[ig1]

Except a16z was their Series B investor, Oculus raised their Series A from a bunch of mid-tier VCs which implies it wasn't a hugely competitive round hence probably wasn't on particularly favourable terms.

By the time a16z invested Oculus had John Carmack as CTO and they already demoed to huge interest at E3. It was already a much later stage company by that point.

[staunch]

Their Series A was $16M at a likely ~$100M valuation. Incredibly successful by any standard and only possible because of crowdfunding.