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March 29, 2005
An Industry's Temperature
This half of Deal Flow may have been lax in postings the last two business days, due to a busy workload and allergies. But according to the San Jose Mercury News' SiliconBeat blog, the venture industry has been anything but. There's a ton of money to be invested, and venture capitalist seem to finally be moving in early stage deals- even if they aren't talking about them, and therefore may not show up in those quarterly numbers.
A lot of times that means the Nasdaq is VC-friendly. Au contraire.
The Merc also notes that few IPOs are benefiting the Silicon Valley set. Ironically, the only venture-backed Silicon Valley company to make it out was Threshold Pharmaceuticals, which as we've written about before, was trapped in a bad week for biotech IPOs. It had to slash its offering price in half, and even still is trading down 14%. One of the better performing tech IPOs was Dolby, which is located in Silicon Valley, but was hardly a start-up, privately financed by the Dolby family for decades.
FastClick.com could change that rotten luck any day now. The online advertising company that had a whopping $75 million series A in late 2004 is set to go public this week. But there's little else slated for the next few weeks, according to IPOhome. For some good IT companies considering a run, check out a story by Justin Hibbard in the March 7 BusinessWeek (sorry can?find it online, but you?e all got the hard copy right?) For some good biotech IPO candidates? Don't hold your breath. Lately, several of my VC sources have finally been confirming what the stats have been showing: A closed market for biotechs for now.
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