In 2005, Catherine Cook and her brother David had an idea for a startup. The high schoolers flipped through a yearbook and wanted to make a digital version.
The 15-and-16-year-olds got to work and created MyYearbook. In the 6-year span, the duo raised $17 million in financing, grew the site to 70 million users, and generated 1.2 billion monthly pageviews.
Today, a publicly-traded Latino social network, Quepasa, announced its $100 million acquisition of MyYearbook. The majority of the deal, $82 million, is Quepasa common stock. The other $18 million is cash.
Geoff Cook, MyYearbook's CEO and sibling of Catherine and David, wrote a letter to his 100+ employees:
"I don’t consider this an exit or the end. I consider it the end of the beginning, and I believe we have a lot more innovative products to create," he says.
Welcome to retirement Catherine, Geoff and David! Although we're sure this won't be the last company they create.
The Cooks aren't the only entrepreneurial kids who have made tons of money. Check out 10 pre-teens who make millions more than their parents >>
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See Also:
- The Big Spotify Surprise: Free Music On Demand For SIX MONTHS
- The Truth About New Zealand's Startup Scene
- "DON'T Do A Startup, You Will FAIL"
This 21-Year-Old Just Sold Her Startup For $100 Million
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