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Loopt acquired by payment card provider for $43.3m in cash

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Re: Loopt acquired by payment card provider for $43.3m in cash

#11

Post by Iroiso »

OoTheNigerian wrote: post #3

I think Loopt made an error in partnering exclusively with carriers. I remember when I was in the UK and heard of loopt the first tifme. I visited the site and was told to put in a US number. It was there they lost it. I am really looking forward to what Sam has up his sleeves now that he is free.

You are right, Lately I've thinking of loopt as holding down sam, let's see whats under his sleeve now.

Re: Loopt acquired by payment card provider for $43.3m in cash

#12

Post by jgrahamc »

shingen wrote: post #8
nikcub wrote: post #7

Earlier quoted context omitted.

Not how it works since with later rounds you have both dilution and probably a liquidity preference The figures here work out almost exactly to Sequoia and NEA getting their 2x (they invested a combined $17M) and plus the employee pool (2 x $17M = $34M + $9.8M = $43.8 - the announced sale price was $43.4M) That is just me speculating, but I would be surprised if it isn't far off.

YC doesn't have any anti-dilution clauses in their terms? Surprising given their small stakes. All I've seen are the surface features of the YC deals, so I'm not up to speed on the specific terms they get.

The YC AA documents have a 1x preference (i.e. they can take their money out before distribution) and they have a right to reinvest pro-rata.

http://ycombinator.com/seriesaa.html

Re: Loopt acquired by payment card provider for $43.3m in cash

#14

Post by rokhayakebe »

sama wrote: post #13

Happy to answer any questions I'm able to. Looking forward to the great stuff we're going to do at Green Dot!

1 - Would you say you guys were too early to market?

2 - Was your monthly active user base above 2M?

3 - What contributed to Loopt loosing its appeal over the past 12/18 months?

Re: Loopt acquired by payment card provider for $43.3m in cash

#17

Post by saddino »

OoTheNigerian wrote: post #3

I think Loopt made an error in partnering exclusively with carriers. I remember when I was in the UK and heard of loopt the first tifme. I visited the site and was told to put in a US number. It was there they lost it. I am really looking forward to what Sam has up his sleeves now that he is free.

If a significant portion of his return is tied up in the retention, he's going nowhere soon.

Re: Loopt acquired by payment card provider for $43.3m in cash

#18

Post by sama »

razin wrote: post #16
sama wrote: post #13

Happy to answer any questions I'm able to. Looking forward to the great stuff we're going to do at Green Dot!

Why did you sell?

We realized that to be really successful, we needed to be about finance and payments as well as location--I think the most interesting things will happen when those two come together. We talked to a number of companies and were most excited about the team and vision at Green Dot.
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