Do you become a VC when you raise your first fund, make your first investment or see your first exit? Until yesterday, Homebrew could claim progress in two of those three categories. Then Clementine announced its acquisition by Dropbox. Clementine represents not only our first exit, but also our very first investment from Homebrew I. The company was the result of a thesis we were pursuing in the enterprise communications market matching up with a uniquely qualified team. Two and a half years later, working out of the same office, we’ve built quite the relationship with Vinod, Samir and the entire team. As we tell our founders, whether things work out or not with this particular company, our hope is that we’ll be able to work with you for the next few decades. And that is certainly the case with the Clementine team. We couldn’t be happier for them and for Dropbox, which is getting a team and technology that will have a huge impact on its business. And we look forward to working with the team throughout the rest of their careers. Congratulations, Clementine!