John Doerr: The Last Laugh

Kleiner Perkins Caufield & Byers anchors the West Coast venture capital industry, and John Doerr is their most visible principal. Over the years, John Doerr has done some prospecting of his own...hitting it big with early investments in Amazon, Netscape, Compaq, and Sun Microsystems...and coming up dry with Homestore.com, Drugstore.com, and Segway.

In 1999, Doerr, on behalf of his firm, invested $12.5 million in Google. Recently, Bill Burnham, who authors a weblog on software technology and investing, has done some digging around the Edgar database, to determine how much the two main venture capital firms, Kleiner Perkins and Sequoia, have reaped from their Google investment.

Caution: if you are easily susceptible to Investment Envy, please avert your eyes.

• Each firm invested $12.5 million in 1999, and received $4.3 billion...a 34,300% return.
• John Doerr personally received $422 million worth of Google shares, with another $90 million not yet distributed.
• Sequoia's Mike Moritz received about $200 million.

With the Dot.com bust, John Doerr was mocked and ridiculed for some of his quotes regarding the Internet, for example...calling the Internet "the Great American Boom" and "under-hyped." Who's laughing now?

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