Facebook acquired social gifting service Karma for an undisclosed amount late last week. The company’s existing equity investors, which include Sequoia Capital and Kleiner Perkins, stand to gain, having put $4.5 million into the company in the summer of 2011.
Prior to the acquisition, Karma’s technology was already interacting deeply with Facebook: the app automatically searches its users’ Facebook accounts for the birthdays and upcoming special occasions of their friends, then allows them to send gifts like products from Kate Spade or Crane & Co.
“Over the last year, we’ve built a new e-commerce platform from the ground up,” wrote co-founders Lee Linden and Ben Lewis in a blog post announcing the deal. “We’ve been honored to partner with amazing brands to create a curated catalog of products. We made those products instantly giftable in a brand new way. And we harnessed the power of Facebook’s social network to ensure you never miss a chance to show someone you care.”
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More