File hosting service Dropbox has acquired US-based cloud-based photo storage company Loom for an undisclosed amount, giving investor Google Ventures and Tencent an exit.
Google Ventures, the corporate venturing arm of internet company Google, and China-based internet company Tencent invested in a $1.4m seed round raised by Loom in October 2013 alongside Great Oaks Venture Capital, DC shoes founder Damon Way and Overbrook Entertainment, the production and management company formed by actor Will Smith.
Dropbox announced the deal at the same time as it revealed it is also acquiring Hackpad, a tool that allows users to store, organise and share data while indicating which data was added from which source.
Hackpad had not revealed any prior funding rounds but, like Loom, it emerged from startup accelerator Y Combinator, which provided it with some minor seed funding.