They've taken $95MM over 5 rounds starting in 2002, much of that before they had compelling revenue; between liquidation preferences and the equity bite that implies, I wonder how big a payday this is for the original founders and for the current key contributors.
If you aren't familiar with the company, an interesting sidenote: these folks spent a couple years being a perennial hardware hacker target. Their business model was getting cameras into people's hands way below cost, and charging "for real" when you returned the camera and developed your pictures. Which (a) didn't work and (b) provided anyone who could read a pinout and write some Python with an $11 digital camcorder.
Great story. This style of exit strategy appeals to me, but I would find the actual deal process of acquisition extremely daunting.
I think having Y-Combinator in your corner would be one of the truly great benefits of being funded by them; their experience with what's what, contacts with lawyers and so on, but mainly just the moral support (not trying to talk them up; this article just struck me powerfully. For half a billion, it's going to be serious negotiations).
I really liked this story. They definitely persevered. It is great to see someone work hard, even when it doesn't workout at first, and still make it big.
I have one of those CVS disposable cameras. It's great - you can give it to kids without worrying they'd break it, and it takes great "snapshot videos" perfect for emailing.
If you aren't familiar with the company, an interesting sidenote: these folks spent a couple years being a perennial hardware hacker target. Their business model was getting cameras into people's hands way below cost, and charging "for real" when you returned the camera and developed your pictures. Which (a) didn't work and (b) provided anyone who could read a pinout and write some Python with an $11 digital camcorder.