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Re/consider the Economics Of Print To OnlineFrancois Nel
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Growing Revenue". See: http://www.ukjournalism.org/jleaders
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Top global firms increasingly use corporate venture capital (CVC) as part of their innovation strategy. The corporate venturing market has expanded as deal sizes grow and new players seek investment in strategic technology. The competition benefits consumers who gain access to newer, innovative products, but it poses a significant challenge to firms that must find quality proprietary deals to fuel future growth.
Get the full results of the GCV corporate venturing survey at:
www.wellspring.com/Global-Corporate-Venturing
Private Equity Trends through Q1 2010 -- from PitchBookDavid Politis
This is a great resource for anyone preparing a presentation or report who is looking for info on the state of the Private Equity industry. Thanks to PitchBook for the info
PitchBook's 2011 Annual PE Presentation DeckAdley Bowden
PitchBook has published its 2011 Annual Private Equity Presentation Deck. Please feel free to utilize these slides for conferences, board meetings and other PE-related presentations. The slides were all sourced from the PitchBook Platform and cover trends in private equity fundraising, investment, and exits.
Re/consider the Economics Of Print To OnlineFrancois Nel
Re/considering the economics of moving from print to online. A discussion with editors participating in the Spring seminar, *Innovation and the Market - Understanding Users, Delivering Value &
Growing Revenue". See: http://www.ukjournalism.org/jleaders
Why the Stakes are Higher for Corporate VenturingWellspring
Top global firms increasingly use corporate venture capital (CVC) as part of their innovation strategy. The corporate venturing market has expanded as deal sizes grow and new players seek investment in strategic technology. The competition benefits consumers who gain access to newer, innovative products, but it poses a significant challenge to firms that must find quality proprietary deals to fuel future growth.
Get the full results of the GCV corporate venturing survey at:
www.wellspring.com/Global-Corporate-Venturing
Private Equity Trends through Q1 2010 -- from PitchBookDavid Politis
This is a great resource for anyone preparing a presentation or report who is looking for info on the state of the Private Equity industry. Thanks to PitchBook for the info
PitchBook's 2011 Annual PE Presentation DeckAdley Bowden
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At SuperReturn International 2016, the world’s largest private equity & venture capital conference, John Gabbert discussed liquidity & returning capital. Including spotlights on global VC exit trends, IPO's, and European exits.
At the end of the year, we often reflect on the current state of the venture market in technology. We are sharing it with our broader community in the hope that someone will find it informative, interesting or at least entertaining.
Technology Private Capital Market Update Q3 2013Jeff Monk
Falvey Partners latest technology private capital market update covers the environment for both tech private equity and venture capital investing and fundraising. The update also covers trends in tech portfolio exits via the IPO and strategic M&A markets.
PwC Presents: VC Investing – Major trends from Q3 2014Proformative, Inc.
As we predicted in our last Proformative VC update, 2014 is turning into an exciting year for venture capital, with increased investing activity and headline-grabbing exits. Please join representatives from PwC’s Emerging Company Services Group as they provide an overview of recent venture capital investment trends, interpreting findings from the PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters.
PwC Presents: VC Investing – Major trends of the first half of 2014 and predi...Proformative, Inc.
As we predicted in our last Proformative VC update, 2014 is turning into an exciting year for venture capital, with increased investing activity and headline-grabbing exits. Please join representatives from PwC’s Emerging Company Services Group as they provide an overview of recent venture capital investment trends, interpreting findings from the PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters.
The seed stage of the venture capital industry went through a boom cycle from 2006-2014 but has lately seen a sharp decline. What's happening? Is it temporary or are their structural problems? This deck answers that question.
The Changing Structure of the Venture Capital IndustryMark Suster
I presented this deck at the 2014 PreMoney Conference. I wrote a blog post here that goes into more detail: http://bit.ly/ChangingVC
The video of the presentation I gave is here: http://youtu.be/5MClCBUjbbE
The VC industry is changing. The press has focused on the wrong story - crowd funding. The bigger story is the shift from public financing to private financing and the bifurcation of the venture industry. This presentation examines the case.
