Why Swoop Aero turned down a $100m acquisition offer - Good Business
What would you do if you were offered $100 million?
Swoop Aero co-founder Eric Peck was faced with that very question last year, when a US-based firm offered to buy his Melbourne-based drone logistics startup. However, when the time came to make the call, Eric said “no.”
In this episode of Good Business, listen in as Eric discusses the reasons behind his and the Swoop Aero team’s decision to turn down the acquisition offer, how he raised a seed round shirtless in Vanuatu, and how he envisions Swoop Aero can change the way the world moves by making access to the air seamless.
Time codes
00:00 – Introducing Eric Peck, co-founder of Swoop Aero
00:59 – How Eric met his co-founder Joshua Tepper
02:26 – Welcome to Good Business
03:03 – The exciting early days of Swoop Aero
04:12 – The team’s first win: a contract in Vanuatu
06:45 – Attaining international attention from media outlets and investors alike
08:48 – Faced with a buyout offer worth $100 million
09:53 – Why Eric and the team rejected the acquisition offer
12:41 – No regrets, just learn and grow
13:58 – Working towards reaching a billion people by 2030
16:05 – Chris’ takeaways from the conversation with Eric
17:01 – Thanks for listening!
Featured voices
Chris Edwards, founder of Launchpad and The Honeycombers, and host of the Good Business podcast
Eric Peck, CEO and co-founder of Swoop Aero, a Melbourne-based drone logistics startup that was founded to transform how the world moves by making access to the air seamless
Good Business goes behind the scenes of the leaders of good businesses, who have people, planet and profit at the core of their mission. Follow the show on Spotify, Apple Podcasts, or wherever you get your podcasts.