Uddrag fra SVB:
No distributions
Over 40% of 2018-vintage VC funds have not made a single distribution.
Source: Carta
Show me the money
Capital called exceeds distributed capital.
Source: SVB
Better at podcasting and producing daily routines
2021/22 vintages look bad, for now. From a pool of 1,800+ funds. Neither median returns nor top-quartile returns for 17 and 18 that impressive either. Or put in another way, 21/22 returns look as value-adding as their bio-hacking insights…
Source: Carta
VC financial sophistication
“Silicon Valley, if there was a scale of financial sophistication between one and 10, and you would say a really smart person in New York is an 8.5, the average Silicon Valley person on financial literacy is a 2. And it’s funny because they make fun of Wall Street, but it’s just out of ignorance, they don’t know anything.” (Bill Gurley)
No growth & no profit
Or put in other words: shrinking & cash burning…
Source: SVB
No exits
IPOs remain at the lowest level since GFC.
Source: SVB
No M&A
M&A activity crawling at a snail’s pace.
Source: SVB
Short runway
Cash runway has come down by 50% over a short period of time. 6.5 months of cash runway is not a lot…
Source: SVB
There is a real “Series A crunch”
Previously ~30% of startups got to a series A in 2 years. In recent vintages only ~15% did.
Source: @cartainc
More on that A crunch
Data from SVB.
