Before Zulily’s IPO, One VC Firm Has Already Cashed In on Startup’s Success

Mom-focused e-commerce site Zulily took the wraps off its S-1 filing today. And one of the big winners appears to be
Maveron, the venture capital firm co-founded by Dan Levitan and Starbucks CEO Howard Schultz that was one of the flash-sale site’s earliest backers.

Maveron invested a little less than $5 million into Zulily in its Series A and Series B investment rounds, according to the filing. And it already had a payday when it sold a piece of its stake for $32.5 million last year.

That would a nice return on its own. But Maveron still owns a huge piece of the business: 23.6 percent, according to the documents filed today.

With a successful IPO, the venture capital firm could be looking at a return of many multiples of what it has already pulled in.

Zulily CEO Darrell Cavens has also taken money off the table in previous rounds to the tune of nearly $10 million. He still owns 20.9 percent of the company.

One more interesting nugget: In Zulily’s last investment round, Andreessen Horowitz paid about $69 million for seven percent or so of the company, according to the documents.