The two founders of the crowdfunding site GoFundMe are relinquishing control and reaping a fortune by selling a majority stake worth more than $600m. The pair had resisted seeking capital on their own. Instead, they funded the company with GoFundMe’s revenue, which comes from charging 5% in fees per transaction. The founders are selling the controlling position to an investor group led by Accel Partners and Technology Crossover Ventures.
Co-founders Brad Damphousse and Andy Ballester GoFundMe The two founders of crowdfunding site GoFundMe are relinquishing control and reaping a fortune by selling a majority stake in their startup to venture investors. Brad Damphousse said he and Andy Ballester have agreed to sell the controlling position to an investor group led by Accel Partners and Technology Crossover Ventures. The deal, which is expected to close within two weeks, will value the San Diego company at around $600 million, according to a person familiar with the matter. Other investors include Greylock Partners, Iconiq Capital, Meritech Capital Partners and Stripes Group. The syndicate is installing a group of Internet veterans to run GoFundMe.
http://blogs.wsj.com/digits/2015/06/24/gofundme-founders-to-reap-a-fortune-in-buyout/
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