Venture capital (VC)
PE voor startups — Series A/B/C/D.
Venture capital is private equity voor vroege-fase startups. Hoge-risico, hoge-reward investing.
Funding rounds:
- Pre-seed: friends + family, vroegste financiering ($50k-500k)
- Seed: angel investors, eerste VC ($500k-2M)
- Series A: scale-up product/market fit ($5-15M)
- Series B: growth ($15-50M)
- Series C: aggressive expansion ($50-200M)
- Series D, E, F+: pre-IPO ($200M+)
- IPO of acquisition: exit
Top VC firms:
- Sequoia Capital: Apple, Google, WhatsApp, Stripe, ZipRecruiter
- Andreessen Horowitz (a16z): Facebook, Twitter, GitHub
- Benchmark: eBay, Twitter, Uber, Snap
- Index Ventures: Discord, Etsy, Skype
- Tiger Global: explosive growth investor (deels teruggetrokken)
Returns model — power law:
- 50%+ van VC investments fail (geld weg)
- 30-40% breakeven of small return
- 5-10% groot succes
- 1-2% absolute home runs (10-100×)
De home runs maken het hele rendement.
Voor retail:
Direct VC vrijwel onmogelijk (accredited investor only, hoge minimums, 10+ jaar lock).
Indirect:
- IPO van VC-backed companies (komen public)
- Beursgenoteerde VC firms (Hercules Capital HTGC)
- Sommige equity crowdfunding platforms