The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 14 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Emergence Capital Founders Forfeit Their Carry Upon Retirement
“Our founders made the very generous choice to when they step away from the business and retire to forfeit their carry.”
Emergence Invested in Zoom at a 100x Revenue Multiple in 2014
“It would have been, it was going to be priced at two hundred million dollar post money valuation, and this, again, remember the company was at around two million in revenue, And this was a hundred X revenue in 2014, right?”
Emergence Capital's Fund III Has Reached a 16x DPI
“That fund, I believe was fund three, which is the same fund that has Zoom. It's the same fund that has some other really large outcomes. And so that fund is already at a, I think it's a 16 times DPI.”
Saper: Emergence Capital's Fund III Is Top Decile Even Without Zoom
“The cool thing about that fund, though, is even if you took Zoom out, it would still be a top to sell fund.”
Emergence Capital backed Gusto over faster-growing rival Zenefits
“We had just invested in Gusto, which was a competitor that was growing not quite as quickly as Zenefits. But the reality is Gusto has endured and become a massive company, and Zenefits didn't.”
Saper: Zoom Returned Emergence Capital's Fund III Over 10x
“Zoom returned it, you know, more than 10.”
Saper: Top Emergence investments like Zoom were expensive, but Veeva wasn't
“They are not always expensive, but they are often expensive. So if I look back at our portfolio, Gusto was expensive. Zoom was expensive. Yammer was expensive. A lot of the good ones, Ironclad was expensive. But some of them weren't. Viva wasn't expensive beca…”
Saper: Emergence Invested in Together.ai Believing Open-Source LLMs Will Become Dominant
“The clearest what you have to believe for that investment was that open source LLMs will be a dominant part of the market over time. That enterprises, that businesses are going to want to buy and use open source models and not just anthropic open AI and the cl…”
Saper: Emergence Capital targets double-digit ownership on partner-led seed bets
“So when we make a seed investment, we treat it like a core bet. It's a partner that's doing the deal. We're generally owning double digit percentages so that we really care.”
Saper Discloses Emergence Capital Has Participated in Pay-to-Play Rounds
“I personally have not yet been part of a pay to play. My firm certainly has but it sucks. It just feels bad on all accounts, but sometimes it's necessary to get the company funded.”
Jake Saper lost the Ironclad deal to Jess Lee at Sequoia
“The first deal I lost, I think I've lost two or three deals in my career so far. The first deal I lost was Ironclad. And I lost it to Jess Lee at Sequoia.”
Emergence Capital bought extra Doximity shares at IPO and returned 3x
“In some cases we buy. So in the case of Doximity, you know, we were huge believers. We invested at the A, accompanied really well. We actually bought more at the IPO. And that's been a great investment. We've already returned three X you know, from where that …”