The a16z Show

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Travis Kalanick Is Back | Building the Future of Industrial AI

Explore episode Jul 22, 2026
Business
The a16z Deal That Got Away: Uber's Series B Auction

Travis Kalanick Is Back | Building the Future of Industrial… · Jul 22, 2026 Business

Kalanick ran a masterclass in venture auction dynamics for Uber's 2011 Series B, using an 'uncapped anchor' technique to drive competing offers from $210M to $375M pre-money. Then a16z blinked at dinner, offering only $210M, and the deal went to Shervin Milner at Menlo Park — beginning a decade of what Ben Horowitz calls 'torture.'

Where this was said

Introductions: The Return of Travis Kalanick

At 2:32 · chapter starts 1:38

Erik Torenberg opens by positioning the episode as a historic moment — Travis Kalanick's public return, combined with the re-ignition of a relationship with a16z that was severed before it ever began. The 'Return of the King' framing is quickly corrected to 'Return of the Mac' by Horowitz, adding a touch of self-aware humor. Torenberg reads Kalanick's own launch post to set up the origin story: a near-miss partnership in 2011, a decade of parallel paths, and now a convergence that the 2017 board crisis makes feel fated.

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