Facebook Acquires Divvyshot (W09)!

We are excited to announce that we’ve received an offer we can’t refuse. Facebook recently reached out to us about acquiring Divvyshot. The more we’ve learned about the team, their direction, and their product, the more excited we’ve become about this opportunity.

As a result, we’ve reached an agreement with Facebook for them to acquire many of the company’s assets. We will join the Facebook engineering team and focus on Facebook Photos.

Congrats Sam Odio & team!

Got Roomies? Pay Your Bills With WePay (S09), the Online Group Payment System

The company has been in private beta for the past six months and says that its testers have been giving it rave reviews. If it does what it says it does, we wouldn't see why not.

So far, it has received funding from August Capital, Max Levchin (the founder of PayPal), Ron Conway (early investor in Google, Facebook and Twitter), Eric Dunn (former CTO and CFO of Intuit), and others.

full article at readwriteweb.com

 

Y Combinator Matures: 1/4 of Startups Funded Before They Finish the Program

When I think Y Combinator, I think a couple of scrappy college dropout co-founders for whom living on ramen is more than proverbial and coding is life. They pitch an idea, come out to California, drink in some startupy goodness and maybe make something of it.

But that incubator model, now five years old and widely replicated, is changing. At today’s Demo Day, Y Combinator’s “here’s what I did with my three months” set of presentations given to a group mainly composed of angel investors, a quarter of the 26 participating companies already had funding in the bank in addition to what Y Combinator gave them, said co-founder Jessica Livingston.

Others in the group have funding committed in the form of term sheets, to the point where some were turning away investors. One, Cardpool, which Om recently profiled, declined to give out growth stats out of a stated concern that they would be too impressive and encourage competition. “We’re just about to close our round and we’re massively oversubscribed,” said the company’s presenter.

full article at gigaom.com