Global Technology Trends & Startup Hubs 2015Bernard Moon
Provides an overview of general technology trends, global venture capital trends, and startup trends around the world. Snapshots of the top 10 startup hubs in the world: Silicon Valley, NYC, London, Stockholm, Berlin, Tel Aviv, Beijing, Seoul, Boston, and Los Angeles.
There's a pig in the pipe in the venture financing market. We anticipate that the public market selloff will impact Early-Stage venture capital (i.e., Series A, B) this year making it harder for startups to raise capital at those levels and impacting valuations/valuation multiples at all stages. Available Venture capital is at record levels, but it may be deceiving at Seed.
We created this analysis for the startups in our portfolio and wanted to share it with the startup community throughout the US. Startups, we hope you can use this to position yourself for success in the long run.
Breakfast Forum: The Current State of the Capital Markets 2015BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the Current State of the Capital Markets. Speakers included:
• Drew Kanaly, Kanaly Trust – Equity & the Public Markets
• Colt Luedde, GulfStar Group – Private Equity and M&A
• Brandon Annett, Texas Capital Bank – Commercial Banking & Real Estate Lending
F-Prime Capital State of Technology Venture Capital - 2021F-Prime Capital
At the end of each year, we reflect on the current state of the venture market in technology. We are sharing it with our broader community in the hope that someone will find it informative, interesting or at least entertaining.
The MoneyTree™ Report released by the National Venture Capital Association (NVCA) and PricewaterhouseCoopers (PwC), based on data from Thomson Reuters, serves as the definitive resource for quarterly data for both traditional and corporate venture capital investment.
What does the rest of 2016 hold for the innovation economy? SVB Analytics' State of the Markets Report provides a summary of key market indicators impacting the innovation economy, including venture capital funding and valuation trends, crossover investor activity, and what’s ahead for the second half of 2016.
Whether called Equity Crowdfunding, Regulation Crowdfunding or Reg CF Crowdfunding . . . they are the same and this Powerpoint summarizes the SEC regulations on the subject.
At SuperReturn International 2016, the world’s largest private equity & venture capital conference, John Gabbert discussed liquidity & returning capital. Including spotlights on global VC exit trends, IPO's, and European exits.
At the end of the year, we often reflect on the current state of the venture market in technology. We are sharing it with our broader community in the hope that someone will find it informative, interesting or at least entertaining.
Technology Private Capital Market Update Q3 2013Jeff Monk
Falvey Partners latest technology private capital market update covers the environment for both tech private equity and venture capital investing and fundraising. The update also covers trends in tech portfolio exits via the IPO and strategic M&A markets.
PwC Presents: VC Investing – Major trends from Q3 2014Proformative, Inc.
As we predicted in our last Proformative VC update, 2014 is turning into an exciting year for venture capital, with increased investing activity and headline-grabbing exits. Please join representatives from PwC’s Emerging Company Services Group as they provide an overview of recent venture capital investment trends, interpreting findings from the PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters.
PwC Presents: VC Investing – Major trends of the first half of 2014 and predi...Proformative, Inc.
As we predicted in our last Proformative VC update, 2014 is turning into an exciting year for venture capital, with increased investing activity and headline-grabbing exits. Please join representatives from PwC’s Emerging Company Services Group as they provide an overview of recent venture capital investment trends, interpreting findings from the PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters.
The seed stage of the venture capital industry went through a boom cycle from 2006-2014 but has lately seen a sharp decline. What's happening? Is it temporary or are their structural problems? This deck answers that question.
The Changing Structure of the Venture Capital IndustryMark Suster
I presented this deck at the 2014 PreMoney Conference. I wrote a blog post here that goes into more detail: http://bit.ly/ChangingVC
The video of the presentation I gave is here: http://youtu.be/5MClCBUjbbE
The VC industry is changing. The press has focused on the wrong story - crowd funding. The bigger story is the shift from public financing to private financing and the bifurcation of the venture industry. This presentation examines the case.
Global Technology Trends & Startup Hubs 2015Bernard Moon
Provides an overview of general technology trends, global venture capital trends, and startup trends around the world. Snapshots of the top 10 startup hubs in the world: Silicon Valley, NYC, London, Stockholm, Berlin, Tel Aviv, Beijing, Seoul, Boston, and Los Angeles.
