Hiive

The Q2 2025 PitchBook & National Venture Capital Association Venture Monitor is out, and the liquidity gap is still the defining challenge in venture. A few highlights:  • $67.7B in total exit value this quarter—flat QoQ and well below 2021 peaks  • IPOs remain rare, M&A uneven, and time-to-liquidity is stretching for founders and employees  • Late-stage deal value is stabilizing, but volume is down In that environment, secondary markets are doing real work, and we’re only just scratching the surface. To quote: “𝘏𝘪𝘪𝘷𝘦 𝘳𝘦𝘱𝘰𝘳𝘵𝘦𝘥 𝘵𝘩𝘢𝘵 𝘫𝘶𝘴𝘵 20 𝘴𝘵𝘢𝘳𝘵𝘶𝘱𝘴 𝘢𝘤𝘤𝘰𝘶𝘯𝘵𝘦𝘥 𝘧𝘰𝘳 83.2% 𝘰𝘧 𝘵𝘳𝘢𝘥𝘪𝘯𝘨 𝘷𝘰𝘭𝘶𝘮𝘦 𝘪𝘯 𝘘1, 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘵𝘰𝘱 𝘧𝘪𝘷𝘦 𝘢𝘭𝘰𝘯𝘦 𝘳𝘦𝘱𝘳𝘦𝘴𝘦𝘯𝘵𝘪𝘯𝘨 𝘰𝘷𝘦𝘳 𝘩𝘢𝘭𝘧. 𝘚𝘵𝘪𝘭𝘭, 𝘮𝘶𝘭𝘵𝘪𝘱𝘭𝘦 𝘴𝘪𝘨𝘯𝘴 𝘱𝘰𝘪𝘯𝘵 𝘵𝘰 𝘵𝘩𝘦 𝘤𝘰𝘯𝘵𝘪𝘯𝘶𝘦𝘥 𝘦𝘹𝘱𝘢𝘯𝘴𝘪𝘰𝘯 𝘰𝘧 𝘴𝘦𝘤𝘰𝘯𝘥𝘢𝘳𝘪𝘦𝘴 𝘢𝘴 𝘢 𝘴𝘵𝘳𝘶𝘤𝘵𝘶𝘳𝘢𝘭 𝘱𝘪𝘭𝘭𝘢𝘳 𝘰𝘧 𝘵𝘩𝘦 𝘷𝘦𝘯𝘵𝘶𝘳𝘦 𝘦𝘤𝘰𝘴𝘺𝘴𝘵𝘦𝘮, 𝘦𝘴𝘱𝘦𝘤𝘪𝘢𝘭𝘭𝘺 𝘪𝘯 𝘢 𝘭𝘢𝘯𝘥𝘴𝘤𝘢𝘱𝘦 𝘸𝘩𝘦𝘳𝘦 𝘐𝘗𝘖𝘴 𝘢𝘯𝘥 𝘔&𝘈 𝘳𝘦𝘮𝘢𝘪𝘯 𝘴𝘦𝘭𝘦𝘤𝘵𝘪𝘷𝘦 𝘢𝘯𝘥 𝘭𝘶𝘮𝘱𝘺... 𝘚𝘦𝘤𝘰𝘯𝘥𝘢𝘳𝘪𝘦𝘴 𝘢𝘳𝘦 𝘯𝘰 𝘭𝘰𝘯𝘨𝘦𝘳 𝘢 𝘭𝘢𝘴𝘵 𝘳𝘦𝘴𝘰𝘳𝘵, 𝘣𝘶𝘵 𝘳𝘢𝘵𝘩𝘦𝘳 𝘢 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘤 𝘵𝘰𝘰𝘭.” Hiive alone saw transaction value grow 680% from 2022 to 2024, as more companies turned to secondaries to deliver liquidity without distorting long-term strategy. As primary markets recalibrate, we believe secondaries are becoming the infrastructure layer for optionality, price discovery, and retention. We appreciate the signal that reports like this bring to the ecosystem and we’re here to keep building the rails beneath it. #vc #secondaries #privatemarkets #venturecapital #startups #liquidity

