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I heard their founder/current CEO Yancey speak at a startup accelerator and speak extensively about the business. According to him they told their investors the
by ritchiea 11y ago
I heard their founder/current CEO Yancey speak at a startup accelerator and speak extensively about the business. According to him they told their investors they have no intention to have a liquidity event. He suggested the investors were in interested in Kickstarter as marketing for their firm. It seems like they didn't take very much money. Seemingly a large enough sum to help grow the business but not large enough to shy investors away from a business that doesn't aspire to provide meaningful returns.
Have you listened to the Startup podcast's coverage of Gimlet media? Seems like a similar situation, some unique businesses can secure prestige rounds providing they are not seeking huge amounts of capital.
- applejaxx 11y agoThe article mentions Etsy as another B-Corp - but fails to mention that Etsy's founder went on record saying it would never IPO. (Aside: someone should really write a tell-all on the first 5 or so years of that company. There are some crazy stories.) I'm not discounting the motives behind anyone choosing to become a B-Corp, but it's important to note that it's not a legal distinction (like say becoming a 501c3) and you might go so far as to say it's closer to a marketing strategy than an operating strategy.