Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #273
As I tweeted this data out from Cambridge Associates, I didn’t realize that we would end the week with a market correction. Reminder to all VCs out there who didn't live through dot com era..
We're good but not that good - last time returns for venture were this high was '98, 99 + they ended up at just 1.5x + 0.9x TVPI 20 yrs later. Just 10% realized now
Let's keep building!
cambridgeassociates.com/answers/are-th… A market correction is a decline of 10% or greater in a market and well folks, the Nasdaq blew threw that this week as its down more than 14% below its November record close. And that does not even show how bad it is for some stocks. Gitlab which went public in mid-October last year is down over 50% from it’s peak with a valuation of $8.6B now. Hashicorp was valued at over $14B on its IPO last month and now sits at $10.7B and its down over 40% from its market high. So how bad is it? Jamin Ball from Clouded Judgement shares where multiples are after this week:
While multiples are off significantly for the Top 5 Median of 80x EV/NTM, it’s still at a healthy 33x next twelve month revenue. Late stage investors are adjusting on the fly this week as I’ve heard of some pulling back term sheets and others changing pricing. This has not filtered down to the early stages yet and given the amount of 💰 raised in the last year and on the sidelines, IMO early stage will continue to be strong as there is no better place to invest capital. For founders who are just building, this is the best time ever to poach talent, especially from the public companies where employees unfortunately have underwater stock. This is also a great time to hire from private companies where valuations are super high and company performance is lagging. As you know, I’m always looking for the bright side and I continue to see a ton of opportunity to keep funding founders on day one. As always, 🙏🏼 for reading and please share with your friends and colleagues. Scaling Startups
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What's 🔥 in Enterprise IT/VC #272
Saturday, January 15, 2022
Silver lining - enterprise IT spend to continue 📈
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