Space For Rent

Space For Rent
DHAKA Monday 24 February 2014, 12 Falgun 1420, BS 23 Rabius Sani 1435 HIJRI


 WhatsApp gets payback for Sequoia
Publish Date : 2014-02-24,  Publish Time : 00:00,  View Count : 3

SAN FRANCISCO, Feb 23: Grand father of Silicon Valley investment Donald Valentine rang up a major payday while evening the score a bit with relative new kid on the block Mark Zuckerberg.
 Valentine's Sequoia Capital is in line for a dizzying return from the purchase of startup WhatsApp by Facebook, whose famous founder snubbed his venture firm a decade ago.
Sequoia's unprecedented string of money-making moves includes being an early backer of Apple, Google, Yahoo, YouTube, Oracle, PayPal, Electronic Arts, Zappos, and Cisco Systems.
Facebook was one that got away.
That was, until this week when the social network founder who once made sport of Sequoia with a prank that became the stuff of Internet industry legend inked a deal valued at up to $19 billion to buy Sequoia-backed WhatsApp.
Sequoia's return on its roughly $60 million investment in WhatsApp has been estimated to be anywhere from $3 billion to nearly $7 billion depending on how big a piece of the startup it owns.
The windfall also made a idol of Sequoia partner Jim Goetz, who orchestrated the bet on the startup out to supplant traditional smartphone text messages with a virtually free Internet-based alternative.
The investment firm, based not far from Facebook's headquarters in the California city of Menlo Park, was also a backer of smartphone photo sharing service Instagram. Facebook founder Mark Zuckerberg snapped up Instagram in 2012 for a billion dollars.
The WhatsApp deal was seen by some as payback for a trick Zuckerberg played on Sequoia shortly after coming to California in 2004 to infuse his Facebook vision with Silicon Valley energy.
In a stunt made famous in a book and a film spun from the social network's creation story, Zuckerberg showed up late in his pajamas to an appointment at Sequoia and made a pitch that was more taunting than tempting.
Zuckerberg had become an ally of Napster co-founder Sean Parker, who had a grudge against Sequoia and was out for a bit of vengeance.
Older, wiser and now the boss of publicly traded Facebook, Zuckerberg has gone on record saying he feels "really bad" about being rude to Sequoia. Kicking a few billion dollars to Sequoia and bolstering its reputation as a powerhouse Silicon Valley investment firm provides ample balm for soothing hurt feelings.
Since Valentine established Sequoia in 1972 it has become a Silicon Valley powerhouse with offices in China, India, Israel and the US.    -AFP

SAN FRANCISCO, Feb 23: Grand father of Silicon Valley investment Donald Valentine rang up a major payday while evening the score a bit with relative new kid on the block Mark Zuckerberg.
 Valentine's Sequoia Capital is in line for a dizzying return from the purchase of startup WhatsApp by Facebook, whose famous founder snubbed his venture firm a decade ago.
Sequoia's unprecedented string of money-making moves includes being an early backer of Apple, Google, Yahoo, YouTube, Oracle, PayPal, Electronic Arts, Zappos, and Cisco Systems.
Facebook was one that got away.
That was, until this week when the social network founder who once made sport of Sequoia with a prank that became the stuff of Internet industry legend inked a deal valued at up to $19 billion to buy Sequoia-backed WhatsApp.
Sequoia's return on its roughly $60 million investment in WhatsApp has been estimated to be anywhere from $3 billion to nearly $7 billion depending on how big a piece of the startup it owns.
The windfall also made a idol of Sequoia partner Jim Goetz, who orchestrated the bet on the startup out to supplant traditional smartphone text messages with a virtually free Internet-based alternative.
The investment firm, based not far from Facebook's headquarters in the California city of Menlo Park, was also a backer of smartphone photo sharing service Instagram. Facebook founder Mark Zuckerberg snapped up Instagram in 2012 for a billion dollars.
The WhatsApp deal was seen by some as payback for a trick Zuckerberg played on Sequoia shortly after coming to California in 2004 to infuse his Facebook vision with Silicon Valley energy.
In a stunt made famous in a book and a film spun from the social network's creation story, Zuckerberg showed up late in his pajamas to an appointment at Sequoia and made a pitch that was more taunting than tempting.
Zuckerberg had become an ally of Napster co-founder Sean Parker, who had a grudge against Sequoia and was out for a bit of vengeance.
Older, wiser and now the boss of publicly traded Facebook, Zuckerberg has gone on record saying he feels "really bad" about being rude to Sequoia. Kicking a few billion dollars to Sequoia and bolstering its reputation as a powerhouse Silicon Valley investment firm provides ample balm for soothing hurt feelings.
Since Valentine established Sequoia in 1972 it has become a Silicon Valley powerhouse with offices in China, India, Israel and the US.   




Editor : Iqbal Sobhan Chowdhury
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