How Much Did DoorBot Pay for Ring.com?

Jamie Siminoff paid a million dollars for ring.com over two years, with 175,000 wired the same day, while he had 187,000 dollars in the bank and the company was still DoorBot.

DoorBot was the name he used while building the first unit in his garage. It sounded like a robot and made a weak brand. In an update to Upfront Ventures he kept talking about rings of security, and a partner told him to call it Ring. The domain was for sale with no company on it. He thinks the seller's first offer was over a million dollars, and he agreed to a million. On closing day he said the board would not allow that purchase. The board was only him. An agreement was already in place at 750,000 dollars. He offered 175,000 that day and a million dollars total over two years, a higher price with less cash due immediately. The seller yelled, then told him to wire the 175,000 before hanging up.

The deal came about four months after Shark Tank, where the company had appeared as DoorBot, and before True Ventures invested. DoorBot was about to raise money and needed the new name.