The US$3-million cash purchase price is a fraction of the US$127.17 million Breather has raised since its founding in 2012, according to PitchBook data, from a cadre of high-profile investors. Menlo Ventures, known for its early-stage stake in Uber,a US$40-million round in the company in 2016.
Industrious made the offer in an April 20 letter to Murphy. Few, if any, of Breather’s investors are likely to see money from the sale. Breather’s most recent financing was US$3.1 million in mezzanine debt from TriplePoint Private Venture Credit in May 2020, according to PitchBook data. In most cases, debtholders are paid out before shareholders, so the proceeds from the transaction — which is set to close by May 28 — won’t cover the company’s senior class of preferred shares.
Reached by telephone Wednesday, Industrious CEO Jamie Hodari declined to comment on the deal. Murphy didn’t respond to a request for comment, nor did Finkelstein or Real Ventures partner John Stokes. “We don’t comment on transaction rumours,” Caisse de dépôt spokesperson Kate Monfette said.