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Tom Tunguz Redpoint Ventures tomtunguz.com презентация
Содержание
- 1. Tom Tunguz Redpoint Ventures tomtunguz.com
- 2. $3.5B under management Offices in California and China Seed, Series A, B and Growth Investments
- 3. How the Fundraising Market is Evolving
- 4. VC Fundraising is Steady; 2014 Strong Start at $8B+ in Q1
- 5. Meanwhile, VC investments also steady at 10 year mean of $25B
- 6. And average investment size is stable to up
- 7. But Consumer Publics are down 25%
- 8. And the fall has been broad-based
- 9. Enterprise has been hit harder, falling 40%
- 10. Depressing Multiples from All Time Highs
- 11. Public markets depressing multiples… But the
- 12. Startups Are Markedly More Capital Efficient
- 14. Startups today require half the capital to go public compared to 12 years ago
- 15. Certain segments are unbelievably capital efficient
- 16. Recent IPOs are 2x more VC dollar
- 17. Is Seed the New A?
- 18. Seed investment dollars has tripled in 4 years to $1.5B in 2013
- 19. And while angel rounds have increased some…
- 20. VCs involvement in rounds increases round size by 400%
- 21. Top quartile seeds, aka MegaSeeds are larger than most series As
- 22. MegaSeeds show no signs of slowing down. VCs buying early access to startups.
- 23. Consequently, the MegaSeed has replaced the traditional Series A
- 24. VCs have 4x’ed the size of a
- 25. Startup Fundraising Playbook
- 26. Larger seeds correlated to higher chances of raising a Series A
- 27. Larger seeds are better and equally as common as smaller seeds
- 28. Raising seed from VCs increases
- 29. Signaling risk is zero for companies who are able to raise Series A
- 30. Q4 is the least attractive time to raise a seed
- 31. Raise more than $900k Easier to do
- 32. Impact of Increasing Seed Investment in Follow On Rounds
- 33. More seed dollars = more seed companies = more series A competition
- 34. Series As rising. Crunch is in the Series B.
- 35. $5-$10M Series As have 2xed in 4 years
- 36. But Series Bs are flat across the board
- 37. Huge increase in the number of Mega Rounds
- 38. Series A investment up 200%, responding to
- 40. Appendix
- 41. qs
$3.5B under management Offices in California and China Seed, Series A, B and Growth Investments
Слайд 2$3.5B under management
Offices in California and China
Seed, Series A, B and
Growth Investments
Слайд 11Public markets depressing multiples…
But the venture market is increasingly competitive
among venture firms who are raising a constant amount of dollars
Net effect: relative stability in the fundraising market
Net effect: relative stability in the fundraising market
Two Forces in Tension
Слайд 16Recent IPOs are 2x more VC dollar efficient as their older
brothers
Outliers require negligible capital before IPO because of more efficient avenues of customer acquisition
Net effect: startups need to raise less capital and will require a different pattern of financing
Outliers require negligible capital before IPO because of more efficient avenues of customer acquisition
Net effect: startups need to raise less capital and will require a different pattern of financing
Startups are far more capital efficient than they used to be
Слайд 24VCs have 4x’ed the size of a traditional angel-only seed round
VC
dollars have created a new category of seed investment, the MegaSeed which has replaced the Series A
Net effect: Series A investment sizes have increased because capital startups are further along than before
Net effect: Series A investment sizes have increased because capital startups are further along than before
Competition in the VC market has pushed VCs to invest in seeds
Слайд 31Raise more than $900k
Easier to do with VC involvement. Typical round
has 1.6 VCs
Raise earlier in the year if you can
Raise earlier in the year if you can
Best practices for raising a seed
Слайд 38Series A investment up 200%, responding to increase in company formation
and seed companies
Series B flat, creating a crunch for follow-ons
Clear winners able to delay IPO/M&A for years because of IPO-sized rounds available in the private markets
Net effect: Winners have access to tons of capital. Others may struggle with the Series B crunch.
Series B flat, creating a crunch for follow-ons
Clear winners able to delay IPO/M&A for years because of IPO-sized rounds available in the private markets
Net effect: Winners have access to tons of capital. Others may struggle with the Series B crunch.
Series A and B and later rounds are in flux
