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Tom Tunguz Redpoint Ventures tomtunguz.com

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Tom Tunguz Redpoint Ventures tomtunguz.com


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$3.5B under management Offices in California and China Seed, Series A, B and Growth Investments


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How the Fundraising Market is Evolving


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VC Fundraising is Steady; 2014 Strong Start at $8B+ in Q1


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Meanwhile, VC investments also steady at 10 year mean of $25B


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And average investment size is stable to up


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But Consumer Publics are down 25%


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And the fall has been broad-based


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Enterprise has been hit harder, falling 40%


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Depressing Multiples from All Time Highs


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Public markets depressing multiples… But the venture market is increasingly competitive among venture firms who are raising a constant amount of dollars Net effect: relative stability in the fundraising market Two Forces in Tension


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Startups Are Markedly More Capital Efficient


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Startups today require half the capital to go public compared to 12 years ago


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Certain segments are unbelievably capital efficient


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Recent IPOs are 2x more VC dollar efficient as their older brothers Outliers require negligible capital before IPO because of more efficient avenues of customer acquisition Net effect: startups need to raise less capital and will require a different pattern of financing Startups are far more capital efficient than they used to be


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Is Seed the New A?


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Seed investment dollars has tripled in 4 years to $1.5B in 2013


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And while angel rounds have increased some…


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VCs involvement in rounds increases round size by 400%


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Top quartile seeds, aka MegaSeeds are larger than most series As


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MegaSeeds show no signs of slowing down. VCs buying early access to startups.


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Consequently, the MegaSeed has replaced the traditional Series A


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VCs have 4x’ed the size of a traditional angel-only seed round VC dollars have created a new category of seed investment, the MegaSeed which has replaced the Series A Net effect: Series A investment sizes have increased because capital startups are further along than before Competition in the VC market has pushed VCs to invest in seeds


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Startup Fundraising Playbook


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Larger seeds correlated to higher chances of raising a Series A


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Larger seeds are better and equally as common as smaller seeds


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Raising seed from VCs increases seed round size but no impact on Series A


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Signaling risk is zero for companies who are able to raise Series A


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Q4 is the least attractive time to raise a seed


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Raise more than $900k Easier to do with VC involvement. Typical round has 1.6 VCs Raise earlier in the year if you can Best practices for raising a seed


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Impact of Increasing Seed Investment in Follow On Rounds


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More seed dollars = more seed companies = more series A competition


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Series As rising. Crunch is in the Series B.


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$5-$10M Series As have 2xed in 4 years


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But Series Bs are flat across the board


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Huge increase in the number of Mega Rounds


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Series A investment up 200%, responding to increase in company formation and seed companies Series B flat, creating a crunch for follow-ons Clear winners able to delay IPO/M&A for years because of IPO-sized rounds available in the private markets Net effect: Winners have access to tons of capital. Others may struggle with the Series B crunch. Series A and B and later rounds are in flux


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Appendix


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qs


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