[Chapter 12: Sequoia Capital and Michael Moritz]
After a brief chat with Jerry Yang and the rest, John and Zach noticed how busy everyone was in the garage. Not wanting to just stand there watching without understanding the tech behind the internet, they decided it was better to keep their distance.
Following the "out of sight, out of mind" principle, they returned to the Silicon Valley Garden Hotel near Stanford.
They booked a large suite, which included two small bedrooms, a living room, a bathroom, and a small balcony for $350 a night. Luckily, Allen Francis had contributed $200,000, or else their lifestyle would have been a bit tight.
Once in the room, they relaxed, quickly freshened up, then sat on the balcony in their bathrobes, snacking on some fruit and chatting idly.
"Ding-dong..." The doorbell rang, interrupting John's lazy, leisurely moment.
"Who could that be at this hour?" John mumbled as Zach got up and walked toward the door. Faint voices followed shortly.
---
"Hello, may I ask who you are?"
"Hi, my name is Michael Moritz."
"Okay, Michael? What can we do for you?"
"I'm here to see Mr. John Leighton and Mr. Zach Johnson. Are you Zach Johnson?"
"Oh, yeah, unless there's another Zach here, that'd be me. So, buddy, what's this about?"
"Well, this isn't exactly the place to talk. How about we go inside?"
"Okay, come on in."
John watched as Zach led the middle-aged white man into their suite.
---
"Zach, who is this?"
"John, this guy says his name's Michael Moritz. He says he's here to see us." Zach shrugged casually.
"Michael Moritz?" John thought he'd heard the name somewhere but didn't pay much attention.
"Yes, gentlemen, I am Michael Moritz from Sequoia Capital." At this point, Michael looked slightly frustrated. As one of the key figures steering Sequoia Capital, you'd think they'd at least know who he was.
But these two, Zach and John, knew little about venture capital.
Zach was completely clueless, and although John came from the future, he was just an ordinary guy. He'd heard of Sequoia Capital, maybe, but Michael Moritz? That name barely registered, and all he could do was chuckle politely.
"Sequoia Capital?" John finally caught on and asked.
"Yes, I am Michael Moritz from Sequoia Capital."
Hearing that, John immediately stood and shook his hand, saying, "Pleasure to meet you. I've heard so much about Sequoia Capital!" His eyes lit up as if he were looking at a chest full of gold.
After all, Sequoia Capital was like the "money machine" in John's eyes. When it came to venture capital, you couldn't talk about Silicon Valley without mentioning Sand Hill Road in Menlo Park -- and among the giants of the industry, Sequoia Capital stood out as a legend.
...
On Sand Hill Road, a relatively narrow and peaceful street lined with modest two- and three-story wooden buildings from the '20s and '30s, you'd see a picture of quiet, genteel life -- if you didn't know better.
But hidden in this serene neighborhood were hundreds of venture capital firms controlling assets worth billions of dollars, earning the area the nickname "Wall Street of the West Coast."
Sequoia Capital was among these firms -- and was often called a "miracle legend" in that world of opportunity.
Sequoia Capital was known as the most powerful venture capitalist firm in Silicon Valley, with many other investors considering themselves its disciples.
Since its founding in the 1970s, Sequoia Capital had been on a legendary path in venture investing.
They were credited with discovering Apple during the mainframe computer era of the '70s, sparking the personal PC revolution.
In the '80s, when PCs took over, they backed network hardware companies like 3Com and Cisco, laying the foundation for the internet age.
And in the '90s, as computers became widespread, they invested in Yahoo and Google, sparking the internet boom -- and playing a role in the dot-com bubble.
People often summed up Sequoia's achievement like this: they had invested in over 500 companies, with more than 130 going public, over 100 acquired or merged for successful exits, and the total market value of their portfolio exceeding a tenth of the NASDAQ's capitalization.
You can imagine how monumental Sequoia Capital was -- it was like a walking money machine to John.
Of course, John's own involvement made Sequoia somewhat less mysterious, at least to Yahoo. Whether Google and others would remain legendary, only time would tell.
Michael Moritz would later be known as one of the "Big Four Kings" of venture capital, famed for his investments in Yahoo and Google.
Then again, John's presence might change all that.
Maybe the "Big Four Kings" would become the "Big Five" -- who knew what storm this butterfly effect would cause?
Without a doubt, for Yahoo and John at this moment, Sequoia Capital was a powerhouse.
---
Thinking of this, John got a little excited and smiled, "Mr. Moritz, hello. I've long admired the great name of Sequoia Capital."
"Oh, really? That's my honor." Michael Moritz returned the smile, clearly enjoying the compliment.
At this time, Michael Moritz was just starting to make a name for himself in venture capital -- not yet the legendary "Big Four Kings" man he would become.
His breakthrough came through investing in Yahoo and Google.
In the other life, in early '95, Moritz, representing Sequoia Capital, invested $1 million in Yahoo and gained a 25% stake, which later became worth billions, earning him thousands of times his initial investment and his first big splash.
Google's later success cemented his reputation, solidifying his place as one of venture capital's top four.
Though known as one of the "Big Four Kings," Moritz was arguably the most famous and referred to by many as the "king of venture capital."
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