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The era of cross-border investment: China's "stupid money" in Silicon Valley? How many success stories are there?

"Chinese Capital Going Global" has become more and more active in recent years. This phenomenon is no exception in the areas of Silicon Valley and China's technology venture capital. "Cross-border investment" has almost become a "hot word" that all Silicon Valley background Chinese venture capitalists have been talking about all day. The Chinese power, led by government funds and private capital, is familiar to more and more Silicon Valley venture capitalists and entrepreneurs, and various "cross-border cooperation" has taken place.

The era of cross-border investment: China's "stupid money" in Silicon Valley? How many success stories are there?

Behind the "cross-border investment", on the one hand, is the dominance of the Chinese government's "double creation" will. There are more and more incubators and accelerators on the land of China, and government-funded venture capital funds are blooming everywhere. According to the data of the Ministry of Science and Technology, there were more than 4,000 new business incubators in China in 2015. In the 28 years before 2015, the total number of incubators was less than 1,600.

On the other hand, it is the "market smell" of Silicon Valley's technology and venture capital sector. The generous Chinese investors and institutions and the wonderful imagination of China's huge market size make it difficult for Silicon Valley to refuse.

"Compared to Silicon Valley, there are not so many good projects in technology startups in China." A venture capital practitioner in the cross-border investment field told Tiger Sniff, "But there is too much 'hot money' in China, and we are rushing for projects. The result is a very high valuation of the project. "

This situation is not the observation of one or two investors.

In June of this year, Yan Fu, a managing partner of SAIF Asia Funds, delivered a public speech. He said that “the valuation bubble of Chinese startups is currently far greater than real estate”. He attributed the problem to "more money, stupid people, and biased policies."

"With the serious increase in currency issuance and the decline in the capital circulation rate, the phenomenon of universal investment is very common." Yan Yan said, "a lot of taxpayers' money enters the capital market, and many people are thinking about how to get money from the government and how Money is sent out. "

In China, the number of good venture capital projects is not enough to "hot money" investment. In this case, capital has set its sights on Silicon Valley across the ocean. Various technology venture projects with VR / AR and artificial intelligence as the hotspots have welcomed more and more Chinese investors and buyers. For a considerable number of local entrepreneurs in Silicon Valley, how to get investment from China or sell the company to Chinese investors has become a hot topic worthy of "exchanging ideas with each other".

"There is a kind of startup company specifically looking for 'hot money' in China. Not only are Chinese institutional investors, they are also looking at individual investors." A well-known venture capitalist who did not want to be named told Tiger Sniff. The founding team must be of Chinese descent, and they only use Convertible Bonds. Once the company's business situation occurs, the risks of entrepreneurs are very low. "

Of course, this phenomenon should be a special case. The vast majority of Silicon Valley entrepreneurs still hope to use Chinese capital to expand their business and achieve growth.

Compared with Silicon Valley entrepreneurs, the impact of China's "hot money" on Silicon Valley's venture capital industry is obviously much greater. "In the past period, there have been more Chinese dollar funds in Silicon Valley," a Silicon Valley venture capitalist told the author. "If you look closely, you will find that there are more and more LPs with Chinese background. "

"Because LPs with a Chinese background are often willing to pay higher prices, it is easier to raise funds from them." He said, "Some VC funds intend to arrange Chinese faces among the management partners and are specifically responsible for handling LPs with a Chinese background. Some management partners don't even speak English. "

In this situation, "hot money" from China has become a favorite of some Silicon Valley "liars." According to an industry insider who disclosed to Tiger Sniff that San Francisco-based Silicon Valley venture capital Rothenberg Ventures was actively raising money from Chinese LPs before the scandal in August this year was exposed by the media. The venture capital agency is currently under investigation by the US Securities and Exchange Commission and is facing bankruptcy.

"Chinese money is considered" stupid money "," the venture capitalist told Tiger Sniff. "But the best startup in Silicon Valley is still the top venture capital in Silicon Valley." . "

"Because Silicon Valley's top VCs are not worried about whether they can get money from LPs, they should consider the question of which LPs should be paid for." In his view, although Chinese background capital in Silicon Valley "buy, buy , Buy ", but there are not many very successful investment cases-at least from the current stage. "Too much stuff on the surface."

"In some venture capital funds, the management fee of the partner is higher than the return on investment." The venture capitalist told Tiger Sniff, "From this perspective, they will (more incentives) to get more from LP Money. "

(The picture is from Rothenberg Ventures team members, from the network)

Original link: http://ps3-ita.com/internet/27.html

Author: Source: Tiger sniffing network