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!1
Mark Suster
@msuster
Chang Xu
@_changxu
Is VC Still
A Thing?
Image Credit:
Freepik
!2
Last year, the
discussion was
how ICOs were
going to wipe
out VC.
Image Credit: Pexels
3
And we know
some founders
eschew venture
capital.
Image Credit: Pexels
4
Some fear that
SoftBank, Sequoia
and sovereign
wealth funds may
eat VCs alive.
Image Credit: Pexels
Let’s take a
closer look at
what’s actually
happening.
!5 Image Credit: Pexels
6
We all know that startup
funding is up massively…
…and VC funds are raising
significantly more capital.
2006 2008 2010 20...
Some LPs express
concerns about valuation
creep or too much capital.
!7
But let’s peel back the
onion to see what’s
really happening.
8 Image Credit: Freepik
9
The number of Pre-Seed deals (<$1M) backed by VCs skyrocketed (600%) but
has cooled off by 1/3rd over the past three yea...
10
The exact same phenomenon happened in the Seed market ($1-5M).
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2...
11
And the number of Micro Funds raised has followed in lock step.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 ...
What is going on
at the seed stage?
!12 Image Credit: Pexels
13
For one thing, traditional Series A venture capital hasn’t meaningfully increased
investment pace over the past decade....
14
Series B deal volume also has been fairly constant over the past decade.
US VC Number of $10-25M Deals
2006 2007 2008 2...
15
As a result, we see a rise in the “Seed Extension” deals feeding into the Series A
pipeline and companies staying in se...
16
The Series A and B part of the market is very similar to how it was 15 years ago—
except with a 3x bigger top end of th...
17
While it’s true that there has been valuation creep for Series A and B…
US VC Median Pre-Money Valuation ($M) by Year
$...
18
…part of fund size increases has been about maintaining ownership levels.
US VC Series A Round Median Ownership
0%
10%
...
!19
For the best VC funds,
the upside case has
never been bigger.
Let’s zoom out and
I’ll explain.
Image Credit: Pexels
20
We all know that capital going to startups has increased significantly in the past
five years (by 300%).
US VC Capital In...
21
Most of this capital increase, though, falls into three buckets that can be called
“mega-rounds.”
Source: Pitchbook NVC...
22
What really happened is that the IPO window was pushed out 5+ years
for the best companies and the dollars have shifted...
23 Source: Pitchbook
3
$7M
$23M
$9M
$60M
5 6
$35M
$100M
$65M
$355M
VC $ Raised
Prior to IPO
Last Private
Market Valuation
...
24
119 10
$1.7B
$10B
$4.9B
$15B
$4.4B
$31B
$19.9B
$72B
12
$1.2B
$7B
$370M
$1.5B
Note: Due to limited data set, included hi...
25 Source: Yahoo Finance
If Amazon, Google and Salesforce had each stayed private for 12 years, an
additional $197 billion...
26
Here is the “private IPO” phenomenon in numbers.
Source: Pitchbook NVCA Venture Monitor 4Q’18
0
50
100
150
200
2008 200...
27
54 new companies raised at more than $1 billion valuation.
Number of Unicorn Births
2008 2009 2010 2011 2012 2013 2014 ...
28
Just five years ago, $100M+ rounds accounted for just 13% of financings as
opposed to 47% in 2018. Traditional Venture Ca...
29
The private IPO trend seems to have gathered steam in 2014.
2008 2009 2010 2011 2012 2013
20
14
25
46
28
36
2014 2015 2...
30
So in reality it seems the private capital market is now three fairly distinct
categories.
Venture Capital
Scale or Bus...
31
So while time-to-liquidity for VCs has been pushed out, the best VCs (and LPs) are compensated by
capturing more of the...
So no, Venture Capital is
not dead. Here are some
thoughts on why the
next decade should see
even more upside.
!32 Image C...
Global Internet Users (Millions)
1999 2013 2018
4,200
2,800
250
33
In 1999, the US VC industry raised $53 billion for a na...
34
Connection speeds in 2018 is a whopping 400 times faster than that in 1999.
Source: Akamai’s State of the Internet, Sta...
35
Nearly everybody now has a computer in their pocket.
Source: Newzoo, GSMA
Global 27%
56%United States
66%
72%
1999 2013...
36
Because we’re all connected—when concepts work, they scale much faster and
become much more dominant than at any point ...
37
And with everybody’s credit cards or banks now connected to tech platforms,
we’ve eliminated most purchase friction. We...
Most industry analysts haven't even begun to comprehend what an enormous shift 5G
speeds will bring. We anticipate enormou...
!39
What does this all mean?
Image Credit: Pexels
!40
Traditional Seed & VC more valuable than ever.

Value has shifted from publics to privates but
skills in VC vs. Growth...
!41
Mark Suster
@msuster
Chang Xu
@_changxu
So yeah,
VC Is Still
A Thing
Image Credit:
Freepik
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Global Internet Users (Millions)
1999 2013 2018
4,200
2,800
250
33
In 1999, the US VC industry raised $53 billion for a nascent Internet population. 20
years later, we have 77% of US and 56% of the world online with $55 billion raised.
Source: World Bank; Internet World Stats; Pitchbook; Industry Ventures
US Internet Users (Millions)
1999 2013 2018
250
230
100

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Global Internet Users (Millions) 1999 2013 2018 4,200 2,800 250 33 In 1999, the US VC industry raised $53 billion for a nascent Internet population. 20 years later, we have 77% of US and 56% of the world online with $55 billion raised. Source: World Bank; Internet World Stats; Pitchbook; Industry Ventures US Internet Users (Millions) 1999 2013 2018 250 230 100

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