Capital firms have changed the game for small startups. Startup no longer need to depend on a bank to get its funding. These capital firms take money from wealthy investors and invest it in businesses rather than just depositing it in a traditional bank. Many companies have welcomed this business model and are actively investing in small startups and promising platforms.
As per reports, Meteor was first launched in 2011 and had managed to become a trending platform for every developer, however, dropped its momentum in recent years due to the emergence of new and advanced technology platforms.
Speaking on the development, Geoff Schmidt, Founder, Meteor, said that the company was delighted with their two platforms, namely Meteor and Apollo. He claims that Apollo projected a good prospect of growth while showing promising returns, which led the company to believe that it would starve resources for Meteor.
The company still hopes to continue and grow Meteor, Galaxy and their developer communities, cite Schmidt, adding that both Tiny and Apollo have agreed to work closely during transition of the platform and hopes to integrate its deep knowledge with Tiny’s vision.
Reportedly, Tiny also made headlines when it revealed the creation of WeCommerce
, an e-commerce company that would buy businesses present in the Shopify partner ecosystem.
As per Chris Sparling, the Co-Founder of Tiny, who be filling the position of CEO in WeCommerce, currently the firm has more than $27 million in commitments and cash, and will focus on deploying its resources into investing and acquiring the best Shopify partner companies and businesses.
Source Credit: https://techcrunch.com/2019/10/02/tiny-acquires-meteor/