Startup Capital Ventures Venture Capital Climate for Q3 2010 shows an imbalance between inflows and investments despite an excellent IPO and M&A environment and strong VC returns.
The document discusses similarities between the tech bubble burst of 2000 and current private equity markets, examining whether a PE bubble may be forming. It notes huge increases in money flowing into PE, larger fund and deal sizes without barriers, and similarities to classic bubbles like abandonment of downside caution and rapid price growth beyond fundamentals. Reasons for concern include more capital than ever searching for deals and investors increasing already large PE allocations.
A look at the Venture Capital industry heading into 2020. Some have questioned whether the industry has a future. This deck does a detailed look at where the industry is and why the future of VC still looks bright.
Glenn Solomon provided an overview of the state of the VC market and trends in IPOs and M&A. Key points included:
- VC funding dollars have grown since the recession but deal numbers have remained steady, with larger deal sizes. Expansion and late stage rounds are significantly larger than in the past.
- IPO and M&A activity dipped in Q1 2015 but have recovered since. IPOs tend to be for older, larger companies with higher revenue but not necessarily profits. Successful 2014 IPOs were in enterprise software and infrastructure.
- The presentation covered performance of 2014-2015 IPOs and blockbuster 2014-2015 tech acquisitions over $1B.
The document provides an analysis of venture capital investment data in Europe and Israel for the second quarter of 2016. Some key points:
- Europe and Israel saw $4 billion invested in 470 venture deals in Q2 2016, setting new records.
- Israel had the highest total investment volume of any country at over $1.3 billion, followed by Germany and the UK.
- Average round sizes increased slightly and were around $12 million.
- Excluding seed deals, Israel had the most announced deals at 73, followed by the UK with 50 and DACH region with 40.
- Corporate venture capital activity increased, with Israel seeing the most corporate deals at 25 and the UK seeing 10.
The document discusses right-sizing the U.S. venture capital industry. It argues that the industry is currently too large given poor returns in recent years. The size of the industry grew rapidly in the late 1990s, but performance has stagnated since. Returns have failed to exceed public market indices over 5 and 10 year periods. Additionally, the core information technology sector that drove past success is now mature with lower capital needs. For the industry to improve returns, its size likely needs to shrink through reduced commitments from limited partners.
Deal book of russian internet fast lane venturesUNOVA
This document summarizes investment trends in the Russian internet market from 2010 to 2011. Some key points:
- Total investment in internet startups more than tripled over this period, reaching $225 million in 2010 and $540 million in 2011.
- The number of seed-stage investments increased dramatically, from 22 deals in 2010 to 90 deals in 2011, while the average seed deal size declined.
- Later-stage funding rounds also increased but the average deal size decreased, posing challenges for startups seeking growth funding.
- Exits remain infrequent and are typically acquisitions rather than IPOs, with only a few successful exit stories over the past 15 years in Russia.
The document discusses the state of venture capital funding and startups. It notes that there is a "Series A crunch" as the number of seed-funded startups is growing faster than the number receiving Series A funding. This has led to a rise in alternative funding sources like accelerators, micro-VCs, and crowdfunding. A new model of "lean" and "option buying" VCs is also discussed that makes many small investments seeking big wins. Overall the report suggests disruption is ongoing in the VC industry but that IPO and acquisition activity may be increasing, setting up a new wave of potential venture returns.
Fundstrat Bitcoin & Blockchain presentation for Upfront SummitMark Suster
An equity analyst case for the value in cryptocurrencies. Thomas Lee of Fundstrat was lead equity researcher for JP Morgan before founding Fundstrat. He takes a market approach to valuing Bitcoin and other cryptocurrencies. Here is his presentation for the #UpfrontSummit 2018.
The document discusses similarities between the tech bubble burst of 2000 and current private equity markets, examining whether a PE bubble may be forming. It notes huge increases in money flowing into PE, larger fund and deal sizes without barriers, and similarities to classic bubbles like abandonment of downside caution and rapid price growth beyond fundamentals. Reasons for concern include more capital than ever searching for deals and investors increasing already large PE allocations.
A look at the Venture Capital industry heading into 2020. Some have questioned whether the industry has a future. This deck does a detailed look at where the industry is and why the future of VC still looks bright.
Glenn Solomon provided an overview of the state of the VC market and trends in IPOs and M&A. Key points included:
- VC funding dollars have grown since the recession but deal numbers have remained steady, with larger deal sizes. Expansion and late stage rounds are significantly larger than in the past.
- IPO and M&A activity dipped in Q1 2015 but have recovered since. IPOs tend to be for older, larger companies with higher revenue but not necessarily profits. Successful 2014 IPOs were in enterprise software and infrastructure.
- The presentation covered performance of 2014-2015 IPOs and blockbuster 2014-2015 tech acquisitions over $1B.
The document provides an analysis of venture capital investment data in Europe and Israel for the second quarter of 2016. Some key points:
- Europe and Israel saw $4 billion invested in 470 venture deals in Q2 2016, setting new records.
