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Based on the generally good approximation of 10% ownership for series B investors, this wasn't a great return (if any) for Benchmark.

Pretty nice for the founders though, and likely nice for the users too - Zenly's product requires all/most of your friends to use it for it to be good, which is really hard to do, but Snapchat already has a lot of users, so it'll take Zenly's tech and turn it into something valuable.

Seems like a nice outcome overall!

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It's possible that preferred stock agreements ensured that the VCs got a better return than X/10

at the upper bounds (350 million) (10% is 35 million) with 22.5 million invested in 9/2016 and the sale shortly after that is a nice flip and a gain of 10+ million

They definitely got their money back, but venture economics dictate that the fund is paid for by the outlier returns (10 to 100 to 1000x or more) rather than a nice 1.5x.

Better than a loss though.

With those amounts, everything adds up. $10 million probably pays for a couple years rent for a fancy VC office on sand hill road.

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