The wind stopped, there was a person who was hesitating to leave
Editor’s note: This article is from WeChat public number “Tech Planet” (ID: tech618), the author often Yu Jing.
“Only all of the institutions that invested in Mobai earned money, and only one of the institutions that invested ino.”
A 7-year-old first-line investment agency official told Tech Planet (WeChat ID: tech618) that Mobye brought about 8 times the return for the joyful capital of the A round, and entered the Panda Capital Belt for the B round. With a return of about 4 times, the rest of the organization barely made money or even lost money. Among the investment institutions of Ofo, almost only Jinshajiang Venture Capital earned money.
The venture capital boom has gradually receded, and the return on capital generated in the boom is not satisfactory.
Today, under the background of the scarcity of entrepreneurial enthusiasm, the capital industry has encountered difficulties in raising funds and exiting difficulties. The investment myths of thousands of investment institutions that have emerged in the past few years are fierce, and the myth of investment, which has received thousands of returns, is becoming a thing of the past.
The intuitive feeling of Ning Baiyu, a partner of Blue Elephant Capital, is that GP and LP have become more rational due to less hot money in the market, the frequency of transactions has become lower, and the transaction amount has become smaller. “In the past, there were a lot of big-funded news reports every month, and now every one is important news.”
” Venture capital institutions tend to concentrate, and thus the survival of the fittest. This is a natural trend and is inevitable.” Ning Baiyu said.
The current investment environment can be described as “the most important institutions for the cast of angels, the slowdown of investment institutions in the middle and late stages; the pressure on the return of RMB funds has increased, and the institutions that have long waited for the US dollar funds have become more and more; Began to become conservative, many small and medium-sized organizations are struggling to survive.”
Gongwei Executive Director Yu Hong told Tech Planet that although the frequency of GGV investment has not changed significantly this year, the cyclical changes in the industry are still very deep.
The wind has stopped
In 2017, an early institutional partner, Zhang Wei, talked to a founder of the sharing economy for less than an hour and decided to invest. When the founder was still on the way back to the company, he unexpectedly received the investment of several million yuan angels from Zhang Wei.
Through this less than an hour of conversation, Zhang Wei decided that “this company will become a unicorn.”
Zhang Wei believes that China has a decline in physical fitness and lack of security for people.