When things are looking bad, who wins? (Corrected)

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.