Friday Five: IPOs, Venture Capital Funds, Exits and More
We are adding a new feature to the blog. Each Friday, we will link to the top five headlines for global entrepreneurs. Of course, the bulk of those will often involve Silicon Valley, since that tech-concentrated center remains the global front line of technology and venture capital. Enough intro banter. Let's jump right into it.
- Talk about a long time in the making. On Wednesday, Ancestry.com, a website that allows people to trace their roots by searching online documents, priced its IPO of 7.4 million shares at $13.50. By my math, that will bring in approximately $100 million in aggregate gross proceeds, assuming that the round is fully subscribed. It took Ancestry.com a scant 26 years from the time it was founded until it priced its IPO, making it the oldest venture-backed IPO of 2009. Talk about patience and perseverance! Read more.
- Who said that it was next to impossible for venture capitalists to raise additional funds in this economy? Greylock Partners obviously missed that memo, as the Silicon Valley stalwart recently announced the closing of Greylock XIII, a $575 million fund. They also announced the addition of Reid Hoffman, co-founder and current Executive Chairman of LinkedIn, as a new investing partner. Read more.
- I wonder what ridiculously expensive champagne former British investment bankers Eldar and Roy Tuvey will be drinking in celebration this weekend after selling their company, ScanSafe, to Cisco for up to $183 million earlier this week? The founders are set to spit up to a cool $60 million between them. With an exit like that, they can afford to take a bath--literally--in 1990 Louis Roederer Cristal Brut, which is priced around $2,500 per bottle. The exit was also a good win for London-based venture capital fund Balderton Capital. Yahoo Finance estimates that Balderton enjoyed a four times return on its four rounds of investment in ScanSafe. Not bad, indeed. Read more.
- The government of the People's Republic of China doesn't seem squeamish about the future of its venture capital market. China's key economic planning body recently launched 20 venture capital funds to develop China's growing technology sector. Read more. That news certainly seems to support estimates that China's private equity industry will grow by ten-fold over the next five years. Read more. Yes, I know that is two headlines combined into one, but who is truly counting anyway?
- When Google head honcho Eric Schmidt talks, people tend to listen. When he talks about his view of the employment trends in Silicon Valley's technology sector, even more people turn an inquisitive ear or two. Read more.
Enjoy your weekend!
