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.
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