Jacob Sonnenberg

Contributor

Jacob Sonnenberg is a portfolio manager at Irving Investors and runs Irving’s Technology and Consumer Crossover Fund.

Jacob Sonnenberg

IPOs today are getting outsized attention and interest — and we haven’t even broken the seal with venture-backed tech companies yet.

What are public market investors looking for in IPOs?

Capital markets are changing, which means financing options for companies are changing as well.

Investors prefer debt over equity (but not venture debt)

If you are growing slower than 30%, there is a strong chance that you will never be able to match your 2021 valuation.

You’re not going to grow into your 2021 valuation

Crossover funds and VCs have been watching from the sidelines — capital deployment is in somewhat of a “wait and see” mode.

Investors are sitting on mountains of cash: Where will it be deployed?

We speak with about 200 private companies every quarter, and the vast majority of our conversations over the last three months have revolved around one question: What am I worth…

What am I worth now?

For the last decade, private company executives have all asked us the same question: “Do public market investors prefer profitability or growth?”

For the first time in 4 years, profitability beats growth