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Skio, a Shopify subscription platform built with $8 million in total funding and no marketing, sales, or advertising spend, was acquired by market leader Recharge for $105 million in cash.
Skio was acquired by competitor Recharge for $105 million in cash after reaching $32 million ARR.
KEY POINTS
- Skio achieved $4 billion in payment processing with no marketing, sales, or advertising spend.
- The acquisition eliminates the main challenger to Recharge, reducing competition for Shopify subscriptions.
- Founder Kennan Frost left Skio operations two years before acquisition and has since launched AI startup Icon.
- Recharge chose to buy Skio rather than rebuild competing modern subscription technology from scratch.
COMPANIES
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