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The Economic Times
The Economic Times
Aastha Raj

In 1996, Tim Draper bought Hotmail shares for $300,000. 2 years later, Microsoft acquired the startup for $400 million

Hotmail Tim Draper Microsoft Jack Smith Wired MSN

Hotmail had no subscription revenue when Tim Draper encountered it. The product was free. Its founders had little experience running a company. Around 20 venture capitalists had already rejected their broader business proposal.

Draper still saw something worth backing. His venture capital firm, Draper Fisher Jurvetson, invested $300,000 in the startup. The money helped founders Sabeer Bhatia and Jack Smith launch Hotmail on July 4, 1996.

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