The range is wide. Snapchat cofounders Evan Spiegel and Robert MurpValuation matters. HotOptions, smaller investors, and others make up ~30%. Both the median and averages of the founders and VC sum to ~70%. That means smaller investors, employees, consultants and others owned 30% of these businesses at IPO.
Some VC have the Midas Touch. A number of VC pop up repeatedly in different deals. For instance, Bessemer, Sequoia, Benchmark, Andreesen, Greylock, DST, and Accel are each in multiple deals. There is a reason funds like these can raise billions of dollars, and it’s because of the success of the entrepreneurs they invest in.
Strategics don’t matter. Of the 178 tech companies in the list, only 30 had a strategic investor. That’s only 17%, less than 1 in 5.
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