There's a pig in the pipe in the venture financing market. We anticipate that the public market selloff will impact Early-Stage venture capital (i.e., Series A, B) this year making it harder for startups to raise capital at those levels and impacting valuations/valuation multiples at all stages. Available Venture capital is at record levels, but it may be deceiving at Seed.
We created this analysis for the startups in our portfolio and wanted to share it with the startup community throughout the US. Startups, we hope you can use this to position yourself for success in the long run.
Breakfast Forum: The Current State of the Capital Markets 2015BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the Current State of the Capital Markets. Speakers included:
• Drew Kanaly, Kanaly Trust – Equity & the Public Markets
• Colt Luedde, GulfStar Group – Private Equity and M&A
• Brandon Annett, Texas Capital Bank – Commercial Banking & Real Estate Lending
F-Prime Capital State of Technology Venture Capital - 2021F-Prime Capital
At the end of each year, we reflect on the current state of the venture market in technology. We are sharing it with our broader community in the hope that someone will find it informative, interesting or at least entertaining.
The MoneyTree™ Report released by the National Venture Capital Association (NVCA) and PricewaterhouseCoopers (PwC), based on data from Thomson Reuters, serves as the definitive resource for quarterly data for both traditional and corporate venture capital investment.
What does the rest of 2016 hold for the innovation economy? SVB Analytics' State of the Markets Report provides a summary of key market indicators impacting the innovation economy, including venture capital funding and valuation trends, crossover investor activity, and what’s ahead for the second half of 2016.
Whether called Equity Crowdfunding, Regulation Crowdfunding or Reg CF Crowdfunding . . . they are the same and this Powerpoint summarizes the SEC regulations on the subject.
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PitchBook Trends for ABA Angel VC Subcommittee Sept 2014
1. VALUATION TRENDS – ABA ANGEL VC SUBCOMMITTEE
pitchbook.com
SEPTEMBER 2014
ADLEY BOWDEN
SENIOR DIRECTOR, ANALYSIS
PITCHBOOK
adley@pitchbook.com
LEARN MORE ABOUT THE
PITCHBOOK PLATFORM AT
PITCHBOOK.COM
2. THE PITCHBOOK PLATFORM
GLOBAL COVERAGE OF THE ENTIRE PE & VC LIFECYCLE
13,582
pitchbook.com
LPs
70,291
Commitments
48,149
GPs/Investors
27,144
Funds
355,920
Performance
Data Lines
128,470
Portfolio
Companies
220,052
Transactions
14,774
Valuations
16,224
Advisory Firms
542,137
People
4. U.S. VC FUNDRAISING
BY QUARTER
» VC fundraising is off to a strong start in 2014, bolstered in part by six
new mega-funds ($1 billion+) that closed in the first half.
pitchbook.com
$4.0
$10.9
$4.0
$5.8
$8.7
$8.7
40
21
50
32
46
30
53 54
61
70
60
50
40
30
20
10
0
$12
$10
$8
$6
$4
$2
$0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2009 2010 2011 2012 2013 2014
Capital Raised ($B) # of Funds Closed
Source: PitchBook
as of 6/30/2014
5. VC FUNDRAISING (#) BY SIZE
» Significant structural changes may be underway in the VC industry, as mega-funds
($1b+) and micro-funds (>$50m) are beginning to dominate the market.
pitchbook.com
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
$1B+
$500M-$1B
$250M-$500M
$100M-$250M
$50M-$100M
Under $50M
Source: PitchBook
as of 6/30/2014
7. GLOBAL QUARTERLY VENTURE CAPITAL
DEAL FLOW
Venture deal flow has tapered recently as a result of high valuations at » the early stage level
pitchbook.com
2,500
2,000
1,500
1,000
500
*Through 6/30/14
$7.9
$8.9
$15.3
$13.2
$12.2
$22.8
1,078
1,377
1,991
2,284 2,307
1,852
0
$25
$20
$15
$10
$5
$0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2009 2010 2011 2012 2013 2014
Capital Invested ($B) # of Deals Closed
8. U.S. VC DEALS BY STAGE
» Seed and angel deals have fallen precipitously in recent quarters.
