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 15 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
Jake Saper Has Never Had a VC Investment Go to Zero
“No, what you mean is I've never none of my deals have ever gone to zero.”
Together.ai Scaled From $2M to Over $100M Revenue in 15 Months
“Together is a good one, where we were in the A in 15 months ago, they were at two million revenue. The business is now north of a hundred million revenue.”
Saper: 75% of Fortune 500 companies still run core applications on mainframes
“75% of the fortune 500 still run their core applications on refrigerators in their closet.”
Zoom Founder Eric Yuan Originally Miscalculated Churn by Counting Upgrades
“Eric himself was miscalculating churn. Specifically, he was counting upgrades from, you know, low tier to high tier as churn. He was counting pausing as a churn. And so he was unnecessarily burdening the business with churn.”
Salesloft Was the Highest Multiple Ever Paid by PE for Software
“Which was the biggest outcome that it was the highest multiple ever paid by private equity for a software company. Companies required for 2.3 billion dollars.”
Bolt Scaled From Zero to $20M Revenue in Two Months
“We're seeing examples like Bolt, you know, which went zero to 20 in two months”
Emergence Capital Has Returned Over $8 Billion in Cash
“The dollars in capital, we've returned a little over eight billion dollars in cash.”
20% of Emergence Capital Investments Hit $1B+ Valuations
“One out of five have gone on to raise rounds at north of a billion dollars.”
Zoom was profitable when Emergence Capital invested in 2014
“It was competitive both because the, there was early growth, but also because the company was profitable. And so we didn't have to raise capital.”
Saper: Private equity typically pays 3x to 5x ARR for acquisitions
“Savior is too strong of a word because most private equity outcomes don't generate incredible returns for the VC. So savior is not the right. It may be savior in the sense that like would get your money back. The sales loft outcome was an awesome one, but that…”
Saper: Veeva's market was only $400M when Emergence invested
“When we made the investment in Viva, a CRM for pharmaceutical companies, the entire market for that was four hundred million dollars globally.”
The Tech IPO Market Will Not Reopen Until Early 2026
“I tend to think next year. Like, I think there's enough uncertainty in the market right now, particularly in the macro and the political situation that there's a lot of people that are nervous. So my best guess would be like the beginning of next year.”
Ironclad has surpassed $100 million in annual revenue
“The company's now north of a hundred million in revenue.”