Social network Facebook has acquired mobile gifting service Karma for an undisclosed amount just after the buyer’s flotation on the Nasdaq stock exchange for a $104bn market capitalisation.
Karma had raised $4.5m, while Facebook floated at $38 per share to raise $16bn in the biggest initial public offering by a technology company.
The sale of Karma provides an exit for internet services provider AOL’s CrunchFund and venture capital and angel investors Kleiner Perkins Caufield & Byers, Sequoia Capital and Felicis Ventures.
Separately, CrunchFund has invested in Crowdtilt, a US-based group-funding start-up’s $2.1m series A round funding alongside Y Combinator, SV Angel, Dole Capital, Paul Buchheit and Alexis Ohanian.