It was in 2009 that Uber began serving customers in San Francisco. To show what low odds Uber and its early investors placed on its survival, in 2011 the then-nascent ride-hailing service sold 20 percent of itself to Benchmark Capital for $12 million. Roughly thirteen years later Uber can claim a market cap of $132 billion. Stop and think about that.
Benchmark paid $12 million for shares that, if it held on to all of them, would be worth around $26 billion today. Which is quite a return.
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