- Israel had the highest total investment volume of any country at over $1.3 billion, followed by Germany and the UK.
- Average round sizes increased slightly and were around $12 million.
- Excluding seed deals, Israel had the most announced deals at 73, followed by the UK with 50 and DACH region with 40.
- Corporate venture capital activity increased, with Israel seeing the most corporate deals at 25 and the UK seeing 10.
The document discusses right-sizing the U.S. venture capital industry. It argues that the industry is currently too large given poor returns in recent years. The size of the industry grew rapidly in the late 1990s, but performance has stagnated since. Returns have failed to exceed public market indices over 5 and 10 year periods. Additionally, the core information technology sector that drove past success is now mature with lower capital needs. For the industry to improve returns, its size likely needs to shrink through reduced commitments from limited partners.
Deal book of russian internet fast lane venturesUNOVA
This document summarizes investment trends in the Russian internet market from 2010 to 2011. Some key points:
- Total investment in internet startups more than tripled over this period, reaching $225 million in 2010 and $540 million in 2011.
- The number of seed-stage investments increased dramatically, from 22 deals in 2010 to 90 deals in 2011, while the average seed deal size declined.
- Later-stage funding rounds also increased but the average deal size decreased, posing challenges for startups seeking growth funding.
- Exits remain infrequent and are typically acquisitions rather than IPOs, with only a few successful exit stories over the past 15 years in Russia.
The document discusses the state of venture capital funding and startups. It notes that there is a "Series A crunch" as the number of seed-funded startups is growing faster than the number receiving Series A funding. This has led to a rise in alternative funding sources like accelerators, micro-VCs, and crowdfunding. A new model of "lean" and "option buying" VCs is also discussed that makes many small investments seeking big wins. Overall the report suggests disruption is ongoing in the VC industry but that IPO and acquisition activity may be increasing, setting up a new wave of potential venture returns.
Fundstrat Bitcoin & Blockchain presentation for Upfront SummitMark Suster
An equity analyst case for the value in cryptocurrencies. Thomas Lee of Fundstrat was lead equity researcher for JP Morgan before founding Fundstrat. He takes a market approach to valuing Bitcoin and other cryptocurrencies. Here is his presentation for the #UpfrontSummit 2018.
- Venture capital fundraising and investments reached record levels in 2015, with more money coming from non-traditional investors. However, public tech valuations have dropped and private valuations are correcting from unsustainable highs.
- Most venture capitalists expect valuations to decline further in 2016 and are advising portfolio companies to cut costs. Fewer IPO and acquisition exits also have VCs taking a more cautious approach to new investments.
- Limited partner investors in venture funds remain concerned about high investment pacing, valuations, and company burn rates. However, most will maintain rather than decrease their commitments to venture capital over the next three years.
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.
- In Q3 2015, there were 286 venture capital investments totaling $3.2 billion in Europe and Israel, setting a new record.
- Four "mega-rounds" of over $100 million each accounted for much of the funding total. Excluding these, growth in investment was seen across most categories compared to Q3 2014.
- The UK and Israel received the most total funding in Q3 2015, while average round sizes were highest in the UK and Ireland.
Silicon Valley Warsaw School of Economics (SGH) Presentation 2015.05.23Peter Szymanski
The document discusses factors that Silicon Valley investors look for in companies and advice for Polish startups seeking US funding. It describes 9 key factors including rapid growth, large market potential, predictable revenue, a proven management team, and a strong economic model. It also provides tips for Polish startups on setting up a US entity to facilitate fundraising, checking investor references, and global technology trends that may impact future opportunities.
...how quickly venture backed
technology companies market capitalization changed (grew) and whether there had
been a change in the “Time To Market Cap” during different periods of history. November 2014
The document discusses similarities between the tech bubble burst of 2000 and current private equity markets, examining whether private equity is experiencing a bubble. It notes that private equity has significantly outperformed public markets in recent years. However, there is more money than ever flowing into private equity markets globally, with fundraising and investment at much higher levels than in 1996, raising concerns about a potential private equity bubble.
State of the U.S. Capital Markets - July 2005Dave Liu
The document provides an overview of the U.S. capital markets environment in mid-2005. It notes declining equity mutual fund flows and drops in technology IPO issuances and prices. However, it also states that companies with strong businesses are still able to issue public equity. Private equity investment in Chinese technology companies remains strong. The IPO market has demonstrated a selective recovery for high-quality issuers. Issues facing new public companies include a lack of U.S. public company experience and Sarbanes-Oxley compliance costs.
- Czech founders often raise too little funding (average of $100-250k) and give up too much equity (over 20% for some) for their pre-seed rounds compared to other parts of Europe. They also take too long (over 3 months) to raise this initial funding.
- This is due to a lack of experience and knowledge on both the founder and investor sides. Founders lack legal and fundraising know-how, while some investors set unfavorable terms and do not provide expected support.
