While
the actual numbers remain a widely held secret, Gregory T. Huang of
Xconomy states that Twitter just paid over $100 million in cash and stock for Cambridge based Crashlytics, which
provides bug fixing tools for mobile developers. This appears to be Twitters
largest purchase to date.
“Crashlytics raised about $6 million from Flybridge
Capital Partners, Baseline Ventures, and a lineup of angel investors who are
household names in Boston tech,” says
Huang. “I’m hearing that those angels
got a higher-than-10x return on their investment, plus some of their original
money back (because the company apparently didn’t spend it).” We are unsure of
the actual closing dates, but seed round to exit appears to be about 16 months.
Among
seed investors was the Common Angels. "We were very fortunate to back two
world-class founders, Jeff Seibert and Wayne Chang,” says Managing Director
Chris Sheehan. “Jeff, Wayne and the Crashlytics team built a very
successful crash reporting solution used in many of the top iOS apps today.
And while the purchase price was not disclosed, this was a great outcome
for the team and investors. We wish the team all the very best on the next part
of their amazing journey."
Other
Angels participating in Crashlytics’ funding were Joe Caruso, managing partner
at Bantam Group, member of the eCoast and Common Angels; Jennifer Lum, Cofounder @Adelphic
Mobile, Mentor @TechStars; Ty
Danco, founder of eSecLending, member of North
Country Angels and Anges Quebec; David Chang, COO of @PayPal Media Network; Lars Albright, co-founder of
Quattro, now Apple iAds; and Roy Rodenstein Co-founder & CEO, SocMetrics, Co-founder HackerAngels.
Our recent post on M&A activity
said it was a tough way for an angel to make a living. Not true with an IRR of 364%.
And what do we hear from the Angels? “As an
investor, I’m thrilled with the returns from the Crashlytics acquisition,” says
Lum.
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