Jason M. Lemkin thought his $30 million in returns for Emergence Capital over two years was significant until he saw their fund made roughly $2.5 billion total, with his contribution buried in an asterisk. The fund's major wins like Viva and Yammer dwarfed everything else.
So I was, you know, my second investor again was Emergence Capital. I love them. You know, I made them $30 million in two years. At the time, I thought that was. That was great of me, right? And then I go. Someone shared with me their confidential returns. Okay? This was like a 10x fund. So I think they turned 250 million into 2.5 billion at the time. And I was like. And they listed viva and they listed Yammer. I'm like, where's Echo Sign? Like, I made you guys $30 million, and it was in an asterisk at the bottom. All other exits, like, I was amalgamated. I didn't even get a line in the Emergence numbers. And it was like an epiphany. Like, okay, now I'm starting to understand how venture works. Like, I get. Now I get why people act the way they do because I was so small for. I made them 30 million. I didn't even get a line.
