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.
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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.
December 12, 2013
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