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SignalRank
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SignalRank
@SignalRank
Indexing the top 5% of Series Bs.
Palo Alto, CA Katılım Ocak 2021
284 Takip Edilen512 Takipçiler
Median global monthly Series B amount raised in $m since Jan 2023
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Congratulations to @NitraFinance for raising a Series B & joining the SignalRank Index!
Investors in the round include @a16z, NEA and K50
Our systematic investment platform: signalrank.com
GIF
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SignalRank retweetledi
Today we’re announcing that @NitraFinance has raised a combined $187 million in financing as we build the AI-native operating system for healthcare practices.
We're also announcing that Dr. Richard Park, founder of CityMD and healthcare legend, will be joining Nitra’s Board.
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Congratulations to @Nominal_io for raising their B-2.
We previously supported our partner’s pro rata in the Series B.
Nominal@Nominal_io
Ambition is timeless. Tools are not. Today @nominal_io is announcing an $80M fundraise at a $1B valuation, led by @traestephens and @zebulgar at @foundersfund. Since our Series B 10 months ago: 7x revenue growth. 2x team growth. Hardware engineers are stuck between 1980s-era tools and .com software built to be replaced. We're fixing the data supply chain so the industrial sector can adopt AI and enter the next era of ambition. We’re also releasing Volume 1 of the Nominal Product Catalog: "Tools for Progress." catalog.nominal.io We're grateful for continued participation from @sequoia, @generalcatalyst, @Lux_Capital, @lightspeedvp, @redglassvc, @avenirgrowth, and @haystackvc. All Systems Nominal.
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The rise of retail capital in public & private markets
thestateofventure.com/p/the-rise-of-…
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@nmasc_ The venture majors
thestateofventure.substack.com/p/the-venture-…
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Meanwhile Thrive is $50B AUM with ~80 ppl
Kyle Harrison@kwharrison13
a16z is the first corporate venture fund. Not corporate VC, like Intel Capital or PayPal Ventures. The firm IS a corporation. Managing at least $56B across a half dozen different strategies, and has over 500 employees. If that's not a corporation, I don't know what qualifies.
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@elerianm The problem with interval funds:
thestateofventure.com/p/the-problem-…
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Is this a “canary-in-the-coalmine” moment, similar to August 2007?
This question will be on the mind of some investors and policymakers this morning as they assess the news that, quoting the FT, the “private credit group Blue Owl will permanently restrict investors from withdrawing their cash from its inaugural private retail debt fund.”
There’s plenty to think about here, starting with the risks of an investing phenomenon in advanced (not developing) markets that has gone too far overall (short answer: yes), to the approaches being taken by specific firms (lots of differences, yet subject to the “market for lemons” risk). There’s also the “elephant in the room” question regarding much larger systemic risks (nowhere near the magnitude of those which fueled the 2008 Global Financial Crisis, but a significant – and necessary – valuation hit is looming for specific assets).
More to follow on this.
#economy #markets #privatecredit @FT #BlueOwl
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Smart move for Robinhood to offer a closed end fund to give anyone access to late stage private companies.
Good list of companies to start with!
Robinhood@RobinhoodApp
Historically, investing in private markets was limited to institutions and the elite, but not anymore. With Robinhood Ventures, you can now get exposure to private companies like the ones listed below 👇
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datawrapper.de/_/LpkwF/
SignalRank Index Companies Performance since their Series B
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January 2026 Report - By the SignalRank Venture Agent.
Dissecting January 2026
open.substack.com/pub/thestateof…
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Congratulations to @NorthwoodSpace for raising a Series B & joining the SignalRank Index!
Our systematic investment platform: signalrank.com
@a16z @WashingHarbour
GIF
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SignalRank retweetledi
If someone describes market for VC firms as having a "barbell" distribution, they are laundering the maturity and stability of other asset classes.
VC does not have a barbell distribuition. There aren't independent categories of "boutique specialist" and "large generalist", in competition with each other.
Large firms trade capital for strategic deal flow and information. Small firm survival is based on serving large firm interests, or navigating around them.
It's top-heavy, enmeshed, and uncompetitive.
The alternative is to more formally divide the market into two separate categories, like small-mid cap PE vs large-cap PE. Small exits to large; no entanglement.
This produces a healthier market with better outcomes for all involved — except large firm management fees.
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There is an epidemic failure within venture capital to understand what is really happening. This leads people who run firms to misjudge founders and mismanage their funds.
People who manage venture firms, they think in terms of buying logos. Your goal shouldn’t be to buy logos. Your goal should be to buy exits. In order to buy exits, you need to buy risk. You’re trying to replace Adam Neumann. Andreessen Horowitz see Adam Neumann and they see a star who’s worth $350 million. When I see Adam Neumann, what I see is an imperfect understanding of where risk comes from. The guy’s got insane rizz. He’s a deal guy. He can raise money, but is he worth the $350 million that Andreessen Horowitz gave him? No.
Venture thinking is medieval. They are asking all the wrong questions. If I say it to anybody, I’m ostracized. I’m a leper. That’s why I’m cagey about this with you. That’s why I respect you, Mr. Gurley. If you want full disclosure, I think it’s a good thing that you got Neumann off of your books. I think it opens up all kinds of interesting possibilities.
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Series B investors made 12x from Brex exit according to this analysis.
Series Bs tend to be somewhat insulated from late stage stumbles and post-IPO poor performance
hari raghavan@haridigresses
Put together a quick analysis of the Brex exit based on an analysis of their cap table. Done relatively quickly, so pardon any errors! Funding history sourced from @CaplightData. Overall, it's a pretty big win. — The company probably minted well in excess of 100 millionaires. — Everyone who joined or invested in 2018 or earlier is probably pretty happy, some even ecstatic. — Those who invested / joined in 2020-21 probably aren't but that is a story that is true of almost every employee or investor in that period (private / public market). — Those who joined in late 2022 through today is probably doing reasonably fine. Common Stock TL;DR — liquidation Preference took a bit of a bite, but only for those who joined in 2021-22. Everyone else either did fine or really well. - Founders did very well (~$1B in total). There was a decent bit of dilution, particularly from healthy option pools over the course of 8-9 years. - Employees joining 2023-2025 would probably be roughly breakeven — they probably received RSUs priced in the $4-6B. - Employees joining 2021-2022 got stock at the peak. These would have been underwater RSUs or options. Most companies issued additional make-whole shares to those who stuck around. I'm sure Brex did this. However, those who joined then and left after a couple of years probably lost most of the value to their equity. - Employees joining 2020 did okay -- slightly above where they joined. Not commensurate with the risk, but honestly way better than most companies who raised at peak valuations in the COVID era. - Employees joining earlier did VERY well. I'd estimate 3-10x if they joined in 2018-19; and 10-100x if they joined in 2017-18. Investor TL;DR - Series D/D+ investors in 2021-21 (Tiger, Greenoaks) get money back but 0% IRR. TBH this is a win since most late stage investments in that vintage are tough. - Series C+ investors in 2020 (Kleiner, DST) get a modest return (1.3x) but suboptimal IRR (4%). Again, tough vintage. - Series C investors in 2018 (DST) get a decent return (2.75x) and 15% IRR. - Series B investors in 2018 (YC Continuity) gets an excellent return (12x) and IRR (39%) - Series A investors in 2017 (Ribbit) did fantastic (80x and 64% IRR) - YC worth calling out — the regular YC check probably netted out close to $100M, on an (I think) $120K check at the time. 800x in 9 years = 110% IRR ain't half bad. If you bake in YC continuity, a total of $600M on probably ~$40M invested.
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