November 17, 2014
GrooveBook, a mobile photo book app subscription service that sends customers a keepsake book of their mobile phone photos each month, announced that it was acquired by the manufacturer and digital retailer Shutterfly for $14.5 Million. The acquisition includes an upfront purchase amount and a future performance-based earn-out. Fans of ABC's Shark Tank will recognize GrooveBook, since the company was one of the show's success stories and has since worked with investor and mentor, Kevin O’Leary.
“This is a great moment in Shark Tank history, and a testament to the message at the heart of the show: the American Dream is alive and well,” said Kevin O’Leary, founder of O’Leary Financial and star of ABC's Shark Tank. “I've worked closely mentoring Brian and Julie, the founders of GrooveBook, and I've always believed in their potential as entrepreneurs to grow their business into something remarkable. Today they have done just that – and thanks to their hard work and great innovation, they are going to wake up financially independent and free.”
“The acquisition of GrooveBook reflects Shutterfly's continued commitment to offering customers dynamic mobile experiences,” said Jeffrey Housenbold, president and CEO of Shutterfly. “By adding GrooveBook to our family of brands, we will introduce a new photo book form factor while leveraging the viral, social, and word of mouth nature of the GrooveBook mobile apps.”
Joining Shutterfly is also a great opportunity for GrooveBook to have access to their photo printing capabilities, which can help the company scale. The quality of the photo printing of GrooveBook has not been the startup's forte according to reviews. So this can be a great benefit for customers.
“We are thrilled to bring GrooveBook to the Shutterfly Inc. family of brands,” said Brian Whiteman, founder of GrooveBook. “Shutterfly is the industry leader and by leveraging their technology platform, expansive manufacturing footprint, and expertise in quickly scaling brands, we will be able to scale GrooveBook operations and grow it into a profitable, nationally recognized brand.”
Did you like this article?
Get more delivered to your inbox just like it!
Sorry about that. Try these articles instead!