One of my very first angel investments exited today. I learned yesterday that Box has acquired Crocodoc (formerly WebNotes.)
The story on this one is simple: I was touring around the various New England angel groups, and on my first stop at a Walnut Ventures angel meeting, this was one of the groups showing. They were short, but they were great. Thanks to Ben Littauer who sourced the company (like many of the Walnut Ventures angels, these were MIT grads), Michael Mark for inviting me in, and most especially for Ryan D’amico, who did some courageous things early on, including personnel changes, moves, and pivots.
A great product doesn’t always make for a great exit–I don’t even know the details yet of what the payout will be–but this was a nice experience with hard working kids who deserve their good fortune.
Meanwhile, I need to remind myself not to confuse a bull market with brains. Angels, remember, when you have exits, under recent changes in tax codes if you reinvest in another angel deal, there’s no tax. Like rolling proceeds from a house sale into a new house…you just continue the basis.
Happy angeling, all. Keep that economy pumping.