- As a result, Czech startups are losing out on growth opportunities. Professional investors who take an active role in early-stage funding and provide ongoing support have startups that raise more total
The latest collection of things we (Atomico) found interesting and important in tech and VC land, but that didn’t necessarily get the attention they deserve. We think of them as our hidden little gems. We’ll add to the collection over time, so bookmark the page and keep coming back for updates or to dig into the archive.
Shaking the Money Tree Q4, 2010, presented by Owen DavisPaige Rasid
Owen Davis - Partner, PricewaterhouseCoopers presented this at the April 12, 2011 CVG Crossroads Connection Series Breakfast, Exits & Trends, in Stamford CT.
Flex continues to evolve its portfolio to provide more predictable earnings and higher margins through double-digit growth in its Healthcare, Industrial, and Energy Solutions (HRS) and Intelligent Edge Industrial (IEI) businesses. The company is committed to 5-10% annual net income growth and strong sustainable free cash flow, with a commitment to return over 50% of free cash flow to shareholders. Flex aims to achieve a more balanced portfolio by fiscal year 2020 with HRS and IEI making up over 60% of operating profits, up from 31% in fiscal year 2015.
Brazil Digital Report: a first-edition dossier on the Brazilian digital economy. A comprehensive report on trends and facts for investors, public and private institutions, entrepreneurs, executives, students, and for digital savvy people who are curious about Brazil.
https://www.brazilatsiliconvalley.com/
The document discusses the growth of internet usage in India. It notes that while India has the 4th largest internet population, penetration is only at 7%, which is lower than other major economies. However, internet usage is growing rapidly in India and is expected to accelerate further with improvements in infrastructure. Key sectors like internet advertising, e-commerce and online travel are still small compared to more developed markets but also experiencing strong growth. The document provides an overview of internet and economic trends in India compared to countries like the US and China.
Can europe create_billion_dollar_tech_companies_-_the_factsPawel Chudzinski
This document provides a summary of billion-dollar ("unicorn") tech companies founded in Europe since 2000. It finds 30 such companies, compared to 39 in the US over the same period. Most European unicorns are in eCommerce, founded by co-founders in their 30s, and it takes an average of 8 years to reach a liquidity event. While rare, European entrepreneurs have demonstrated the ability to build huge billion-dollar companies.
Venture capitalists are bullish on 2007, with over two-thirds predicting investment levels between $20-29 billion. They see opportunities in energy, internet/new media, and alternative exit strategies if the IPO market does not recover. While views are divided on the IPO market, most believe mergers and acquisitions and alternative markets will provide returns. Many expect increased competition from hedge funds and private equity firms for deals.
The COVID19 has changed the corporate landscape and the priorities of the government.
How should individual respond to these changes especially the rise of China?
Professor Lee will share his experience and observations from his 30 years in the market, and the global implications of the Chinese Central Bank Digital Currency and Libra Cryptocurrency.
The document summarizes venture capital trends in Q1 2013, including:
- $6.9 billion was invested across 841 deals in the US market in Q1 2013, up 17% from Q1 2012.
- In New York, $715 million was invested across 100 deals in Q1 2013, with deal volume up 22% and average deal size at $7.2 million.
- Internet investments continue to increase in volume while social and mobile investments decreased compared to the prior period.
The document summarizes the Tech Tour Growth 50 list, which highlights the 50 fastest growing high-impact private companies in Europe. Some key details:
- The companies have raised over $5 billion and created over 15,000 jobs since 1998.
- They represent a variety of sectors and countries, with the UK and Germany having the most companies.
- A selection committee reviewed over 300 candidates to determine those that met criteria for revenue, funding, valuation and growth rates.
Georgetown - Lessons in Funding from a Startup CEOMike Malloy
This document provides lessons and best practices for startup founders on fundraising and investor relationships. It discusses different levels of fundraising from bootstrapping to institutional investors. It also covers types of investors, investment instruments, pitch meetings, questions for investors, due diligence documents, and crowdfunding best practices like using templates, tiered contact lists, and press kits. The overall message is the importance of relationships, underpromising and overdelivering, and coming prepared with the right documents.
- Venture capital fundraising and investments reached record levels in 2015, with more money coming from non-traditional investors. However, public tech valuations have dropped and private valuations are correcting from unsustainable highs.
- Most venture capitalists expect valuations to decline further in 2016 and are advising portfolio companies to cut costs. Fewer IPO and acquisition exits also have VCs taking a more cautious approach to new investments.
- Limited partner investors in venture funds remain concerned about high investment pacing, valuations, and company burn rates. However, most will maintain rather than decrease their commitments to venture capital over the next three years.
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.
- In Q3 2015, there were 286 venture capital investments totaling $3.2 billion in Europe and Israel, setting a new record.
- Four "mega-rounds" of over $100 million each accounted for much of the funding total. Excluding these, growth in investment was seen across most categories compared to Q3 2014.
