In the news this week: Breyer of Accel owns 3% of Etsy and Fred Wilson owns 1.5% and their firms own 10x more — 45%. (The CEO owns 2%.)
Personally? What? (Maybe I forgot the exact numbers.)
Not their funds? The two of them personally?
Let’s just say for a second they own it personally. How would it have happened?
Not early.
During problems.
They invested. Things went sideways. The funds couldn’t bridge — maybe the partners vetoed?
Fred and Jim said “ok here is what I am willing to do” and bridged to take massive positions.
And now they own most of a $1bn IPO candidate.
So that is the base hit of venture capital. Drive runs.