wait, WHAT? if the investors got 16% of the company they got $80m, a ~8x return in 3 years. And more likely they did better. Twitter did a series C, raised $1

wait, WHAT? if the investors got 16% of the company they got $80m, a ~8x return in 3 years. And more likely they did better. Twitter did a series C, raised $17.4m at $104m valuation, and it was a pretty hot company to give up a bit less than 17%. A great venture fund gets a unicorn, a legendary one gets two. A 1/2 unicorn that maybe returned most if not the entire fund is a great outcome. If 50% of the investments did that well it's a top-tier fund. People are a little demanding if only decacorns are seen as wins. It's like expecting your team to win the World Series every year.