In early March, it was reported that Cruise Automation, the San Francisco based autonomous vehicle technology developer, had been acquired by GM for $1b.
It was also a huge success for crowdfunding platform AngelList, where Cruise Automation raised its Series A and B rounds, as it is the first time a 'Unicorn' has emerged from the crowdfunding platform. What is unknown is the multiple these investors received ion their investments and whether overall Angelist returns are good.
Cruise Automation had quietly raised money via AngelList. General Motors GM -0.73% earlier this month said that it had agreed to acquire Cruise Automation, a San Francisco-based developer of autonomous vehicle technology, for what Fortune reported was more than $1 billion in cash and stock. The deal was a giant step toward mass-produced self-driving cars but, what we didn’t realize at the time, is that it also was a huge milestone for equity crowdfunding. In short, it is the equity crowdfunding market’s first-ever $1 billion exit.