INDIVIDUAL: HAXZ got acquired.

Get acquired

After 2 years, we are thinking to get the third funding -series C for Foozi. We prepare the pitch with existing technology, more features, more customers and users. We are having 80% growth rate from the first funding round to the second funding round, and having 8% growth rate from the second round to the third round. It seems we become a competitor to yelp. So in 2022, after we have the pitch for VC, Yelp contact our company and they asked us if we want to sell the company to them. Yelp is really interested in our company and they see our value to users for their Corporate Development. In 2022, the average time Bay Area foodie spending on planning eating out shorten from 1 hour to 30min.

After we had a long meeting with Yelp finance department, we all agree to sell our company to them since our CEO just got married and planning to focus more on the family business in China, CMO got married to a Chinese wife and he is thinking to move to China. As the deal to sell our company, we ask them to remain our CFO and CTO in the company so they have a better understanding of the management of running HAXZ. So our CFO became CEO, and they offer us $700 million. And then, we signed the contract to sell our company.

But be careful about secret ingredient, A non-disclosure agreement does prohibit people from disclosing information, but it does not prohibit the person signing the agreement from using that information. As a result, we are extremely careful about disclosing information, such as our organic search techniques, technology stacks and operational processes, even to the people in the agreement, because these are the “secret ingredient” of our company.