From Andreessen Horowitz to Felicis Ventures, venture firms reveal a web of co-investment relationships through their syndicate patterns including which firms are closer than others (Spark Capital & Union Square Ventures, for example) and which firms count overlapping investment strategies or geographic focus areas. More importantly, investment syndicates highlight whose networks are truly stronger as better networked VCs have better fund performance.
So given the importance of networks in VC performance, we wanted to highlight the top investment syndicate partners in 2013 of every venture capital firm who invested in 20 or more unique private tech companies last year. We start with a look at the most active tech venture capital firms of 2013 (there are 59 firms but some have the same rank based on activity). Probably not surprising to see a host of stage-agnostic mega venture funds among the top 10 most active in tech VC including Accel, New Enterprise Associates and Sequoia.
The charts below highlights the most frequent co-investment partners in 2013 of each of the 59 most active tech VCs identified above (in alphabetical order). One interesting trend that emerges from the data is how often corporate venture arms appear in the syndicates of active VCs – yet another indication to the rise of corporates in tech VC.
The charts also reveals some of the angels and angel groups that active tech VCs tend to co-invest with including Dave Tisch’s BoxGroup and Los Angeles-based angel investor Paige Craig, who has co-invested alongside firms including Greycroft and ff Venture Capital in a number of 2013 deals. We see VCs increasingly looking to understand the angel community as a way to identify sources of quality dealflow and augment their existing networks.
A spreadsheet of the investment syndicates of the most active tech VCs can be found on the ‘Research’ tab after logging in to CB Insider. (Note: This research is available to anyone who logs into CB Insights – free and paid users)