Evertail VCs sold equity back for €1 to avoid liquidation hassle
Luca Ferrari · Luca Ferrari: Scaling to 500M Downloads, $360M in Reported 2023 Sales and a $2.55BN Valuation |E1127 · 20VC with Harry Stebbings · Mar 15, 2024 · at 8:27
Luca Ferrari is the co-founder and CEO of Bending Spoons. He describes how investors in his previous startup Evertail waived their liquidation preferences to let the founders keep leftover capital.
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“The venture capital firm at the time preferred to sell their, the money would have been theirs because they had liquidation preferences. It would be pretty typical for a VC deal, but they, for them, it was more of the hassle of going through the liquidation process for 40,000 dollars and paying for lawyers and all that, and so they sold their shares to us for, I don't know, a euro, I think, or something”
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