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Are acquisitions of failed startups in venture capital nefarious? In 2014/15, Roominate, a building toy company raises $3 million in Silicon Valley. They appear on Shark Tank and get a $500k investment from Greiner and Cuban at a $10 MM valuation.
Kevin O'Leary, a fellow "shark" on the tank (who knows toys) said "say a prayer for that money, because it just died." Roominate, at the time of the show had locked up major distribution across the country, but had not been through a single seasonal sales cycle.
In other words, they had gotten the product on the shelves (somehow), but there was not yet any evidence that it would sell, when on those shelves. I don't have the data, but based on the number of reviews it acquired over the past 5 years on Amazon, it didn't sell well at all.pic.twitter.com/VV09BZdw5L
In early 2016, Roominate gets acquired by a company called PlayMonster, which as far as I can tell, is one of those retarded walking dead PE backed roll-ups that has little logic but a fat stockpile of cash. Playmonster either knew that the sales from Christmas sucked or were sopic.twitter.com/qRuJcSxKfe
stupid, that they decided to buy the company without having seen the sales from Xmas 2015. Was this was a backdoor deal, done between the original VCs and the PE people to keep the failure of the company quiet and to avoid marking the investment to market?
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