• Killing technology innovation in the public markets Crunch Network

    Killing technology innovation in the public markets

    In 2004, Google finally went public in a long-awaited offering that lit the public markets on fire. But Google’s S-1 filing was probably as unusual as anything the technology markets had ever seen: The company promised to not deliver quarterly guidance to investors, and instead promised to invest over the long term to preserve the culture of innovation that the company so fiercely protected. Read More

  • Twilio opens trading at $23.99 per share

    Twilio opens trading at $23.99 per share

    Twilio is now trading on the New York Stock Exchange under the ticker symbol TWLO. It started trading today about an hour after the NYSE opened, at a price or $23.99 per share. That’s nearly 60 percent above its IPO price of $15. And the price is still climbing. If the stock continues to do well, that could be good news for tech companies and investors, who are likely hoping that a… Read More

  • Twilio’s IPO festivities will include live coding from the New York Stock Exchange

    Twilio’s IPO festivities will include live coding from the New York Stock Exchange

    There are plenty of reasons to keep an eye on Twilio‘s initial public offering, like whether or not it will open the door for more tech IPOs. Here’s a small-but-fun one: The company has organized a live coding event from the New York Stock Exchange. Tomorrow morning, Twilio will bring three developers to the NYSE floor, where they’ll be trying to build as many apps as they… Read More

  • 2015 IPO Scorecard: How Box, Square, Fitbit And Others Stacked Up

    2015 was not a good year for IPOs. In fact, it was the worst year for tech IPOs since the financial crisis in 2009, with more and more startups opting to remain private longer. Stock market swings stemming from an oil crisis and a delayed interest rate decision meant that some companies in the pipeline decided to postpone their IPO until 2016.  “Investors in the market were looking… Read More

  • Wayfair and HubSpot IPOs Could Be Just The Beginning For Boston Startup Scene

    Wayfair and HubSpot IPOs Could Be Just The Beginning For Boston Startup Scene

    While Silicon Valley firms hold back on their IPOs and there’s hand-wringing over burn rates, two Boston-based startups had highly successful IPOs less than a week apart. Just over a week ago, furniture shopping service Wayfair went public and raised over $300M in its IPO, then HubSpot had a successful IPO of its own a week later. I think it’s safe to say the Boston startup scene… Read More

  • The Market Welcomed Tech IPOs Last Week, Even As Industry Giants Slipped

    The Market Welcomed Tech IPOs Last Week, Even As Industry Giants Slipped

    Friday was a busy day for tech companies on Wall Street, with GrubHub, Five9, and IMS Health going public on the same day. It went well: GrubHub spiked 30.77%, Five9 9.14%, and IMS Health 15%. A good crop, you could say. On the other end of the stick, a number of young-ish, but already public technology companies took it on the nose: Facebook fell 4.61% on Friday, while Twitter gave up… Read More

  • Ad-Tech Company Rocket Fuel Nearly Doubles Stock Price In First Day Of Public Trading

    Ad-Tech Company Rocket Fuel Nearly Doubles Stock Price In First Day Of Public Trading

    Rocket Fuel’s first day of public trading seems to have lived up to the company’s name. The ad-tech firm revealed its intentions to go public last month, and last night sold 4 million shares at a price of $29, raising a total of $116 million at a valuation of nearly $1 billion. Today the share price went up as high as $62.50 before closing at $55, about 90 percent higher than the… Read More

  • Sexy IPOs Versus SaaS-y IPOs

    Sexy IPOs Versus SaaS-y IPOs

    IPOs are hot again. Naturally, the press is focused on high-profile offerings like Facebook’s. But, I think there is a more important group of companies going public: Smaller, less sexy Software-as-a-Service (SaaS) startups. Think of it as the Sexy IPOs versus the SaaS-y IPOs. They aren’t household names, but the most recent SaaS IPOs (Cornerstone, Jive, Brightcove and Bazaarvoice)… Read More

