Bidh Sutter Hill, neach-tasgaidh maoim-sneachda, a ’cumail $ 11.6 billean às deidh pop IPO

Bidh Mike Speiser, Stiùiriche Riaghlaidh Sutter Hill Ventures a ’bruidhinn air an àrd-ùrlar aig TechCrunch Disrupt aig Cidhe 48 air 9 Sultain 2014 ann an San Francisco, California.

Steve Jennings | Ìomhaighean Getty

Dà mhìos às deidh Facebook mòr IPO ann an 2012, bha an neach-calpa iomairt Mike Speiser beagan mhìltean air falbh bhon chompanaidh lìonraidh shòisealta, a ’toirt a-steach tòiseachadh bathar-bog bhon oifis nondescript aige faisg air taigh-cluiche film ann am Palo Alto.

A ’chompanaidh a chuir e air bhog mu dheireadh, Snowflake, debuted air iomlaid stoc New York Diciadain agus chrìochnaich an latha le a caip margaidh tuath air $ 70 billean, a ’lìbhrigeadh Speiser an seòrsa tilleadh a tha a’ cur nar cuimhne IPO Facebook o chionn ochd bliadhna.

Is ann le Sutter Hill Ventures, far a bheil Speiser air a bhith na stiùiriche riaghlaidh bho 2008 17.4% de na h-earrannan a bh ’aig Snowflake an dèidh a bhith a’ reic cuibhreann den gheall aice san IPO. A ’cur ri chèile an airgead a chaidh a dhèanamh bho bhith a’ reic a-steach don tairgse agus an cuibhreann de $ 10.6 billean a tha air fhàgail, tha Sutter Hill na shuidhe air timcheall air $ 11.6 billean bhon tasgadh iomlan aige nas lugha na $ 200 millean.

Chan eil na buannachdan sin glaiste fhathast. Leum an stoc 134% Diciadain gus dùnadh aig $ 253.93, ach dh ’fhaodadh a’ phrìs gluasad gu fiadhaich anns na mìosan a tha romhainn, a rèir gluasad, coileanadh companaidh agus an eaconamaidh agus a ’mhargaidh san fharsaingeachd, fhad‘ s a tha Speiser fhathast glaiste airson co-dhiù beagan mhìosan eile.

Bidh brataichean maoim-sneachda a ’sgeadachadh Malairt Stoc New York gus margaidheachd a dhèanamh air a’ chiad turas de earrannan a ’chompanaidh bathar-bog ann an New York air 16 Sultain, 2020.

Stòr: Maoim-sneachda

Ach airson a-nis, tha tilleadh Sutter Hill eadhon nas motha na timcheall air $ 7.7 billean Accel bha ann an stoc Facebook agus a ’faighinn airgead às deidh an IPO, agus tarraing eachdraidheil airson companaidh ìre thràth nach ann ainneamh a thèid ainmeachadh còmhla ri ainmean mòra Silicon Valley mar Sequoia (cuideachd neach-tasgaidh maoim-sneachda), Benchmark, Greylock Partners agus Andreessen Horowitz.

Tha Speiser, 49, buailteach a bhith a ’seachnadh aire dhaoine. Tha nas lugha na 2,000 aige Twitter luchd-leantainn agus puist ainneamh. Chan eil làrach-lìn aig a ’chompanaidh aige - dìreach a tìr duilleag leis na ciad litrichean SHV agus seòladh. Ni mò a lorgas tu Speiser a ’blogadh le comhairle air mar a nì thu sgèile air gnìomhachas no a bhith a’ seòladh timcheall tech tech podcast.

“Tha e na dhuine air leth dealasach, ach tha e a’ faighinn a shoirbheachadh gu làidir tro na companaidhean sin a bhios e a ’cuideachadh le bhith a’ cruthachadh, ”thuirt Scott Dietzen, a bha na Cheannard air Stòradh glan, a bhrosnaich Speiser ann an 2009 a-mach às an aon oifis a bhiodh a ’sìolachadh maoim-sneachda. “Tha e a’ toirt creideas don luchd-tionnsgain a tha aig a ’cheann thall a’ dèanamh na h-obrach gach latha airson an soirbheachas. ”

Tha oifigearan agus luchd-tasgaidh eile a ’faighinn beairteas gu leòr air an tairgse maoim-sneachda cuideachd:

  • Calpa Altimeter tha mu 15% den stoc aige, luach còrr air $ 9.2 billean
  • Iconiq tha 14% aig a bheil luach $ 8.6 billean
  • Redpoint a ’cumail smachd air 9% airson cuibhreann de $ 5.6 billean
  • Sequoia tha 8.6% aig timcheall air $ 5.2 billean.
  • Ceannard Frank Slootman's Is fhiach luach 5.9% $ 3.9 billean, dìreach 17 mìosan às deidh dha a dhol a-steach don chompanaidh.
  • Ceannard ionmhais Mike Scarpelli, a lean Slootman gu Snowflake bho ServiceNow, tha seilbh aig 1.9% luach $ 1.2 billean.

Berkshire Hathaway agus Salesforce gach fear air a thasgadh aig prìs IPO, a ’dèanamh faisg air $ 1 billean agus $ 280 millean ann an aon latha, fa leth. Tha toradh iomlan Salesforce nas àirde na sin, a ’meas gun do chuir e airgead a-steach sa Ghearran aig a Luachadh $ 12.4 billean. Tha timcheall air $ 1 billean aig an t-seann Cheannard Bob Muglia, eadhon an dèidh dha leth de na h-earrannan aige a reic ri Berkshire airson $ 485 millean.

