1977
Sequoia Capital's Don Valentine invested $150,000 in Apple Computer in 1977.
“Don invested $150,000 in Apple Computer in 1977.”
Topic
Sequoia Capital
58 facts from 19 episodes, in date order. These are what speakers said on the shows, each linked to the moment it was said. They aren't independently verified.
1978
Sequoia Capital made roughly a 40x return on Apple and sold its shares for $6 million before Apple's IPO.
“They made a 40X on that investment. They sold their shares for $6 million before the IPO.”
1993
Nvidia's first funding round was about $2 million from Sequoia and Sutter Hill at a $6 million post-money valuation.
“I assume a million each, but two million dollar total round at a six million dollar post money valuation.”
1998
Sequoia took INS public and it was later sold to Lucent for $7 billion.
“A company we took public and sold for $7 billion to Lucent.”
2000
In 2000 Sequoia's partners held war-room meetings because their clawback obligations exceeded their net worth.
“And we had war room meetings here at Sequoia in 2000 where we owed more than our net worth.”
2000s
Sequoia raised funds that had fallen to about 0.3x to nearly 2x by forgoing fees and reinvesting gains, according to Leone.
“And we brought them up to close to 2x just by giving up fees, not collecting them, and reinvesting money.”
2000
Doug Leone told Acquired that after the dot-com crash other venture firms took 'mulligan funds', while Sequoia refused to accept losses on its bubble-era fund.
“every other venture firm out there after the bubble popped were taking mulligan funds. They went to their LPs and they said, you know, there's nothing we can do on this one.”
2003
Roelof Botha has been a Sequoia partner since 2003 and led early investments in companies including Instagram, YouTube and Square.
“Ruloff has been a partner at Sequoia since 2003 and led early investments in some of the most important companies that we've covered on this show.”
2006
Calacanis says he asked Sequoia Capital for $3 million for 25% of Mahalo when pitching the idea.
“I want $3 million for 25% of the company.”
2008
Sequoia Capital's previous comparable warning was the Rest in Peace Good Times memo at the end of 2008, which was initially meant only for its founders.
“The last time we did something comparable was at the end of 2008 with the Rest in Peace Good Times memo, which wasn't intended to be published.”
2008
Sequoia slowed its investment pace in the first half of 2008 before Lehman's collapse and accelerated in 2009.
“our investment pace had actually slowed down in the first half of 2008 before Lehman happened. And then we accelerated in 2009.”
2009
Eventbrite received its Series A term sheet from Sequoia Capital at the end of 2009.
“And it was Sequoia Capital and Ruloff again identifying that we were really seeing that lift. And we received our Series A term sheet at the end of 2009.”
2009
Sequoia Capital led Airbnb's seed round with $585,000.
“So they say, we'll lead a seed round. Sequoia will invest just under $600,000 in this company, $585,000.”
2011
Sequoia Capital led an $8 million round in WhatsApp at a post-money valuation slightly below $80 million, around early 2011.
“So they do an $8 million round at a slightly lower than an $80 million post-money valuation.”
2011-2013
Between 2011 and 2013 Sequoia evaluated several on-demand delivery investments, including Grubhub, Caviar and Postmates, and passed on each.
“between 2011 and 2013, with the rise of the on-demand economy, we actually evaluated a variety of investments, opportunities in this space.”
2012
Leone says he and Michael Moritz ran Sequoia as equals, with Moritz as the lead, until 2012.
“We're a partnership. And that's how we ran Sequoia until 2012.”
2013
Sequoia Capital invested another $50 million in WhatsApp at a $1.5 billion valuation in early 2013, when WhatsApp had about 200 million active users.
“Sequoia, in secret at this point in time, invests another $50 million in the company at a $1.5 billion valuation.”
2014
DoorDash raised a $17 million Series A from Sequoia at a $73.5 million post-money valuation in May 2014.
“$17 million series a from Sequoia at a 73 and a half million dollar post money valuation”
2015
Sequoia did not distribute any Square shares to its limited partners until four years after Square's IPO.
