A venture capital fund (VC) is an investor who provides capital to startups and small businesses with the potential for high growth in exchange for equity in the company. VCs typically invest in early-stage companies that have innovative technologies or business models, but also may invest in later-stage companies.
There are several pros and cons to consider when receiving investment from a VC compared to other funding sources such as bank loans, angel investors, or crowdfunding:
A VC is typically an individual or a firm that manages a fund composed of money from limited partners (LPs) who want to invest in startups. VCs often specialize in particular industries or technologies and have specific criteria for the companies they will invest in. The selection process is rigorous, with only a small percentage of companies being selected for investment.
VCs may take an active role in the companies they invest in, providing guidance and resources to help them grow. They typically have a board seat and may have a say in major decisions of the company. VCs may also require the company to meet certain milestones to receive additional funding.
According to data from PitchBook, global venture capital investment in 2021 reached a record $394.6 billion, up from $292.8 billion in 2020. The United States was the largest market for VC investment, accounting for 61.2% of global investment, followed by Asia at 25.6% and Europe at 12.9%. The average deal size in 2021 was $40.4 million.
A VC typically raises money from LPs and then invests this capital in a portfolio of companies. The VC fund has a fixed lifespan, typically 10 years, during which the VC invests in companies and works to help them grow. VCs make money through capital gains on their investments and management fees charged to the LPs.
The expected return for a VC is typically above 3x the investment, with a good internal rate of return (IRR) over the life of the fund. VCs typically have several funds, with returns from successful exits in one fund being used to invest in new companies in the next fund.