Hummer Winblad – Our Fund Was “A Complete Disaster”
Hummer Winblad Venture Partners gets an unwelcome spotlight from Private Equity Week which documents Hummer’s recent appalling track record at investing in good ventures. Its current $428M fund which closed in 2001 has not had an IPO and the best it has done so far is the sale of Jareva to Veritas for just $22M.
John Hummer claims the firm has learned its lessons from costly strays into investments like Napster, Pets.com, and Gazoontite.com, and that it will only invest in software plays going forward. And Hummer claims that two of his portfolio companies will soon IPO – Omniture and Employease. We applaud Hummer’s honesty in calling a turd a turd and wish the firm good luck in returning to its glory days.
Read – Hummer: We Are Far From Blowing Up (Private Equity Week)