recently rated:

Rated by 43

2.6 2.6 2.6 2.9 2.4

2.6

General Catalyst

 

$$$$$ Cambridge, US East

top rated funds:

Rated by 14

4.3 4.2 3.9 4.2 3.8

4.1

Andreessen Horowitz

Certified

$$$$$ Menlo Park, US West

Rated by 16

3.8 4.5 4.0 3.8 4.2

4.0

Rincon Venture Partners

Certified

$$$$$ Santa Barbara, CA, US West

Rated by 43

3.6 3.8 4.2 4.2 3.8

3.9

True Ventures

Certified

$$$$$ Palo Alto, US West

Rated by 12

4.4 4.1 4.2 2.7 3.9

3.8

Y Combinator

 

$$$$$ Mountain View, US West

Rated by 11

3.9 4.2 3.2 3.6 4.0

3.8

Mangrove Capital Partners

Certified

$$$$$ Luxembourg, Europe

Rated by 45

3.8 4.1 3.3 3.7 4.0

3.8

RRE Ventures

Certified

$$$$$ New York, US East

Rated by 107

4.7 3.8 3.7 3.1 3.6

3.8

Sequoia Capital

Certified

$$$$$ Menlo Park, US West

Rated by 33

3.9 3.8 3.8 3.4 4.1

3.8

Altos Ventures

Certified

$$$$$ Menlo Park, US West

Rated by 32

4.0 4.1 4.0 2.8 4.1

3.8

406 Ventures

Certified

$$$$$ Boston, US East

Rated by 64

3.9 3.8 3.8 3.4 3.9

3.7

First Round Capital

Certified

$$$$$ San Francisco, US West

Rated by 23

3.6 3.5 4.0 3.7 4.0

3.7

DFJ Mercury

Certified

$$$$$ Houston, US Central

Rated by 27

3.8 3.6 3.8 3.8 3.6

3.7

FLOODGATE

Certified

$$$$$ Palo Alto, US West

Rated by 13

3.7 3.8 3.8 3.4 3.8

3.7

IDG Ventures SF

Certified

$$$$$ San Francisco, US West

Rated by 11

3.6 3.7 3.6 3.8 3.4

3.6

Flywheel Ventures

Certified

$$$$$ Santa Fe, US West

Rated by 19

3.7 3.6 3.8 3.5 3.5

3.6

August Capital

Certified

$$$$$ Menlo Park, US West

Rated by 10

4.0 3.8 3.9 2.8 3.7

3.6

Updata Partners

 

$$$$$ Red Bank, US East

Rated by 64

3.8 3.5 3.4 3.5 3.9

3.6

Trinity Ventures

Certified

$$$$$ Menlo Park, US West

Rated by 15

2.9 3.6 3.8 3.3 3.8

3.5

Merus

 

$$$$$ US West

Rated by 21

3.5 3.6 3.6 3.2 3.4

3.5

Wellington Partners

Certified

$$$$$ Munich, Europe

Rated by 12

3.2 3.6 3.4 3.0 4.2

3.5

DN Capital

 

$$$$$ London, Europe

Rated by 30

3.3 3.4 3.3 3.7 3.7

3.5

Clearstone Venture Partners

Certified

$$$$$ Santa Monica, US West

Rated by 28

3.7 3.0 3.0 4.0 3.3

3.4

The Founders Fund

Certified

$$$$$ San Francisco, US West

Rated by 49

3.7 3.4 3.1 3.4 3.2

3.4

Menlo Ventures

 

$$$$$ Menlo Park, US West

Rated by 16

3.9 3.7 2.9 2.9 3.6

3.4

Versant Ventures

 

$$$$$ Menlo Park, US West

Rated by 10

3.6 3.4 3.9 2.7 3.3

3.4

DFJ Esprit

Certified

$$$$$ London, Europe

Rated by 13

3.0 3.8 3.5 3.2 3.4

3.4

Fidelity Growth Partners Europe

Certified

$$$$$ London, Europe

Rated by 16

3.9 3.6 3.1 2.9 3.5

3.4

GRP Partners

Certified

$$$$$ Los Angeles, US West

Rated by 61

3.8 3.3 3.0 3.5 3.4

3.4

New Enterprise Associates

Certified

$$$$$ Menlo Park, US West

Rated by 17

3.5 3.4 3.4 3.5 3.2

3.4

Scale Venture Partners

Certified

$$$$$ Foster City, US West

Rated by 18

3.2 3.4 3.3 3.0 3.6

3.3

Blumberg Capital

Certified

$$$$$ San Francisco, US West

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Over the years, I have heard many VCs say that "the market is not large enough" in the first or second meeting. New entrepreneurs should know that this means "no."

Pocket edition of "Theoretical Future Market Values through 2020 - 3rd Edition" does not exist, nor is there a team of analysts at a VC firm inventing new markets to value. From the way that some VCs can confidently look you in the eye and say that "the market is too small" after fingering your PowerPoint, you would think that they have flipped to page 128 of the market reference guide while pecking away on the Blackberry.

The reality is (a) you have likely done a bad job explaining the market size in your pitch and (b) there is not a lot of anecdotal data for the VC to make an off-the-cuff mental estimate. When you pitch your business, you must reference concrete market data points, the best examples of which are recent liquidity events, that a VC can understand quickly. Read on...