This week, we see news of two startups from around the world -CapriCoast and Mattermark – being acquired and shut down.
Mattermark is shutting down its own business after selling to FullContact
Mattermark, the site for startup and company data, is shutting down its own business after selling to FullContact.
Here’s the text from the letter sent to common shareholders from techcrunch
“Dear Mattermark Common Shareholders,
I’m reaching out to share some great news: Mattermark is being acquired by FullContact! We are happy to have found an exit for our shareholders, and are working hard to close this deal immediately. Your help is kindly requested to keep an eye out for docs in Doscusign so we can get your signature today.
This is a private stock transaction, and unfortunately the consideration for the purchase of the company did not clear the preference of Preferred shareholders so Common stockholders will not be receiving anything in this deal (cash or stock). Though this is not the outcome we all dreamed of when we embarked on this journey nearly 6 years ago, we are super grateful to have worked with you to organize the world’s business information and would appreciate your signature so we can get the majority of common holder signatures needed to close this deal today.”
Homelane is shutting capricoast after acquiring it a month ago
In another, unrelated deal, Home Interiors Startup Homelane announced it was shutting capricoast. Homelane had acquired the Bengaluru based-marketplace Capricoast for $14 Mn a Month ago. Tanuj Choudhary, Chief Business Officer, HomeLane, was quoted saying
“Post its acquisition, brand Capricoast is entirely absorbed by HomeLane.com. The entire team of Capricoast is now a part of HomeLane. The Capricoast team brings with it a powerful technology back-end that will further strengthen our product offering and go a long way in making HomeLane.com the preferred home décor destination for customers across India. This acquisition also marks the beginning of HomeLane’s next phase of growth and expansion. Owing to this acquisition, we have now expanded to the Delhi-NCR region as well.”
eCommerce businesses focused on furniture and home furnishing are looking to increase their footprint in the Indian market where homeowner’s purchasing capacity and comfort with online shopping is growing