GV, the corporate venturing subsidiary of internet technology group Alphabet, has exited US-based mobile journal developer Hey through an acquisition by local services gateway Postmates, TechCrunch reported yesterday.
Founded in 2012, Hey had developed an automatic journal app called Heyday as well as Stolen, a trading platform for Twitter profiles that was later relaunched as a celebrity-based trading game called Famous.
The terms of the purchase have not been revealed. Hey founder Siqi Chen will become Postmates’ senior director of product, while the rest of the Hey team will boost the company’s engineering capabilities as it looks to grow.
Hey had raised $5.5m in venture funding, securing $3.5m from GV, then called Google Ventures, Spark Capital and General Catalyst Partners in January 2014.
Google Ventures also took part in Hey’s $2m seed round in 2012, investing alongside Spark Capital, TriplePoint Capital, CrunchFund, SV Angel and assorted angel investors.