This list below of most highly valued venture-backed tech IPOs of 2012 was compiled by a prominent venture firm and looks accurate from my checks. The data presented in this way is not a comprehensive look at venture performance but is still useful--particularly as we prepare for the 2013 edition of the Midas List.
Overall there were 38 tech companies listed that had IPOs valuing them at $100 million or more (CafePress and Envivio were also included despite currently having values below $100 million). If you include M&A, there were 83 companies with an exit value of at least $100 million. This does not include other sectors such as life sciences and health care. The top tech IPOs in 2012 in descending value were Facebook, Workday, ServiceNow, Palo Alto Networks, Splunk, Vantiv, Kayak, Guidewire Software, Ruckus Wireless, ExactTarget.
The top companies on the list (as well as many on the list overall) were predominantly enterprise software and cloud-focused companies, not much-hyped consumer technology companies, with the exception of Facebook and Kayak. The only other prominent consumer tech IPO was Yelp, which is further down the list. While consumer Internet companies received the most press and attention, it was enterprise companies that were building large new businesses.
In terms of venture capital firms, those that have had recent success as measured in the Midas List and elsewhere did well. Sequoia Capital had a stand-out year, leading all firms with 13 companies on the list exiting either via IPO or M&A at $100 million or more, including 8 IPOs. Benchmark Capital and Bessemer Venture Partners had 7 exits, Greylock Partners had 6, while Accel Partners, GGV Capital, Insight Venture Partners and New Enterprise Associates each had 5. (Note that the list below only includes IPOs. A future post will look at M&A exits and venture firm performance.)
Of course these figures are total company values and do not show how much capital the venture firms returned from the exits. Still it's a good proxy for the health of the top venture firms and how they are returning capital to their limited partners. Also, these values are company values as of December 21, 2012--not the value as of the IPO.
Company | Value | Venture Capital Investors |
---|---|---|
$56,890 |
Accel, DST, Elevation, Founders Fund, Greylock, GS, MeriTech, Microsoft, T. Rowe Price, WTI*
|
|
$9,288
|
NEA, Greylock
|
|
ServiceNow |
$4,062
|
Greylock, JMI, Sequoia |
Palo Alto Networks | $3,741 | Globespan, Greylock, JAFCO, JAIC, Northgate, Sequoia |
Splunk | $2,896 | August, Ignition, JK&B, Sevin Rosen |
Vantiv | $2,873 | Advent, Fifth Third Bancorp |
Kayak (acq. by Priceline: Nov. 8) | $1,800 | Accel, General Catalyst, Oak Investment, Sequoia |
Guidewire Software | $1,702 | Battery, Bay, Gabriel Partners, USVP |
Ruckus Wireless | $1,407 | Focus, Mitsui, Motorola Mobility, Sequoia, Six Rivers, TELUS, T-Online |
ExactTarget | $1,379 | Battery, Greenspring, Insight, Montagu Newhall, OpenView, ScaleVP, TCV |
Yelp | $1,203 | Benchmark, Bessemer, Elevation |
Millennial Media | $1,017 | NEA, Acta Wireless, Bessemer, Charles River, Columbia |
Eloqua (acq. by Oracle: Dec 20) | $956 | Bay, Bessemer, JMI |
Infoblox | $872 | Chess, Dillon, Duchossois, Focus, Open Prairie, Paradigm, Sequoia |
AVG Technologies | $872 | Benson, Oak, TA |
EPAM Systems | $863 | Da Vinci CIS, Rainmeadow, Russia Partners |
Vipshop | $811 | DCM, Sequoia |
Shutterstock | $801 | Insight |
Demandware | $798 | General Catalyst, North Bridge, T-Venture |
FleetMatics | $785 | Investcorp, IVP, New World, Oyster |
SolarCity | $784 | DFJ, Mayfield, Silver Lake |
YY.com | $741 | Favor Star, GGV, Morningside, Steamboat, Tiger Global, Top Brand |
Bazaarvoice | $675 | Austin, Battery, Constantin, European Founders, First Round |
M/A-Com Technology | $666 | Summit |
LifeLock | $632 | Bessemer, Biltmore, GS, Industry, KPCB, Symantec |
Peregrine Semiconductor | $483 | Advanced Equities, Morgenthaler, Palisades, Ridgewood |
Qualys | $435 | Bessemer, GRP, Trident |
Trulia | $435 | Accel, Fayez Sarofim, Sequoia |
Proofpoint | $395 | Benchmark, DAG, MDV, MeriTech, RRE |
Beyondsoft | $367 | Shenzhen Co-Win, Wuxi |
E2open | $358 | B&M, Crosspoint, Invesco, JK&B |
Brightcove | $260 | Accel, General Catalyst |
Ambarella | $255 | Benchmark, DAG, Matrix, Walden |
Audience | $210 | NEA, Tallwood, VentureTech Alliance, Vulcan |
ExactTarget | $131 | Boston Capital, Fidelity |
INSIDE Secure | $108 | Alta Berkeley, GGV, Sofinnova, Vertex |
CafePress | $99 | PacRim, Sequoia, Stratim |
Envivio | $45 | Atlantic Bridge, Crédit Agricole Private Equity, Crescendo, HarbourVest, Sageview, Saints |