I just saw the news that Limbo has finalized their merger with Brightkite and announced $9M in new funding.
I’m pumped for Martin and Brady – they built a fantastic product that’s had very strong adoption over the last 18 months or so since they left TechStars after the summer of 2007. Congrats are also due to Alan who was also an original founder of the company. They’ve come a long way since first thinking of the possibilities of asking the simple question “Where are you?”
I had the chance to chat with Martin on the phone tonight and he told me that they feel like they have found the perfect partner. He told me that this deal adds major support for Brightkite that they didn’t have before, such as strong business development capabilities and deep carrier relationships. Limbo previously raised about $15M in funding from Azure Capital Partners, Draper Fisher Jurvetson, and New Enterprise Associates.
Best of all, Martin said, was the fact that Brightkite would not suffer the sad fate of not being enhanced further after an acquisition. According to him, Limbo is fully committed to Brightkite, as evidenced by the pending re-branding of the new joint company which will continue to use the name Brightkite. Martin told me that Brightkite users can expect even more great stuff in the future.
I feel very fortunate that the first year of TechStars produced such great companies. Three of those ten have now been acquired and all but a couple of the others are still going strong today. It’s been so cool to see that all of the founders who went through the program together are still such great friends. I think they will be for life.
Congrats again to Martin, Brady, and Alan. Well deserved.
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