  • Yelp Closes 5-Star IPO Day With $1.47 Billion Valuation

    Yelp Closes 5-Star IPO Day With $1.47 Billion Valuation

    For Yelp, this has been a very good day. The restaurant review site was received exceptionally well by Wall Street during its first day as a publicly traded company, closing at a price of $24.58 per share, up a full 63 percent from its $15 IPO price. 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

  • Excited about Zynga's IPO? Get Ready for Korea's Nexon

    Excited about Zynga's IPO? Get Ready for Korea's Nexon

    Silicon Valley loves to dismiss Asian companies as nothing more than copycats who thrive, particularly in China, because the government protects them and punishes Western competitors. Even when the businesses in question are dramatically different in practice and scale, they are described as the “eBay of China”, “The Google of China” and “the YouTube of… Read More

  • Note to Self: If the Halls Clear at Conferences, IPOs Are Near

    In Silicon Valley the terms of venture capital deals, the prices of valuations and the real stories of ousters are routinely dished, whether they always show up in the press or not. Sure it’s all off the record or on background or whispered at a coffee shop, but people who live here love what they do and when companies and valuations grow this quickly, it’s hard to keep the… Read More

  • Pacific Crest Securities Buys Shanghai-Based Bank to Help Navigate the China Web Chaos

    Boutique tech investment bank Pacific Crest Securities has purchased Pacific Epoch, a Shanghai-based investment research firm specializing in technology. This gives Pacific Crest fifty more bodies on the ground in China to deliver investors better investment research than “This is the (fill-in-the-blank-Western-Internet-company) of China.” That lazy marketing strategy has… 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

  • Not Just IPOs: The Surprising Increase of Big Liquidity through Buyouts (TCTV)

    Around 2006 there was a sudden increase in so-called “partial liquidations,” where entrepreneurs could take some money off the table during a mid-stage funding round. Considered unheard of at the time, now they’re the norm for companies doing well. Then in 2009, we saw the rise of secondary markets, which allowed early stage investors and employees to take some money off… Read More

  • Exits Lag in the Fourth Quarter, but IPO Hype Boils for 2011

    There is a lot of hype swirling that 2011 is going to be the big comeback year for the venture-backed IPO. And we’re talking about big, gaudy IPOs, not small ones that essentially function as another funding round. And interestingly, pundits and investors expect some new $1 billion companies to debut in both cleantech and Internet sectors. So maybe the fourth quarter was just the calm… Read More

  • WITN: The Dumbest and Smartest People of 2010, Plus Our Predictions for 2011 (TCTV)

    With apologies to Car Talk, you’ve squandered a perfectly good half-of-a-year watching “Why Is This News?” and we decided to reward you with a show that actually contains business analysis, rather than a rant about hotels or the hijinks of Michael Arrington. In this week’s episode Paul and Sarah give their picks for the dumbest and smartest people of 2010, a… Read More

  • The Pandora-Elevation Deal that Never Closed and a Mid-2011 IPO?

    The Pandora-Elevation Deal that Never Closed and a Mid-2011 IPO?

    Back in August we reported that Elevation Partners had signed a letter of intent to buy secondary shares in Pandora, the long-suffering, now-hot online radio station. I wondered what ever happened to that deal, so I started digging. As it turned out, shares were sold but Elevation didn’t get them. Here’s what we’ve been able to piece together, from several sources on… Read More

  • When Will China's Internet Giants Open the Acquisition Wallet? (TCTV)

    The biggest difference between the Internet scenes in Silicon Valley and China this year? We’re all still asking when Facebook will go public, while Chinese companies are filing left and right. Part of this is an investor demand to get a chunk of that 400 million person strong and growing Chinese Internet market. But part of this is cultural. American Internet entrepreneurs are more… Read More

  • Was Youku a Chinese Internet Netscape Moment? (TCTV)

    A few weeks ago we flagged a growing trend of Chinese Internet companies going public on the Nasdaq and New York Stock Exchange and getting pretty good valuations. At the time I was surprised more people weren’t paying attention– especially given how few Internet IPOs we’re having in the US and how much of the returns from those Chinese deals were flowing back to Silicon Valley. Read More