Lessons from Investing $2BN and Returning $8BN in Cash

3 MIN READ

The Emergence Team

1:25 pm

PDT

March 10, 2025

Image Credits: 20VC

Jake Saper is a General Partner @ Emergence Capital, one of the leading venture firms of the last 20 years. Their many wins include being early investors in Salesforce, Zoom, Veeva and more. In total, the firm has invested $2BN and returned an astonishing $8BN in cash with much more to come.

Contents

00:00 Intro

01:21 The Zoom Investment Story

07:57 Founder, Market, Traction: Rank Them

10:26 Lessons from the 16x DPI Zoom Fund

30:07 Why Does Every Partner Do Reference Calls on Every Deal?

37:53 Where Will Value Accrue in a World of AI?

55:37 Three Reasons Why AI Will Not Replace Vertical SaaS

01:02:23 Why is Jake Worried About AI’s FTX Moment?

01:10:02 What Losing Billions on Salesforce Taught Us About Selling

01:20:15 Quickfire Round

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