![]() Though he was confident they could learn the ropes, it was also a risk to move into this area. ![]() We already started doing that, to some extent, but it wasn’t our core expertise,” Dancis admits. “We would need to build our own cloud-based service from scratch. The company monetizes through in-app purchases for the additional networks a user wants to add.ĭancis wouldn’t confirm how many of Cobook’s users were converting from free to paid, only saying that the rate was “okay.” But he told us that the team realized that they would soon have to switch to a subscription-based business model in order to continue work on the other features they wanted to add, including improvements to the address book’s auto-updating functionality. “Let’s put it this way, I think are probably happy with the outcome, especially since we are the first company from their portfolio with an exit,” he says.Ĭobook, for those unfamiliar, is a cross-platform (iOS, Mac) address book application that allows users to sync their default OS X/iCloud address book with Google contacts, and those from social networks like Twitter, Facebook, Foursquare, Instagram, AngelList, LinkedIn, and XING. Though the two companies wouldn’t talk acquisition price, Dancis says it was “a positive outcome” for investors. The organization had invested around $8 million into HackFwd and its portfolio companies it said this past September, and Cobook’s exit, it seems, will now become one of the highlights. His company had previously raised $500,000 in seed funding from the European-based pre-seed fund HackFwd, which stopped accepting new startups in fall 2013, admitting that it had gotten some things wrong along the way. ![]() Terms of the deal were not disclosed, but Dancis says it’s a mixture of cash and stock. Going forward, the entire six-person Cobook team will relocate to Denver, where Cobook CEO Kaspars Dancis will assume the role of Product Manager for the FullContact Address Book. Cobook, the scrappy startup out of Latvia which grew its universal address book application to over a million users, is being acquired by FullContact, a larger Denver-based operation also working on contact management solutions for businesses and individuals.
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