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Mattermark to shut down after selling to FullContact


mattermark to shut down after selling to fullcontact - Mattermark to shut down after selling to FullContact

Mattermark, the website for startup and corporate information, is shutting down its personal trade after selling in a disappointing consequence to FullContact.

In a record bought by means of TechCrunch, co-founder and CEO Danielle Morrill wrote that “common stockholders will not be receiving anything in this deal.” In different phrases, Mattermark worker stocks are nugatory.

It was once simply closing yr that Mattermark raised a $7.three million Series B. Since it was once based in 2012, the trade raised over $17 million from high-profile traders like Andreessen Horowitz, NEA, 500 Startups, Foundry Group and Sherpa Capital. Foundry and 500 Startups also are traders in FullContact.

The letter says that “the consideration for the purchase of the company did not clear the preference of preferred shareholders.” This implies that the VCs aren’t essentially getting all their a refund, both.

Unfortunately, as Mattermark information will display you, working a startup is hard. We’re informed that it was once onerous to persuade folks to pay for the trade intel in a aggressive panorama that comes with Crunchbase, PitchBook and CB Insights.

Here’s the textual content from the letter despatched to commonplace shareholders.

“Dear Mattermark Common Shareholders,

I’m achieving out to percentage some nice information: Mattermark is being received by means of FullContact! We are glad to have discovered an go out for our shareholders, and are operating onerous to shut this deal in an instant. Your lend a hand is kindly asked to stay a watch out for doctors in Doscusign so we will get your signature as of late.

This is a non-public inventory transaction, and sadly the dignity for the acquisition of the corporate didn’t transparent the choice of Preferred shareholders so Common stockholders is probably not receiving anything else on this deal (money or inventory). Though this isn’t the result all of us dreamed of once we embarked in this adventure just about 6 years in the past, we’re tremendous thankful to have labored with you to arrange the sector’s trade data and would admire your signature so we will get nearly all of commonplace holder signatures wanted to shut this deal as of late.”

Subsequent pages defined that the deal features a not up to $500,000 money attention from FullContact, which “will be used to facilitate shutdown.” There’s additionally a inventory transaction, which is right now valued at a bit above $500,000. All in all, FullContact paid not up to $1 million for Mattermark, however the worth may exchange if FullContact’s percentage value grows. As a part of the deal, Foundry Group may be making an investment any other $500,000 in FullContact at a better valuation, which they’re referring to as a Series C spherical.

While the paperwork communicate concerning the “liquidation of Mattermark,” it additionally says they are going to “continue serving Mattermark customers as a part of FullContact.”

It says that FullContact will probably be bringing six of Mattermark’s staff on board.

Mattermark was once based totally in San Francisco. FullContact is in Denver. We’ve reached out to the firms for remark.

Danielle Morrill co-founded Mattermark together with her husband Kevin Morrill, who served as corporate CTO. Andy Sparks, was once additionally a co-founder and COO. Sparks left the corporate closing yr.

Danielle prior to now labored at Twilio and described herself on ConnectedIn as its “first employee.” She additionally has been a “scout” for Sequoia Capital, serving to them in finding early-stage startups to put money into.

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