- The UK and Israel received the most total funding in Q3 2015, while average round sizes were highest in the UK and Ireland.
Silicon Valley Warsaw School of Economics (SGH) Presentation 2015.05.23Peter Szymanski
The document discusses factors that Silicon Valley investors look for in companies and advice for Polish startups seeking US funding. It describes 9 key factors including rapid growth, large market potential, predictable revenue, a proven management team, and a strong economic model. It also provides tips for Polish startups on setting up a US entity to facilitate fundraising, checking investor references, and global technology trends that may impact future opportunities.
...how quickly venture backed
technology companies market capitalization changed (grew) and whether there had
been a change in the “Time To Market Cap” during different periods of history. November 2014
The document discusses similarities between the tech bubble burst of 2000 and current private equity markets, examining whether private equity is experiencing a bubble. It notes that private equity has significantly outperformed public markets in recent years. However, there is more money than ever flowing into private equity markets globally, with fundraising and investment at much higher levels than in 1996, raising concerns about a potential private equity bubble.
State of the U.S. Capital Markets - July 2005Dave Liu
The document provides an overview of the U.S. capital markets environment in mid-2005. It notes declining equity mutual fund flows and drops in technology IPO issuances and prices. However, it also states that companies with strong businesses are still able to issue public equity. Private equity investment in Chinese technology companies remains strong. The IPO market has demonstrated a selective recovery for high-quality issuers. Issues facing new public companies include a lack of U.S. public company experience and Sarbanes-Oxley compliance costs.
- Czech founders often raise too little funding (average of $100-250k) and give up too much equity (over 20% for some) for their pre-seed rounds compared to other parts of Europe. They also take too long (over 3 months) to raise this initial funding.
- This is due to a lack of experience and knowledge on both the founder and investor sides. Founders lack legal and fundraising know-how, while some investors set unfavorable terms and do not provide expected support.
- As a result, Czech startups are losing out on growth opportunities. Professional investors who take an active role in early-stage funding and provide ongoing support have startups that raise more total
The latest collection of things we (Atomico) found interesting and important in tech and VC land, but that didn’t necessarily get the attention they deserve. We think of them as our hidden little gems. We’ll add to the collection over time, so bookmark the page and keep coming back for updates or to dig into the archive.
Shaking the Money Tree Q4, 2010, presented by Owen DavisPaige Rasid
Owen Davis - Partner, PricewaterhouseCoopers presented this at the April 12, 2011 CVG Crossroads Connection Series Breakfast, Exits & Trends, in Stamford CT.
Flex continues to evolve its portfolio to provide more predictable earnings and higher margins through double-digit growth in its Healthcare, Industrial, and Energy Solutions (HRS) and Intelligent Edge Industrial (IEI) businesses. The company is committed to 5-10% annual net income growth and strong sustainable free cash flow, with a commitment to return over 50% of free cash flow to shareholders. Flex aims to achieve a more balanced portfolio by fiscal year 2020 with HRS and IEI making up over 60% of operating profits, up from 31% in fiscal year 2015.
Brazil Digital Report: a first-edition dossier on the Brazilian digital economy. A comprehensive report on trends and facts for investors, public and private institutions, entrepreneurs, executives, students, and for digital savvy people who are curious about Brazil.
https://www.brazilatsiliconvalley.com/
The document discusses the growth of internet usage in India. It notes that while India has the 4th largest internet population, penetration is only at 7%, which is lower than other major economies. However, internet usage is growing rapidly in India and is expected to accelerate further with improvements in infrastructure. Key sectors like internet advertising, e-commerce and online travel are still small compared to more developed markets but also experiencing strong growth. The document provides an overview of internet and economic trends in India compared to countries like the US and China.
Can europe create_billion_dollar_tech_companies_-_the_factsPawel Chudzinski
This document provides a summary of billion-dollar ("unicorn") tech companies founded in Europe since 2000. It finds 30 such companies, compared to 39 in the US over the same period. Most European unicorns are in eCommerce, founded by co-founders in their 30s, and it takes an average of 8 years to reach a liquidity event. While rare, European entrepreneurs have demonstrated the ability to build huge billion-dollar companies.
Venture capitalists are bullish on 2007, with over two-thirds predicting investment levels between $20-29 billion. They see opportunities in energy, internet/new media, and alternative exit strategies if the IPO market does not recover. While views are divided on the IPO market, most believe mergers and acquisitions and alternative markets will provide returns. Many expect increased competition from hedge funds and private equity firms for deals.
The COVID19 has changed the corporate landscape and the priorities of the government.
How should individual respond to these changes especially the rise of China?
Professor Lee will share his experience and observations from his 30 years in the market, and the global implications of the Chinese Central Bank Digital Currency and Libra Cryptocurrency.
The document summarizes venture capital trends in Q1 2013, including:
- $6.9 billion was invested across 841 deals in the US market in Q1 2013, up 17% from Q1 2012.
