VCs look to invest in companies that can go public. Although M&A exits occur more frequently, public liquidity events drive the majority of value creation and returns for VCs’ portfolios. So a commonly asked question is, just what does a public company look like?

The world of enterprise software is often viewed as having a relatively defined “playbook” for what a company and its go-to-market motion should look like, and that stereotypical playbook often involves outside sales from bag-carrying reps. Despite the recent high profile IPOs of companies with small contracts and more inside sales or product-led growth motions (e.g…


Photo by Dan Nelson on Unsplash

One year into the COVID pandemic, it has become cliché to say that we have compressed years of corporate digital transformation into the span of just a few quarters. What started as a scramble to ensure that employees could work from home has turned into a simultaneous acceleration of cloud adoption, explosion of ecommerce, rethinking of software development approaches, and significant investment in data science. Even without the pandemic, the past year would have been an explosive one for cybersecurity, with major hacks of SolarWinds and Microsoft Exchange exposing just how vulnerable corporations and governments are to sophisticated state-sponsored attacks.


New unicorns, new funds, and new real estate priorities, but where are the mega exits?

2020 was a great year for the Dodgers. Image by Manfred Guttenberger from Pixabay.

Two years ago, I spent my New Years Eve writing a recap of all that had happened in SoCal tech that year. It was an exciting time, with a slate of major exits (Cylance, Ring, and Sonos, among others), and Bird scooters were taking LA and San Diego by storm. That momentum carried nicely into 2019, though I missed doing a year-end review as I spent the final days of December on a surf trip in Nicaragua, thinking some nice time off would be a great way to ring in a fantastic 2020. Of course, it turned out that the…


The steady pace of venture-backed Enterprise startup exits makes the sector the bedrock of a healthy technology ecosystem.

Photo by Martin Adams on Unsplash

The recent IPO of GoodRx marked another mega liquidity event for a Southern California startup, with the company going public at a monster valuation of $12.7B. Of course, this is on top of the already stellar outcome that GoodRx’s venture investors saw in 2018, when the company was acquired by a consortium of private equity firms in a deal that valued the company at approximately $2.8B.

However, there is another recent LA exit that should have members of the local startup ecosystem…


This article was co-written by B Capital Group Senior Principal Mike Fernandez and General Partner Rashmi Gopinath.

Regardless of sector or structure, organizations are increasingly confronted with ever-expanding threats in the form of cyberattacks. As recently as last year, cybersecurity ranked as the number one concern among CEOs of the largest companies in the world. The threat has remained (and even grown) in the wake of COVID-19 with the shift to remote work, which provides a larger attack surface for hackers to target at a time when attention is focused on pressing and urgent concerns and stakes for many companies…


Last month marked my five year anniversary as an investor. I first moved back to Los Angeles to join the world of venture capital in 2013, when the tech ecosystem in Southern California looked very different than it does today. Long time LA fund GRP Partners had just rebranded as Upfront Ventures, moving its office from Century City to Santa Monica. The biggest recent exits were for Cornerstone OnDemand, Riot Games, and Demand Media. GQ had recently named Abbot Kinney the coolest block in America, but the Snap-driven tech transformation of Venice was still in its infancy. …


By Mike Fernandez, B Capital Group

Banks have faced a difficult regulatory environment in the aftermath of the Global Financial Crisis. Since 2008, regulators in developed economies have levied over $321B in fines against banks, and banks are struggling to keep up with the over 50,000 regulatory changes that occur each year. In response, banks have grown compliance headcount significantly, with compliance employees now representing 2–3% of all FTEs at large universal banks. …


Los Angeles is an economic juggernaut. By some estimates, it is the third largest metropolitan economy in the world, behind only New York City and Tokyo. At $1 trillion in annual output (including the Inland Empire), Greater Los Angeles’s economy is roughly the same size as a Mexico or Indonesia. However, Los Angeles perpetually ranks low as a financial center. In the latest Global Financial Centers Index, Los Angeles came in 29th place, below Calgary, Canada and just barely above cities like Dalian, China and Casablanca, Morocco. This has serious implications for the region’s competitiveness and long-term ability support economic…


There is no doubt that financial technology startups are hot right now. The Lending Club IPO in December 2014 opened the floodgates of the industry. The CFSI has even said that we are entering the “Golden Era of Fintech.” Investment by VCs is ramping up rapidly, and many are pointing to a flurry of activity that occurred in 2014 as a sign of things to come. The following graph, and corresponding figures, have been thrown around quite a bit lately:

Source: CB Insights

This is certainly a bubbly looking chart. However, these numbers include a lot of financing activity that is not traditional…

Mike Fernandez

VC at B Capital

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