a16z's Skype bet returned 4x in 18 months, half its first fund back to LPs
davidsenra · x · 2026-11-05
Scott Kupor recounts how Marc Andreessen and Ben Horowitz invested in Skype via a buyout in the first months of a16z's first fund, drawing widespread criticism. Eighteen months later they sold to Microsoft for 4x, returning half the fund to LPs and enabling an earlier second fundraise — "it completely changed the narrative."
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