In 2005, Catherine Cook and her brother David had an idea for a startup. The high schoolers flipped through a yearbook and wanted to make a digital version.
The 15-and-16-year-olds got to work and created MyYearbook. In the six-year span, the duo raised $17 million in financing, grew the site to 20 million users and generated 1.2 billion monthly page views.
Wednesday, a publicly traded Latino social network, Quepasa, announced its $100 million acquisition of MyYearbook. The majority of the deal, $82 million, is Quepasa common stock. The other $18 million is cash.
Geoff Cook, MyYearbook's CEO and sibling of Catherine and David, wrote a letter to his 100+ employees:
"I don’t consider this an exit or the end. I consider it the end of the beginning, and I believe we have a lot more innovative products to create," he says.
Welcome to retirement Catherine, Geoff and David! Although we're sure this won't be the last company they create.
The Cooks aren't the only entrepreneurial kids who have made tons of money. This guy made $2.5 million by age 21 then blew it all on girls and gambling.
Here Are 10 pre-teens who make millions more than their parents >>