Friday, May 12, 2006
Once Bitten, Twice Bold - Forbes.com:
"Burlingame, Calif. - For those who are wondering, Web 2.0 is just getting started. Yeah, I said it.
Witness the frenzy at marquee venture capital firms. Given the piles of money they're deploying, we've probably got three to five more years of new deals ahead of us. VC firms typically take that long to invest each fund--and many firms are only now beginning to bet on Web 2.0 startups.
Another clue: Look who these guys are hiring. In recent months, Greylock Partners, Lightspeed Venture Partners and Mayfield Fund have recruited executives from the first Internet boom to serve as guides through the next one.
Greylock, which raised $500 million in November and last month led a $25 million investment in social networking engine Facebook, nabbed James Slavet from Yahoo!'s (nasdaq: YHOO - news - people ) travel and automotive businesses. Jeremy Liew, general manager of AOL's Netscape unit and an executive at IAC/InterActiveCorp (nasdaq: IACI - news - people ) and Citysearch, is helping Lightspeed invest its recent $475 million fund. And Mayfield, an investor in online teen hangout Tagged.com, brought in Chamath Palihapitiya, former head of AOL's instant message business, to help dole out the $375 million it raised last August.
Long-time tech investor Norwest Venture Partners closed a $650 million fund in April and plans to allocate much of it to Internet and entertainment-technology deals. Last month, the firm promoted Jeffrey Crowe, a former president at online auctioneer DoveBid, to partner..."
"Burlingame, Calif. - For those who are wondering, Web 2.0 is just getting started. Yeah, I said it.
Witness the frenzy at marquee venture capital firms. Given the piles of money they're deploying, we've probably got three to five more years of new deals ahead of us. VC firms typically take that long to invest each fund--and many firms are only now beginning to bet on Web 2.0 startups.
Another clue: Look who these guys are hiring. In recent months, Greylock Partners, Lightspeed Venture Partners and Mayfield Fund have recruited executives from the first Internet boom to serve as guides through the next one.
Greylock, which raised $500 million in November and last month led a $25 million investment in social networking engine Facebook, nabbed James Slavet from Yahoo!'s (nasdaq: YHOO - news - people ) travel and automotive businesses. Jeremy Liew, general manager of AOL's Netscape unit and an executive at IAC/InterActiveCorp (nasdaq: IACI - news - people ) and Citysearch, is helping Lightspeed invest its recent $475 million fund. And Mayfield, an investor in online teen hangout Tagged.com, brought in Chamath Palihapitiya, former head of AOL's instant message business, to help dole out the $375 million it raised last August.
Long-time tech investor Norwest Venture Partners closed a $650 million fund in April and plans to allocate much of it to Internet and entertainment-technology deals. Last month, the firm promoted Jeffrey Crowe, a former president at online auctioneer DoveBid, to partner..."
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