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Summary:

BBC America fans are quite familiar with a delightful show called, Cash In The Attic. The premise of the show is that antique experts go to someone’s house and find things which might look like trash but end up being valuable, selling for a lot of […]

BBC America fans are quite familiar with a delightful show called, Cash In The Attic. The premise of the show is that antique experts go to someone’s house and find things which might look like trash but end up being valuable, selling for a lot of money at an auction. Same can be said of Kiko, the calendar company backed by Paul Graham.

The company recently became talk of the blogs, when the founders decided to cut their losses, and put the company on sale on eBay. Niall and I devoted a big portion of our latest podcast, Snakes on a Business Plan to the Kiko affair. Well, the auction just closed and brought in $258,100. A tidy sum! This explains why Paul was smiling today at The FOO Camp ;-) Apparently, Kiko’s angel round was $50,000 in convertible debt, and this sale should cover that. Graham’s YCombinator which did the seed round could come out ahead as well. Kiko founders’ new idea has already been funded by YCombinator.
Greg says eBay makes close to $3800 on the deal. A new floor for the ibanker fees? Just kidding…. nevertheless, it makes you wonder despite all the hand-wringing about too many calendar companies, and presence of Google, there was after all a sucker buyer. Especially is you look at Skobee’s slow lingering slide to nowhere.

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  1. Ironically, if it wasn’t for the buzz the creators made around how it was “non-competitive” against Google calendar, Kiko would have never been sold.

    Now the question is, why would anyone buy it?

  2. I wouldn’t call anyone a sucker without knowing the facts. If someone has a product/service that would benefit from an integrated calendar they might simply be buying the software. After all, well developed software can easily cost much more than that amount.

  3. Given how easy it is to raise capital today, a more agressive group could probably go raise 10 million for Kiko2.0. Perhaps the buyers aren’t stupid, just trying to raise a pile of cash!

  4. Alan Wilensky Sunday, August 27, 2006

    Well, I knew they had a good head on their shoulders, and they said as much on my video interview.

    http://bizcast.typepad.com/clients/2006/08/insidescoopon.html

  5. Somebody has it, somebody not…

  6. Bill Erickson Sunday, August 27, 2006

    Any information on who the buyer was and how it will be used?

  7. Here is a summary of the KIko event..who said what etc..

  8. Dare Obasanjo aka Carnage4Life Monday, August 28, 2006

    Kiko sold…

  9. I think these guys are awesome. They took a huge risk, built something cool on a shoe-string, and then when the behemoth in the market killed their hockey stick curve, they sold it for a tidy profit. Now they have far more cash than most people a year after leaving school and I’m sure many more good ideas to work on. Plus they’ve had the experience of executing on an idea and selling it — you can’t buy that at business school.

    Great job, Kiko-people. I salute you!

  10. Hey Om,

    You might be interested in why we bought Kiko.

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