Gurley observes an angel glut beginning a year ago, with some companies raising $5 million in seed money.
“In fact, starting about a year ago I think there was probably what you might call an angel glut of companies who had maybe raised one, two, we've seen companies with $5,000,000 of convertible seed money.”
Gurley says the late stage private market is the frothiest he has seen since the late 1990s.
“the late stage private market continues to be the most frothy thing I've seen since the late '90s.”
Gurley says current markets show speculative risk appetite not seen since 1999 tech boom.
“There is certainly what I would call a highly speculative nature to the markets today, a willingness to take on risk, a willingness to get excited about projects that may be five or ten years into the future that we haven't seen since the '99 time frame.”