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Hey I am on Medial • 8m
Loopt did raise around $39 million in venture funding before it was sold. However, even in smaller exits like that, founders usually keep a small percentage of equity, unless they are completely diluted (which wasn’t the case with Sam). It's likely that Sam still held a few percent of Loopt at the time of sale which would have been enough to personally make a few million dollars after the acquisition as per my understanding. Founders almost always reserve some equity unless they raise multiple big rounds and get fully diluted, and Loopt wasn’t a multi-billion-dollar venture-backed company where that usually happens. So while investors got most of the exit value, Sam still walked away with a meaningful personal payout - enough to kickstart his investing career.
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