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Mattermark Startup Investor Benchmarking Analysis - November 2013
The document discusses potential methods for benchmarking venture capital investors' performance based on portfolio company data from Mattermark. It considers simply averaging portfolio company scores, weighting based on number of companies ("shots on goal"), balancing scores to account for below-average performers, and whether larger more diverse portfolios perform better on average. The analysis is intended to explore factors to consider in benchmarking VCs using Mattermark startup data.
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Mattermark Startup Investor Benchmarking Analysis - November 2013
- 1. MATTERMARK STARTUP INVESTOR PORTFOLIOBENCHMARKING ! NOVEMBER 4, 2013 METHODOLOGY NOTES: THE MATTERMARK SCORE IS CALCULATED BASED ONTHE LIFETIME AVERAGE WEEK-OVER-WEEK GROWTH OF WEBTRAFFIC, MOBILE DOWNLOADS, INBOUND LINKS,TWITTER, FACEBOOK AND LINKEDIN FOLLOWERS. copyright Mattermark, all rights reserved! www.mattermark.com copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)
- 2. Since we launchedin June 2013, one of the most frequently asked questions has been:! ! When will you start scoring investors? ! ! ! With more than 6 months of data on startups in investors’ portfolios, we are ready to begin experimenting.! ! This analysis explores some of the factors that need to be considered for benchmarking VCs. copyright Mattermark, all rights reserved! www.mattermark.com copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)
- 3. The Simplistic Score: AverageMattermark Score of All Active Portfolio Companies copyright Mattermark, all rights reserved! www.mattermark.com copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)
- 4. RothenbergVentures Funders Club Union SquareVentures LererVentures VersionOneVentures Andreessen Horowitz TrinityVentures Draper Fisher Jurvetson CorrelationVentures Foundry Group SV Angel First Round Capital IndexVentures FelicisVentures Floodgate Y Combinator Maveron UpfrontVentures 500 Startups Freestyle Capital General Catalyst Accel Partners RREVentures Greylock Partners Tenaya Capital SoftTechVC RelayVentures Techstars TrueVentures Benchmark Sequoia Kleiner Perkins New Enterprise Associates Charles RiverVentures Flybridge Partners KimaVentures Redpoint Foundation Capital August Capital Canaan Partners GGV Capital USVenture Partners 0 50 100 150 200 250 300 350 400 450 500 AVERAGE MATTERMARK SCORE OF PORTFOLIO copyright Mattermark, all rights reserved! www.mattermark.com copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)
- 5. Investment Strategy #1 “ShotsAgainst Goals” copyright Mattermark, all rights reserved! www.mattermark.com copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)
- 6. 500 Startups SV Angel YCombinator New Enterprise Associates Techstars Accel Partners Kleiner Perkins Draper Fisher Jurvetson Sequoia First Round Capital Andreessen Horowitz Index Ventures Greylock Partners Canaan Partners General Catalyst US Venture Partners Benchmark Capital Redpoint Lerer Ventures True Ventures Kima Ventures Charles River Ventures Felicis Ventures RRE Ventures SoftTech Trinity Ventures Foundation Capital Floodgate Foundry Group GGV Capital Flybridge Capital Partners August Capital Union Square Ventures Tenaya Capital Relay Ventures Upfront Ventures Correlation Ventures Version One Ventures Funders Club Rothenberg Ventures Maveron Freestyle Capital Baroda Ventures Number of Companies in the Portfolio 0 50 100 150 200 250 300 350 400 450 500 NUMBER OF NON-EXITED STARTUPS AVAILABLE SHOTS AGAINST GOALS copyright Mattermark, all rights reserved! www.mattermark.com copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)
- 7. Mitigating Risk onLarge Portfolios: Balancing Downside copyright Mattermark, all rights reserved! www.mattermark.com copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)
- 8. 500 Startups Y Combinator SVAngel New Enterprise Associates Techstars Accel Partners Kleiner Perkins Draper Fisher Jurvetson First Round Capital Andreessen Horowitz Sequoia IndexVentures Greylock Partners LererVentures General Catalyst Redpoint TrueVentures Benchmark Capital FelicisVentures KimaVentures Canaan Partners Charles RiverVentures RREVentures Floodgate USVenture Partners SoftTech Foundation Capital Foundry Group TrinityVentures Union SquareVentures Tenaya Capital Flybridge Capital Partners August Capital CorrelationVentures RelayVentures GGV Capital Funders Club UpfrontVentures RothenbergVentures Version OneVentures Maveron Freestyle Capital BarodaVentures Number of Companies in Portfolio -200 -100 0 100 200 300 400 Below 0 - Not Growing Growing - Below Average Growing - Above Avearge copyright Mattermark, all rights reserved! www.mattermark.com DISTRIBUTION OF PORTFOLIO GROWTH copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)
- 9. Investment Strategy #2 “PickOutperformers” copyright Mattermark, all rights reserved! www.mattermark.com copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)
- 10. Freestyle Capital Union SquareVentures Floodgate Maveron FelicisVentures FirstRound Capital LererVentures Accel Partners UpfrontVentures Foundry Group Tenaya Capital August Capital Redpoint RelayVentures RREVentures Benchmark Version OneVentures SoftTechVC IndexVentures KimaVentures Greylock Partners Foundation Capital TrueVentures Funders Club Techstars RothenbergVentures Charles RiverVentures Andreessen Horowitz Y Combinator 500 Startups CorrelationVentures Draper Fisher Jurvetson SV Angel GGV Capital Sequoia General Catalyst Flybridge Partners Canaan Partners Kleiner Perkins USVenture Partners New Enterprise Associates 33 / 33 / 33 TrinityVentures 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Growing - Above Avearge Growing - Below Average Below 0 % OF PORTFOLIO BEATING PORTFOLIO AVERAGE copyright Mattermark, all rights reserved! www.mattermark.com copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)
- 11. Indexing for aBalanced VC Portfolio Does a larger and more diverse portfolio produce a higher overall score? copyright Mattermark, all rights reserved! www.mattermark.com copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)
- 12. ACTIVE PORTFOLIO SIZEVS. AVERAGE SCORE AverageMattermarkScore -150 -75 0 75 150 225 300 375 450 525 600 Number of Companies in Portfolio 0 125 250 375 500 y = 0.3424x + 117.68 R² = 0.0287 copyright Mattermark, all rights reserved! www.mattermark.com copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)
- 13. LEARN MORE &VIEW YOUR PORTFOLIO: WWW.MATTERMARK.COM copyright Mattermark, all rights reserved! www.mattermark.com copyright Mattermark © 2015 (Source: Mattermark Research, Source: Crunchbase, Source: AngelList)