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Not everybody is feeling the pain.

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APRN Blue Apron-A

6.51 -0.14 (-2.20 %)

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Blue Apron has been decimated since going public in June, losing 35% of its value thanks to a direct assault from Amazon and troubling customer-retention issues.

The company, which was courting an IPO price of as much as $17 a share for a valuation of $3 billion in early June, has lost more than half of its value since then.

Blue Apron closed at $6.65 per share Wednesday for a market valuation of $1.32 billion.

That doesn’t mean investing in Blue Apron has been a disaster for all of its backers, though. Three venture capital backers have still made gobs of money. Investors who put money into the company later down the road have lost out, in contrast.

Winners

Blue Apron’s three early VC backers have still made a killing on the investment.

Business Insider estimated the returns of Blue Apron’s largest backers, based on figures from the meal-kit company’s IPO prospectus and ownership statements its largest investors’ are required to file with the SEC.

Bessemer Venture Partners, which first funded Blue Apron in 2013 and has reupped at each funding round since, is the largest outside shareholder, with a nearly 23% stake. It’s made $215 million, a roughly 800% return on the $26.7 million it has invested, according to Business Insider’s calculations.

First Round Capital is up $98.7 million on its $7.6 million investment, a 1,398% gain, while Stripes Group is up a more modest $29.4 million on a $36.7 million investment for an 80% return.

Bessemer, First Round, and Stripes Group did not respond to requests for comment.

Losers

Fidelity, another big Blue Apron backer, has gotten slammed on its investment so far. The institutional investor, which manages trillions in capital for pensions and retirement accounts of millions of Americans, first bought into Blue Apron during its Series D round in 2015, throwing down $125 million and helping the food delivery startup earn its “unicorn” status with a $2 billion valuation.

Fidelity followed in May 2017 — just prior to the public offering — by purchasing $63.5 million in convertible notes, which converted into some 6.9 million shares at the IPO, according to the filings.

In all, Fidelity is down $80.2 million on the $188.5 million it has invested.

Of course, Fidelity is a long-term investor, and its holding in Blue Apron is a tiny portion of its…