The Version One Anti-Portfolio – the opportunities we missed…

Dec 03 14:12 2019 Print This Article

Bessemer started the idea of the “anti-portfolio” – the companies that you passed on, but ended up doing very, very well. 

After Honey was acquired by PayPal for $4B a few weeks ago, we thought it was a good time to share the Version One anti-portfolio:

Honey

We had a chance to invest in a $500K round at a $12M valuation in 2015. We loved the founders, but didn’t have much conviction around the scalability of a browser plug-in and the fact that this was a bridge round. And yeah, $12M felt kind of high :-). Outcome: Just sold to PayPal for $4B (PayPal’s largest acquisition to date).

Hootsuite

We met Ryan Holmes in 2009 as he was just about to spin Hootsuite out of Invoke Media, a development agency. We thought the market was very noisy and had seen many spin-outs fail (the transition from service to product company is not always easy). Ryan and his co-founders proved us wrong big time and built one of the largest social media management companies.

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Version One VC Blog

Version One is an accelerator for innovative start-ups with a fresh approach to solving important and difficult problems. They invest in category leaders that leverage network effects to build a defensible product. Version One has invested in over 50 internet companies such as Frank and Oak. Angel List, Booster, and more.

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