Speaker unverified: belief

Transcript context

…A critical trait for a successful venture capitalist. We don’t always follow that enough probably. So I talked to John and he said, “Well, I’m going to meet with Jeff. I really want to be in this deal. I hope you can help me,” etc. So, that was sort of partly the introduction. So they were really eager. Another firm that was very eager was General Atlantic which is an east coast firm. Kind of one interesting point out of it, I think, is that there was some negotiation on price and both firms were eager, both were outstanding firms. General Atlantic proposed a complicated pricing because we’re starting to talk $80 million pre-money in. Although that area was starting to get hot, it was a reasonably high pre-money for a first venture round. But they proposed sort of a complicated thing. It would be a $90 million pre-money if it went public. But if it didn’t go public within two years at a certain valuation, then it was $50 million, and Kleiner came in, it was sort of like a straight $60 million at some point. I think we all kind of favored Kleiner Perkins anyway, but I picked Kleiner Perkins partly though on pricing complication. So when that round closed, is that when the formal board of directors was established with you, John, and Jeff?…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.