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February 14, 2005
The allure of big VC rounds
A lot of good discusson in the blogosphere about Webroot's recent $108 Million round. Arun Natarajan blogs about it and provides a couple of different thoughts on the financing from Robert Cringely and Fred Wilson.
I don't buy Robert's argument that its the fear of losing management fees that drove the Webroot financing. I don't know any of the details of the financing and have no secret source. However the people who did the financing (Accel, Mayfield, and TCV) are some of the smartest folks around and really understand the security space (full disclosure: Robin Vasan was on the board of Trigo Technologies - A company I co-founded). I suspect that unlike traditional VC financings in which VC's invest their money in the company, a part of this transaction was done to buy secondary interest from the founders. This is way for the founders to get some liquidity without necessarily selling the company. This provides some risk mitigation for them and allows them to shoot for a big outcome. The founders and investors probably believe that they can build a huge security company starting with the base of spyware/virusware and then expanding into IDS/IPS/etc.
Can this company fight off Symantec /McAfee/Microsoft in this space? We will have to wait and see.
On a side note Brad Burnham has a post on private companies that have raised over $100 Million in venture capital and its not a pretty history. Hopefully this one will have a better outcome
Posted by Venky Ganesan at 02:24 PM in security, software, ventures | Permalink
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