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