We didn't shop reddit. Conde Nast found them. We didn't even know anyone at Conde Nast till they bought reddit.
Nor would we intentionally fund a startup that had no prospect of making money as an independent company. It's crazy to count on getting bought, because acquirers are so unpredictable.
You actually thought all the startups you funded could make money as independent companies, at the time you funded them?
I thought your model was a kind of a "throw it at the wall and see what sticks" approach. Then triage the promising ones, with the explicit understanding that a lot of the startups would lack prospects.
Nor would we intentionally fund a startup that had no prospect of making money as an independent company. It's crazy to count on getting bought, because acquirers are so unpredictable.