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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Obama pays tribute to unit in bin Laden raid | 06 May 2011 Majority agree with Obama decision on bin Laden photos: poll 2:40pm EDT New Jersey train hits abutment, roughly 40 injured 12:10pm EDT River flooding begins to "wrap arms" around Memphis | 07 May 2011 Louisiana governor Jindal caught in birther flap 07 May 2011 Discussed 168 Obama to make statement late Sunday, White House says 151 Concerns raised over shooting of unarmed bin Laden, burial 139 Obama at U.S. base to pay tribute to bin Laden mission Watched US releases video of bin Laden from compound Sat, May 7 2011 Bin Laden on tape Sat, May 7 2011 After bin Laden Obama focuses on economy Sat, May 7 2011 Internet boom 2.0 is here, starts to look bubbly Tweet Share this By Jenny Harris and Jennifer Rogers NEW YORK (Reuters) - The tantalizing prospect of finding the next Facebook, Groupon or Twitter is driving the biggest rush of venture capital into the Internet start-up arena since dot-com mania first boomed and... Email Print Related News Blavatnik's Access wins Warner Music for $3.3 billion Fri, May 6 2011 Analysis: Skype, better with Facebook than Google? Fri, May 6 2011 Investors seen rushing for a slice of Glencore IPO Thu, May 5 2011 Renren's big day, a prelude to Facebook IPO Wed, May 4 2011 Glencore $11 billion IPO to make billionaires of bosses Wed, May 4 2011 Analysis & Opinion How Congress works for you, private-equity edition The end of buy and hold? Related Topics Technology » Deals » Global Deals Data 2011 Q1 » Media » Facebook » An online coupon sent via email from Groupon is pictured on a laptop screen November 29, 2010 in Los Angeles. Credit: Reuters/Fred Prouser By Jenny Harris and Jennifer Rogers NEW YORK | Sun May 8, 2011 3:49pm EDT NEW YORK (Reuters) - The tantalizing prospect of finding the next Facebook, Groupon or Twitter is driving the biggest rush of venture capital into the Internet start-up arena since dot-com mania first boomed and then fizzled more than a decade ago. More than $5 billion of venture capital investment flowed into young web companies globally in the first four months of the year, data from Thomson Reuters Deals Intelligence shows. Though small compared with the boom years, the sum puts 2011 on track to be the busiest in dollar terms since 2000, when more than $55 billion was deployed to back nascent technology firms. The latest frenzy bears some of the hallmarks of the previous web investment craze -- exuberance over "concept" start-ups that have not launched their sites and intense competition among potential backers to place bets in presumptive hot spots, such as the social media space now defined by the likes of Facebook and LinkedIn. Entrepreneurs such as Clara Shih, chief executive of Hearsay, a San Francisco-based specialty software provider, enjoy more leverage with investors than last time and talk about having their pick of potential backers. Shih said she had already raised $3 million, when cash came knocking at her door. "Honestly, we weren't thinking of raising money, but now it's kind of landed on our lap, we may be open to it," Shih said in an interview with Reuters Insider. Herd investment behavior gives rise to talk that another Internet bubble is forming, particularly when analysts see valuations on the order of $70 billion for Facebook and $15 billion for Groupon calculated from private investments. "I've heard ... many venture capitalists who are saying, 'No, there's not a bubble,'" said Dana Stalder, a partner in the Silicon Valley office of the venture capital firm Matrix Partners. "When you're seeing valuations double in the last 12 months for the same company, the same team, it feels like a bubble to me." But other characteristics of the current boom do set it apart from the one that ended in collapse 10 years ago. * VC investors say more of today's young companies are profitable or on a clearer path to profitability as the advent of cloud computing helps to lower operating costs dramatically from a decade ago * Online advertising and e-commerce, in their infancy a decade ago, have matured into accepted and more reliable revenue sources * The rush to cash out through an initial public offering has slowed. Bountiful sources of private investment, a raft of new public company disclosure regulations and the growth of alternative venues for trading private company shares provide the means and incentive to delay going public Perhaps the most distinguishing factor from the "It's different this time" litany is that today's web frenzy is global. In the three years that marked the height of the last boom, 1999 through 2001, the VC industry sank $96.4 billion into web start-ups, with more than 80 percent of that or nearly $78 billion in the United States alone, the Thomson Reuters data show. Of 10,755 VC deals over that run, 7,174 took place in the U.S. market. Not so today. Of the more than $5 billion of VC money invested so far in 2011, just $1.4 billion has been deployed in U.S. start-ups. according to Thomson Reuters data. Roughly three quarters of the 403 deals have taken place overseas. Moreover, it is the big deals that as often as not are now happening outside of the United States. Of the 25 biggest consumer Internet deals last year, 15 were non-U.S. investments, according to Quid, a Silicon Valley research start-up that tracks VC investment flows. Nearly half, 12, were Chinese. The investors as well as the start-ups have an increasingly international flavor. Perhaps the most notable new face among today's Internet king makers is Russian billionaire Yuri Milner, CEO of DST Global. Milner has invested hundreds of millions of dollars in Facebook, Groupon and Zynga. Last month his firm invested $500 million in 360Buy,com, China's biggest business-to-consumer website. While one of the distinguishing characteristics of the new boom is the tendency to remain private for a longer period, the IPO pipeline is nevertheless filling up with Internet names. So far in 2011, 16 web firms have filed IPO documents with U.S. securities regulators, seeking to raise proceeds estimated at nearly $4.1 billion, according to Thomson Reuters data. That already tops the full-year totals for every year except 1999, when 52 companies filed to raise $4.2 billion. Technology Deals Global Deals Data 2011 Q1 Media Facebook Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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