recently rated:

Rated by 11

3.4 3.4 4.0 3.5 4.1

3.7

DFJ Mercury

Certified

$$$$$ Houston, US Central

top rated funds:

Rated by 38

3.9 3.9 3.9 3.7 4.2

3.9

First Round Capital

Certified

$$$$$ San Francisco, US West

Rated by 29

3.9 4.2 3.4 3.8 4.3

3.9

RRE Ventures

Certified

$$$$$ New York, US East

Rated by 20

3.3 4.2 3.9 4.1 3.9

3.9

Leapfrog Ventures

Certified

$$$$$ Menlo Park, US West

Rated by 16

3.8 4.1 3.8 3.3 4.0

3.8

Wellington Partners

Certified

$$$$$ Munich, Europe

Rated by 87

4.7 3.8 3.7 3.2 3.5

3.8

Sequoia Capital

Certified

$$$$$ Menlo Park, US West

Rated by 11

3.4 3.4 4.0 3.5 4.1

3.7

DFJ Mercury

Certified

$$$$$ Houston, US Central

Rated by 26

3.4 3.5 3.3 3.9 4.1

3.6

Clearstone Venture Partners

Certified

$$$$$ Santa Monica, US West

Rated by 45

3.8 3.5 3.3 3.4 3.9

3.6

Trinity Ventures

Certified

$$$$$ Menlo Park, US West

Rated by 22

3.7 3.5 3.8 3.2 3.8

3.6

Altos Ventures

Certified

$$$$$ Menlo Park, US West

Rated by 19

3.2 3.8 4.0 3.7 3.4

3.6

True Ventures

Certified

$$$$$ Palo Alto, US West

Rated by 13

3.8 3.5 3.3 3.6 3.8

3.6

Scale Venture Partners

Certified

$$$$$ Foster City, US West

Rated by 19

3.2 3.5 3.4 3.7 3.7

3.5

Opus Capital

 

$$$$$ Menlo Park, US West

Rated by 20

3.5 3.6 3.6 3.1 3.5

3.5

Union Square Ventures

 

$$$$$ New York, US East

Rated by 15

3.9 3.5 3.6 3.2 3.3

3.5

Morgenthaler Ventures

 

$$$$$ Menlo Park, US West

Rated by 13

4.0 3.1 3.1 3.9 3.1

3.4

The Founders Fund

Certified

$$$$$ San Francisco, US West

Rated by 39

3.6 3.6 3.1 3.2 3.4

3.4

Mayfield Fund

 

$$$$$ Menlo Park, US West

Rated by 32

3.4 3.5 2.9 3.5 3.5

3.4

Polaris Venture Partners, L.P.

 

$$$$$ Waltham, US East

Rated by 20

3.8 3.5 3.1 3.5 3.2

3.4

Draper Fisher Jurvetson Gotham Ventures

 

$$$$$ New York, US East

Rated by 11

3.9 3.7 2.8 2.7 3.6

3.4

Versant Ventures

 

$$$$$ Menlo Park, US West

Rated by 38

3.5 3.2 3.3 3.1 3.9

3.4

Bessemer Venture Partners

Certified

$$$$$ Larchmont, US East

Rated by 43

3.8 3.3 3.0 3.6 3.4

3.4

New Enterprise Associates

Certified

$$$$$ Menlo Park, US West

Rated by 31

3.4 3.2 3.0 3.2 3.8

3.3

Spark Capital

 

$$$$$ Boston, US East

Rated by 38

3.7 2.9 3.2 3.4 3.2

3.3

Draper Fisher Jurvetson

Certified

$$$$$ Menlo Park, US West

Rated by 39

3.8 3.4 3.0 3.4 3.1

3.3

Menlo Ventures

 

$$$$$ Menlo Park, US West

Rated by 13

4.1 3.5 2.9 3.2 2.9

3.3

Norwest Venture Partners

Certified

$$$$$ Palo Alto, US West

Rated by 21

3.0 3.1 3.6 3.4 3.4

3.3

Levensohn Venture Partners, LLC

Certified

$$$$$ San Francisco, US West

Rated by 16

3.3 3.2 2.9 3.5 3.6

3.3

Sigma Partners

 

$$$$$ Menlo Park, US West

Rated by 33

4.1 3.3 2.9 3.0 3.3

3.3

Greylock Partners

Certified

$$$$$ San Mateo, US West

Rated by 26

3.4 3.5 3.0 3.0 3.5

3.3

InterWest Partners

Certified

$$$$$ Menlo Park, US West

Rated by 11

3.8 3.1 3.5 2.7 3.1

3.2

Insight Venture Partners

 

$$$$$ New York, US East

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The honeymoon after closing our deal in April 08 is over and we have made it through 3 successful BOD meetings already. I am happy to report that everything we had believed we'd be gaining in terms of global beverage smarts, big picture thinking on how to best market and position our brand for a future exit as well as connecting us with large retail and distribution opportunities have all proven to be right on track with early bets we made on our new equity partners.

Erich Sieber was our main point of contact throughout the initial process of vetting the deal, due diligence and negotiations of our agreement and I have to say it was a much smoother and friendlier processs than I had anticipated with an investment group half way around the world from us. We were able to close the deal, start to finish, in just under 4 months. That was the time frame we needed them to commit to get the deal done and Erich kept his side on track the entire time to meet our need of closing prior to beverage season. Due in part to how well we worked together during these months, and the fact that Erich comes with a ton of relevant experience working in the global beverage sector, I was very happy to find he'd ultimately be on our BOD. For myself and my team "chemistry" is everything with anyone we choose to work closely with.

