In 2005, the then-15-year-old Catherine Cook and her then-16-year-old brother David Cook, while flipping the pages of their yearbook, came up with an idea of founding a digital version of the yearbook. Their older brother Geoff Cook see the potential and agree to invest 250 thousand dollars. Thus, myYearbook is found.
Both Catherine Cook and David Cook are instrumental to the development and growth of myYearbook. They have conceived most of the features and functions of myYearbook. Their brother Geoff Cook, CEO of myYearbook, is instrumental in raising capital and overseeing the company from zero traffic and zero revenue to significant market-leading company.
In 2006, myYearbook raised $4.1 million from US Venture Partners and First Round Capital.
myYearbook partnered with casual game developer Arkadium to bring Flash based games to the site.
In 2008, myYearbook raised $12.8 million dollars in a Series B round.
Having money, myYearbook launched Chatter, a real-time stream that incorporates media sharing and gaming to help bring members together.
In May 2010, myYearbook launched an iPhone/iPod Touch and Android application designed to bring the Chatter real time feed to mobile devices.
Since its launch myYearbook has grown to be one of the top teen sites and one of the 25 most trafficked sites in the US. Quantcast reports MyYearbook has 4.7 million monthly unique US Visitors and 5.4 million globally. Currently myYearbook has about 70 million registered users.
myYearbook now is a profitable social networking website which has about 100 employees. Members can make new friends by creating profiles, interacting through chatter, a real-time stream, sending virtual gifts, and playing games.
In February, 2010, myYearbook reported the company ended 2010 with a $23.7 million in revenue, up 53% year-over-year.
myYearbook derives its revenue from three sources - advertising, virtual-currency sales and monthly subscriptions. Advertising makes up two-thirds of its revenue, with the other sources making up the rest. It has an established sales office based in New York City and Los Angeles.
The business has attracted advertisers such as Neutrogena, Disney and ABC; has grown to 3 million members worldwide; and rakes in annual sales in the "seven figures," says Catherine. How to compete in an industry dominated by MySpace and Facebook? Mine a niche. "Our site is specifically for high school students, and we really listen to the suggestions of our members," she says.
In 2011, the Cook sold the myYearbook for 100 million dollars.