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.