Publicly Traded Web 2.0 Company – Foldera
May 20, 2006
Foldera maybe the first publicly traded, pure play investment on web 2.0. In February TechCrunch posted the following on Foldera:
Foldera's goal is to organize all of the chaos surrounding work based documents (email, calendar, office documents, instant messaging, etc). It is a very big idea.
Here is Foldera's financial timeline:
August 2005 – Foldera secures $2m in Series A financing
February 14, 2006 – Reverse merger occurs between Expert Systems and Taskport, name change to Foldera
February 14 – Completes Series B round of $8.5m at $2 per share. Foldera has raised $13m since inception. At $2 per share, market capitalization is $30m (15m shares outstanding)
February 28 – Stock closes at $7.50 a share, and now has a market capitalization of $112m
May 15 – Stock splits 4-for-1
May 19 - Market capitalization of $296m
The company is currently in private beta and I have yet to receive an invitation (signed up in February 06). The posts from other blogs to date have been favorable, but I am no position to say if it does or does not warrent at $296 million dollar market cap.
Stowe Boyd highlights how blogs have attributed to the success of Foldera's launch based on feedback from the CEO. The CEO attributed 1 million sign-ups and 300k daily visitors to posts by Om Malik, Michael Arrington, and Stowe Boyd.
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1.
Bruce S. | May 21, 2006 at 4:37 pm
Stock Scam
2.
eccobay | May 27, 2006 at 10:44 pm
Hi Bruce,
I wouldn’t necessarily say scam. The valuations seems high for a publicly traded company still in beta, there are a lot of non-public VC companies that have similar valuations.
It will be interesting to see how things play out as the come out of beta.
David
3.
Bruce S. | May 27, 2006 at 11:43 pm
Name one VC backed company with no product and a valuation of $200 million. Reverse merger?
4. Anonymous | May 31, 2006 at 5:37 pm
Google…
Google news and reviews…
5.
Michael Sampson | June 8, 2006 at 11:45 pm
David,
Thanks for talking about Foldera, and following our developments. We have a real product that is about to go into beta test, and once you’ve had a chance to review it, I look forward to hearing your reactions.
Kind regards,
Michael Sampson
Global VP of Word-of-Mouth Marketing
Foldera, Inc.
6.
Bill Simms | February 13, 2007 at 7:10 pm
So how was the Beta test you were promissed back in June? Maybe I missed your posting about it later.
7.
eccobay | April 17, 2007 at 6:18 am
A quick update to everyone following this blog, I still haven’t received an invite to Foldera. It looks like when I posted about the company, it was close to the peak in terms of stock price. As of tonight, the total market capitalization of the company is $70M, a 76% drop.