Here's Who Will Make Millions When Pandora IPOs

Pandora CTO Tom Conrad

Pandora just filed for an IPO. Revenues for the first 9 months of 2010 came in at $90 million.

Spin that forward to $120 million revenues, and a 10X valuation on massive (200%!) growth puts the company’s worth over $1 billion.

A bunch of folks are going to make millions if Pandora IPOs at that price, but surprisingly cofounder Tim Westergren is way down on the list.

The reason: Westergren started the company at the height of the dot-com bubble in 1999. When initial funding ran out, he had to¬† beg a lot of people for funding — the company was rejected more than 300 times by VCs. The investors who took him up ended up with some big stakes, and now they’re first in line for the spoils.

Still Westergren’s stock will be worth about $24 million — nothing to sneeze at.

Assuming a $1 billion valuation, here’s how much current owners’ shares will be worth:

  • James Feuille, Crosslink Capital: $230 million
  • Larry Marcus, Walden Venture Capital: $190 million
  • David Sze, Greylock Partners: $140 million
  • Labrador Ventures, a seed-stage investor group: $85 million
  • The Hearst Corporation: $58 million
  • GGV Capital: $58 million
  • Joseph Kennedy, CEO: $27 million
  • Cofounder and chief strategy officer Tim Westergren: $24 million
  • Thomas Conrad, executive product VP: $15 million
  • Peter Gotcher, private investor, formerly of Redpoint Partners: $10 million.

Of course, a company only goes public if it assumes share prices will rise, so all of these people could be worth a lot more eventually.

Related: Pandora’s IPO Filing Reveals Long-Held Secrets

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