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Skew, A 2020 Y Combinator Alum Founded by Keenan Frost, a self-described college dropout, it has been acquired by rival Recharge Companies announced Thursday.
Skio and Recharge both make products that handle subscription payments for brands.
While the official press release did not reveal the terms of the deal, Frost (who previously left the company) posted on X, LinkedIn, and Instagram that his startup took in $105 million in cash and had only raised $8 million from investors. This is a healthy return by all standards.
Scio retweeted his posts about the deal Y Combinator investors and Nicholas Wittenbornfounder of VC firm Neighborhood.
Frost had not run the company for about two years, according to him Posted on LinkedIn By Skio’s current CEO, Aidan Thibodeaux, who started as the startup’s first COO. When he took over, he described hard work that didn’t involve spending on marketing, advertising or a sales team. Instead, they focused spending exclusively on building the product. He and the founder CTO, Andrew Chen“He made every sales call his own,” he wrote.
Frost’s story is even more interesting. In his Instagram post, he wrote that he founded the startup on his own after suffering a panic attack that caused him to quit his job as an engineer at Pinterest. Coronavirus shut down the world after two weeks.
Frost joined YC and said in another post that he “absolutely failed during the push,” until he turned to this subscription idea. Within three years, he had the company at $10 million in ARR and, he says, profitable. Then “another team came together and turned this early work into a real company,” he says.
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His advisor at YC, Gustav Alströmer, confirmed the terms of the sale on X. Alströmer described how the founder struggled during his time at the accelerator but never gave up.
At the time of the sale, the company was valued at $32 million and processed $4 billion in payments, Frost says. He is now working on another startup that he founded, codewhich offers a product called AdMaker for creating ads and tracking ad campaigns.
Frost, Recharge and Wittenborn could not immediately be reached for comment.
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