Gurley says Benchmark will have four IPOs this year, unprecedented for a single venture firm in a long time.
“Earlier today, one of our investments, Ambarella, filed, which will be our fourth IPO this year. And that hasn't happened, you know, for a single venture firm in a very long time.”
Gurley says going public increases pressure and transparency, elevating companies to new performance levels.
“I one of the reasons I encourage companies going public is because I think it ups their game. I think it it presents more pressure. It forces them to be more disclosive, more transparent.”
Gurley reports seven of eight direct listings trade above first match, outperforming traditional IPO cohorts.
“Yeah, there've been eight high profile ones. Seven of them interestingly are trading above that first match that they did, which is really astounding.”
Gurley cites Jay Ritter data showing direct listing companies wildly outperformed traditional IPO peers.
“Jay Ritter put out some data at the end of August that you guys probably saw where he analyzed all the companies that have chosen the direct listing path and they've wildly outperformed their IPO peers, which I think is interesting”
Gurley cites Jay Ritter's data showing direct listing companies wildly outperformed traditional IPO peers.
“Jay Ritter put out some data at the end of August that you guys probably saw where he analyzed all the companies that have chosen the direct listing path and they've wildly outperformed their IPO peers,”
Gurley says venture capital must be measured over 20-40 years, longer than most employees stay.
“You got to look at it over twenty to forty years, which is really bizarre because most firms don't have employees that long.”