Lots of buzz last November when Kleiner Perkins Randy Komisar said his firm had “absolutely no interest in funding Web 2.0 companies.” But Tom Perkins, who cofounded the VC heavyweight, tells BusinessWeek’s Spencer Ante that it’s not true. Creative Capital:
Is Kleiner Perkins not funding Web 2.0 companies anymore? There was some discussion of that in the blogosphere recently, with valuations for Facebook and other Web 2.0 companies getting really, really high.
I’m not aware of that. A lot has been done but we haven’t made it an official policy. I love bubbles. We made a lot of money in bubbles.
Every time Google passes one of the century marks, 100 to 200 to 300, everybody said, “My god.” If you bought Google on the offering you would have made about 10 to 1. Is the market always right? No. Is it always wrong? No. You don’t get rich by betting against the market.
The easy answer here is that the truth is somewhere in the middle: KP doesn’t want to invest in social networks for dogs and the like, but hasn’t left the sector altogether. For instance, it’s just hired Chi-Hua Chien, a former Accel associate who’s intimately familiar with Facebook, as a general partner.
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