Mon, Nov. 7, 4:15 PM
Thu, Aug. 4, 6:01 PM
Thu, Aug. 4, 4:16 PM
Mon, May 9, 4:18 PM
- GSV Capital (NASDAQ:GSVC): Q1 EPS of -$1.12 may not be comparable to consensus of -$0.17.
- Revenue of $0.1M (+66.7% Y/Y) beats by $0.02M.
Thu, Mar. 10, 7:10 PM
- Thanks to a $3.16/share distribution paid on Dec. 31, GSV Capital (NASDAQ:GSVC) had an estimated NAV of $12.08/share ($268M) at the end of 2015, down from $16.17/share at the end of Q3 and $14.80/share at the end of 2014.
- As of Dec. 31, GSV had 48 positions worth an estimated $349.8M, unchanged from the end of Q3. GSV's stake in analytics/data mining software firm was valued at $56.4M (16.1% of portfolio value). Dropbox accounted for 6.4% of portfolio value, Twitter 5.3%, Spotify 4.6%, Coursera 4.1%, and Lyft, Solexel, and PayNearMe 4% apiece.
- The firm invested $13.8M in Q4, with $10M of the funds going to Spotify (Private:MUSIC) - the subscription music streaming leader was valued at more than $8B in a mid-2015 funding round GSV took part in. $2M was invested in personal learning service provider Declara.
- GSV has invested another $5M since the end of Q4, with $2.5M going to light-field camera developer Lytro and $2M to online video lesson provider Curious.com.
- Since the end of Q4, GSV has sold $1.6M worth of Lyft shares for a realized gain of $974K. The firm has also sold $2.97M worth of shares fuel cell power generator maker Bloom Energy for a realized loss of $882K. GSV ended 2015 with $13.3M in cash and $68.6M in convertible debt.
- GSVC +1.3% after hours to $6.20.
- GSV's Q4 results, earnings release
Thu, Mar. 10, 4:19 PM
- GSV Capital (NASDAQ:GSVC): Q4 NII of -$0.24 beats by $0.06.
Dec. 31, 2015, 4:14 PM
- Though the Nasdaq fell 1.2%, Late-stage VC investors GSV Capital (GSVC +1.8%) and Firsthand Tech Value Fund (SVVC +5.1%) ended 2015 on a high note. The firms respectively saw 186K and 79K shares traded vs. 3-month daily averages of 118K and 28K.
- GSV still trades at a 40% discount to its estimated Q3-ending NAV of $15.72/share - a liquidity discount (due to the fact most of its assets are in private companies) could be a factor, as might the gap that has opened up between private and public valuations for growth-stage tech companies. Its top holdings at the end of Q3 were Palantir (15.6% of portfolio value), Dropbox, Twitter, Coursera, solar panel manufacturer Solexel, and payments startup PayNearMe.
- Firsthand trades at a 64% discount to an estimated Q3-ending NAV of $23.20/share. Its top holdings are medical device maker IntraOp (14.9% of net assets), chip equipment maker Pivotal Systems (12.8%), ad tech firm Turn, electronics materials startup QMAT, and electric drivetrain supplier Wrightspeed. The company also owns a ~$4M stake in converged data center infrastructure provider Nutanix, which recently filed for an IPO.
Dec. 21, 2015, 2:36 PM
- LYFT has filed to authorize the sale of up to $1B worth of preferred shares. Private-market data provider VC Experts believes Lyft's filing points to a $3.9B pre-money valuation, and a valuation of up to $5.75B after factoring employee stock awards and other dilution.
- Such a valuation would still be less than 1/10 the $62.5B valuation larger rival Uber is reportedly looking to raise funds at. However, even on a pre-money basis, it would represent a healthy increase from the $2.5B Lyft was valued at earlier this year.
- GSV Capital (GSVC +0.6%) invested $5M in Lyft in 2014, and another $2.5M this year. Carl Icahn also has a stake, as do Alibaba, Tencent, Japanese e-commerce giant Rakuten, and Chinese ride-sharing leader Didi Kuaidi.
Dec. 3, 2015, 1:59 PM
- Five weeks after the NYT reported UBER is looking to raise funds within a $60B-$70B valuation range, Bloomberg reports the ride-sharing leader is looking to raise funds towards the low end of that range.
- Investments have reportedly been closed with hedge fund Tiger Global and money manager T. Rowe Price. Uber is also seeking "strategic investors with shared business interests" - Microsoft invested ~$100M earlier this year at a $50B valuation.
- Notably, Uber is telling investors its gross revenue run rate (includes payouts to drivers, who get the majority of revenue) is now above $10B/year in the U.S. The company's recorded U.S. gross revenue is up ~200% Y/Y in 2015.
- Meanwhile, smaller rival Lyft is looking to raise $500M at a reported $4B valuation (up from $2.5B in a prior funding round), and has a gross revenue run rate of ~$1B/year. GSV Capital (GSVC +0.1%) maintains a stake in Lyft.
Nov. 5, 2015, 6:58 PM
- GSV Capital (NASDAQ:GSVC): Q3 net investment loss of -$1.70 may not be comparable to consensus of -$0.22.
