Yes. I was one of the first Justin.tv investors. I think my final return was about 97x, so that's pretty good.
From my perspective at least, Twitch was essentially a re-branding. Basically, they saw that gaming content was popular on Justin.tv, so Emmett decided to move that on to a dedicated site. Ultimately Twitch far eclipsed the justin.tv site, so they shut that down to focus entirely on the Twitch side.