What every private company should know about liquidity strategy: With secondary market activity hitting record levels in 2024, companies are facing growing pressure to meet liquidity needs—from employees, early investors, and the boardroom alike. One option is a tender offer, a company-controlled transaction in which multiple shareholders sell at a set price during a defined window. Another: market-based alternatives, like structured secondary programs or coordinated block trades. Each approach has tradeoffs. The key is knowing: ✔ When to consider a tender offer ✔ What execution requires ✔ When other paths might offer more flexibility 🔍 Our latest article by Head of Private Capital Solutions Zachary Gitomer breaks it down. Link in the comments. #liquidity

Big news for the pre-IPO secondary market The new tax law in the U.S. may provide beneficial tax implications for startup shareholders. Here's what changed: The Numbers:  • Per-issuer cap increased from $10M → $15M  • Asset threshold raised from $50M → $75M  • New tiered holding periods offer more flexibility before the 5-year mark What this means: More startup employees and early investors can now realize larger gains sooner without the capital gains tax burden. At Hiive, we've already seen significant growth, with a 680% increase in transaction value from 2022 to 2024, reaching $1.8B. With these tax incentives, we expect this momentum to continue.  Why this matters now: The IPO market has been frozen for years with rare exceptions. Secondary markets have become one of the primary liquidity sources for venture capitalists needing to return capital. According to our CEO Sim Desai, “These tax changes should result in more trading in the pre-IPO secondary market, as employees are able to realize larger gains sooner.” The secondary market isn't just growing, we believe it's now an essential infrastructure for the venture ecosystem, and the new tax landscape may influence unlocking liquidity from startup equity more than ever. #liquidity #VC #IPO Read all about it in the The Wall Street Journal: https://lnkd.in/g3YYb8mD 𝘏𝘪𝘪𝘷𝘦 𝘪𝘴 𝘯𝘰𝘵, 𝘣𝘺 𝘵𝘩𝘪𝘴 𝘮𝘦𝘥𝘪𝘢, 𝘱𝘳𝘰𝘷𝘪𝘥𝘪𝘯𝘨 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭, 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴, 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵, 𝘭𝘦𝘨𝘢𝘭, 𝘵𝘢𝘹 𝘰𝘳 𝘰𝘵𝘩𝘦𝘳 𝘱𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘛𝘩𝘪𝘴 𝘮𝘦𝘥𝘪𝘢 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘵𝘩𝘦 𝘣𝘢𝘴𝘪𝘴 𝘧𝘰𝘳 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯𝘺 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯 𝘵𝘩𝘢𝘵 𝘮𝘢𝘺 𝘢𝘧𝘧𝘦𝘤𝘵 𝘺𝘰𝘶𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘰𝘳 𝘰𝘵𝘩𝘦𝘳 𝘪𝘯𝘵𝘦𝘳𝘦𝘴𝘵𝘴.

We're backing the best! Hiive is thrilled to sponsor The Circle by Founders Circle Capital, the go-to community for growth-stage #startup CXOs. This partnership is about reinforcing what we both believe in: helping executives navigate the opportunities and challenges of leading a high-growth company. Our team of experts in private stock trading—including secondary trades, tender offers, and share buybacks—are ready to jump in and provide tangible value to The Circle's #CFO members. We're helping companies understand how to raise discretionary capital, unlock shareholder liquidity, and understand market demand for their stock. Check out The Circle by Founders Circle Capital

