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November 15, 1999
Financial Spotlight: Net Valuations Soar
Cash continues to flow into Internet startups at an increasing rate.
By Maryann Jones Thompson
Cash continues to flow into Internet startups at an increasing rate. Third-quarter updates from VentureOne show Net companies raised $5.4 billion – more than double the amount raised during first-quarter 1999 – and accounted for 63 percent of the venture purse for the quarter. The valuation of these Net firms prior to receiving venture financing was $30.9 million, a dip from the second quarter but nearly twice that of third-quarter 1998.Webvan, Buy.com and RealNames topped the list of Net deals for the quarter, receiving $275 million, $165 million and $126 million, respectively, in financing. Funding totals by category show business-services firms received 40 percent of the Net venture funds raised for the quarter, while infrastructure companies were valued highest, receiving a median of $15 million based on a median prevaluation of $85 million.
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