IP Uh Oh
Bonobos, the popular e-tailer that launched in 2007 with the promise of a better-fitting pair of pants (ones that could hug CEO Andy Dunn’s “surprisingly meaty thighs“), is raising a $15 million equity round. According to the company’s latest Form D, Bonobos has already raised $7,999,973 toward that goal, with $7,000,027 still up for grabs.
The issuer is listed as Bonobos itself and not Mr. Dunn in particular. The equity is offered in “Series C-1 Preferred Stock and the common stock issuable upon conversion thereof,” and the round is unrelated to a merger or acquisition.
Uncategorized, Start-up Inc.
Mark Pincus is not having a very good holiday season. An amended S-1 filing from last week showed a drop in net income, fewer daily active users, and slower revenue growth than previous quarters.
Absent a stock price, the filing seemed to indicate Zynga’s IPO would be delayed until after Thanksgiving. But before he can dull his anxieties with tryptophan, the Wall Street Journal has another skeleton to drag out of the closet.
Apparently, Mr. Pincus has been threatening a few early employees he deemed unworthy to return the Zynga stock they were given or risk being fired and lose all their unvested stock.
With the saga of Twitter’s lost founder reverberating around the web, now seems like a good time to hear from some local heavyweights on how best to divvy up ownership of a start-up.