Private company up & comers march 2012 - soho loft

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Private company up & comers march 2012 - soho loft

  1. 1. Private Company Up & Comers March 2012
  2. 2. Private Markets are Getting an Overhaul Super Angels VC Crowdsourcing Accelerators Private market fundsCopyright 2011 HighStep Capital. All rights reserved.
  3. 3. Changes in the Funding Cycle Seed Early Stage Late StageTraditional F&F Series A Series B Series C Series D Series E Recent Angels Series A/B Series C/DVery Recent AngelList SecondMarket Path 1 VCs VCs VCs Path 2 Angels Angels Angels Secondaries Secondaries Copyright 2011 HighStep Capital. All rights reserved.
  4. 4. Time to Exit has Increased Median Age at IPO 12 10 8 6 4 2 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 NVCA, Jan 2011Copyright 2011 HighStep Capital. All rights reserved.
  5. 5. Why Companies Mature Before an IPO IPO performance from 1980-2010 Sales # of IPOs Avg 1st Day Return Avg 3yr Return <$50m 3,897 23.60% 5.00% $50m+ 3,457 12.00% 39.10% IPO research from Prof. Jay Ritter, University of Florida – as of 6/1/11 http://bear.cba.ufl.edu/ritterCopyright 2011 HighStep Capital. All rights reserved.
  6. 6. The IPO Gap Creates the Opportunity Public VC IPO Gap Markets 1 2 3 4 5 6 7 8 9 10 • Buyers & Sellers Maturing • Ecosystem Emerging • Laws DevelopingCopyright 2011 HighStep Capital. All rights reserved.
  7. 7. Private Company Emerging StarsCopyright 2011 HighStep Capital. All rights reserved.
  8. 8. Network Based Business ModelsCopyright 2011 HighStep Capital. All rights reserved.
  9. 9. ZocDoc – The OpenTable of Doctor’s OfficesCopyright 2011 HighStep Capital. All rights reserved.
  10. 10. ZocDoc StatsCopyright 2011 HighStep Capital. All rights reserved.
  11. 11. Klout – branding peopleCopyright 2011 HighStep Capital. All rights reserved.
  12. 12. Klout - People become BrandsCopyright 2011 HighStep Capital. All rights reserved.
  13. 13. Polyvore – Pinterest for shoppingCopyright 2011 HighStep Capital. All rights reserved.
  14. 14. Polyvore StatsCopyright 2011 HighStep Capital. All rights reserved.
  15. 15. CouchSurfing – Craigslist for travelersCopyright 2011 HighStep Capital. All rights reserved.
  16. 16. CouchSurfing StatsCouchsurfers: 3,867,883Successful Surfers: 4,221,367Friendships Created: 4,165,046Positive Experiences: 6,752,847Unique Countries/Territories Represented: 251Unique Cities Represented: 85,760Copyright 2011 HighStep Capital. All rights reserved.
  17. 17. WhaleShark Media – coupon networkCopyright 2011 HighStep Capital. All rights reserved.
  18. 18. WhaleShark Media StatsCopyright 2011 HighStep Capital. All rights reserved.
  19. 19. Shopkick – Local & Mobile CouponingCopyright 2011 HighStep Capital. All rights reserved.
  20. 20. Shopkick Stats•1 billion in-app deals and offers viewed•3 million active users just over a year since launch•5 million walk-ins to partner stores in December 2011,doubling in just four months•10 million product scans, up from 7 million in August2011 and 3 million in February 2011•Sixty-four percent of all shopkick users are nowwomen. More than half of female users have kids•The average shopkick user is 30 years old. Less than8% of all users are younger than 18Copyright 2011 HighStep Capital. All rights reserved.
  21. 21. Lytro – focus laterCopyright 2011 HighStep Capital. All rights reserved.
  22. 22. Lytro DescriptionLytro is developing a new type of camera thatdramatically changes photography for the first timesince the 1800s. Rather than just capturing one plane oflight, it captures the entire light field around a picture,all in one shot taken on a single device. A light fieldincludes every beam of light in every direction at everypoint in time. Experimentation in this field started in themid-1990s at Stanford with 100 cameras in one room.Lytro’s innovation is making it small enough to fit inyour pocket. Really.Copyright 2011 HighStep Capital. All rights reserved.
