The Top 8 VCs Behind U.S. Tech IPOs

Article by PitchBook, June 21, 2016

Considering Twilio has been a part of the unicorn ranks since a $130 million Series E last July, eyes across the VC industry are closely focused on the company’s upcoming IPO. No matter how the offering goes, though, the offering highlights ever-present liquidity issues in venture capital.

Twilio received its first institutional investment in 2009, a $3.7 million financing from Founders Fund, Union Square Ventures and others at a valuation of $12.4 million. While seven years may not seem an overly long holding period, those initial investors have seen Twilio’s valuation climb to over $1 billion. Couple that with uneasiness in the current market, and giving those early backers a chance to exit could be viewed as a fiduciary duty of sorts.

Since the beginning of 2011, 472 VC investors have seen at least one of their U.S. tech investments go public, according to the PitchBook Platform. 32 VC-backed tech companies went public each year from 2012 to 2014, but last year saw just 19 offerings. And with not even one such IPO in the U.S. so far this year, it’s hard to see that total rising.

Here are the most active VC investors in U.S.-based tech companies that have completed an IPO since the beginning of 2011, along with their investment counts:

1. Sequoia Capital (17)
2. IVP (15)
T-3. Accel Partners (14)
T-3. New Enterprise Associates (14)
T-5. Sapphire Ventures (13)
T-5. DAG Ventures (13)
T-7. Bessemer Venture Partners (11)
T-7. Kleiner Perkins Caufield & Byers (11)

To take a look at the full list of VC-backed tech IPOs in the U.S. since 2011, click here.
(Correction: A previous version of this article used a platform search that underrepresented many firms’ U.S. tech investments that have completed an IPO. The post was updated with the correct totals on June 23)