iMeem Sells For Pennies After $75M Funding

By Daya Baran at November 19, 2009 1 Comments Share

imeem Once high flying online music site imeem that proclaimed to have a valuation in the billions sold itself to MySpace yesterday for pennies. The company will get $1 million in cash and $7-9 in MySpace (News Corp stock) earnout for employees who move/relocate to MySpace. The company had raised $75 million from Sequoia Capital among others.

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513441 Comment2009-11-19+15%3A54%3A18Daya+Baran »

So, let me get this straight:

A free music service gets 75M, sells, for 1M, and splat. A end user supported mobile dispatch venture, with pre=enrollment that might have net 8M in y2, could not get a meeting with VC. Yes, totally makes fits the mold of wise capital.

Comment by alan — November 19, 2009 @ 7:32 PM

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iMeem Sells For Pennies After $75M Funding

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