PrivCo Responds to Criticisms of Its Tumblr Report By Slinging Twitter Insults at Fred Wilson, Everyone Else [UPDATED]
Yesterday, Crain’s reported on some eye-popping Tumblr numbers from PrivCo, suggesting VCs reaped huge rewards, including a 5,000 percent return of $253 million for Union Square Ventures, $154 million for Spark Capital, and $77 million for Spark partner Bijan Sabet.
Almost immediately, Bijan Sabet and Fred Wilson fired back, calling the report “garbage” and refuting the specifics (without coughing up what they actually made). Dan Primack (who’s tangled with PrivCo before) calls the report “a load of Yahoo.” He says USV and Spark actually put $13 million each into the company ($350,000 of it seed funding) and got around $192 million each. Not too shabby, but not the jackpot PrivCo alleges, either.
Well, this morning PrivCo responded to the critics, on Twitter, with all the rancor appropriate to the medium. Read More