“So we didn't distribute a single square share until four years after the IPO.”
2015
Square's IPO was priced at $9 per share, and Sequoia distributed shares when the stock reached about $80.
“the fact that it was $9 a shared IPO didn't matter because we distributed shares when it got to $80.”
2016
In March 2016 Sequoia led a $127 million Series C for DoorDash, joined by Singapore's sovereign wealth fund GIC, at a $700 million post-money valuation.
“They lead a $127 million series C, uh, they bring in the GIC, the, sovereign wealth fund from Singapore”
2020
Roelof Botha said Sequoia Capital had been operating for 48 years and through many business cycles.
“We've been around for 48 years. We've been through so many of these cycles and we've seen this movie before.”
2020
The Black Swan memo was published six days before the NBA announcement that marked wider American awareness of COVID-19.
“This was six days before the NBA announcement came out.”
2020
Sequoia moved its semiannual LP meeting from India to California in January 2020 over virus concerns, then made it virtual.
“we actually moved it in January from India to California because we thought there were going to be issues in this early April, late March timeframe.”
2020
The decision matrix Sequoia published originated with a portfolio company CFO and had about seven main scenarios plus sub-scenarios.
“In that case, the company had sort of seven main scenarios with a couple of sub-scenarios.”
2020
Sequoia approved two new Series A investments in mid-March 2020 through virtual meetings.
“We formally approved two new Series A investments last week. And those meetings were virtual meetings.”
2020
Sequoia's India team invested in Freshworks, whose customers are mostly in the developed world including the US.
“Our team in India is an investor in a fabulous company called Freshworks.”
2020
Botha said about ten Sequoia limited partners, including Cleveland Clinic, Johns Hopkins, Wellcome Trust, Stanford and MIT, were working on coronavirus diagnostics, treatments or vaccines.
“about 10 of our LPs, people like the Cleveland Clinic, Johns Hopkins University, the Wellcome Trust, Stanford, MIT, are all working on either better diagnostics, potential treatments, or vaccines for coronavirus.”
2020
Botha said Sequoia's limited partners are almost exclusively endowments, foundations and nonprofits.
“our clients are almost exclusively these endowments, foundations, and nonprofits.”
2021
Alfred Lin says Sequoia's US early-stage team is about 15 people.
“The early stage team is about 15 people. It's just not a big team.”
2023
NVIDIA's two founding venture investors, Sutter Hill's Tench Coxe and Sequoia's Mark Stevens, are still on its board.
“The two founding VCs are still on the board. Sutter Hill and Sequoia? Yeah, Tinch Cox and Mark Stevens.”
Undated
Don Valentine flattened Sequoia's partnership in Sequoia 6, according to Leone.
“And so he flattened the partnership in Sequoia 6.”
Undated
Sequoia's fifth early-stage fund was only $67 million because the firm struggled to raise more.
“And the fact that Sequoia 5 was $67 million because of truly lack of ability to raise more money.”
Undated
Sequoia's $165 million growth fund, invested at about $2 million per check, returned 4.5x net, according to Leone.
“That turned out to be a 4.5x net fund, which is a terrific performance because we invested like a venture fund.”
Undated
Leone identifies Sequoia 4 as the Cisco fund under Don Valentine and Sequoia 5 as a strong fund run by a younger team.
“Sequoia 4 is the Cisco fund, Don Valentine. Sequoia 5, younger team, older team, terrific fund.”
Undated
Leone recalls Airbnb's seed round at about $600,000 and Dropbox's at $1.2 million.
“Airbnb Seed was $600,000, I think. The Dropbox was $1.2 million.”
Undated
Sequoia's global growth fund is designed to invest more in the best companies already in its portfolio.
“The global growth is a global vehicle to double and triple down in the best company in the Sequoia portfolio.”
Undated
Leone says most of Sequoia's limited partners are non-profits, and that the firm puts founders first, limited partners second and itself third.
“Limited partners most of ours are non-profits come second and we come third.”
