U.S. consumer investing and trading service Robinhood announced this morning that it will acquire Say Technologies in a $140 million cash deal.
Say Technologies is a venture-backed startup, having raised $8 million in 2018, per Crunchbase data. PitchBook data indicates that the company was worth $28 million on a post-money basis following the investment, implying that the company’s backers managed a roughly 5x return on their investment.
Say was backed by Point72 Ventures, among other investors.
The deal is notable because it is Robinhood’s first major purchase since going public in late July, and because it illustrates where Robinhood may look to invest some of its newly liquid equity wealth; when a company goes public, it can more easily purchase other companies thanks to recharged cash balances and a floating stock.
In a blog post, Robinhood wrote that “Say was built on the belief that everyone…