Gazelle sold cheap after Apple launches iPhone upgrade program


Fortune:

Gazelle, a Boston-based e-commerce company which buys and sells used smartphones, has raised $61.9 million in venture backing from RockPort Capital Partners, Venrock, Craton Equity Partners and Physic Ventures, according to CB Insights. In 2013, the company had $113 million in revenue.

Apple's move may have hurt Gazelle's sales. Last week, with hardly a peep, the Gazelle sold to a kiosk business called Outerwall for just $18 million.

So basically after investors dumped $62 million into a company that was valued at $113 million, it was sold for a fraction shortly after Apple launched its upgrade program. Coincidence?

I like Gazelle and on the podcast told my story of trying to trade my iPhone 6 Plus in. I eventually opted for Gazelle and the transaction went great. Hopefully they stick around.