Ann am post-d na bu thràithe san t-seachdain, thuirt Speiser ri CNBC gur ann ainneamh a bhios e a ’coinneachadh ris na meadhanan agus nach dèan e ach“ air iarrtas chompanaidhean màileid. ” Nochd e air “Halftime Report” air thoiseach air a ’chiad mhadainn Diciadain. Nuair a chaidh faighneachd dhaibh mu dheidhinn an toileachas ro-mhargaidh airson an stoc, mar a bha luchd-tasgaidh a ’cumail a’ putadh na tagraidhean fosglaidh nas àirde, chuir Speiser ath-stiùireadh air a ’chòmhradh gus bruidhinn mun teicneòlas.

“Tha sinn a’ cuimseachadh barrachd air a bhith a ’togail toradh math agus a’ frithealadh luchd-ceannach, ”thuirt Spesier, aig an robh dreuchdan gnìomh aig Yahoo! agus Veritas mus tàinig iad gu bhith na neach-tasgaidh. “Tha mi air bhioran fhaicinn gu bheil an saoghal a’ tòiseachadh a ’tuigsinn dè an toradh iongantach a tha an sgioba seo air a thogail.”

Eu-coltach ri companaidhean iomairt traidiseanta, a bhios a ’togail airgead gach beagan bhliadhnaichean agus a tha ag amas air iomad den airgead sin a dhèanamh thairis air deich bliadhna, tha Sutter Hill air ainmeachadh mar mhaoin sìor-uaine a chuireas calpa a-steach thar ùine. Chaidh a ’chompanaidh a stèidheachadh ann an 1962 le Paul Wythes agus Bill Draper, athair an neach-calpa iomairt ainmeil Tim Draper.

Is e seachdain thrang a th ’ann airson Sutter Hill, eadhon nas fhaide na maoim-sneachda. Loidsig Sumo, bidh fear eile de thasgaidhean Speiser, a ’bualadh air na margaidhean poblach mar phàirt de a tonn mòr of tech IPOs. Speiser resigned from the Sumo Logic board last year.

The incubation strategy

Speiser’s two biggest venture wins have come in similar fashion.

To get Pure off the ground, he introduced the two inventors and put in seed funding. He made many of the early hires, including for salespeople, and Deitzen said he was instrumental in coaching him as a first-time CEO.

At Snowflake, Speiser was the initial CEO and CFO, holding both roles until 2014, while working side-by-side with the founding engineers to design a database for the cloud era. To launch the company, he joined with ex-Oracle engineers Benoit Dageville and Thierry Cruanes, who were well versed in legacy databases, along with entrepreneur Marcin Zukowski.

“It all started with the founders, who are incredibly humble, talented guys,” Speiser told “Halftime Report.” He credited Doug Mohr, a partner at Sutter Hill, for introducing him to the founders, and Chad Peets, another partner, with helping Chief Revenue Officer Chris Degnan hire 500 people.

Last year, Speiser recruited former SeirbheisNow CEO Frank Slootman, who he knew from the Pure board, to run the company, replacing Muglia, a former Microsoft executive. Speiser was by Slootman’s side when the new CEO introduced himself to Snowflake employees.

Snowflake execs from left to right: co-founder Benoit Dageville, CEO Frank Slootman, co-founder Thierry Cruanes and CFO Mike Scarpelli

Stòr: Maoim-sneachda

Getting in at the incubation stage carries maximum risk because most start-ups fail. It also means that investors who stick with the company and continue to invest in follow-on rounds tend to have the biggest ownership when it matters most.

Aig àm na Pure’s IPO in 2015, Sutter Hill owned 27% of the stock, valued at about $700 million. The firm has a slightly smaller percentage holding in Snowflake but one that’s worth many times more.

Altimeter’s Brad Gerstner has amassed the second-biggest stake by leading a $45 million round in 2015 and continuing to invest from there. Gerstner told CNBC on Wednesday that he first asked Speiser about the company seven years ago, before Snowflake had a product on the market or a dime in revenue. He was inquiring about the size of the potential prize if everything goes right.

“He looks at me without missing a beat and says, ‘Brad, it’s the biggest prize in software,'” Gerstner recalled. “The cloud fundamentally rearchitects where all data sits, how it’s processed and how we glean insights.”

Gerstner said there is more than $1 trillion in enterprise value in the “offline, pre-cloud world,” controlled by Oracle, Microsoft, IBM and others, and that data and the way to use it is becoming more valuable by the day. Snowflake, which ranked 40th on CNBC’s 2020 Disruptor 50 List, is in prime position.

“There’s a lot of excitement today, there’s going to be a lot of gyrations,” Gerstner said, referring to the IPO pop. “Markets get ahead of themselves. They ultimately find equilibrium. Fundamentally, Snowflake is growing and valuable because it sits at the heart of these two megatrends.”

- Chuir Jordan Novet bho CNBC ris an aithisg seo.

THAOBH: CNBC’s full interview with Frank Slootman

Source: https://www.cnbc.com/2020/09/16/snowflake-investor-sutter-hill-holds-11point6-billion-after-ipo-pop.html