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Skio, a 2020 Y Combinator alum which was founded by self-described college dropout Kennan Frost, was acquired by competition Recharge, the companies announced Thursday.
Both Skio and Recharge make products that pay for brand subscriptions.
Although the press release did not reveal about the deal, Frost (who left the company), wrote on X, LinkedIn, and Instagram that his startup went for $105 million and only got $8 million from investors. That is a health return by any measure.
His contract-related documents were also updated by Skio money Y Combinator and Nicolas Wittenbornfounder of VC firm Adjacent.
Frost has not run the company for two years, according to LinkedIn post Skio’s chief executive, Aidan Thibodeaux, who started as the first COO. When he took this position, he explained the lack of money that did not cost money on marketing, sales, or the sales team. Instead, they focused on spending money on building the product. He is the foundation CTO, Andrew Chenthey made every trade to call themselves, they wrote.
Frost’s story is very interesting. In his Instagram posts, he wrote that he founded his startup after a panic attack that forced him to quit his job as an engineer at Pinterest. COVID shut down the country two weeks later.
Frost joined YC and said in another post that he “completely failed during the batch,” until he took the decision to sign up. In three years, he got the company $10 million in ARR and, he says, profitable. Then “another group came together and turned these initial movements into a real company,” he credits.
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His mentor at YC, Gustaf Alströmer, confirmed the word sold on X. Alströmer explained how the founder struggled during his time on the accelerator but did not give up.
Frost says at the time of the sale the company was at $32 million in ARR and had scheduled $4 billion in payments. He is now working on another startup he started, A symbolwhich offers a product called AdMaker for creating ads and tracking ad campaigns.
Frost, Recharge, and Wittenborn were not immediately available for comment.
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