Battery Ventures Scott Tobin on the IPO market
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Filed under: Argyle Executive Forum's 2007 Leadership in VC Conference | Venture Capital
Scott Tobin, a general partner at Battery Ventures, spoke at the Argyle Executive Forum's Leadership in Venture Capital conference on international investing and the IPO market in the second half of 2007.
Battery closed its latest investment fund in July with $750 million and between $60 million and $100 million of it is devoted to investing in Israeli startups. Tobin says that innovation is the driver of the venture economy, and Israel has consistently delivered cutting edge technology.
Meanwhile, the firm also is active in India, where it has invested in a few companies but Tobin expects Battery to have its "feet on the ground" there within a couple of years. In regards to China, Battery is taking a long-view approach, choosing to let other venture firms go in first and see what happens. Tobin feels that if Battery doesn't go into China within the next six years it probably won't at all.
In the first half of the year, Battery was on a tear as it racked up exits and closed its new fund, but Tobin's take on the IPO market in the second half of the year is that "it was good, now it sucks." In spite of this, Tobin feels you can take a good company public in a bad market while companies with weaker prospects will have a tough time. He expects that the next six months will be relatively quiet for small-cap stock offerings; although corporate M&A may pick up if valuations fall. —George White
See
The Deal's July 7 story on Battery's $750 million fund
See
July 7 VC Ratings post on Battery's exits
