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Praying to the God of Valuation

Both Sides of the Table

Starting in 2009 I began writing checks consistently, year-in and year-out. During this era, from 2009–2015, most founders I knew were in it for building great & sustainable companies. I was in it for the love of working with entrepreneurs on business problems and marveling at technology they had built. I am having fun again.

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What Does the Post Crash VC Market Look Like?

Both Sides of the Table

Probably not and 10x (May 2022) seems more in line with the historical trend (actually 10x is still high). In 2009 we could take a long time to review a deal. Should SaaS companies trade at a 24x Enterprise Value (EV) to Next Twelve Month (NTM) Revenue multiple as they did in November 2021? discipline & focus.

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Upfront Ventures Raises > $650 Million for Startups and Returns > $600 Million to LPs

Both Sides of the Table

The industry has obviously changed enormously in 2022 but in many ways it feels like a “return to normal” that we have seen many times in our industry. Obviously the funding environment has changed considerably in 2022 but as early-stage investors our daily jobs stay largely unchanged.

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