US-based technology news platform Product Hunt was acquired by angel investor community AngelList on Wednesday, providing an exit to GV, the early-stage investment vehicle of conglomerate Alphabet.
Financial terms were not officially confirmed, though news publications Recode and TechCrunch put the transaction value at $20m. The acquisition follows rumours that Product Hunt was trying to raise a $7m to $9m series B round
Founded in 2013, Product Hunt operates a consumer discovery platform for users to vote on startup products. The company claims it has been responsible for more than 100 million clicks through to product websites of 50,000 businesses.
Product Hunt will operate independently from AngelList though the two companies will make it easier for respective users to access features. Ryan Hoover, founder and chief executive, will remain with the company.
GV contributed to a $1m seed round in August 2014 alongside Y Combinator, Betaworks, CrunchFund, Greylock Discovery Fund, Ludlow Ventures, Slow Ventures, SV Angel, Tradecraft, Vayner RSE and angel investors such as AngelList’s co-founder and CEO Naval Ravikant.
Andreessen Horowitz then led a $6.1m series A round the following month, with participation from angel investor Alexis Ohanian.
Naval Ravikant said: “We already help founders raise money and recruit talent. With Product Hunt, we can also help founders launch products and find early adopter customers. It dovetails very nicely into our mission of helping founders. With this acquisition, we become the network for technology companies.”