Gunnar and Wolfgang took an active interest in our brand from day one too and both have lent valuable input at the BOD level as well as whenever our senior management team needs to reach out and gain their perspective on some of the bigger decisions we are challenged with. Gunnar is particularly insightful on the strategy and marketing side of our business and Wolfgang has some of the best financial experience under his belt we have ever come across in the business world. As a mid size beverage brand focused mainly on marketing and distribution for 5 years, our "finance department" was one area we needed to get better structure around immediatelly!

Our goal with going the VC/PE route for this round of funding was truly steeped in finding the right type of strategic partners that would add ultimate "value" to our business, not just money. Between the 3 teamates we gained at Inventages, combined with my existing BOD and senior management, we feel we have just the right team now to help us build the next great global beverage brand.

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Dam Primack hit them pretty hard in today's PE Week Wire:

*** Kodiak Venture Partners isn’t quite yet on my list of “walking dead” VC firms, but it’s getting close. Reminds me of the teenage girl who runs upstairs during a horror movie, and locks her door so the beastie can’t get her. Odds are pretty good that the door won’t hold, but every now and then her boyfriend slays the beastie from behind, hugs are had and the credits roll.

Chris Greendale quietly left Kodiak last week, making him the third partner to depart in 2008, and fifth to leave since Kodiak raised its third fund in 2004. The others this year were John Abraham and Mike Schiavo, following Elliot Katzman (late 2006) and Illan Carmi (2005). That’s a whole bunch of turnover for a small partnership, and further dims the hopes for a fourth fund.

Kodiak originally began pre-marketing Fund IV in late 2006, with plans to hold a dry close in Q1 2007. Katzman’s surprise defection to Commonwealth Capital Partners in December of that year derailed the process, but sources said it would be restarted by Q2 of 2008. But that didn’t happen (at least not successfully), and Kodiak has now called down over 70% of its Fund III capital. Assuming it wants to hold at least 20% for follow-on investing, that leaves relatively little room for new deals.

I spoke yesterday with two of Kodiak’s four remaining partners, Dave Furneaux and Andrey Zarur. They acknowledged that Greendale was gone (he’s still on Kodiak’s website), but declined to provide any context. Instead, they said that the firm was in as good of shape as could be expected given the lack of liquidity options, and that it would raise a new fund either late next year or in 2010.

Zarur also pushed back on the notion that Kodiak’s personnel upheaval is particularly important, noting that the firm was still doing some interesting new deals of the seed-stage variety (e.g., Lumicell Diagnostics). He's right that returns are what matter most, but LPs and entrepreneurs also place a high value on consistency. Or at least more consistency than Kodiak has provided. It’s asking a lot of folks to enter into a long-term commitment with an organization whose own partners have not done the same...

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Pitched Tod and he was engaged in the presentation and asked intelligent questions. Decided to pass and sent an email explaining the reasons. Fast, responsive and respectful

They reply very fast though.

They reply very fast. Although they turned me down out because we are not in their target geographic area, they give me very positive impression.

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As our fast growing natural beauty brand Yes To Carrots was achieving exceptional results in a competitive space, we realised that we needed to secure partners that would help us grow our business and avoid potential pitfalls and hurdles.

After meeting with 11 potential funds and receiving 8 different offers, it became immediately evident that with San Francisco Equity Partners we were dealing with people that could look us straight in the eye, give us their opinion and work with us through some of the difficult decision making processes. Their offer was well researched and fair and the decision to move forward with them was a simple one, and so far I can confidentially state that it is paying dividends.

Scott is has been an invaluable resource for key management especially for myself and has easily fitted into the board complimenting our existing skill set.

My recommendation when approaching San Francisco Equity Partners is to make sure you have all of your ducks in a row, be ready for real business questions and don’t wear a tie, these are real people.

I can't really say anything too bad about the Tacoma Angel Network because I never got in the door... but I can at least say that their application processes is exhaustive not to mention exhausting- very particular about how they want things done. They really make you work for a screening, so much so that I abandoned the process in lieu of several more accessible funds in Portland and San Francisco.

I think it's safe to anticipate that when your company hits the rougher times with its investors, and there are differences of opinion, JVP would have no qualms about holding back legally/contractually due money or other obligations, even knowing that the employees or founders might have to bear the brunt. I wouldn't do business with them again under any circumstances.

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There are some VCs that just exude a sense of goodwill and seem to have everything in hand at all times - not here. The word 'self-centered' comes to mind...

Nothing innovative is going on in terms of leadership, and predictably very little innovation is making it into the pipeline.

Top 10 for 2008-11-17:

Remaining for 2008-11-17:

EMAIL: INTERMEDIA | RECRUITING: AC LION |PITCH: IdeaCrossing | SERVICES: Inventure | ANGELS: Open-Deals | NETWORK: MeetingWave

Letitia is excellent and provided great guidance. It is difficult to pitch to this group due to wide range of interests and expertise. Overall it was a nice opportunity and the feedback was helpful.

Note that the VC business is now spun out into an independent management company called Sunstone. Vaekstfonden is a Limited Partner of Sunstone

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