Google buys the video sharing platform for $1.65 billion in stock, earning Sequoia a 65-fold return on its investment of $8.5 million. Botha:
I am inspired by the impact [companies like YouTube] have on the lives of hundreds of millions of people across the globe.
The search engine is reported to raise $5 million from Cuban, Sequoia, and Miller. Valuation isn’t disclosed.
Calacanis joins the venture capital firm as Entrepreneur In Action:
They’re good guys, they’ve made some good bets. Now, I have to figure out what to build. Got any ideas? I’ve got time. I’ve got a backer. Call me.
Botha provides $8.5 million in funds from Sequoia Capital for a 30% stake in the company, founded by two people he worked with at PayPal.
Sequoia was their first investor – I took a board seat and helped grow the business.
Botha joins the venture capital firm:
Sequoia invests in very early stage companies and helps them blossom.