Andreessen Horowitz revealed that it made $78 million off its $250,000 seed investment in Instagram's billion-dollar acquisition in a post that was meant to quell criticism that it "fumbled" its involvement with the company. "Ordinarily, when someone criticizes me for only making 312 times my money, I let the logic of their statement speak for itself," wrote general partner Ben Horowitz. "However, in this case, the narrative that some critics put forth has the nasty side effect of casting two outstanding entrepreneurs—Kevin and Dalton Caldwell—in an unfair light and glosses over an important ethical issue that we faced." While Andreessen Horowitz was one of Instagram's very earlier investors, it said it didn't follow-on because of a conflict of interest with another company it funded. The firm had supported Picplz, another photo-sharing concept that didn't end up having as much momentum as Instagram. The company behind it eventually changed changed course and turned into App.net, which gives other mobile developers landing pages and other tools for acquiring users.Source: http://feedproxy.google.com/~r/Techcrunch/~3/JJihn59oyvs/
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