Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued growth with the emerging manager landscape.
When we launched our emerging manager focused effort in 2012, only a small coterie of sub-$100MM venture funds existed (<100). Our thesis was that this segment of the market would represent one of the most important components of the redefinition of the venture landscape that began in ~2009.
Our approach is fairly simple for the emerging managers. While banking services are ostensibly our offering, our core product offering for emerging managers is the delivery of a suite of services to help our clients launch and scale newer venture franchises (this includes everything from fundraising advice and assistance, to providing access to the resources, network, and data specifically tailored to this segment of the market. Please send me a LinkedIn to find out more if interested).
Today we are tracking nearly 900 active Micro-VC firms in the US, with over 100 new Micro-VC firms having been formed every year since 2015, of which nearly 60% are located in California and NY (43% and 15% respectively as illustrated in the chart below).
Raw count: California (386), New York (141), Colorado (16), Texas (35),Pacific Northwest (18), Chicago (35), Boston (50), Rest of US (207)
In an effort to drive visibility to entrepreneurs, limited partners, and venture firms, we’re publishing our updated Micro-VC tracker below.
A few notes and caveats first:
- Only firms whose last fund was sub-$100MM were included. As a result, you won’t find firms such as Forerunner Ventures and Felicis Ventures on this list, who started off as Micro-VC firms but have subsequently raised larger offerings; firms whose last fund was exactly $100MM were included.
- To be eligible for inclusion, a firm must have a close on a fund (we have a long list of firms that we expect to be added in the next 6 months post-first close).
- In the weeks ahead, we will be adding other fields, including area of investment focus, imputed average initial check size, and last known fund size. To get on the list for this update, please follow me on twitter or my colleague Hana Yang as we’ll be sharing once ready.
- There is a 100% chance we’ve missed firms, or have an error somewhere in this list. Private data is very difficult, and managing through large swaths of data always seems to give rise to error. If you know of a firm that should be included based on the above parameters, or if any edits need to be made to an existing entry, please use this form — http://bit.ly/2019USMicroVCForm - and we will review submission for inclusion and/or edit. Your help is greatly appreciated, and we will be keeping this list up.
Now for the list, which can be downloaded on CSV, can be found through this link http://bit.ly/2019USMicroVCList
Special thanks to FRB team members Hana Yang, Judy Lee Canalin, Meggie Muyot, and Elie Chaloub for their hard work in putting this together.