  23. 23. Kiva Systems – Robotic FulfillmentCopyright 2011 HighStep Capital. All rights reserved.
  24. 24. Kiva Systems AdoptionCopyright 2011 HighStep Capital. All rights reserved.
  25. 25. Palantir Technologies – Big Brother is watchingCopyright 2011 HighStep Capital. All rights reserved.
  26. 26. Palantir Stats2010 Revenue: “significantly north of $80m” http://goo.gl/aABcz2011 Revenue: “on track to hit $250m” http://goo.gl/egv7x“there is a clear path to hit $1b in revenue within 5 years”http://goo.gl/cqE9N Capital Raises: Seed: 2004 Peter Thiel Series A: $10.52m - November 2006 In-Q-Tel & Individuals Series B: $36.75m – March 2008 In-Q-Tel, Reed Elsevier Ventures Series B2: $8.29m – April 2009 Individuals Series C: $34.9m – November 2009 Undisclosed Venture Firms & Individuals Series D: $90m – June 2010 Founders Fund, Glynn Capital, Ulu Ventures, Individuals Series E: $50m – May 2011 Founders Fund, Undisclosed VC Series F: $68m – September 2011 Founders Fund Total: $300m Copyright 2011 HighStep Capital. All rights reserved.
  27. 27. better place – battery switching stationsCopyright 2011 HighStep Capital. All rights reserved.
  28. 28. BranchOut – the LinkedIn of FacebookCopyright 2011 HighStep Capital. All rights reserved.
  29. 29. Branchout StatsCopyright 2011 HighStep Capital. All rights reserved.
  30. 30. Stella & Dot – the next-gen Mary KayCopyright 2011 HighStep Capital. All rights reserved.
  31. 31. Stella & Dot stats 2009 Revenues: $33m 2010 Revenues: $104m 2011 Revenues (expected): $300m 5 Years Revenues: $1b“It’s a nice business with very little paid-in capital. It’s gotten to $100million and is a very profitable business in a short period of time. Ilook forward to making it a standalone company for many years. I’mvery excited to work with her and the team.”Sequoia Capital Partner Alfred Lin, who was most recentlychairman, COO and CFO of Zappos.com. Copyright 2011 HighStep Capital. All rights reserved.
  32. 32. Foodspotting – social discovery through foodCopyright 2011 HighStep Capital. All rights reserved.
  33. 33. What’s up With Food Photography?Copyright 2011 HighStep Capital. All rights reserved.
  34. 34. Cheezburger – stupid stuff that people shareCopyright 2011 HighStep Capital. All rights reserved.
  35. 35. Cheezburger – stupid stuff that people shareCopyright 2011 HighStep Capital. All rights reserved.
  36. 36. Cheezburger OverviewCheezburger, the company behind popular sites such asI Can Has Cheezburger?, FAIL Blog, Memebase, andThe Daily What. The Internet media publisher counts apassionate fan base of 16.5 million people who uploadmore than 500,000 pictures and videos as well as view375 million pages and 110 million videos each month.Cheezburger has been profitable since its inception withrevenue from three sources of advertising, traditionalmedia publishing including books, and merchandising.Copyright 2011 HighStep Capital. All rights reserved.
  37. 37. Market Observations • The Internet is huge & growing, which makes your odds of success very high • The Internet is filled with great niche content • The Internet is very international • Winning strategies are all about network effects so get big as fast as possible – (ie, photo sites) • Most of the great online products are derivatives of great offline products • The depth and quality of companies is amazingCopyright 2011 HighStep Capital. All rights reserved.
  38. 38. Jason Jones jjones@highstepcap.com 914.315.9751 @cardinalrosehttp://www.slideshare.net/jjones23 New York | San Francisco

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