Thursday, June 29, 2017

Bill Haney, Former CEO of Blu Homes Acquires Funding for Another New Company

After soliciting well over $100 million in funding to launch and expand Blu Homes into a national builder and open a factory, Bill Haney resigned as CEO recently amid the total downsizing of Blu only to pop up getting $33 Million in funding to launch Dragonfly, a new medical drug company.

Bill Haney and Maura McCarthy, from a Forbes article about the 'success' of Blu Homes

What is very interesting is that a Disney family member was one of the first to fund he and Maura McCarthy’s Blu Home startup and once again the Disney name is backing this new venture. No word yet if Maura is joining him or if she will continue on at Blu Homes.

I am continually amazed at the way money just seems to flow to him no matter what business he decides to start.

Here is the story of Bill Haney’s newest startup from the EXOME website:

Dragonfly Therapeutics, a stealthy startup formed by well-known cancer researchers on both coasts and backed by a high-powered group of family offices, has inked its first partnership. Celgene, of Summit, NJ, is paying Dragonfly $33 million up front for the chance to co-develop up to four blood cancer drugs.
Bill Haney on the left with his new investors

The deal is a modest bet for Celgene (NASDAQ: CELG), which generates more than $11 billion a year, largely from lymphoma and multiple myeloma drugs, and has aligned itself with a slew of startups through creative partnerships over the years. But it’s the first stamp of validation for Cambridge, MA-based Dragonfly since it was formed in July 2015 by cancer research pioneer Tyler Jacks, his longtime friend, filmmaker and tech entrepreneur Bill Haney, and UC Berkeley immunologist David Raulet.

CLICK HERE to read the entire EXOME article


Builder Bob said...

Coach, let me try to understand this. He gets hundreds of millions to build a brand that everyone that's in the modular and manufactured housing industry knew would be a failure turns around and gets another 33 million from the same people that watched their money disappear into Blu Homes as start up money for a cancer cure. He is either the best at getting people to give him money without anything to show for it or somehow the investors have figured out a way to make money by investing in his startups.
Either way there is a snake oil salesman in there somewhere.

Shawn Corkrean said...

Some private equity money has a mindset of investing in 20 companies: 17 will be total failures, 2 will get their money back, and 1 will have rock star success. Haney's real magic trick was to get investors to believe that modular manufacturing had the potential to have quick, giant returns. He probably even believed it himself. The unforgiving reality of this business on both the retail and the manufacturing side is that this is a long haul business where success is a culmination of many single, hard won sales. There is financial success to be had, but it is far more likely to come after 10 years of hard work than 24 months of hype delivered to the media.