It's a salutary reminder that even Sequoia Capital can back dud ideas: the blue-chip venture capital partnership has closed the door on a quirky closet-purging company in which it invested back in 2003. Found Value, the portfolio company, has a heart-warming foundation myth: during the last bust, with time on her hands, Stella Kleiman cleared out her apartment, selling the items on eBay, the online auction house. And — tada! — had the idea of a business which would perform the same service for other people. A wonderful service: Found Value distinguished itself from other eBay assistants by making housecalls. A terrible business. Found Value is not even listed as a portfolio company on Sequoia's website, and the venture capital partnership has let it be known its support for the startup is exhausted.

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