We’re seeing some smart people create very targeted web applications and flipping them just a couple of months after launching. First was MyBlogLog, which launched in October 2006 and was acquired by Yahoo just three months later for a reported $10 million.
Confabb may on an almost identical path. The company, which has created a social network around conferences, launched just three months ago. And from what we’re hearing, they are very close to being acquired in the next week, for $5 million or so. Look for founder and Chairman Salim Ismail to make an announcement about this at the Stirr event in Palo Alto tomorrow evening.
This is good news for Confabb’s angel investors, including Dave Winer and Andrew Rasiej, who put a total of $75,000 into the startup. And it’s even better news for Ismail, who needed a win after his last startup, PubSub, imploded due to founder conflicts.