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.
What would we do without social media?
Facebook isn't just the world's largest social network. In the past two years, it has also become one of the world's most popular online destinations for consuming video content.
In 2015, Verizon purchased AOL for $4.4 billion. Now, the mega wireless carrier is leveraging its wireless network as part of a new ad offering called BrandBuilder by AOL.
If your responsibilities have anything to do with marketing, advertising, PR or social media, you can’t afford to be camera-shy in this day and age.