Dave --
It all depends on which @Ventures fund made the investment. CMGI owns 100 percent of the I and II funds -- but only about 20 percent of the III fund. So, if @V III has a 20 percent stake (for example) in Boatscape, CMGI's stake is a total of 4 percent. If it was @V I or II that took (again, for example) 20 percent of Boatscape, then CMGI's stake is the full 20 percent.
Either way, it's important to remember that all @V investments are minority investments -- many less than 20 percent. Given that I think that only @V III is making "new" investments (uninvested money in I and II is probably alrady allocated for subsequent future financing rounds in their existing holdings), it's likely that this was an @V III investment and likely a small stake for CMGI itself.
The real juice -- as people are starting to see -- is the wholly owned (or at least predominantly owned) companies like NAVI, ENGA, CHEM, and so forth... Unless you hit the monster kind of home run (LCOS, GCTY), your pop is smaller from the @V investments. I mean, for example, they own 4 percent of Critical Path -- when that stock moves, it doesn't seem to have much of an impact on CMGI, you know?
Thanks for all of your great posts, Dave -- keep 'em coming.
Scarecrow |
