venture capital

  • 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

  • “I Want to Meet a Partner!"

    Over the years I’ve heard many legitimate gripes from entrepreneurs about the way venture capital firms treat them while fundraising. I must confess an imperfect record of courtesy myself, though I do try to be respectful, and to incorporate feedback. For example, I once resolved never to keep entrepreneurs waiting long for me in our lobby, and I think I live up to that. But I often hear… Read More

  • The Top 10 VC Firms, According To InvestorRank

    The Top 10 VC Firms, According To InvestorRank

    Any seasoned investor knows that past performance is not indicative of future returns. That is as true with public stocks as it is with venture capital firms. But if someone were to ask you to rank the top VC firms today based on their probability of success, how would you do it? Remember, looking at past returns won’t help you. Chris Farmer, a VC at General Catalyst Partners, has come… Read More

  • Cleantech Investor Raj Alturu Moves From DFJ To Silver Lake Kraftwerk

    On Thursday, Raj Atluru announced that he was stepping down as a managing director with Draper Fisher Jurvetson, where he served as a key cleantech investor since 2001. He will join a private equity group that invests in later-stage clean energy companies, Silver Lake Kraftwerk, which was formed earlier in 2011 by Silver Lake Partners and Soros Fund Management, led by Adam Grosser. Atluru… Read More

  • U.S. Venture Funds Raised $7.7 Billion In First Quarter, Highest Influx In A Decade

    U.S. venture capital firms raised more money last quarter than in any period since 2001. The total raised for new funds was $7.7 billion, according to Dow Jones LP Source. The capital going into VC funds was up 97 percent from a year ago, when they raised $3.9 billion. (Venture capital funds benefited from an overall influx of money into U.S. private equity funds overall, which attracted… Read More

  • Andreessen Horowitz Announces Yet Another Growth Fund of $200M

    I guess $1 billion under management just wasn’t enough. Andreessen Horowitz has just announced a new growth fund of $200 million. The fund with co-invest alongside the firm’s most recent $650 million fund, providing more capital for the kinds of late stage deals that have been raging in the Valley of late. (Check out our three part series on the trend here, here and here.) That… Read More

  • How We All Missed Web 2.0's "Netscape Moment"

    How We All Missed Web 2.0's "Netscape Moment"

    (Editor’s note: This is the third installment in a series about the late stage, secondary investing craze sweeping the venture capital business. For the first two installments go here and here.) On May 26, 2009 Mike sat down with Yuri Milner, Mark Zuckerberg and a Flipcam to talk about the then-scandalous $200 million investment DST made in Facebook, at a price that valued the company… Read More

  • 9 Women Can’t Make a Baby in a Month

    9 Women Can’t Make a Baby in a Month

    Editor’s Note: This is a guest post by Mark Suster (@msuster), a 2x entrepreneur, now VC at GRP Partners. Read more about Suster at Bothsidesofthetable I’m a very big proponent of the “lean startup movement” as espoused by Steve Blank & Eric Ries. The part of the movement that resonates the most with me is that entrepreneurs should keep their capital… Read More

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