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State Of Venture Capital 2013

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State Of Venture Capital 2013

  1. 1. State Of US Venture Capital Q1 2013 www.startupcv.com twitter: @dicktim
  2. 2. Startup Capital Ventures •  Early stage enterprise-focused venture capital in Silicon Valley & Hawaii •  Top decile fund performance •  We like technology, IP and the cloud •  We love insanely curious domain-expert entrepreneurs • Silicon Valley • Honolulu      Page  2  
  3. 3. What’s Going On In The US VC Cycle?      Page  3   VCs Invest In Startups Startups Exit Via M&A or IPO VCs return capital to LPs LPs Invest In VCs • Silicon Valley • Honolulu
  4. 4. Agenda •  LP Investments In VC •  VC Investing Activity •  Exit Activity •  Conclusions • Silicon Valley • Honolulu      Page  4  
  5. 5. US Venture Capital Raised Is Stable At Around $19B    Page  5   .com boom & bust Source: NVCA • Silicon Valley • Honolulu
  6. 6. The Number Of US Venture Funds Raised Is Also Stable Page  6   Source: NVCA • Silicon Valley • Honolulu
  7. 7. Follow-On Vs. New Funds Raised Is About 70 / 30 Split Source: Thomson Reuters / NVCA • Silicon Valley • Honolulu " Page 7"
  8. 8. Agenda •  LP Investments In VC •  VC Investing Activity •  Exit Activity •  Conclusions • Silicon Valley • Honolulu      Page  8  
  9. 9. $26B Of Venture Capital Invested Is Well Above $19B Of Inflow To Funds Source: Thomson Reuters / NVCA • Silicon Valley • Honolulu " Page 9"
  10. 10. Software & Biotech. & Cleantch Are The Largest Investment Sectors Source: Thomson Reuters / NVCA • Silicon Valley • Honolulu " Page 10"
  11. 11. IT Venture Investment Is Thriving •  “Life sciences investment was suppressed due in part to the impact of the regulatory environments •  Clean tech investors began moving towards deals less dependent on government support •  Investment in information technology flowed, as far fewer obstacles impeded success in those sectors” - Mark Heesen, President NVCA • Silicon Valley • Honolulu      Page  11  
  12. 12. Early Stage Investing Has Returned While Seed Stage Declines Source: Thomson Reuters / NVCA • Silicon Valley • Honolulu " Page 12"
  13. 13. Silicon Valley Continues To Dominate US Venture Capital Investment Source: Thomson Reuters / NVCA • Silicon Valley • Honolulu " Page 13"
  14. 14. Early Stage Deal Size Is Decreasing As Startups Become More Capital Efficient Source: Thomson Reuters / NVCA • Silicon Valley • Honolulu " Page 14"
  15. 15. Crowdsourced Equity Is Mostly Small Tranches From Angels • Silicon Valley • Honolulu Source: Massolution, Crowdsource.org " Page 15"
  16. 16. " Page 16" Up-Rounds Continue To Constitute Most Financings Source: Fenwick & West • Silicon Valley • Honolulu
  17. 17. Up-Round Valuation Increase Continues About +85% • Silicon Valley • Honolulu Source: Fenwick the fenwick & west venture capital barometer™ (magnitude of price change)—Set forth below percentage change between the price per share at which companies raised funds in a quarter, compa price per share at which such companies raised funds in their prior round of financing. In calculating rounds (up, down and flat) are included, and results are not weighted for the amount raised in a fina The Barometer results by series are as follows: 100% * 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Q1’11 Q2’11 Q3’11 Q4’11 Q1’12 Q2’12 Q3’12 Q4’12 30% 52% 52% 71% 78%69% 85% 85% 99% Barometer Combined Total Redemption 168% 142% ** 116% 90% 64% 38% 12% -14% -40% Q1’11 Q2’11 Q3’11 Q4’11 Q1’12 Q2’12 Q3’12 Q4’12 Software Hardware Life Science Internet/Digita Cleantech Barometer Percentage Change By Series *One software company had a 1460% up round and one internet/digital media company had a 1190% up r If these were excluded the Barometer result for 2Q12 would have been 70%. " Page 17"
  18. 18. Agenda •  LP Investments In VC •  VC Investing Activity •  Exit Activity •  Conclusions • Silicon Valley • Honolulu      Page  18  
  19. 19. " Page 19" IPO and Especially M&A Activity Is Strong Source: Thomson Reuters / NVCA • Silicon Valley • Honolulu
  20. 20. VC-backed IPO and M&A Valuations Remain Robust Source: Thomson Reuters / NVCA • Silicon Valley • Honolulu " Page 20" 2012 is ex Facebook (avg. would be $5B)
  21. 21. • VC Returns Continue to Outperform • Public MarketsVC Returns Currently Untypically Lagging Booming Stock Markets .com boom .com bust Source: NVCA, Cambridge Associates • Silicon Valley • Honolulu      Page  21  
  22. 22. Medium Size Funds Produce Best Returns • Confidential To Recipient Page 22" • Source: Cambridge Associates, NVCA 0 5 10 15 20 25 30 35 Funds < $50M $50-$150M >$150M FundIRR(%) Fund Size ($) US Venture Capital Fund Returns (1998-2008)
  23. 23. Agenda •  LP Investments In VC •  VC Investing Activity •  Exit Activity •  Conclusions • Silicon Valley • Honolulu      Page  23  
  24. 24. The Venture Market Is Moving Nicely •  Plenty of deals are getting funded •  Deal quality is solid with good revenue and profitability •  Exit activity is good in both number of deals and valuation •  LPs continue to invest in VC albeit not at the level VCs are investing in startups • Silicon Valley • Honolulu      Page  24  
  25. 25. VCs Invested $26B In Portfolio $210B In Venture Exits (IPO + M&A proceeds) LPs Invested $19B In VCs 2012 Venture Funding Cycle Created Good Returns For LPs But Still Imbalanced Page  25   Sources: NVCA, Thomson Reuters, Cambridge • Silicon Valley • Honolulu
  26. 26. Market Equilibrium Will Return (One Way Or Another) •  Good VC exit markets create strong returns for LPs (better than public markets) •  Healthy funding levels at all stages •  VCs solidly funding new deals •  LP funding growing but still lagging VC returns      Page  26   Venture capital shrinks to match LP investment in VC VC funding grows as LPs return to VC sector • Silicon Valley • Honolulu
  27. 27. • Copyright © 2010 Startup Capital Ventures Page 27 Author: Tim Dick •  General Partner, Startup Capital Ventures –  Boards: SilverTail (acquired EMC), TuneIn, Adama Materials, TagArray •  Entrepreneur, angel and advisor has raised over $300M in early stage capital with over $1.2B of exits –  Match.Com (Angel, acquired by IAC) –  WorldPages.com (Founder, CEO, IPO NYSE:WPZ acquired by BT) –  TRUSTe.org / Privacy Assured (Internet privacy standard) –  Accept.com (mentor capitalist, acquired by Amazon) –  Grassroots Enterprise (Founding President, acquired by Edelman) –  Hawaii Superferry (founding CEO) –  Dali Wireless (turnaround CEO) •  Boston Consulting Group •  Beckman Instruments: invented first “instrument on a chip” (1985) & first ICU usable speech synthesizer for intubated patients (1981) •  MBA, Stanford University •  BSEE, University of California
  28. 28. www.startupcv.com tdick@startupcv.com

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