科技初创企业备忘录：要筹资，趁现在

    如果你感觉似乎听到过的每家初创公司都在加紧进行大规模融资，这是因为事实可能就是如此。最近几个月的一系列大规模融资非常引人瞩目：Lyft从阿里巴巴集团（Alibaba Group）和Third Point募得2.50亿美元。Airbnb正在募资的规模高达4.50-5.00亿美元。Dropbox募资超过5.00亿美元。Insight Venture Partners向Campaign Monitor投资了2.50亿美元。

    Quora从老虎环球管理公司（Tiger Global Management）募集了8,000万美元。Squarespace刚刚募集了4,000万美元。Paperless Post募集了2,500万美元。Betterment募集了3,200万美元。Learnvest募集了2,800万美元。Julep Beauty募集了3,000万美元。Crittercism募集了3,000万美元。

    除此之外，Blue Apron正在以5亿美元的估值募集5,000万美元。Birchbox也正在以近乎相当的估值募集5,000万美元。Bonobos正在进行新一轮巨额募资。Automattic正在募集1.00-1.50亿美元。

    或许，比这些募资新闻本身更有意义的是它们开创的模式。这些公司中许多都知道，它们将在今年某个时候需要资本。由于未来几个季度市场对于大规模融资可能不会那么友好，这些公司中有很多家得到的建议都是，现在进行融资。

    简而言之，初创公司正在为漫长的2014年做好储备。它们已看到这样的新闻：公开上市科技股这两周走势跌宕起伏，上周已达到了5年来反弹的峰值。

    公开上市科技股市值萎缩预计将拖累未上市公司的估值。上周，《华尔街日报》（Wall Street Journal）报道称，股市抛盘给近期以及即将到来的科技股IPO带来了麻烦。彭博（Bloomberg）指出，此轮抛盘使得最近初创企业的融资狂潮“恢复了一些理性”。

    而且，据《财富》杂志（Fortune）史蒂夫•甘德尔的文章，针对公开上市科技股的抛盘不一定已经结束。这些股票平均市盈率18倍，高于标准普尔500指数（S&P）平均市盈率。

    但据Insight Venture Partners董事总经理德文•帕里克称，由于私有市场反应缓慢，对下跌的估值和投资者担忧进行调整需要更长时间。他说：“需要更长时间的波动来完成调整。”但他指出，初创公司已经在抓紧完成融资，以防万一。

    “鉴于公开市场摇摆不定，我们预计某些行业较晚阶段的大规模融资会面临一些压力，”Venrock合伙人大卫•帕克曼说。“我们很多较晚阶段融资正在迅速了结，募集尽可能多的资本，免得它们需要经历较晚阶段风投市场不确定风暴造成的打击。”

    考虑到每天发布的大量融资消息（和那些尚在进行筹资的项目），这些不安因素尚未完全显现。与此同时，各家公司正在竭尽所能筹集资金。

    “我认为，今年需要募集大规模资金的那些公司投资的投资人，应当趁现在敲定融资，”Matrix Partners的安托尼奥•罗德里格斯表示。星火资本（Spark Capital）合伙人莫.考伊夫曼则指出，好公司总是能筹集到资金，“像最近筹资市场好的时候，筹集足够的资金，从而筹集足够的资金使得它们有时间应对和抵御任何潜在的市场回落，这永远是明智的做法。”

    实际上，有一句非常有名的风险投资名言称，筹资要在市场火热时做。（财富中文网）

    If it feels like every startup you've ever heard of is rushing to drum up large rounds of funding, that's because they probably are. It's hard to miss the string of massive rounds from recent months: Lyft raised $250 million from Alibaba Group and Third Point. Airbnb is raising $450 million to $500 million. Dropbox raised more than $500 million. Insight Venture Partners invested $250 million into Campaign Monitor.

    Quora raised $80 million from Tiger Global Management. Squarespace just raised $40 million. Paperless Post raised $25 million. Betterment raised $32 million. Learnvest raised $28 million. Julep Beauty raised $30 million. Crittercism raised $30 million.

    Beyond that, Blue Apron is raising $50 million at a $500 million valuation. Birchbox is raising$50 million at a nearly comparable valuation. Bonobos is raising a sizable new round. Automatticis raising between $100 million and $150 million.

    Perhaps more meaningful than the news of each particular raise is the pattern they're creating. Many of these companies know they're going to need capital at some point this year. Many of them have been advised to raise now, because the market for big financings might not be so friendly in the coming quarters.

    In short, startups are bulking up for a long 2014. They've read the headlines: Public tech stocks have had a volatile two weeks, peaking last week after a five-year-market rally.

    The shrinking market caps of public tech stocks are expected to trickle down to private company valuations. This week, the Wall Street Journal reported that the selloff spells trouble for upcoming and recent tech IPOs. Bloomberg noted that the selloff was "restoring some rationalization" to the startup fundraising frenzy of late.

    And the selloff in public tech stocks isn't necessarily over, according to Fortune's Steve Gandel. Their average price-to-earnings ratio of 18 is rich compared to that of the S&P 500, which has an average P/E ratio of 16.

    Still, since the private market is sticky, it takes longer to adjust to falling valuations and investor fears, according to Deven Parekh, a managing director at Insight Venture Partners. "It takes prolonged volatility to make that happen," he says. But he notes that startups are already hustling to get their rounds closed just in case.

    "We are already seeing pressure on later-stage large rounds in a few sectors based on the shakiness of the public markets," says David Pakman, a partner at Venrock. "Many of our later-stage companies are closing rounds quickly to gather as much capital as possible in case they need to weather an upcoming storm of uncertainty in the later-stage VC markets."

    Judging by the daily deluge of funding announcements (and the back channel of those in the works), the uneasiness hasn't fully trickled down yet. In the meantime, companies are grabbing what they can.

    "I think anyone who is invested in companies that need to raise big rounds this year should get it done now," says Antonio Rodriguez of Matrix Partners. Mo Koyfman, a partner at Spark Capital, notes that good companies will always be able to raise money, but that "it's always wise for companies to raise capital when the funding markets are good, as they have been recently, and to raise enough money so they can have the time to execute and withstand any potential downturns."

    Indeed, there's a famous VC saying about raising money while the market's hot.