Facebook makes fifth mobile acquisition this year with Karma

Facebook has acquired the mobile gifting and commerce service Karma, according to a blog post on Karma’s website. This is the social network’s fifth mobile-related acquisition in 2012 after Lightbox, Tagtile, Glancee and Instagram.

Launched just months ago in December, Karma positions itself as a user-friendly way for consumers to pick out and pay for gifts culled from a curated catalogue of items. The service hasn’t been a breakout hit; Karma’s Google Play listing shows the app has been downloaded between 10,000 and 50,000 times and it is not currently featured in any of our iOS app leaderboards on AppData. Even so, the blog post says it will continue to operate.

While not a pure-talent based acquisition as with Lightbox or Glancee, Facebook’s Karma purchase nets the company a team with expertise in sales and monetization on mobile. This is a smart move as the company seeks to ensure it can still take in revenues from its increasingly mobile user base. The deal is also the second successful sale for Karma founders Lee Linden and Ben Lewis, the pair behind the original incarnation of Tapjoy, which was sold to Offerpal in March 2010.

The terms of today’s acquisition were not disclosed, but according to SEC filings, Karma had previously raised $4.5 million in funding from  Kleiner Perkins, Sequoia Capital and others.

Social Media 101

Mediabistro Course

Social Media 101

Get hands-on social media training for beginners in our online boot camp, Social Media 101! Starting September 4, social media and marketing experts will teach you the best practices to be successful on social. Register before July 31 to get $50 OFF with early bird pricing. Register now!

 

Leave a Reply

3 Responses to “Facebook makes fifth mobile acquisition this year with Karma”

  1. This week’s headlines from across Inside Network says:

    [...] Facebook makes fifth mobile acquisition this year with Karma [...]

  2. Facebook Buys Social Gifting Mobile App ‹ email-setup.info | Email Marketing says:

    [...] InsideFacebook first reported the Karma purchase. [...]

  3. Social Gifting App Wrapp Tots Up A Million Gift-Card Redemptions - SocialTimes says:

    [...] Swedish company, whose app goes head-to-head with Facebook Gifts, launched in late 2011. (Facebook acquired Karma, which formed the basis for Gifts, in May [...]

Get the latest news in your inbox
interested in advertising with inside facebook?

Social Media Jobs
of the Day

Search Marketing Analyst

Greater Than One, Inc.
New York, NY

SEM Manager - Bilingual

Creative Circle
Miami, FL

Vice President of Technology

Emerald Media Group
Eugene, OR

SEO Manager - Bilingual

Creative Circle
Miami, FL

Featured Company

Join leading companies like this one and recruit from the nation's top media job seekers on the Mediabistro Job Board. Every job post comes with our satisfaction guarantee. Learn More
 

Our Sponsors

Also from Inside Network:   AppData - Facebook & iOS Application Stats   PageData - Engagement Data on Facebook Pages   Facebook Marketing Bible   Inside Network Research
 
home | site map | advertising/sponsorships | about | careers | contact us | help courses | browse jobs | freelancers | events | forums | content | member benefits | reprints & permissions terms of use | privacy policy Copyright © 2014 Mediabistro Inc. call (212) 389-2000 or email us