Yet another start-up has been bought back by its founders.
Two years ago the online auction site, eBay, paid $75 million for the consumer site StumbleUpon, but as with other large purchases by the auction firm, eBay failed to make significant gains from the site.
Although the site’s membership has grown to around seven and half million, is seems that eBay could not take it any further and so the founders, Garrett Camp and Geoff Smith, along with some new investors, have taken the company back and obviously have plans that do not include eBay.
All parties have refused to talk about how much the site was sold for, but there is no doubt that the selling price is going to be considerably less than the $75 million that eBay bought the company for.
It is a good time for the founders to buy their old business back from eBay - only the other day we reported that eBay was selling the internet phone service Skype back to its founders.