What I Learned at Clubhouse

Re:What I Learned at Clubhouse by clpm4j on Monday July 25, 2022 @07:59PM (#32232577)

I think the founders negotiated a secondary in series A - took a couple million off the table. I imagine a16z likely had some clause in the paperwork that prevented them from accepting an acquisition offer this early (I'm speculating).

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Re:What I Learned at Clubhouse by HWR_14 on Monday July 25, 2022 @11:32PM (#32233940)

Why would a16z want to block an acquisition offer that early?

Or rather, I could see how a VC might want to ensure that the offer is a sufficent ROI, either by preapproving a minimum or requiring signoff. But why wouldn't a16z want to take their huge returns? Did their partners see a better ROI anytime soon?

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Re:What I Learned at Clubhouse by clpm4j on Tuesday July 26, 2022 @12:37AM (#32234293)

I'm not affiliated with a16z in any way, so I can't speak for their thoughts, but I do know that it isn't uncommon for VCs to have an "IPO or nothing" point of view. They invested in Clubhouse at a $4billion post-money valuation with what I imagine was/is a belief that it could be a $40billion exit in the future.

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Re:What I Learned at Clubhouse by HWR_14 on Tuesday July 26, 2022 @09:04AM (#32237694)

Oh, yeah if they invested at a $4 billion post I can see that exit being really unappealing.

I assumed they went in at an earlier round at a eight or nine figure valuation, so I was thinking it was a 10-100x on their money in a year or so.

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