Spectrum Equity looks like it will make about 7x its investment in Ancestry.com. Yesterday, a group led by Permira agreed to buy Ancestry.com in a $1.6 billion deal. The company, whose website helps users trace their family roots, will be taken private at $32 per share.
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If you don’t like fundraising, you probably shouldn’t be an investor. And you most definitely shouldn’t work for San Francisco-based Crosslink Capital, whose partners fundraise year round. The reason, as some readers will know, is that Crosslink invests out of three funds: a venture capital fund, a crossover fund that backs both private and public companies, and a hedge fund that exclusively invests in public companies.
The firm closed its sixth and most recent venture capital fund with $200 million last September. (Its previous two venture funds closed with $250 million and $230 million respectively.) Rather than kick back and celebrate, Crosslink is out raising its crossover fund, whose target is anywhere from $450 million – the size of its last crossover fund – to $280 million, the amount of its second-to-last crossover fund.
“If we come in somewhere between those two, we’ll be really happy,” says Jim Feuille, a general partner who has been with Crosslink since 2002 and sits on the board of Pandora along with nine other companies.
Given that Feuille knows a thing or two about fundraising, as well as late-stage investing, I’ve been wanting to get his views on the spate of late-stage funds and investments we’re seeing today. I finally caught up with him this afternoon. Our conversation has been edited for length.
You might know of Ancestry.com for recently linking President Barack Obama with investor Warren Buffet. It’s also in the spotlight, thanks to NBC’s “Who Do You Think You Are” program. However, a decade ago, the company, which provides an online genealogy research and family publishing service, was looked at as just another dot-com and many [...]
NEW YORK (Reuters) – Ancestry.com Inc (ACOM.O), a website backed by Spectrum Equity Investors, rose in its initial public offering debut on Thursday. The company priced the 7.4 million shares at $13.50 per share on Wednesday, within an expected range. Ancestry.com, which operates a website that allows people to trace their family roots by scouring [...]
NEW YORK (Reuters) – Spectrum Equity Investors-backed website Ancestry.com Inc (ACOM.O) priced its initial public offering of 7.4 million shares at $13.50 per share on Wednesday, within the expected range. Ancestry.com, which operates a website that allows people to trace their family roots by scouring online records, will begin trading on Nasdaq under the symbol [...]
NEW YORK (Reuters) – Ancestry.com Inc (ACOM.O), which operates a website that allows people to trace their family roots by scouring online records, is set to go public next month in a planned $100 million offering. Ancestry.com said it had 1 million subscribers as of September and that it expects to sell 7.4 million shares [...]
Online genealogy company Ancestry.com yesterday filed for a $75 million IPO, and some people instinctively began buzzing about the prospects for yet another VC-backed IPO (following hits like OpenTable and LogMeIn). Only problem is that Ancestry.com isn’t really VC-backed. At least not anymore.
The Provo-Utah-based company was founded in 1998, and that October raised $10 million in Series A funding from CMGI @Ventures, Epic Ventures and Intel Capital. Less than one year later, it would raise $38 million in Series B funding at a $163 million post-money valuation. The existing shareholders were joined by newbies like Amerindo Investment Advisors, Compaq Computer Corp., L Capital Management, Pivotal Asset Management and Tango Partners. It was all perfectly bubblicious.
Beginning in 2003 and 2004, however, some of those investors began quietly selling shares in Ancestry.com to Spectrum Equity Investors, one of the very few private equity shops to dabble
Ancestry.com, a Provo, Utah-based online resource for family history, has filed for a $75 million IPO. It plans to trade on the Nasdaq or NYSE under ticker symbol ACOM, with Morgan Stanley and BoA Merrill Lynch serving as co-lead underwriters. Shareholders include Spectrum Equity Investors (67%), Crosslink Capital (6.2%) and W Capital Partners (6.1%). A predecessor company [...]