Friday, March 19, 2010
Mota Motors Founder May Benefit From IPO
Reza Bundy, the founder of Venice-based Mota Motors, looks to be a major beneficiary of an IPO -- not of his current firm, but of his prior company, Iron Planet. In papers filed Thursday evening by Iron Planet, the Pleasanton-based firm said it is looking to raise up to $92M in an IPO on the NASDAQ Global Market. Bundy founded Iron Planet, which is venture backed by Accel Partners, Kleiner Perkins Caufield & Byers, as well as Caterpillar and Komatsu America. In those filings, Iron Planet indicates that Bundy still owns 9.37 percent of Iron Planet. Mota Motors is developing a service to help consumers buy and sell used automobiles; the firm has previously scored funding from Prism VentureWorks.