pitchbook.com
502
433
182
Source: PitchBook
700
600
500
400
300
200
100
0
Early Stage
Late Stage
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2010 2011 2012 2013 2014
Seed/Angel Early Stage Late Stage Source: PitchBook
Seed
9. U.S. VC DEALS (#) BY SIZE
» Larger deals have also taken a larger share of deals than previous years.
pitchbook.com
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 1H
2014
$25M+
$10M-$25M
$5M-$10M
$1M-$5M
$500K-$1M
Under $500K
Source: PitchBook
10. U.S. VC DEALS BY SECTOR
» Investors have continued to increase their interest in software startups.
pitchbook.com
Source: PitchBook
939 253 110 142 167 661
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2014*
2013
2012
2011
2010
2009
2008
2007
2006
2005
Software Commercial Services Media HC Devices & Supplies Pharma & Biotech Non-Core VC
* As of 6/30/14
Source: PitchBook
11. MEDIAN PRE-MONEY VALUATIONS ($M)
BY SERIES
Increases in public markets, growth hungry strategics and changes in funding timelines has
caused venture company valuations to dramatically increase over the last five years »
$35.2
$12.1
$5.7
pitchbook.com
$171.5
$70.0
$200
$180
$160
$140
$120
$100
$80
$60
$40
$20
*Through 6/30/14
$4.7
$7.8 $6.6
$10.1
$22.9
$18.1
$26.0
$40
$35
$30
$25
$20
$15
$10
$5
$0
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14
$48.9
$29.6
$55.9
$86.7
$49.0
$105.2
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14
$0
12. PREVAL DISTRIBUTIONS –
SERIES A & B ($M)
Though valuations are rising across the board, valuations for the highest valued companies
have been increasing at a faster pace than those of lower valued companies »
$12.3 $12.0 $12.1
pitchbook.com
$37.2 $35.2
$80
$70
$60
$50
$40
$30
$20
$10
*Through 6/30/14
$4.5 $3.9 $4.8
$7.0
$16.5
$19.5
$25
$20
$15
$10
$5
$0
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14
25th Median 75th
$13.5
$9.4
$13.2
$19.8
$31.2
$47.0
$74.5
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14
$0
25th Median 75th
13. MEDIAN % ACQUIRED BY SERIES
Increases in valuations but steady funding sizes has resulted in a steady decline in ownership
stakes acquired across various funding rounds. »
pitchbook.com
*Through 6/30/14
36.5%
32.6%
27.5%
16.5%
13.8% 12.0%
40%
35%
30%
25%
20%
15%
10%
5%
0%
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14
14. MEDIAN VALUATION STEP UP % FROM
PREVIOUS VC ROUND
Landing funding rounds after the seed stage offer significant increases » in valuation
pitchbook.com
*Through 6/30/14
157%
173%
119%
93%
200%
180%
160%
140%
120%
100%
80%
60%
40%
20%
0%
Seed to A A to B B to C C to D
15. MEDIAN PREVALS ($M) BY METRO AREA
As the hub of the VC universe, the Bay Area leads the nation in tech company valuations,
which is especially pronounced in the later stage rounds »
Seattle
pitchbook.com
*Through 6/30/14
ALL VC
$20
$15
$10
$5
$0
Austin
Bay Area
Boston
L.A. Chicago
EARLY STAGE
Seattle
London
New
York
ALL VC
$120
$100
$80
$60
$40
$20
$0
Austin
Bay Area
Boston
L.A. Chicago
London
New York
LATE STAGE
18. EXITS (#) BY TYPE
» The proportion of IPOs nearly doubled in 1H 2014, reaching the highest level since 2004.
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
pitchbook.com
Source: PitchBook
2Q
1Q
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
2011 2012 2013 2014
Acquisition IPO Buyout Source: PitchBook
19. MEDIAN EXIT VALUATION ($M) BY TYPE
Though IPOs are a relatively rare exit, the benefit to » investors is clear
pitchbook.com
*Through 6/30/14
$139
$426
$278
$49 $57 $38
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14
IPO Acquisition/Buyout
20. MEDIAN VALUATION STEP UP % FROM
LAST VC ROUND TO EXIT
More mature companies tend to see smaller increases » in valuation at exit
pitchbook.com
*Through 6/30/14
132.0%
95.7%
85.7%
51.7%
140%
120%
100%
80%
60%
40%
20%
0%
Series A Series B Series C Series D+