Red Tricycle, a family-focused content platform, was acquired for $6.5 million in March 2020 by Tinybeans, a technology platform that offers private photo-sharing spaces and other tools for parents.
The deal included shares of Tinybeans, which is listed on the Australian Stock Exchange, reported GeekWire.
Jacqui Boland founded Red Tricycle in 2010, when she was pregnant with her first child. Her mission was to create a community of parents by sharing parenting advice and family activities including city guides, day trips and restaurants.
Boland began raising venture-backed funds less than two years after founding Red Tricycle. With more than $3 million raised and a 20-person remote team, she grew Red Tricycle to 5.3 million Australian dollars (approximately US$3.5 million at the time) in annual revenue by 2020, according to Stockhead.
“I’m thrilled to announce that Red Tricycle has been acquired by Tinybeans, another beloved parenting brand built on the same values of trust, authenticity and focus on making the parenting journey easier,” Boland wrote in an announcement on the Tinybeans website.
Why Red Tricycle was appealing to Tinybeans
At the time of the sale, several outlets reported that Red Tricycle had 2 million active monthly users, though GeekWire reported more than 20 million monthly users and Boland’s announcement cited 40 million readers each month.
Tinybeans’s CEO told Adnews that Red Tricycle was a natural fit.
“The transaction makes compelling strategic and financial sense,” said Eddie Geller. While Tinybeans catered to families with children up to the age of six, Red Tricycle was geared for kids up to 13 years old. The acquisition means Tinybeans “will have far more users with extended reach and an upgraded value proposition to big brands,” Geller explained.
The acquisition helped consolidate Tinybeans’ operations, according to Stockhead, which reported that 95% of the company’s revenue and 85% of its users were based in the U.S.
After the acquisition, the full Red Tricycle team, including Boland, transitioned to working for Tinybeans, according to the press release.
Boland did not respond to requests for comment for this story. The Red Tricycle website now redirects to Tinybeans.