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4 mentions found


☆ 'Flat is the new up:' As three tech unicorns go public, it's less a call to arms and more a shoulder shrug
  + stars: | 2023-09-22 | by ( Darius Rafieyan | ) www.businessinsider.com   time to read: +5 min
But instead of a full-throated battle cry to go public and prosper, Silicon Valley got more of a shoulder shrug. Instacart shares are down more than 23% from their trading debut, hovering just above their IPO price of $30 per share. Earlier today Arm was trading below its $51 per share IPO price, meaning that even the privileged insiders who got access to shares before the general public are under water. Klaviyo is trading slightly above its IPO price of $30 per share but is still down 6% from its opening trade. He says he wouldn't be surprised if IPO markets don't return to normal until 2026 or 2027.
Persons: Klaviyo —, Rowe Price, Howe Ng, Ng, it's, Peter Hebert, Brian Hirsch, wouldn't, David Kaufman, Thompson Coburn, JP Morgan, Nihal Mehta, haven't, Mehta, Instacart, Klaviyo didn't Organizations: Federal, Fidelity, Apple, Pepsico, BlackRock, Lux Capital, Tribeca Venture Partners, JP, Morgan's, Eniac Ventures Locations: Silicon, York
☆ 'Zero-budget parties': Cost-cutting is coming for startups, and big office holiday parties are first on the list
  + stars: | 2022-12-21 | by ( Darius Rafieyan | Madeline Renbarger | Samantha Stokes | ) www.businessinsider.com   time to read: +7 min
For startup founders and venture capitalists, the office holiday party is a December tradition. For many venture capitalists and the startup founders they invest in, December is synonymous with two things: end-of-year paperwork and office holiday parties. But this year, holiday parties in startup-land look a little different. "Align those goals with your holiday party, and you can do something powerful and cost-effective," she said. "You should maybe cut some travel, maybe you don't have a big holiday party, but that's all drop in the bucket compared to head count," he said.
☆ Tiger Global, Coatue, and other hedge funds tried to upend venture capital. It backfired and now they're 'licking their wounds,' VCs say.
  + stars: | 2022-11-11 | by ( Darius Rafieyan | Melia Russell | ) www.businessinsider.com   time to read: +10 min
New investments by Tiger Global and Coatue fell 60% and 67%, respectively, this year. "They're licking their wounds," said Nihal Mehta, a founding partner at Eniac Ventures, whose portfolio includes the marketing-tech startup Attentive, a crown jewel of Tiger Global and Coatue's portfolios. Speaking to founders, Mehta hears crossover funds come up less and less in conversation, and partners at some crossover funds tell him they're pulling back from new deals, though crossover funds haven't disappeared altogether. Crossover funds found themselves with billions of dollars in deployed capital and few exits in sight. Last month, Tiger Global and Coatue both revealed they are seeking to raise new funds earmarked for early-stage startup deals.
☆ 'Sharks circling in the water': Contentious cram-down rounds are coming and going to dilute startup shareholders. Founders and investors should be wary.
  + stars: | 2022-10-12 | by ( Darius Rafieyan | ) www.businessinsider.com   time to read: +6 min
Funding rounds are set to become more contentious; "knives tend to come out," said one investor. Having been in the VC game for more than 25 years, he knows what inevitably follows periods of irrational exuberance: cram downs. A cram-down round refers to a situation in which a company raises money at terms favorable to new investors, at the expense of current shareholders. In good times, when valuations are going up and VCs have money to spare, exercising pro rata rights is usually a no-brainer. The investors that step up to fill that void — usually late-stage VC growth funds or strategic investors — often demand terms that severely dilute or "cram down" the shares of existing shareholders.
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