- In New York, $715 million was invested across 100 deals in Q1 2013, with deal volume up 22% and average deal size at $7.2 million.
- Internet investments continue to increase in volume while social and mobile investments decreased compared to the prior period.
The document summarizes the Tech Tour Growth 50 list, which highlights the 50 fastest growing high-impact private companies in Europe. Some key details:
- The companies have raised over $5 billion and created over 15,000 jobs since 1998.
- They represent a variety of sectors and countries, with the UK and Germany having the most companies.
- A selection committee reviewed over 300 candidates to determine those that met criteria for revenue, funding, valuation and growth rates.
Georgetown - Lessons in Funding from a Startup CEOMike Malloy
This document provides lessons and best practices for startup founders on fundraising and investor relationships. It discusses different levels of fundraising from bootstrapping to institutional investors. It also covers types of investors, investment instruments, pitch meetings, questions for investors, due diligence documents, and crowdfunding best practices like using templates, tiered contact lists, and press kits. The overall message is the importance of relationships, underpromising and overdelivering, and coming prepared with the right documents.
Venture Capital 101 - I'm a VC, Who Are You? Paula Marttila
"Venture Capital 101 - I'm a VC, Who Are You?" walks you through the essentials of venture capital, early stage funding alternatives, and the difference between good and bad VC to an audience new to fundraising. I first gave this talk to Interactive Communication students at Berghs School of Communications in Stockholm, Sweden, March 2013.
March 2016: Updated version to reflect the changes and trends in venture capital markets incl. additional pitch advice, recommended reading, and founder resources.
The document discusses trends in wearable technology like Google Glass, providing an overview of Glass products and features, user feedback and adoption forecasts. It outlines investment opportunities for Glass in industries like healthcare, fitness and gaming, and examples of startup companies pursuing those opportunities. Finally, it makes the case that while social norms around privacy and etiquette present challenges to mass adoption now, historical examples like mobile phones and Facebook suggest social norms can evolve to accommodate new technologies.
This document discusses what startup investors look for in deciding whether to invest in a startup. It begins by explaining the different types of startups and stages of financing. It then discusses the different types of investors, including private funds, angels, strategic investors, public incubators, and the crowd. For each type of investor, it explores what motivates them and what they look for in potential investments. A key point is that private funds seek big winners that can deliver high returns over the long run. The document closes with examples from Yelp's fundraising history to illustrate returns over multiple financing rounds.
This document discusses building and funding a startup. It begins with background on the author and an agenda. The agenda discusses what startup life is really like, getting started, raising capital, and final thoughts. It notes startups are a grind and raising money is a full-time job for CEOs. When raising money, it recommends getting as long a runway as possible, taking coffee meetings, proving you can ship product, and not hiring people just like yourself. It emphasizes the importance of meeting investors early and getting an anchor investor. The document ends by noting most people who want to start a company never start, there is value in taking the first leap, trusting your own judgment, and only starting with an idea you are passionate about
This document summarizes an investment manager's presentation on StartGreen Capital's investment criteria for startups. It discusses evaluating business cases based on the problem and solution, market size and competition, product, business model, financial projections, and team. The presentation emphasizes the importance of understanding the business case in depth and using facts like revenues and costs rather than assumptions to show profitability and improve the risk profile.
White Star Capital - Canadian Venture Capital Landscape 2018Sanjay Zimmermann
In this second edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few additional topics.
In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we look at a few new topics. We examine a few subsectors, larger round dynamics, VCCI and regional programs. We are also pleased to further explore one of Canada's key strengths: it's diversity and talent. Finally, we end with an updated deep dive on VC's and other investors making up the space.
- VC deal activity in the US increased slightly in Q2 2020 compared to Q1 2020, but was still down 18% compared to Q2 2019. Total funding amount was nearly flat from Q1 2020 but down year-over-year.
- A record number of 69 "mega-rounds" of $100 million or more occurred in Q2 2020, although total mega-round funding and deal share were relatively flat compared to previous quarters.
- IPO exits increased in Q2 2020 while M&A activity sharply declined. The number of new unicorn startups also declined for the fourth consecutive quarter, though the total unicorn population continued growing.
What does the rest of 2016 hold for innovation companies? In a mid-year update on State of the Markets, the SVB Analytics team analyzed data from the first half of 2016 to identify key trends impacting SVB's clients.
Mark G. Heesen, President, NVCA - A CVG Second Thursday Event, 6/13/13Paige Rasid
Mark spoke about the state of the venture capital industry from both a national and regional perspective. He discussed where VCs are investing, the decline in the number of venture firms, the exit climate and what's happening in Washington that's important to the venture and entrepreneurial communities.
This document is a quarterly report from PricewaterhouseCoopers and the National Venture Capital Association on venture capital investment trends. Some key findings from Q2 2014 include:
- Total US investments reached $12.9 billion across 1,114 deals, increases of 34% in dollars and 17% in deals from Q1 2014.
