Karma is its fifth mobile-based acquisition of the year.
Facebook's mobile-based buying spree continues, as the Menlo Park, CA-based digital giant scooped up Karma on May 18 for an undisclosed price.
While the Karma brand will remain intact, the move could bolster Facebook's ability to monetize its mobile and commerce initiatives. San Francisco-based Karma lets smart phone users send gifts to friends, who can then swap them for something else, donate the value to charity, or accept the item and get it delivered e-commerce-style.
According to SEC filings, five-month-old Karma has raised $4.5 million from investment firms like Kleiner Perkins Caufield & Byers and Sequoia Capital.
This year, Facebook has also purchased mobile photo sharing firms Instagram and Lightbox, loyalty platform Tagtile, and Glancee, a system that alerts users when people with similar interests are nearby. Each acquisition has a significant focus on mobile.
InsideFacebook first reported the Karma purchase.
Want to learn more?
Attend ClickZ Live New York March 30 - April 1. With over 15 years' experience delivering industry-leading events, ClickZ Live brings together over 60 expert speakers to offer an action-packed, educationally-focused agenda covering all aspects of digital marketing. Register today!
Christopher Heine was a senior writer for ClickZ through June 2012. He covered social media, sports/entertainment marketing, retail, and more. Heine's work has also appeared via Mashable, Brandweek, DM News, MarketingSherpa, and other tech- and ad-centric publications. USA Today, Bloomberg Radio, and The Los Angeles Times have cited him as an expert journalist.
Hong Kong, May 5-6, 2015
A Buyer's Guide to Affiliate Management Software
Manage your performance marketing with the right solution. Choose a platform that will mutually empower advertisers and media partners!
Google My Business Listings Demystified
To help brands control how they appear online, Google has developed a new offering: Google My Business Locations. This whitepaper helps marketers understand how to use this powerful new tool.
May 6, 2015
12:00pm ET/9:00am PT