Twice a year, we gather everyone in Vancouver for a week. It’s a time for teams to get one-to-one time, align our focus, and catch up in person. But outside of work, we prioritize fun too. The team started by crushing a 6:00 AM Grouse Grind (an infamous Vancouver hike with ~3,000 feet of elevation gain), setting the stage for the high-energy week. Every day, we kept active with get-togethers like early morning yoga on our office rooftop, a cycling trip around the seawall, or playing pickup basketball. Throughout the week, we explored the best of what Vancouver has to offer—paddleboarding in False Creek, golfing in Stanley Park, exploring the Art Gallery, catching a baseball game at Nat Bailey Stadium, and enjoying food tasting on Granville Island. Doing all of this and managing a busy work schedule takes a toll, so each day we’d come together for a team meal from a local restaurant and get to know each other a bit better. At Wednesday’s lunch, our founders sat down for an informative and fun Q&A session, answering questions about everything from the company’s next steps to what piece of advice our leaders are most glad they ignored. At the end of the week, we ran our annual summer party. We unwound with some Hiive-themed improv before enjoying catered food and drinks at sunset. All in, it was a spectacular week. Ask anyone from Hiive, and they’ll tell you that our on-sites are one of the best perks of the job. If this sounds like fun, we’re hiring—a lot. Visit hiive.com/careers if you’d like to join our Winter on-site! #hiring #privatemarkets

We’re honored that Hiive is a finalist for the 2025 Technology Impact Awards! BC’s thriving tech sector continues to produce globally competitive companies, and we’re grateful to be recognised among them. This nomination is a testament to the powerful work of our entire Hiive team to reimagine liquidity for private companies and their shareholders. BC Tech #TechnologyImpactAwards #TIA2025 #CompanyOfTheYear #PrivateMarkets

“Liquidity shouldn’t be a luxury. It should be part of how we build.” Hiive CEO Sim Desai was recently featured in Rohit Yadav's “Rethinking Venture Capital” report, a new, sweeping, global analysis of where venture goes next. In a section devoted to secondaries, Sim shares a perspective shaped by years of building in the private markets: Liquidity isn’t a perk—it’s infrastructure.  “Secondaries aren’t a workaround. They’re infrastructure. The next version of venture needs liquidity by design.” In Hiive’s Why Liquidity Matters survey, we found that only 27% of employees at companies that block share sales plan to remain with their current employer long-term, compared to 43% at companies that allow them. In other words, companies that restrict secondary liquidity are bleeding talent. Founders are being asked to build billion-dollar businesses while living paycheck to paycheck. Employees who are signing on for the long haul need a way to realize the value of their equity. Venture capital has built the innovation economy, but its liquidity mechanics are misaligned with how talent, time, and life actually work. Sim’s contribution to The Big Book of VC is a call to update the operating system of venture itself—moving from episodic, relationship-driven deals to a standardized, trusted liquidity layer for startups and their shareholders. Read the full report at the link in the comments. #liquidity #venturecapital #privatemarkets

We're incredibly proud to announce that our founders, Sim Desai, Sarah Huggins, Prab Rattan, and Stuart Eccles, were named EY Entrepreneur Of The Year 2025 finalists! This program spotlights the passion and dedication driving entrepreneurs to create world-changing businesses. We're honored that our executive team is recognized among this year's visionary business leaders. Through their work, Hiive is reimagining liquidity for private companies. #EOYCanada #Leadership #PrivateMarkets #EntrepreneurOfTheYear

🚨 We’re hiring — a lot! 🚨 If you’ve ever wanted to join a company that’s reshaping private markets from the ground up, now’s the time. Hiive is growing fast, and we have tons of open roles across design, capital markets, revenue operations, and more. Whether you’re a builder, a sales leader, or someone who thrives in a high growth organization, there’s probably a role here with your name on it. What makes Hiive different? - We’re not just disrupting, we’re redefining how private equity markets operate. - Our team is sharp, kind, and obsessed with creating products and providing services people actually want to use. - You'll get the chance to make an impact, fast. 🔗 Explore all our open roles: www.hiive.com/careers Come build with us 🐝 #Hiive #Startups #Hiring #PrivateMarkets #FintechCareers #WeAreHiring