Facebook Buys Social Gifting Mobile App
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.
Streaming has become a staple of US media-viewing habits. Streaming video, however, still comes with a variety of pesky frustrations… Download Now
Data is the lifeblood of so many companies today. You need more of it, all of which at higher quality,… Download Now
By combining advanced technology (AI) and the oldest form of human communication (voice), absolutely frictionless communication channels are being developed… Download Now
Every year the mobile market continues to grow and develop. Cyber Monday 2018 saw $2.2 billion in sales stemming just… Download Now