Novossibirsk April 1st
Airbnb confirmed on Monday its intent to acquire crowdshipping collaborative platform PiggyBee. Terms of the deal were not disclosed, but reports of informal WhatsApp messages between the two CEOs confirmed a price around $998million in cash, stock and bitcoin.
PiggyBee’s last funding round from January 2018 estimated the value of the company to be $19.01million, but as many startups, the company is still not profitable (and does not need to be anymore to IPO!). Its investors include Belgian fund for Chocolate, Pig Venture Capital, Honey Capital Management and the North Korean pension fund.
AN EVER-EVOLVING CROWDSHIPPING COMMUNITY
When PiggyBee first debuted in 2012, it focused exclusively on enabling consumers to share directly trips on a peer to peer basis with no commission. But now, with Airbnb pressure, CEO David Vuylsteke plans to raise the current commission from 10% to 66%, otherwise he will get a golden parachute to leave. Safety first!