Veeva IPO Generates 300-Fold Return for Emergence Capital
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Amid all the hype around Twitter Inc.’s initial public offering and the investors poised to strike it rich, one of the year’s biggest venture capital wins has nothing to do with hashtags.
Five years ago, Emergence Capital Partners made a $4 million investment in Veeva Systems Inc., a startup that develops cloud software to help pharmaceutical companies manage their sales operations. After Veeva’s debut today on the New York Stock Exchange, the company was valued at $4.4 billion. Emergence, Veeva’s biggest investor, owns a stake worth more than $1.2 billion, a 300-fold return on its investment.