Keep pulling the thread on Jake Saper.
Emergence Capital has returned over $8 billion in cash on less than $2 billion in capital deployed.
One out of five of Emergence Capital's portfolio companies have gone on to raise rounds at valuations north of $1 billion.
One out of ten of Emergence Capital's early-stage investments have gone public.
Emergence Capital's investment in Zoom was a $20 million check from a $250 million fund at a $200 million post-money valuation in 2014.
In 2014, Zoom's $200 million valuation represented a multiple of approximately 100x its revenue, which was around $2 million at the time.
During due diligence, Emergence Capital discovered that Zoom's founder, Eric Yuan, was miscalculating churn by incorrectly counting upgrades and service pauses, making the business appear fundamentally weaker than it actually was.
Emergence Capital's Fund III, which includes the investment in Zoom, has achieved a 16x DPI (Distributions to Paid-in Capital).
The investment in Zoom returned more than 10 times the entire value of Emergence Capital's Fund III.
SalesLoft was acquired by a private equity firm for $2.3 billion, which was reportedly the highest multiple ever paid by private equity for a software company at that time.
Even without the investment in Zoom, Emergence Capital's Fund III would still be a top-decile fund due to successful outcomes like SalesLoft and Chorus.ai.
Emergence Capital has returned over $8 billion in cash to its investors on a little less than $2 billion of deployed capital over its 20-year history.
Emergence Capital's Fund III had a crypto portfolio company, Zappo, which resulted in a large multi-billion dollar distribution to LPs.