Seattle-based mentoring and networking startup OwnTrail is being acquired by Teal, a job search tool headquartered in Miami.
In a Tuesday blog post announcing the deal, OwnTrail co-founder and CEO Rebekah Bastian cited market conditions as a major factor in deciding to sell. The companies didn't disclose financial terms of the deal.
"This is not how or when I wanted to land the plane. I wanted it to be a rocket ship and go to the moon. And I still truly believe that, with the right resources, it could have been," Bastian wrote in the blog post. "Despite just having completed Techstars, having a robust product that people love, a clear vision for what to do next and the dream team to do it, the funding just wasn’t there."
OwnTrail, founded in 2020, allows users to create and share "trails" that highlight major life events like starting a job, getting married, finishing school or having a kid. The platform is geared toward women but is open to anyone who identifies with it. OwnTrail aims to showcase authentic journeys and provide a more full-picture view into women's paths than the siloed professional or personal platforms that exist today, Bastian previously told the Business Journal.
Bastian worked at Zillow for over 14 years before leaving in 2020 to launch her startup. She was vice president of community and culture at the Seattle-based real estate tech company before leaving. OwnTrail raised $635,000 in pre-seed funding in 2021.
In an email to the Business Journal, Bastian confirmed that OwnTrail's three employees are not joining Teal, but she will be advising the company.
Despite the difficulty in selling her company, Bastian said in the blog post she is happy OwnTrail has landed with a company she respects. She added that she didn't hide the acquisition talks from her team so employees could figure out their next moves.
Teal, founded in 2019, uses artificial intelligence to help users build their resumes. The company also provides a single place to bookmark and track jobs from more than 40 job boards. According to Teal, the OwnTrail tool will be free after the acquisition.
"What makes me sad is not being able to continue learning and growing with OwnTrail. The value of sharing our nonlinear stories, connecting authentically and helping each other along our journeys is as clear to me as ever," Bastian said in the blog post. "I’m planning to give myself space to grieve what could have been, and then space to celebrate what is, before moving on to my next adventure."
