#177 Top VC CFO Premium Content (Summer 2024)

👋 Hi, I’m Doug! Welcome to @TheFundCFO crew! Every Tuesday/[Thursday], we publish VC/CFO insights that matter - highlights from notable VC GPs, LPs, and CFOs/finance pros. Check out our VC Fund Playbooks, Models, Budgets, & Compliance Checklists @ AirstreamAlpha! Love what we’re doing? Consider upgrading to paid for deeper dives on Thursdays (most paid subscribers expense these insights!).

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“Sometimes you win, sometimes you learn.” -John C. Maxwell

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The Latest & Greatest Fund CFO Posts

• #171 July Roundup: Top VC CFO Content

• #165 Q2 PE/VC Valuation Policies & Templates (Download)

• #163 Top 7 VC CFO Posts of H1 2024 (All In One Place)!

• #161 The 2024 VC Vintage & Power Law - Time to Invest?

• #160 VC Fund Math: "Maximum Convexity" Leads to 10x+ Funds

• #157 VC Fund Budgets & Models, Unpacked:

• #154 VC Fund Math: The Path to 10x+

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Top VC CFO Premium Content (Summer 2024)

As we previewed earlier this week, the official end of summer has arrived. For this edition, we’re sharing some of our top VC CFO premium content from summer 2024. We hop you enjoy it!

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VC DPI in Year 5 - What Does It Mean?

David Clark at VenCap shared the following: “DPIs - it takes 10-12 years for a company to go from being founded to IPO. Don't expect much DPI in the first 5 years of an early-stage fund's life. Also, liquidity in VC comes in waves. 2021 was one of these waves. So, no surprise later vintages are lagging on DPI.”

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State of Private Markets @ Q2 2024

Top takeaways:

1. Fundraising grew from $18.7b (Q1) to $20.9b (Q2) across US startups

2. Down rounds fell from 24% to 17% Quarter over Quarter. Good news! Down round percentages had been climbing since mid-2022

3. Percent of bridge rounds fell for every stage except seed. More capital betting on new companies vs supporting current ones from VCs (so good for some, bad for others)

4. Number of total acquired companies hit the highest mark since Q3 2022

5. Strong median valuations at Seed ($15m pre-money) and Series A ($40m pre)

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US Startup Fundraising Benchmarks - Memorize This!

Picture of the Day: US Startup Fundraising Benchmarks (Carta)

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Highlights: PitchBook-NVCA Venture Monitor (Q2 2024)

Every quarter, we highly recommend reading the PitchBook-NVCA Venture Monitor. In the report, they provide great market data on what’s going on in VC. From there, we can take that data and make some predictions about the future! Here are some of our favorite highlights from the 50-page report (we pulled out the best insights so you don’t have to). We’ll also share takeaways and predictions.