Venture’s Clubbiest Firms Include SV Angel, KP, DAG And First Round

It is no secret venture capital is a clubby world.

Firms syndicate deals to share risk, marshal expertise and combine capital resources. But who are the clubbiest VCs?

Robert Moore, co-founder of data analytics company RJMetrics, took a stab at the question Monday in a blog post that combed through the Crunchbase listing of venture deals. Here is what he found:

Benchmark Capital and DAG Ventures are the most frequent syndicate partners, sharing 36 investments, more than any other pair of investors. Lerer Ventures and SV Angel came in second, with 30 deals, including one backing RJMetrics.

In terms of prolific co-investors, DAG Ventures and SV Angel are near the top of the list. They do solo investments less than 2% of the time. Obviously partnerships are the modus operandi. Across the industry, 60% of startups have more than one investor.

Moore also attempted to assign a clubbiness rating to firms. To do so, he looked at the number of co-investments a firm makes and compared the total with the number of distinct co-investors. In other words, he sought to determined how often firms invest with the same network of partners.

SV Angel rose to the top of the list with 13 investments per co-investor. Next were Kleiner Perkins Caufield & Byers, DAG Ventures, First Round Capital and Accel Partners, all with 10 companies per co-investor. Sequoia Capital and New Enterprise Associates were next with nine.

On the other end of the spectrum, the firms that went it alone most frequently were Edison Ventures, which invests alone in 53% of its portfolio companies, followed by the German firm High-Tech Gruenderfonds, solo in 42% of its companies, and Austin Ventures, at 28%.

On average, venture firms invest alone in just 10% of portfolio companies.

Photo courtesy of Shutterstock.

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