Undated
Leone says Sequoia had a chance to invest in Facebook early at a high price and later missed its multibillion-dollar rounds.
“We had a shot of Facebook early on at a very high price.”
Undated
Leone says that when asked on a panel how entrepreneurs could reach Sequoia, he answered with the firm's phone number, 854-3927.
“I said 854-3927, which was our phone number.”
Undated
Calacanis says his first seven Sequoia Scout investments included Uber, Thumbtack and DataStax.
“I had in the first seven, Uber, Thumbtack, and Data Snacks.”
Undated
Calacanis says the Sequoia Scout program split investment profits 50-50 between the Scout and Sequoia.
“It was 50-50. So it's 50-50, basically splitting the carry, the profits off that investment.”
Undated
Sequoia invested about $260 million in Airbnb over 11 years, according to the host.
“And I think total they put $260 million into the company over 11 years.”
Undated
A previous Acquired series on Sequoia Capital noted that the firm had invested early in companies that went on to be worth over $3.3 trillion.
“they had invested early in companies that went on to be worth over $3.3 trillion.”
Undated
At the time of Sequoia's seed investment, Airbnb had about 2,000 listings and only a few transactions, so it was not yet a network-effects business.
“They had 2,000 or so listings. They had a few transactions.”
Undated
Alfred Lin says Sequoia's investment in Meituan in China allows learnings about delivery economics and scale to be shared with DoorDash.
“we are investors in Meituan in China, and there are a lot of learnings back and forth about what works, what doesn't”
Undated
Alfred Lin says each Sequoia early-stage investor makes only one or two seed investments or one or two venture investments a year.
“each one of us are only going to make one or two seed investments or one or two venture investments a year.”
Undated
Alfred Lin says Sequoia distributes shares to its limited partners and generally does not sell the stock itself.
“We distribute shares and let our LPs decide whether they want to sell or not. We generally don't sell the stock.”
Undated
Alfred Lin says Don Valentine named the firm Sequoia Capital, not Valentine Capital, because he wanted to build the tallest tree in venture capital.
“calling it Sequoia Capital because he wanted to build the tallest tree inside of venture capital makes a statement.”
Undated
Alfred Lin says nobody owns Sequoia's management company; the general partners manage it and pass it to the next generation.
“The GPs sort of manage the management company. And we don't view it as owning it.”
Undated
A PitchBook list read by the host included BlackRock, IVP, Sequoia Capital, SoftBank, Race Capital and Binance among FTX's original investors.
“the original investors in FTX. And this is a nutso list. I mean, BlackRock, IVP, Sequoia Capital, SoftBank, Race Capital, Binance.”
Undated
A speaker says NVIDIA's early backers included Sequoia and Sutter Hill.
“They had such a great team and so much funding from Sequoia and Sutter Hill.”
Undated
Zoom Video Communications raised $30 million from Emergence Capital and a further $100 million from Sequoia Capital, according to the hosts.
“Zoom raised $30 million from Emergence and another $100 million from Sequoia afterwards.”
Undated
Atari was Sequoia Capital's first investment, according to the hosts.
“And Atari becomes Sequoia Capital's very first investment and it goes even deeper than that.”
Undated
Huang says Sequoia's Don Valentine told him, as he decided to invest, that he would kill him if he lost the money.
“he says, if you lose my money, I'll kill you.”
Undated
LSI Logic CEO Wilfred Corrigan introduced Huang to Sequoia founder Don Valentine, whose firm had invested in LSI.
“Corrigan actually introduces Jensen to Don Valentine, the founder of Sequoia, and Sequoia and Valentine had invested in LSI.”
Undated
David Senra identifies Don Valentine as the founder of Sequoia.
“Don Valentine, who's the founder of Sequoia”
Undated
Brian Chesky says Sequoia funded Airbnb with $600,000 at a $3 million post-money valuation, the highest for a Y Combinator company at the time.
“Sequoia just funded us, $600,000 at 3 million dollar post money valuation, highest valuation Y Combinator.”
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