Boulder-Based DailyBurn to be Purchased by InterActive Corp
Friday, May 21, 2010
Posted by: Su Hawk
Another TechStars startup gets acquired.
By Greg Avery, The Denver Business Journal
Friday, May 21, 2010
A web service helping people track their exercise and their diets is the latest startup to be acquired that graduated from Boulder technology boot camp TechStars.
A majority stake in DailyBurn, which went through the TechStars program in 2008, has been bought by Barry Diller's New York City-based InterActive Corp. Terms of the deal weren't disclosed.
The company was called Gyminee when it was in TechStars. More than 500,000 people have signed up for the service, the company said. It's the sixth TechStars startup to be acquired.
I first wrote about TechStars four years ago when its founder, Internet entrepreneur turned angel investor, David Cohen, was still organizing the first year.
The organization, which has since added camps in Boston and Seattle, helps entrepreneurs refine and launch their companies over three months. The startups get $5,000 per founder to cover expenses, work space and -- most importantly -- business-building advice from experienced entrepreneurs and tech industry veterans recruited from the local scene and nationally.
TechStars gets a 5 percent equity stake in the companies that go through the boot camp.
That first camp attracted nearly 300 applicants from around the world.
TechStars ends with a day for venture capitalists and investors to see the startups explain their companies, and the 2007 session drew spectators from as far away as London.
With this summer's session getting under way, TechStars has summarized its results so far.
More than 70 percent of TechStar's startups after the boot camp either attracted venture capital or angel investment, or became profitable. They employ more than 156 people.
Prior to DailyBurn, five had been bought -- all from the inaugural 2007 session of the bootcamp:
-- AOL bought Socialthing;
-- Automattic, the parent company of blog platform WordPress, bought Intense Debate;
-- Limbo bought location-based social media company Brightkite;
-- Jive Software bought Internet monitoring service Filtrbox;
-- ShareThis bought MadKast.