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    聯系我們

    青海省西寧市城中區西大街42號(三田世紀廣場寫字樓29層2901號)

    13997072752

    39024015

    39024015@qq.com

    行業動態

    風投界不能只盯著“獨角獸”式的公司


      每一家獲得10億美元估值的非上市公司都非常了不起。要知道,十年前,這些公司就算是在創始人本人的眼中也是前景難料。因此,在此向所有這些成功者致敬,然后繼續進行跟蹤報道。

      但有一個問題有點開始困擾我:我們這樣關注階段性估值龐大的公司,可能導致我們一定程度上忽視那些估值未達到10位數但財務數據更好的公司。我們報道投資人時,這一點尤其突出。

      我的意思是:假設ABC風投對一家交易后估值10億美元的公司投資了5,000萬美元,獲得5%股份(是的,這里我進行了簡化分析)。隨后,這家公司上市,獲得估值20億美元,然后二級市場市值升到了50億美元。突然之間,這筆投資的價值達到了2.50億美元。太棒了。另外,假設123風投對一家交易后估值2,500萬美元的公司投資500萬美元,這家公司被雅虎以2.50億美元收購(因此向123風投支付5,000萬美元)。在我看來,123風投的交易似乎更劃算,因為它實現了10倍的投資回報,而ABC風投僅實現了5倍投資回報。

      但媒體不會公開為123風投唱頌歌,因為他們沒有逮住“獨角獸”。不過,現實是投資10億美元以上公司的風投大部分也沒有抓住“獨角獸”。當然,有些公司確實捕獲了“獨角獸”(往往投資時間很早),但大多數進入很晚,只是搭一段順風車。

      以《福布斯》雜志年度最佳創投人排行榜為例,這份排行榜宣稱對全球頂尖的科技風投人進行排行。排行計算的主要依據是退出成本(即收購或IPO),但同時也收錄了幾家尚未上市的獨角獸公司(這可以解釋為什么Accel的吉姆?布雷耶即使是在Facebook上市前也能在排行榜上占據榜首位置)。就算123風投有十幾家賬面市盈率達到兩位數的未上市公司也沒用,因為這些公司沒有一家的估值達到了10億美元。相比持有一家籍籍無名的生物科技公司的Series A優先股(剛剛以1.50億美元或2億美元的估值完成了D輪融資),不如參與Airbnb大規模的C輪融資。

      是的,風投是一項關于關注度的生意。每只基金都需要一、兩家表現特別出眾的公司來實現他們向投資者承諾的回報率。但可能我們都需要更加努力地來找到這些表現出眾的公司,而不只是癡迷于那些獨角獸。



    蚂蚁彩票
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