- Software remained the top funded sector, receiving $6.1 billion or 47% of total dollars. Silicon Valley received the largest share of investments at 55% of total dollars.
- First sequence (early stage) investments totaled $1.5 billion across 362 deals, increases of 48% in dollars and 26% in deals from Q1 2014.
State of the Capital Markets – First Quarter 2018 Review and Second Quarter 2...The Lead Left
Review of Current Market Conditions
Analysis of Capital Markets Metrics Including Covenants, Pricing, and Leverage
Review of Credit Quality
Outlook for Second Quarter 2018
Colliers Toronto office market report 2015 q3Chris Fyvie
This document provides a quarterly market report on the Greater Toronto Area office market. It finds that in Q3 2015, the overall vacancy rate declined slightly to 5.4% while availability decreased to 10%. Nearly 5 million square feet of new office space is under construction. Financial services is leading demand, focused in downtown, north and west GTA. The investment market saw a decrease in transactions from the previous quarter due to low supply of quality assets. The downtown submarket saw its vacancy rate decline slightly as well.
The IPO Window Reopens:
We finally saw the IPO window crack open in Q3 2016, as proceeds from technology M&A are leaving investors flush with cash to reinvest and driving demand for IPOs and follow-on offerings.
In this third-quarter update on State of the Markets, my team analyzed investment and exit data to identify key trends impacting clients:
1. The number of IPOs exceeded private IPOs for the first time since Q2 2013, as crossover investors’ interest in large pre-IPO financings dropped off.
2. In the U.S., the pace of unicorn exits in Q3 exceeded new entrants.
3. After plummeting in the first half of 2016, values of publicly traded unicorns showed signs of recovery.
Learn more by reading the new State of the Markets report. As with any review of the markets, conditions can turn quickly. We are, however, confident that the fundamentals driving innovation will be strong through the end of 2016.
US Venture Capital Climate 2015 including Angel Investing. The emerging disconnect between angel investors and VCs reduces returns for angels and the chance for startups to succeed.
The State of FinTech and the Time-Honored Rivalry Between Incumbents and Star...F-Prime Capital
Over the last few months, we have shared our perspective on the FinTech landscape with management teams at several large financial institutions and have summarized those views in this presentation. We look at how we arrived at this exciting period of FinTech disruption and what the next few years will look like -- how threatened are incumbents? which startups are likely to breakout? what does the emerging FinTech architectural stack look like?
It has some good data points and analysis, and we welcome comments and further discussion.
6th annual Real Estate Women’s Forum New YorkRyan Slack
Kathryn Wylde, President and CEO of the Partnership for New York City, gave the morning keynote on the state of New York City's economy. Some of the key points from her presentation included:
- New York City is experiencing all-time highs in population, jobs, economic activity, and tourism.
- The city has come a long way since the 1970s, with over 4 million jobs now compared to 3 million then.
- Crime rates are down 80% from their peak in 1990.
- Wall Street remains the largest economic driver, making up 21% of the city's economic output, though high-tech is the fastest growing sector.
- The city faces over $
Global blockchain funding declined 29% quarter-over-quarter to $6.5B in Q2 2022, the first decline in two years, driven by a drop in US funding. Mega-round funding (deals over $100M) fell 54% from last quarter's record. The number of new blockchain unicorns also halved compared to Q1 2022. Despite the declines, over half (57%) of total funding went to Web3 startups focused on areas like NFTs, gaming, and infrastructure.
White Star Capital Canadian Venture Capital Landscape 2019White Star Capital
In this third edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few new topics.
In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we examine larger round dynamics, the continuation of the VCCI program, the rise of narwhals, and funding activity by state and region. We have also explored one of Canada's key strengths: its diversity and increased immigration influx. Finally, we end with an updated deep dive on VCs and other investors.
Uncertainty and Fundamentals Driving Capital Decisions - Keynote David Bitner...Ryan Slack
The document provides a summary of the U.S. economic and commercial real estate outlook from Cushman & Wakefield for April 2017. It discusses how 2017 started slowly with rising capitalization rates and decelerating price returns. U.S. investment sales volumes in the first quarter of 2017 were down 42% and 18% compared to the first quarter of 2016 for single asset and portfolio deals respectively. The summary explores reasons for the slow start to the year including general uncertainty in the economy, real estate cycle, and their interplay with politics.
The document is a report from PricewaterhouseCoopers and the National Venture Capital Association on venture capital investments. Some key points:
- It provides quarterly data on total US and Connecticut venture capital investments, deals, and industries/regions funded.
- US investments in Q2 2014 totaled nearly $13 billion across 1,114 deals, up 34% from Q1 2014. Connecticut investments in 2014 year-to-date total $316 million.
- Top funded industries nationally are software, biotechnology, and media/entertainment. Software and biotechnology also lead in Connecticut.
