Which VCs Have the Most Portfolio Companies with $100M+ of Funding?

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Bill Gurley of Benchmark Capital gave a fascinating interview to the Wall Street Journal, expressing a great deal of concern for the nine digit funding rounds being raised by later stage startups. Interestingly, he wasn’t laying blame at the feet of valuations — it was burn rate that was most worrying, and Fred Wilson chimed in later in the evening, echoing the same sentiment.

While VCs certainly have an obligation to deploy their LPs capital to generate returns, founders also have an obligation to deploy VC money to grow their businesses. Investors are not merely bystanders, they sit on the boards of these companies and are expected to help set their course. With all this in mind, I thought it would be interesting to take a look at which venture capital firms are most complicit in enabling high burn rates, based on the number* of portfolio companies with $100M or more in total funding to date.

VC Firms Ranked by Un-Exited Portfolio Companies with $100M+ in Funding

43 – Kleiner Perkins Caufield & Byers

35 – New Enterprise Associates

31 – Sequoia Capital, Goldman Sachs

27 – SV Angel, Accel Partners

24 – Intel Capital

22 – DAG Ventures

21 – Tiger Global Management

20 – Bessemer Venture Partners, Greylock Partners

19 – Lightspeed Venture Partners

17 – Benchmark, Founders Fund, Khosla Ventures, Silicon Valley Bank

16 – Insight Venture Partners

15 – Andreessen Horowitz, Google Ventures, Oak Investment Partners

14 – Redpoint

13 – General Catalyst, DFJ, Meritech Capital Partners

12 – Technology Crossover Ventures, Tenaya Capital, Venrock, Salesforce, Temasek Holdings

11 – Adams Street Partners, IDG Capital Partners

10 – SAP Ventures, Mayfield Fund, In-Q-Tel, Menlo Ventures, Canaan Partners, VantagePoint Capital Partners, QiMing Venture Partners, Investment AB Kinnevik

9 – First Round Capital, GGV Capital, Norwest Venture Capital, Matrix Partners, US Venture Partners, QED Investors

8 – GSV Capital, Battery Ventures, Shasta Ventures, Northgate Capital, Sigma Partners, Foundation Capital, North Bridge Venture Partners, Kreos Capital

7 – Felicis Ventures, DFJ Growth, Glynn Capital Management, Qualcomm Ventures, Morgenthaler Ventures, Polaris Partners, Mohr Davidow Ventures, InterWest Partners, Rho Capital Partners

6 – Silver Lake Partners, Scale Venture Partners, Spark Capital, Balderton, Samsung Ventures, DCM, Crosslink Capital, El Dorado Ventures, Bain Capital Ventures, Flagship Ventures, Sofinnova Ventures, Bezos Expeditions, Vulcan Capital, TPG Growth, Google Capital

5 – RRE Ventures, Ignition Partners, Great Oaks Venture Capital, Deutsche Telekom, Fidelity Ventures, General Atlantic, Focus Ventures, Western Technology Investment, Presidio Ventures, Investor Growth Capital, ARCH Venture Partners

4 – CrunchFund, Rocket Internet, Flybridge Capital Partners, Union Square Ventures, Hummer Winblad, Sutter Hill Ventures, Trident Capital, Canvas Venture Fund, Alloy Ventures, Wellington Partners, Atlas Venture, Wellington Partners, Star Ventures, BDC Venture Capital, Austin Ventures, Aisling Capital, Alta Partners, TA Associates, Aeris Capital, Versant Ventures, Columbia Capital, New Leaf Venture Partners

*For the sake of brevity, I cut the list off after 4.

Curious to learn more? Research these portfolios, their underlying companies, employee counts, burn rates, etc. sign up for a free trial of Mattermark Professional today. SIGN UP NOW

Why Ranking Startup Investors Matters For Founders

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At Mattermark we’re all about answering questions with data, arming investors, founders, sales, marketing, biz dev, M&A — any dealmaker, with the information they need to intelligently move forward with a transaction.

