STARTUP CAPITAL VENTURES. Angel & Venture Capital Market 2015
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1 STARTUP CAPITAL VENTURES Angel & Venture Capital Market 2015
2 What s Going On In The US VC Cycle? LPs Invest In VCs VCs Invest In Startups VCs return capital to LPs Startups Exit Via M&A or IPO Silicon Valley Honolulu Page 2
3 Agenda LP Investments In VC VC Investing Activity Angel, Accelerator & Crowdfunding Exit Activity Conclusions Silicon Valley Honolulu Page 3
4 VC Fundraising Market Is Healthy.com boom & bust Source: Thomson Reuters / PwC / NVCA Silicon Valley Honolulu Page 4
5 Number Of Funds Raised Increased Again Source: Thomson Reuters / PwC / NVCA Silicon Valley Honolulu Page 5
6 New Funds Raised Exceeded 30% For First Time In Years Source: Thomson Reuters / NVCA Silicon Valley Honolulu Page 6
7 VC Returns Continue to Outperform Public Markets Venture Returns Continue To Exceed Public Market Returns Source: NVCA, Cambridge Associates Silicon Valley Honolulu Page 7
8 Agenda LP Investments In VC VC Investing Activity Angel, Accelerator & Crowdfunding Exit Activity Conclusions Silicon Valley Honolulu Page 8
9 $49B Of Venture Capital Invested In 2014 Is Highest Since 2000 For comparison: Apple 2015Q1 revenue $74.6B 2015 = Q1 annualized Source: Thomson Reuters / PwC / NVCA Silicon Valley Honolulu Page 9
10 US Corporate VC Also at a Decade High Source: PWC Moneytree Report Silicon Valley Honolulu Page 10
11 Number of US VC Deals Remains Essentially Flat For 15 Years 2015 = Q1 annualized Source: Thomson Reuters / PwC / NVCA Silicon Valley Honolulu Page 11
12 Silicon Valley Dominates US VC With CA Making Up Almost 60% of Total $ LA / Orange County Source: Thomson Reuters / PwC / NVCA Silicon Valley Honolulu Page 12
13 Software Is Eating The $ While Industrial & Energy Is Bouncing Back Source: Thomson Reuters / PwC / NVCA Silicon Valley Honolulu Page 13
14 Software Represents Nearly 50% Of Deals With Biotech #2 and Down To ~10% Source: Thomson Reuters / PwC / NVCA Silicon Valley Honolulu Page 14
15 Seed Stage Rounds Continued To Decline As Series A & B Rounds Increase Source: Thomson Reuters / PwC / NVCA Silicon Valley Honolulu Page 15
16 Seed And Expansion Stage Deal Sizes Close To.com highs* * Driven by two billion $ deals and several multi-hundred $ deals Source: Thomson Reuters / PwC / NVCA Silicon Valley Honolulu Page 16
17 79% Of Round Valuations Were Up While Just 6% Were Down-Rounds Source: Fenwick Silicon Valley Honolulu Page 17
18 Software & Internet / Media Had Greatest % Of Up-Rounds With Life Science Continuing To Lag Source: Fenwick Q * Cleantech & Other were statistically insignificant with two deals each Silicon Valley Honolulu Page 18
19 Round To Round Price Increases At Post.com Record Levels Source: Fenwick Silicon Valley Honolulu Page 19
20 Bullish VC Sentiment As Measured By Low Senior Liquidation Preferences Source: Fenwick Silicon Valley Honolulu Page 20
21 Venture Investment Environment Is At Highest Levels Since.com Era However the comparison is unfair Still just 40% of.com highs Most funded companies have revenue and strong growth Investing sectors are more tech. heavy (e.g. software, cloud) vs. internet and media Business models are more sophisticated AND more capital-efficient Cheap cloud services (e.g. AWS) reduce capital needed Silicon Valley Honolulu Page 21
22 Agenda LP Investments In VC VC Investing Activity Angel, Accelerator & Crowdfunding Exit Activity Conclusions Silicon Valley Honolulu Page 22
