GrabOne founder cashes in with part-sale to APN
A good time to sell.
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Hawke’s Bay
I've been merrily reporting that group buying site GrabOne is 50% owned by online entrepreneur Shane Bradley, and 50% by Herald publisher APN.
Specifically, a holding company called Idea HQ, owns 100% of GrabOne, and 100% of my Bradley's other key start-up, putative TradeMe rival Sella - and Idea HQ is (or was) 50/50 owned by Bradley and APN.
After getting a tip from an APN insider last night, I checked out the privately-held company's share ownership again.
It turns out that on February 24, Mr Bradley sold half his Idea HQ shares to APN.
He now holds 25%, and APN 75%.
The usually loquacious Bradley did not immediately respond to a request for comment on the value of the deal.
I have no idea how Sella is going in its thankless quest to take on TradeMe (though its $1 reserve auctions for Air NZ's wildly popular grabaseat deals can't hurt).
But GrabOne does have a high profile among GroupOn clones, and by its own account has sold 750,000 vouchers since its launch in July last year.
During January, Bradley told Keallhauled that GrabOne had sold $2.1 million of vouchers during December.
He wouldn't reveal a commission rate, but rival Groupy (now owned by Yellow) said it took 25% on sales.
Now, with rivals piling in left right and centre (MediaWorks' Cudo is the latest), it seems a goood time to cash in.
Another of Bradley's start-ups, the mindlessly annoying Finda* was sold by APN to Yellow in February 2009. At time, it was said that Finda listed 200,000 businesses.
* I say "annoying" because I loathe it when I search for a restaurant - or any other business's website - and the Google result is clogged by listings from Finda and its various clones.
During January, Bradley told Keallhauled that GrabOne had sold $2.1 million of vouchers during December.
He wouldn't reveal a commission rate, but rival Groupy (now owned by Yellow) said it took 25% on sales.
During January, Bradley told Keallhauled that GrabOne had sold $2.1 million of vouchers during December.
He wouldn't reveal a commission rate, but rival Groupy (now owned by Yellow) said it took 25% on sales.
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GrabOne founder cashes in with part-sale to APN
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