Worst Venture Capitalist Investments

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Procket

procket networks, venture fundsProcket raised $272 million in venture capital and was valued at $1.55 billion in 2001. Procket was ranked as the highest valued company backed by venture capitalists. The company faced many short-term setbacks and laid off few of its employees. Procket found it tough to survive as it found it tough to restructure its debts and ran into trouble with its technology due to the slowdown in telecommunications equipment spending. The company was ultimately sold to Cisco Systems at $89 million.
 
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