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I read that Imzy raised $11M, so selling the IP for $1M when they shut down seems necessary to recover money for the investors. Honestly it surprises me they co
by susijdjdjxa 7y ago
I read that Imzy raised $11M, so selling the IP for $1M when they shut down seems necessary to recover money for the investors. Honestly it surprises me they could even get that much for a failed company’s code base. Unless you are saying the CEO personally got that cash? That sounds more noteworthy.
- ngngngng 7y agoYes the second thing. The CEO personally took that cash. Source: I worked with one of the cofounders of Imzy and he spilled all the tea, that's the best I got though.
- susijdjdjxa 7y agoIt sounds like the investors screwed up by giving away their claim on that IP.
- asmosoinio 7y agoAccording to the CEO (assuming this is them), they had most of the investment money left. They shut down quite quickly. https://news.ycombinator.com/item?id=14411586 https://news.ycombinator.com/item?id=14411586
- susijdjdjxa 7y agoI read they had $8M of $11M left, so a big hole to fill for the preferred stock.