米国におけるベンチャーキャピタル投資の概要

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Media Pre-money Valuations

Median Equity

Anti-dilution provisions. There was a small increase in the use of broad-based weighted-average anti-dilution provisions, from 92% of all rounds in 2012 to 94% in 1H 2013.

Median Bridge

Interest Rates. Data for 1H 2013 confirmed the previously reported trend of generally declining interest rates for pre-Series A bridge loans but generally increasing interest rates for post-Series A bridge loans. The percentage of pre-Series A bridges with annual rates under 8% increased markedly, from 64% of all deals in 2012 to 75% in 1H 2013. By contrast, the percentage of post-Series A bridge loans with annual interest rates above 8% increased from 15% of all deals in 2012 to 20% in 1H 2013. The percentage of post-Series A bridges with rates of less than 8% declined from 44% to 39%.

Maturities. Maturities for pre-Series A bridge loans remain substantially longer than for post-Series A ones. The percentage of pre-Series A deals with maturities of 12 months or more increased from 92% in 2012 to 97% in 1H 2013. For post-Series A loans, maturities of one year or more increased from 66% of loans in 2012 to 69% in 1H 2013.

via WSG&R