New Enterprise Associates is following up a strong 2006 with an equally impressive 2007. In three months, the venture capital firm has achieved four liquidity events. Granted, the firm invests more capital at a later stage than almost anyone else in the industry, but its exits are coming at valuations higher than its entry points.
Most recently, Glu Mobile completed an IPO last week valuing the mobile gaming startup at $325 million. NEA's stake is worth $55 million and it was one of the company's earliest backers. It participated in the Series B round which priced Glu Mobile's shares at $1.92 per share. They are trading at $11.50 today.
The six-year-old game developer had raised roughly $50 million in venture capital. Other major investors in the company include Scale Venture Partners, Globespan Capital Partners, Sienna Ventures and Granite Global Ventures. BAVP, Globespan and Sienna Ventures hold shares valued at $27.6 million, $21.6 million and $18.0 million, respectively. Granite, who led a $20 million fourth round in May 2005 priced at $9.03 per share, now holds shares worth $10.9 million.
NEA also profited earlier this year from Sourcefire's IPO, IronPort's $830 million sale to Cisco and Zinio's sale to Gilvest.
Tags: nea, glu+mobile, gluu, ipo, vc, venture capital
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