First Tuesday going for a song
Sums up the market
First Tuesday, the networking organisation which gets dotcoms together with VC cash, is up for sale and could be got for a knock down bargain price of £2 million. It was bought for around $50 million (£36 million) six months ago.
Israeli incubator Yazam is pulling out of Europe because it's got itself in some financial difficulties and wants to sell its First Tuesday asset. It paid £2 million in cash for the business, the rest in shares, and wants to recoup at least the cash it laid out.
First Tuesday has got an estimated 100,000 members.
A cash strapped incubator. A dotcom funding business going for a song. First Tuesday is once again capturing the zeitgeist. ®