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CONSTELLATION BRANDS, INC.

Rocket Internet, the German startup incubator that was already the angel of Europe’s technology area and a arrow in the ancillary of the Silicon Valley startups whose business models it aboveboard ripped off, appear Tuesday that it affairs to delist from the Frankfurt and Luxembourg banal exchanges afterwards seeing its shares abatement 13% this year.

Rocket says it has affluence of admission to money to armamentarium its startups from clandestine investors and doesn’t charge the accessible markets anymore. But it’s adamantine to apprehend Rocket’s accommodation as annihilation added than a base draft for Oliver Samwer, Rocket’s audacious co-founder and arch controlling officer, who already boasted that he basic to “own the Internet” and claimed his Berlin-based “startup factory” could agitate out one acknowledged tech close afterwards another.

Founded in 2007 by Samwer and his two brothers, Rocket’s blueprint was to acquisition able new online business models—usually artful those of fast-growing U.S. e-commerce firms—and blitz to actualize copycat versions in altered genitalia of the apple afore the originals could aggrandize internationally. Samwer claimed its companies could assassinate faster and bigger than tech firms elsewhere, giving them a aggressive advantage.

Rocket helped put Berlin’s startup arena on the map. Abounding of the adolescent business academy graduates who flocked there to assignment for companies actuality incubated by Rocket, accept gone on to begin their own technology startups or became bounded adventure capitalists.

But Silicon Valley entrepreneurs and investors accept continued griped that Rocket alone produced “built-to-be-bought” clones that did little but exact a tax on American innovation—forcing the U.S. antecedents to absorb added to access new markets. Critics additionally accused Samwer of pumping up the appraisal of Rocket’s startups through adventure basic circuit led by his own, abstracted startup advance fund, All-around Founders Capital.

Rocket did not acknowledge to Fortune‘s appeal for comment.

Rocket’s addiction to over-value its own startups became credible already the aggregation went accessible in October 2014. Rocket acclimated a arguable metric, alleged aftermost portfolio value, or LPV, which admired these startups based on their aftermost costs round—even admitting those circuit generally complex Rocket itself or accompanying funds, and ability not reflect accepted bazaar dynamics.

The aberration amid Rocekt’s valuations and added accepted ones became credible back investors compared Rocket’s books with those of Swedish advance close Kinnevik, which was already a big actor in Rocket and had co-invested in abounding of its startups. Kinnevik acclimated far added bourgeois metrics to amount these adolescent companies. Its abstracts and Rocket’s were generally afar apart: for instance, the Swedish close admired Westwing, an ecommerce retailer, at $304 actor euros in June 2016—at the time Rocket said the aggregation was account $576 actor euros. Rocket’s appraisal of Home24, addition home adornment merchant, was seven times what Kinnevik anticipation the aggregation was worth.

To be fair, Rocket has had some big successes: Zalando, which started as a German Zappos carbon and has become one of Europe’s top online accouterment retailers. Publicly listed, it is now account $24 billion. Commitment Hero, an online aliment commitment app Rocket backed, additionally went accessible and is now account $22 billion. It was added to Germany’s dejected dent Dax aftermost month.

HelloFresh, a meal kit commitment company, is listed and account $8 billion. Earlier, Rocket fabricated a killing off its advance in CityDeal, a advertisement carbon of U.S. aggregation Groupon, that the aboriginal acquired in 2010. It additionally created Lazada, a Southeast Asia-focused customer electronics e-commerce comedy that Alibaba eventually spent $1 billion to access majority ascendancy of in 2016.

But it’s never been bright Rocket’s acceptable blueprint was annihilation of the sort. The aggregation has added hits than misses—anyone bethink already high-flying African ecommerce close Jumia? It went accessible at aerial valuations alone to see their shares tank. The aforementioned happened with Home24 back it eventually went public. Brazilian appearance banker Dafiti has limped forth through a assumption of bottomward rounds. Meanwhile, the crop of startups Rocket has launched and incubated back its own IPO, accept not absolutely become brief successes. (Grosenia? FlashCoffee?)

Of course, the accomplished archetypal of adventure basic is that best of portfolio companies won’t accomplish it. VCs about depend on aloof one or two blockbusters to accomplish their fund’s promised returns. But Samwer consistently claimed Rocket wasn’t a archetypal adventure capitalist. By artful business models and abundantly administration assets and back-office technology amid its portfolio companies, he had allegedly removed abundant of the accident from the startup investing.

Well, not so much. Already account added than $8 billion, Rocket’s bazaar appraisal is now aloof $3 billion. That’s a cogent abatement to the net asset amount of $4.9 billion it appear in December 2019. (The aggregation has said that the COVID-19 communicable may accept cogent appulse on the appraisal of its portfolio companies as slower all-around bread-and-butter advance dims their prospects.)

Rocket’s investors are actuality offered €18.57 in the going-private deal. That’s beneath the stock’s 200-day affective average—no abundant acknowledge you for those who had acceptance in Samwer’s vision.  

Samwer himself isn’t activity anywhere. He’s not abandonment the 4.5% of Rocket he owns in the going-private transaction and his advance fund, All-around Founders, is application its 45% pale too.

Samwer, never shy, has generally been quick to avowal of his “own the Internet” ambitious prowess. Of course, it’s easier to blow back your accounts aren’t accountable to accessible scrutiny.

This adventure was originally featured on Fortune.com

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