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17 Year Old Joins Millionaire’s Club

Nick at the launch of his app

After acquisition of Summly by Yahoo today, Nick D’Aloisio at just 17 years joins the millionaire’s club  and becomes the youngest Yahoo employee ever.

What an exit admired by so many young founders, a whopping $30 Million for a 2-year-old startup.

Summly, allows users to skim and share news quickly with some really intuitive gestures.  The app delivers snapshots of stories giving users elegant and simple way to find news you want faster and reliable than the normal way of flipping across long pages. In the blog post announcing acquisition, Nick highlighted his dream of working with yahoo.

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The startup raised $1.53 Million from Betaworks, Horizon Ventures and other known funds in Silicon Valley. Yahoo will shut Summly down and absorb the team.

According to Nick, Summly’s vision is to simplify how people get information and that will be what they will continue at when they join Yahoo. A place he never emerged he will work at or acquire his app when he founded  it at 15.

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“I would have never imagined being in this position so suddenly. I’d personally like to thank Li Ka-Shing and Horizons Ventures for having the foresight to back a teenager pursuing his dream. Also to our investors, advisors and of course the fantastic team for believing in the potential of Summly. Without you all, this never would have been possible,” said Nick.

He also thanked his family, friends and school for supporting him and to the users who made Summly Apple’s Best Apps of 2012 award for Intuitive Touch.

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Through Summly, over 90 million summaries have been read in just a few short months, and the acquisition even means more, though the app is to be pulled out of the Apple Store, Nick promises to have a more powerful tool launched under Yahoo products soon.

Okii Eli
Okii Eli
Okii Eli is the CEO and Co-Founder at Ecorest. Follow him on Twitter @nextstevejobs or read his posts here. He lives in Nairobi and loves entreprenuership and blogs about start-ups in Africa.

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