23 Technology Angel Funding Strong But Disconnected From Venture Angel funding at highest levels in years $1.65B invested in 870 deals Deal size and valuations very strong But disconnected from venture capital Investing in different sectors than VC Most active angel syndicates are outside major VC markets Silicon Valley Honolulu Page 23
24 Crowdfunding Industry Still Dominated By Project & Lending Sectors Project funding (e.g. Kickstarter: $1.4B funded to date) and lending (e.g. Lending Club) dominate Angel.co is largest equity funder at $100M in 2014 SEC has still not finalized unaccredited investor equity crowdfunding regulations Adverse selection remains an unresolved issue e.g. crowdfunders mostly get the deals rejected by angels, accelerators & VCs Silicon Valley Honolulu Page 24
25 Average Tech. Angel Round Size At All Time High Source: ARI Halo Report Silicon Valley Honolulu Page 25
26 Tech. Angel Deal Size Up Across All Sectors Source: ARI Halo Report Silicon Valley Honolulu Page 26
27 Tech. Angel Valuations At All Time High Source: ARI Halo Report Silicon Valley Honolulu Page 27
28 Tech. Angel Deals Approximately Proportional To Population (Different Than CA-Centric VC) Source: ARI Halo Report Silicon Valley Honolulu Page 28
29 Angel Investing Continues To Be Centered On Consumer & Mobile Internet Source: ARI Halo Report Silicon Valley Honolulu Page 29
30 Big Takeaway: Angels Invest (Much) More In Consumer & Less In Software Than VCs Source: Thompson-Reuters NVCA, ARI Halo Report Silicon Valley Honolulu Page 30
31 Why Are Tech. Angels Investing So Differently Than Venture? Many possibilities or combinations Investing in concepts they understand Investing proportional to applicant pool Consumer internet has lower tech. barriers Angels unaware of VC funding patterns Newsmaking consumer IPOs (TWTR) create observational bias vs. broad exit market (7X more M&A than IPO, etc.)? Silicon Valley Honolulu Page 31
32 Agenda LP Investments In VC VC Investing Activity Angel, Accelerator & Crowdfunding Exit Activity Conclusions Silicon Valley Honolulu Page 32
33 Venture M&A and IPO Markets Continue Healthy Levels Of Activity 2015 = Q1 annualized Source: Thomson Reuters / PwC / NVCA Silicon Valley Honolulu Page 33
34 VC-backed IPO and M&A Valuations Remain Strong Facebook, Groupon, Twitter, Zynga FB acquisition of WhatsApp for $19.5BN Source: Thomson Reuters / PwC / NVCA Silicon Valley Honolulu Page 34
35 Agenda LP Investments In VC VC Investing Activity Angel, Accelerator & Crowdfunding Exit Activity Conclusions Silicon Valley Honolulu Page 35
36 VCs (Still) Investing More In Startups Than LPs Are Investing Back Into VC LPs Invested $30B In VCs VCs Invested $53B In Portfolio ~$100B In Venture Exits (IPO + M&A) Sources: NVCA, Thomson Reuters, Cambridge Silicon Valley Honolulu Page 36
37 Better Angel & VC Investing Synchronicity Could Improve Startup & Angel Yields Startups and angels are dependent upon subsequent venture funding Angel investing patterns do not appear to influence VC investing patterns Angel investing sectors has stayed consistent for 5 years whereas VC investing evolves with market VCs are focused on investing in active exit markets Silicon Valley Honolulu Page 37
38 Author: Tim Dick General Partner, Startup Capital Ventures Boards: PlayFab, SilverTail (acquired by EMC), TuneIn, Adama Materials, TagArray (acquired MXIM) 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 cofounded West Coast technology practice Beckman Instruments: invented first instrument on a chip & first ICU usable speech synthesizer for intubated patients MBA, Stanford University, BSEE, University of California Page 38
39 STARTUP CAPITAL VENTURES
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