Hard Enough” (Video)

    Last week at Le Web, Alexia interviewed Sean Parker and Shervin Pishevar onstage in what turned out to be one of the most-buzzed about sessions. Here is the full video for your weekend watching pleasure. It’s a great discussion that ranges across the state of startups, venture capital, music, and politics . Parker bemoans the surplus of venture capital  for its effect of diluting the… Read More

  • Bullpen Capital's Duncan Davidson on the Lean Finance Model

    The Lean Finance Model Of Venture Capital

    The venture capital industry is going through a ton of disruptions lately. One of the better explanations I’ve heard recently of what is going on comes from Duncan Davidson, a managing partner at Bullpen Capital who gave a great talk on the subject at TechCrunch Tokyo last week. I interviewed him backstage on video, where he summarized his views. Just as there are now legions of… Read More

  • Saul Klein on Europe's Billion-Dollar Startups

    Saul Klein’s List Of Europe’s Next Billion-Dollar Tech Companies

    Where will the next billion-dollar startups come from? The tech world and most VCs tend to be parochial, looking at Silicon Valley, maybe New York, and a few other hot markets like China and Brazil. But what about the Old Country? Yesterday, I was having coffee with Saul Klein, a partner at Index Ventures and co-founder of Seedcamp. He believes that in every major city across Europe… Read More

  • Breyer: “It Is The Best Time Over The Past Decade To Be An Entrepreneur”

    Breyer: “It Is The Best Time Over The Past Decade To Be An Entrepreneur”

    In Part III of my interview with Accel partner Jim Breyer, we get into the disruptions occurring in the venture capital industry itself with the abundance of angel money and the impact that is having on traditional VC firms. In the video interview above, I ask him whether he thinks there is a Series A Crunch. “I don’t think there is,” he states, echoing what Paul Lee has… Read More

  • Jim Breyer on the Future of Media Companies

    Jim Breyer Doesn’t Think More IPOs Are The Answer

    In this video interview, I ask VC Jim Breyer what he thinks about the current IPO market and whether he agrees with Steve Case, who argues that we need more IPOs to create more jobs—“90% of job growth is after a company goes public.” Breyer disagrees with Case that IPOs are the answer. At About the 2:35 mark, he says that the IPO process could be made a little bit easier… Read More

  • Calling Bullshit On The Series A Crunch

    Calling Bullshit On The Series A Crunch

    A lot has been written about the Series A Crunch.  The gist of the argument is that the number of seed financings have gone up (with the advent of incubators such as Y-Combinator, TechStars, and Excelerate, as well as a new generation of Super Angels, who may or may not be hanging out at Bin 38), but the number of Series A financings have remained relatively steady.  Ergo, the percentage… Read More

  • VC Dollars Rise 84 Percent In China, As They Slide In Europe

    VC Dollars Rise 84 Percent In China, As They Slide In Europe

    As is abundantly clear from all the entrepreneurial activity on display at TechCrunch Disrupt Beijing, China is growing as a startup center.  In the third quarter of 2011, $1.3 billion in venture capital poured into China, up 84 percent, according to Dow Jones VentureSource. At the same time, VC dollars slid 12 percent in Europe to almost exactly the same amount: 951 million Euros or $1.3… Read More

  • Andreessen Horowitz Joins The Start Fund To Seed YC Companies

    Andreessen Horowitz Joins The Start Fund To Seed YC Companies

    At the beginning of the year, super investors Ron Conway and Yuri Milner created the controversial Start Fund to invest in every new Y Combinator startup. They offered each YC startup to graduate from Paul Graham’s rigorous selection process $150,000 in an uncapped convertible note with no discount. Some venture capitalists didn’t like the precedent this set. But at least one… Read More

  • What Cash Crunch?  Khosla Ventures Closes Another $1 Billion Fund

    What Cash Crunch? Khosla Ventures Closes Another $1 Billion Fund

    There may or may not be a cash crunch in Silicon Valley, but if you are Vinod Khosla you don’t have to worry about it. His venture firm Khosla Ventures just closed a new $1 billion fund (Khosla Ventures IV), which we first reported was in the works last May. (He raised $1.05 billion, to be exact). His portfolio is half cleantech and half Internet/mobile, and he plans on keeping it… Read More

  • Understanding How Dilution Affects You At A Startup

    Understanding How Dilution Affects You At A Startup

    Everybody knows that when you raise money at a startup your ownership percentage of the company goes down. The goal is to have the value of the startup go up by enough that you own a smaller percentage of a much larger business and therefore your total personal value goes up. The simplest way to think about this is: If you own 20% of a $2 million company your stake is worth $400,000. If you… Read More

  • VCs Weigh In On What It Takes To Be A Successful Investor

    VCs Weigh In On What It Takes To Be A Successful Investor

    Today at TechCrunch Disrupt, five VCs gathered to talk about the state of investing in Silicon Valley and what skills and qualities make a successful venture capitalist. James Slavet of Greylock, Joe Kraus of Google Ventures, Shervin Pishevar of Menlo Ventures, George Zachary of Charles River Ventures, and Rich Wong of Accel Partners each weighed in on how venture capitalists are trying to make… Read More

  • Don’t Follow The Crowd

    Don’t Follow The Crowd

    Editor’s note: Jules Maltz is a General Partner at Institutional Venture Partners (IVP), a late-stage venture capital firm based in Menlo Park. You can follow him on Twitter @julesmaltz. Whenever I’m about to make a new investment, I always think about the 2×2 matrix I learned from Andy Rachleff, a former partner at Benchmark Capital. The idea is that if you make a new… Read More

  • The Series A Squeeze

    The Series A Squeeze

    Series A financings are on the decline. They peaked at 283 in 2007 and are on pace to barely crack 100[1] this year (all data is from CrunchBase through the end of June—it is imperfect but the best I’ve got, see chart).  They’ve also declined in relative terms, representing nearly 40% of all equity financings in 2006, and less than 20% year to date. I believe there are two… Read More

  • More Evidence There’s No Bubble: VC Investments Were Flat in Q2

    More Evidence There’s No Bubble: VC Investments Were Flat in Q2

    Dow Jones VentureSource released its second quarter numbers for the venture industry today, and there’s a reason they’re not dominating the headlines. They’re pretty boring: Overall investors put $8 billion into 776 deals in the US in the second quarter, a decrease of 5% in terms of invested cash and 2% in terms of deals. The median amount raised per deal was $5.2 million… Read More

  • Raising The Most Money Doesn't Mean Your Company Will Become The Most Valuable

    One of my favorite recent blog posts is Seth Godin’s “Getting funded is not the same as succeeding.”   Whether or not we’re in a bubble, it’s a sign of the times that this post has to be written in the first place.   As Josh Elman tweets, we’ve gone from RIP Good Times to funding a grilled cheese company in less than three years (Sequoia was involved in… Read More

  • Study: VCs Still Addicted To IPOs

    It seems that Venture investors are none-too-happy with current IPO activity. According to a study sponsored by Deloitte and the National Venture Capital Association released yesterday, over 80 percent of venture capitalists from around the globe believe “that current IPO activity levels in their home countries are too low”. Low enough, in fact, that it has investors worrying… Read More

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