- Revenue of $0.04M (+100.0% Y/Y) misses by $0.16M.
Nov. 5, 2015, 5:25 PM
- GSV Capital (NASDAQ:GSVC) declares $2.76/share distribution.
- Payable Dec. 31; for shareholders of record Nov. 16.
Oct. 24, 2015, 2:39 PM
- The growing caution shown by some private tech investors towards richly-valued late-stage firms apparently isn't affecting UBER much: The NYT reports the ride-hailing leader is looking to raise nearly $1B at a $60B-$70B valuation - up fro the $51B valuation it saw only in July (Microsoft was an investor), and far above the $17B valuation obtained in June 2014.
- The report comes shortly after CEO Travis Kalanick suggested an Uber IPO could still be years away - given the funds and multiples Uber is currently able to get as a private company, it's hard to blame the company for taking its time. It also comes with Uber still spending heavily both to expand its core ride-sharing offerings in China and elsewhere, and to branch out into complementary services such as food and package delivery (thus taking on the likes of Amazon and GrubHub).
- Meanwhile, enterprise/government analytics and data visualization software firm Palantir has raised another $105M. Palantir raised $450M in July at a $20B valuation, up from the $15B seen in a late-2014 funding round.
- GSV Capital (NASDAQ:GSVC) owned a Palantir stake valued at $48.8M (12.5% of portfolio value) at the end of Q2. The company also has a stake in top Uber rival Lyft, which raised at a relatively moderate $2.5B valuation earlier this year (Carl Icahn invested).
Oct. 15, 2015, 11:16 AM
- GSV Capital (NASDAQ:GSVC) is up strongly after announcing it will be treated as a regulated investment company (RIC) for the 2014 taxable year, plans to distribute a portion of its 2015 gains, and sold its 2U position at an average price well above current levels.
- GSV still trades at an eye-popping 46% discount to its Q2-ending NAV of $15.72/share. Valuation concerns about late-stage private tech companies could be playing a role.
Oct. 14, 2015, 6:19 PM
- GSV Capital (NASDAQ:GSVC) has chosen to be treated as a regulated investment company for the 2014 taxable year. As a result, the company is required to distribute at least 90% of its investment company taxable income (defined as "ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses") for the taxable year.
- The company notes it had net realized gains of $53M for the first 9 months of 2015, and plans to distribute a portion of its gains for the whole year.
- Also: GSV discloses it sold its entire 1.3M-share position in cloud education software firm 2U (NASDAQ:TWOU) at an average price of $35.77. GSV yielded net proceeds of $47.2M, a realized gain of $37.2M, and an IRR of 65.1%.
- 2U, which equaled 9.8% of GSV's net portfolio value at the end of Q2, closed today at $23.77, after having recently tumbled due to a bearish Citron Research report.
Oct. 11, 2015, 7:19 PM
- "Since landing in San Francisco on Wednesday, I’ve met with an assortment of senior venture capitalists, bankers, entrepreneurs and crossover investors," writes Fortune's Dan Primack in a recent column. "All of them have, in one way or another, been involved with so-called ‘unicorn’ companies. As in the past, they are nearly unanimous in sentiment. The difference now is that their sentiment is fear."
- With the Nasdaq having swooned in recent months (companies with steep multiples and/or heavy cash burn have been especially hard-hit) and several prominent tech IPOs trading below their offering prices, many of the investors who who poured money into dozens of private tech companies at $1B+ valuations are becoming more cautious.
- An unnamed tech banker: "This shift is only five or six weeks old, so most companies haven’t felt it yet. But I know of many companies who raised money at $1 billion valuations last year that are now being told that, to raise money now, they need to take around $700 million or $800 million."
- The ranks of private tech companies sporting $1B+ valuations (the proverbial unicorns) has exploded over the last three years, with much of their funding coming from non-traditional sources. UBER ($51B valuation), Airbnb (AIRB - $25.5B), Palantir ($20B), Snapchat ($16B), Flipkart (FPKT - $15B) are among the most high-profile unicorns.
- Publicly-traded investors in private tech companies: GSVC, SVVC, TINY
- 8 months ago: VC Gurley argues fear of missing out leading startup valuations to soar
Sep. 17, 2015, 7:05 PM
- Renren (NYSE:RENN) has led a $15.5M funding round for Aspiration, a startup that delivers a curated set of mutual funds and other financial products, with the goal of taking traditional advisors and other middlemen out of the picture. GSV Capital (NASDAQ:GSVC) and a slew of other investors have also taken part in the round.
- Aspiration claims to have seen a doubling of customers every 6 weeks (on average) over the last 6 months; millennials make up a large chunk of the base. Notably, customers only pay what they choose to. However, over 90% of investors in the Aspiration Flagship Fund (MUTF:ASPFX) are said to have paid the company.
- Renren has stakes in a slew of fintech/online lending firms, including top LendingClub rival SoFi. The company, which currently has a $974M market cap, has estimated its long-term investments were worth $611.5M as of June 30; $257M in cash/short-term investments were also on the balance sheet.
- Renren rose 8.4% in regular trading to $3.09. GSV fell 0.8% to $8.48, 46% below a Q2-ending NAV of $15.72/share.