Thanks in part to the Facebook IPO, venture investors in 2012 saw their best return on invested capital in a decade. A steady rise in the ratio of portfolio company exit size to capital raised continued through the year.
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Venture-backed IPOs ended 2012 on a slow note with eight deals completed during the fourth quarter in the United States, leading the full-year to look quite similar to 2011.
With nearly 11 months in the record books, 2012 stands out as the year of the enterprise and IT-related venture-backed IPO. Enterprise- and IT-related deals make up 40% of this year’s venture-funded initial public offerings, according to a peHUB analysis.
(Reuters) – Workday Inc. has filed confidentially for an initial public offering, several sources told Reuters, putting the Silicon Valley business software company on track for the largest market debut since Facebook Inc.’s problem-ridden May coming-out party chilled demand for U.S. IPOs.
Workday has raised $250 million from Greylock Partners, New Enterprise Associates, T Rowe Price, Morgan Stanley Investment Management, Janus Capital Group Inc. and Bezos Expeditions, Jeff Bezos’ private investment fund.
Four of the five companies have collectively raised more than $460 million in venture capital from firms including Greylock Partners, Sequoia Capital and Technology Crossover Ventures.
Last summer, legendary entrepreneur Dave Duffield predicted that his newest startup, Workday, could become the second coming of PeopleSoft — a company Duffield founded and grudgingly sold to Oracle in January 2005 for $10.3 billion.
Whether or not that proves true, Workday — an enterprise resource planning company that delivers its software online — has been gaining traction fast. It now has 340 employees and roughly 80 customers, including numerous Fortune 500 companies like Chiquita Brands and Flextronics (workforces of 23,000 employees and 150,000 employees, respectively).
More, investors have wholeheartedly bought into Duffield’s vision. In addition to several past, mostly undisclosed, rounds of funding totaling $75 million — money from Greylock Ventures and Duffield himself — the company has just raised an additional $75 million in a Series E round led by New Enterprise Associates, which chipped in just north of $45 million. Duffield and Greylock contributed the rest.