5 Factors That Affect The Current Investment And Financing Market In The United States

  Here world clothing shoes The five changes of the current investment and financing market in the United States are introduced by Xiaobian.

Walton San Francisco campus recently invited VC Tomasz Tunguz, Redpoint Ventures, to hold a talk for entrepreneurs, and talked about 5 factors that affect the current investment and financing market in the United States.

* Tom Tunguz Talk at Wharton San Francisco * from ttunguz

　 1. although there are shocks in the open market, the investment and financing market is still relatively stable.

Capital investment in the VC market is relatively stable and investors' investment in VC has steadily increased. The inflow of venture capital has been flat or lower than the median of 12 years in the past 5 years, with a slight increase in 2014. Investors are cautious about investing funds, and the growth rate of investment is stable, and the average investment of each investment is relatively average. The open market experienced a sharp adjustment in February to consumer stocks (down 25%) and corporate shares (down 40%). Although there has been a slight rebound in the market, institutional investors have generally reduced growth stocks and increased value shares. Valuations of start-up companies may be different, but the total investment in venture companies remains unchanged.

2. start-up companies are more than 10 years ago. capital efficiency

Compared to 12 years ago, the average capital required for start-ups to be listed was reduced by half, while the average output under the same input was 2 times that before. Better channels and fewer infrastructure costs reduce the average cost of acquiring customers, thereby improving the company's capital efficiency.

3. the seed wheel of excellent start-up companies is comparable to the previous A rounds.

Driven by venture capital, the scale of seed period has increased to 3 times in the past 4 years. The size of seed is often 3 times higher than that of average involvement in venture capital investment. The seed size of VC has increased by 10% since 2010, and the super seeds (more than 2 million US dollars) increased by 5 times in 3 years.

　　 4.B financing is the most difficult.

The number of start-ups in the seed period has far exceeded the number of companies entering the A round of financing, and seed capital has increased by 3 times. As a response to the market, A round financing has correspondingly increased by 2, while the B round financing still has no growth trend. Under such circumstances, competition is more intense. For companies, the success rate of obtaining B round financing is even smaller.

　 5.IPO is postponed or replaced by the big wheel financing that the company has completed during its growth period.

75 million to 200 million dollars in extra large private placement financing More and more common, and over 3 times more in the past 4 years, its capital raising is comparable to the typical technology IPO. These funds enable relatively large start-up companies to delay the pace of listing and avoid related management expenses. The current financing market is relatively stable, with capital inflows and outflows, withdrawal, competition and open market checks and balances. As long as such a balance is not broken, it is believed that the market will remain stable for a period of time.