- The report contains detailed breakdowns of investments by stage, region, industry and other categories.
The document provides an overview of the state of blockchain in Q1 2016. Some key points:
- Total VC investment in bitcoin and blockchain startups rebounded in Q1 after declining in Q4 2015, though investment remains below previous highs. The average deal size and largest deals also increased.
- More VC funding is going to blockchain rather than bitcoin startups, as companies pivot away from currency applications. Over 40% of all funding now goes to blockchain and hybrid startups.
- The number of blockchain companies has grown significantly from 14 in Q1 2015 to 59 in Q1 2016. Investment is concentrating in the US, UK, Israel, Argentina, Sweden and Germany.
- Metrics like
Private valuations continued to grow in 2015 driven by increased crossover investor appetite. However, public valuations point to potential unicorn mispricing as most trade below final private valuations. Late-stage mega-rounds are slowing as investors require tighter terms and focus on profits over growth. The IPO window remains uncertain in 2016 amid macroeconomic headwinds.
Similar to Venture Capital Environment 2010 Q3 (20)
Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
Profiles of Iconic Fashion Personalities.pdfTTop Threads
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Venture Capital Environment 2010 Q3
1. US VC Investment Climate
Q3 2010
www.startupcv.com
tdick@startupcv.com
2. Hong
Kong
Silicon
Valley
What’s Going On In The US VC Cycle?
Page
2
VCs
Invest In
Startups
Startups
Exit Via
M&A or
IPO
VCs
return
capital to
LPs
LPs
Invest In
VCs
3. Hong
Kong
Silicon
Valley
Page 3!
US Venture Fundraising Bumping Along At
Record Lows Of $2-3B Per Quarter
Source: Thomson Reuters / NVCA
0
2000
4000
6000
8000
10000
12000
14000
16000
2006 Q1Q2 Q3 Q42007 Q1Q2 Q3 Q42008 Q1Q2 Q3 Q42009 Q1Q2 Q3 Q42010 Q1Q2 Q3
MoneysRaised($M)
Year / Quarter
US Venture Capital Raised
4. Hong
Kong
Silicon
Valley
Although Slightly More (& Therefore
Smaller) Funds Were Raised
Page 4!
0
10
20
30
40
50
60
70
80
90
2008 Q1 Q2 Q3 Q4 2009 Q1 Q2 Q3 Q4 2010 Q1 Q2 Q3
NumberofFunds
Quarter
Number Of US VC Funds Raising Capital
Source: Thomson Reuters / NVCA
5. Hong
Kong
Silicon
Valley
VC Has Outperformed
Public Market Returns
Page
5
Source: Cambridge Associates
• .com boom• .com bust
6. Hong
Kong
Silicon
Valley
A Good Proportion Of Funds Raised Were
New Funds
Page 6!
Source: Thomson Reuters / NVCA
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FundsRaised(Count)
Quarter / Year
New Vs. Follow-On Funds Raised
New
Follow On
7. Hong
Kong
Silicon
Valley
Fundraising Has Slowed For Several Reasons
Page
7
“Over the last two years, alternative asset
allocations have declined and the exit market has
suffered, putting venture firms in the unenviable
position of communicating their value in an
extremely challenging environment.
- Mark Heesen, NVCA
Current cash-flow needs have shifted some LPs
asset allocations away from illiquid and
alternative asset classes such as VC & PE
8. Hong
Kong
Silicon
Valley
$-
$1,000,000,000
$2,000,000,000
$3,000,000,000
$4,000,000,000
$5,000,000,000
$6,000,000,000
$7,000,000,000
$8,000,000,000
$9,000,000,000
AmountInvested($)
Year / Quarter
US Venture Capital Invested (2003 - 2010)
Page 8!
However Venture Capital Invested Has
Rebounded To $5-6B Per Quarter
Source: Thomson Reuters / NVCA
* Last quarter is always under-counted
9. Hong
Kong
Silicon
Valley
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2003 2004 2005 2006 2007 2008 2009
MoniesInvested(%)
Year
US Venture Investing Mix
Telecommunications
Software
Semiconductors
Retailing/Distribution
Other
Networking & Equip't
Med Devices & Equip't
Internet & Web 2.0
IT Services
Cleantech
Healthcare Services
Financial Services
Electronics/Instruments
Consumer Prod's & Svc's
Computers & Peripherals
Business Prod's & Svc's
Biotechnology
<<<<<<<<< Cleantech >>>>>>>>>>
<<<<<<<<<<Software >>>>>>>>>>>>
<<<< Semiconductors >>>>
<<< Medical Devices >>>
IT services
Internet
Software & Biotech Remain Largest Sectors
With Cleantech & MedTech Growing
Page 9!
Source: Thomson Reuters / NVCA
2010
10. Hong
Kong
Silicon
Valley
Silicon Valley & Route 128 Remain 50% Of
Market, But L.A. & N.Y. Growing
Page 10!