For founders, ranking investors can help answer extremely important questions:

FUNDRAISING: if you want to ensure you’ll raise your next round, which is the best firm to work with? (first attempt at these rankings is here) if you want to ensure you won’t waste your time, which funds are actively investing right now? (the original “zombie VCs” post that started it all) at which stages and in which sectors? TEAM: if you are expecting a firm to create value-add in recruiting, which firm’s portfolio companies have been most successful at hiring after raising from them? (see our first attempt at these rankings here)

TRACTION: if you are expecting a firm to create value-add in marketing/sales, which firm’s portfolio companies have been most success increasing their momentum after raising? (first attempt here)

MARKET: if you’re working to ensure a range of exit options for your company, which firm’s portfolio companies have been most successful in M&A transactions and/or IPOs?

BOARD CONSTRUCTION: within each firm, which partners have the best returns, follow-on funding rates, recruiting, distribution, etc?

PRODUCT: what firms have produced the most companies with products that have real product/market fit? Which firm’s portfolio companies have survived product pivots the most successfully?

I’ve tackled some of these questions with four unique analyses… but we still have a long way to go to collect all the data needed — especially when it comes to partner attribution and actual fund performance data. As Jonathan Weber of The Information explains in his post last week (paywall), historically the VC industry has been extremely opaque.

There are other questions we could answer but choose not to focus on, like which investors have made the most investments or deployed the most capital. While these are interesting questions from a macro perspective, I don’t believe they actually help founders make the decisions listed above.

How You Can Help

If you are an angel investor, venture capitalist, limited partner or founder who would like to work with us to move data-driven answers to these questions forward we would love to do a data exchange with you. Please feel free to email me directly at danielle (at) mattermark.com

If you are a technical analyst (read: has scripting and database skills), software engineer with a focus and experience in machine learning, deep learning, neural networks, artificial intelligence — or simply love this data and these questions and want to spend all day every day working to answer them you should know Mattermark is hiring! Check out our open jobs.

Mattermark is the premier source for private company research, utilized by the world’s most influential venture capital firms to source, track and diligence potential investments. Sign up for a free trial or learn more here >>

Mattermark Daily – Monday, August 18th

Published on in Mattermark Daily by

When it comes to evaluating startups, much has been written about the 3 most important factors: team, market, and traction. When it comes to how CEOs evaluate how well we’re doing, much has been written about building the right product, hiring the right people, and making sure there’s money in the bank.

Can Mattermark data uncover the most valuable startups – without getting closely held revenue data?
We think so. Check out our first attempt, and how we got there, in“Startup Sucess Indicators: Version 0.1 of the Mattermark 100″SEE THE MATTERMARK 100

From the Investors

Brian Laung Aoaeh of KEC Ventures points to Facebook and Friendster to exemplify why it’s essential to adapt to user misbehavior in “Why Tech Startups Can Gain Competitive Advantage from Operations

Mark Suster of Upfront Ventures interviews Nanea Reeves of textPlus on product development and running a startup in “Here’s What President of textPlus Nanea Reeves Has to Say on Leadership, Mgmt, Women in Tech

Tomasz Tunguz of Redpoint Ventures focuses on increasing seed fund sizes and investments in “The Three Most Important Trends in The Seed Fund Raising Market

Jeff Carter of West Loop Ventures explains why he’s bearish on cannabis startups in “Why It’s Hard to Get Rich Growing Grass

Jonathan Friedman of LionBird proposes transferable pro-rata rights in “Ways to Improve Angel.co (Part 4)

Bryan Stolle of Mohr Davidow Ventures throws out the playbook in “The Term Sheet Doesn’t Matter – 13 Things You Should Know Before Accepting Venture Funding

Jean Case of Case Foundation doesn’t want to see gender equality and entrepreneurship stop at tech in “Let’s Boost the Ranks of Women Founders Beyond Tech

Angel Investor Mark Cuban kicks off the list with “know how to sell” in “The 6 Things You Need to Know to be Great in Business

From the Operators

Hilary Scharton of Instructure approaches product management roles as a form of servant leadership in “Balanced Product Management

Jonathan Montagu of Nimbus reassesses risk in biotech startups by asking five key questions in “Target Practice

Craig Newmark of Craigslist gives recognition to “Six Inspirational Women in Tech

Alex Taub of SocialRank protects his startup by stepping back every six months “Offsites