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風投也燒錢:15億募資周期不到1年 警惕流動性問題

Dan Primack 2014年11月03日

Dan Primack專注于報道交易和交易撮合者,從美國金融業(yè)到風險投資業(yè)均有涉及。此前,Dan是湯森路透(Thomson Reuters)的自由編輯,推出了peHUB.com和peHUB Wire郵件服務。作為一名新聞工作者,Dan還曾在美國馬薩諸塞州羅克斯伯里經營一份社區(qū)報紙。目前他居住在波士頓附近。
花錢速度比創(chuàng)業(yè)者還快的只有一種人,那就是他們的風投資本家。風投的融資周期已經開始縮短,風投資本家也存在“燒錢速度”問題。

????近來輿論界似乎有種普遍看法:獲得風投撐腰的那些熱門初創(chuàng)企業(yè)燒錢太多了。部分錢被用來租下高價寫字樓,里面盡是花哨的設施;而大多數(shù)錢正被用來提升收入,因為大部分創(chuàng)業(yè)者發(fā)現(xiàn),收入對自己公司未來估值(無論是私下還是公開估值)的影響,要比利潤大得多。

????上個月,風投資本家比爾?格利接受《華爾街日報》(Wall Street Journal)采訪時提到“燒錢速度”問題,引起了人們的重視。上周,他又在消費者新聞與財經電視頻道(CNBC)上稱這種思路為“不惜一切代價來實現(xiàn)增長”,這是一個瘋狂的循環(huán)過程,“公司花的錢越多,就必須籌集更多資金,而后又必須花掉更多的錢?!?/p>

????我同意格利的看法。這可能是因為我們倆在這個行當待的時間夠長,還記得上次曲終人散時的情形。基于此,我想給出一個推論,總體而言,風投資本家也存在“燒錢速度”問題。

????風投的融資周期已經開始縮短,特別是對許多大型風投公司而言。舉例來說,老虎環(huán)球基金(Tiger Global)正忙于為一只15億美元的新基金募資,離上次他們這么做還不到一年時間。安德森-霍羅維茨風投公司(Andreessen Horowitz)今年3月份結束了一只15億美元基金的募集工作,距離上一只基金完成募集只有兩年。凱鵬華盈(Kleiner Perkins Caufield & Byers)在融資方面也只間隔了兩年,貝恩資本風險投資公司(Bain Capital Ventures)則隔了兩年半。

????這些融資活動像連珠炮一樣,主要原因就是風投公司加快了投資步伐,尤其是為“獨角獸”式的公司進行大規(guī)模融資。如果想在這些估值超過10億美元的“獨角獸”公司持有一定股份,最好大把投錢。而且這樣的投資對象越多越好。

????有些風投公司燒的一直是自有資金,而且覺得后續(xù)融資輕而易舉,這種環(huán)境難道不會對它們產生不利影響嗎?如果回報率停滯不前甚至倒退,或風投基金的有限合伙人自己也可能出現(xiàn)了流動性問題時,他們需要再次籌集資金。沒錯,風投公司隨時可以壓縮融資規(guī)模預期,但許多大型風投公司已經建立了龐大的基礎體系,而這些體系高度依賴大型基金的手續(xù)費[格利的基準資本(Benchmark)顯然是個例]。這些體系包括內部公關部門、招聘機構、項目活動甚至準媒體組織。

????風投資本家警告創(chuàng)業(yè)者勿“引火燒身”,這是對的。但風投界也應該自我審視一番,因為他們中的許多人都積極參與了類似的循環(huán),不停地投資-融資-再投資。(財富中文網(wǎng))

????譯者:Charlie

????審校:Lina

????There seems to be an emerging consensus that popular venture-backed startups are burning too much cash. Some of it is spent on high-rent offices will all sorts of extraneous amenities. Most of it is spent on growing top-line financials, as most entrepreneurs have figured out that future valuations (whether private or public) are tied much more closely to revenue than they are to profit.

????The “burn rate” issue was brought to the forefront last month by venture capitalist Bill Gurley in an interview with The Wall Street Journal. Last week on CNBC, he called it a “growth at all costs mentality” — a fiery cycle in which companies spend more so they must raise more so they must spend more.”

????I agree with Gurley, perhaps because we both have been around long enough to remember what happened the last time the music stopped. And, with that in mind, I’d like to offer a corollary: Venture capitalists, by and large, also have a burn rate problem.

????The venture capital fundraising cycle has compressed, particularly for many of the industry’s largest firms. Tiger Global, for example, is raising a new $1.5 billion fund less than a year after raising its last $1.5 billion fund. Andreessen Horowitz closed its own $1.5 billion fund back in March, just two years after its predecessor. Kleiner Perkins Caufield& Byers also waited just two years, while Bain Capital Ventures held out for 2.5 years.

????One big reason for these rapid-fire fundraises are that firms have quickened their investment paces, particularly when it comes to participating in large rounds for so-called unicorns. If you want to own a meaningful stake in a company that’s already valued at $1 billion, then you had better write a big check. And the more such portfolio companies the better.

????d many of those cash-burning startups? Wouldn’t the same environment adversely affect the VC firms that have been “burning” their own cash, under the presumption of an easy follow-on fundraise? Limited partners would be asked to re-up at a time when returns have flatten/fallen, and when they may have their own liquidity troubles. Yes, VC firms could always scale back new fund expectations, but many of the larger ones have built up giant infrastructures that are heavily reliant on fees that come with giant funds (Gurley’s Benchmark is a notable exception here). In-house PR, recruiters, events and even quasi-media organizations.

????Venture capitalists are right to warn entrepreneurs of getting caught with their pants singed. But VCs also should look in the mirror, because many of them are active participants in a similar cycle of spend/raise/spend.

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