[ispivey]

That investment amount seemed low, as it suggested you weren't exercising your pro rata rights.

If the initial $400k bought 10% of the company, USV would need to buy 10% of each subsequent round to maintain their ownership, which would be ~$12.5M. That's ignoring varying definitions of pro rata rights, other dilution but probably a good lower bound.

If the initial $400k bought 20% (more likely for Tumblr in 2007), USV invested ~$25M to keep their ownership stake.

Fred seems like the kind of guy who always does his pro rata, so I'd imagine those numbers are closer to reality.

[fredwilson]

i don't want to disclose confidential information publicly but we did the first three rounds with Spark alone so we did way more than pro-rata in those and then we did pro-rata in every round since.