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008 2009 2010
Upstate NY
Unknown
Texas
SouthWest
Southeast
Oklahoma
Silicon Valley
San Diego
Sacramento/N.Cal
Philadelphia Metro
NY Metro
Northwest
North Central
New England
Midwest
LA/Orange County
DC/Metroplex
Colorado
Source: Thomson Reuters / NVCA
11. Hong
Kong
Silicon
Valley
US Maintaining Its Share (65%)
In Global Venture Market
Page 11!
0
5
10
15
20
25
30
35
40
45
50
2007 2008 2009 2010 *
Investment(%OfMonies)
Year
Venture Capital Funding By Region
US
Israel
India
China
Europe
Source: DowJones VentureSource
* 2010 based on Q1 statistics
12. Hong
Kong
Silicon
Valley
Investment Is Focused On
Expansion Stage
Page 12!
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2005 2006 2007 2008 2009 2010
PercentageOfMoniesByStage
Year
US Venture Monies Invested By Stage
Later Stage
Expansion
Early Stage
Startup/Seed
Source: Thomson Reuters / NVCA
13. Hong
Kong
Silicon
Valley
Page 13!
Fewer A & B Rounds But More C & D
Reflect VC Tilt To Expansion Deals
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 Q1Q2 Q3 Q42008 Q1Q2 Q3 Q42009 Q1Q2 Q3 Q42010 Q1Q2
SeriesMix(%)
Quarter / Year
Series Of Venture Funding Over Time
E & Later
D
C
B
A
Source: Fenwick & West
14. Hong
Kong
Silicon
Valley
First And Expansion Round Sizes Increased
While Late Stage Has Fallen
Page 14!
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
2005 2006 2007 2008 2009 2010 Total
AverageInvestmentSize($)
Year
Investment Round Size By Stage
Startup/Seed
Early Stage
Expansion
Later Stage
Overall Average
Source: Thomson Reuters / NVCA
15. Hong
Kong
Silicon
Valley
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007
Q1
Q2 Q3 Q4 2008
Q1
Q2 Q3 Q4 2009
Q1
Q2 Q3 Q4 2010
Q1
Q2
Up/Flat/NeutralValuations(%)
Year / Quarter
Financing Round Valuation Mix
Up
Flat
Down
Page 15!
Up-Rounds Back To Majority Of
Of Funding Events
Source: Fenwick & West
16. Hong
Kong
Silicon
Valley
Multiple Liquidation Pref’s Normative But
Pay To Play* Increasing
Page 16!
Source: Fenwick & West
0%
5%
10%
15%
20%
25%
30%
2007 Q1Q2 Q3 Q42008 Q1Q2 Q3 Q42009 Q1Q2 Q3 Q4Q1 2010Q2
PercentageofRoundsw/Provisions
Year / Quarter
Investment Round Provisions
Multiple Liquidation Preferences
Pay To Play
* A new form of contractual
“pull up” whereby
conversion to common is
automatic if participation
does not occur is
emerging
17. Hong
Kong
Silicon
Valley
Page 17!
Exits! VC-Backed M&A & IPO Activity Is
Healthy: $16B Raised In Q3
Source: Thomson Reuters / NVCA
0
20
40
60
80
100
120
140
2006 Q1Q2 Q3 Q42007 Q1Q2 Q3 Q42008 Q1Q2 Q3 Q42009 Q1Q2 Q3 Q42010 Q1Q2 Q3
TransactionCount
Quarter
US Venture-Backed IPO & M&As
IPOs
M&As
18. Hong
Kong
Silicon
Valley
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
2006 Q1Q2 Q3 Q42007 Q1Q2 Q3 Q42008 Q1Q2 Q3 Q42009 Q1Q2 Q3 Q42010 Q1Q2 Q3
Transaction/OfferingSize($M)
Year / Quarter
Venture Exit Transaction Sizes
Avg. Reported M&A
Value
Avg. IPO Float
Page 18!
VC-backed IPO and M&A Deal Size Is Strong
& VCs Will Be Returning Capital To LPs
Source: Thomson Reuters / NVCA
19. Hong
Kong
Silicon
Valley
The Venture Funding Cycle Is Imbalanced*
Page
19
VCs Invest $5B
In Portfolio
$16B In
Venture Exits
LPs Invest
$3B In VCs
Sources: Thomson Reuters, Dow Jones, Fenwick & West
* Q3 2010
20. Hong
Kong
Silicon
Valley
A Fork In The Road: Market Equilibrium
Must Return (One Way Or Another)
• VC exit activity of $16B in Q3 is at the highest levels
since 2007 with good valuations
• VCs returning capital to LPs again
• VCs are investing at levels of $5 - $6B per quarter...
• But LPs are funding VCs at at just $2 - $3B per quarter
Page
20
• Venture capital
declines to match
lower LP
investment in VC
• VC continues at
today’s level if LPs
increase allocation
to VC sector