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Today, TechCrunch has learned that Quarterly.co, a subscription giftbox service that features monthly instalments curated by respected entrepreneurs, designers and organizations is buying 12Society, a rival startup with a similar, celebrity-endorsed approach to subscription commerce. Terms of the deal are not yet being disclosed, although a source tells us that it’s a small cash and equity deal that is expected to officially close in the next week or two and will lead to the closure of 12Society this summer.
While 12Society’s 11 employees are all headed in new directions, the startup’s celebrity co-founders, which include veteran rapper Nas, rapper and comedian Nick Cannon, L.A. Clippers star Blake Griffin, the Timberwolves’ Kevin Love, all-star San Francisco Giants pitcher Tim Lincecum and former New York Giant Michael Strahan, will take a stake in Quarterly as part of the deal.
Co-founders Nadir Hyder and Sameer Mehta were both offered the opportunity to join the new company and, while Hyder opted not to stay, Mehta is staying on in a consulting role while joining Five Four Clothing to lead the brand’s new eCommerce and subscription box service.
Another key result of the deal is that, as part of taking a stake in the new company, 12Society’s celebrity co-founders will join Quarterly’s pool of influencers to help expand its scope and diversify its roster. While 12Society’s site will go dark this summer, the startups plan to have the celebrity contributors integrated and active on Quarterly by August.
