Social media major Facebook has acquired Giphy, one of the most popular GIF-sharing sites on the web, reportedly for $400 million. Facebook has not disclosed any details on the amount it is paying for the purchase. However, the firm said that Giphy will partner with the Instagram team.
Giphy was started in 2013 by Alex Chung and Jace Cooke as a platform that hosts a huge number of GIFs. It allows the users to browse and discover the best from the lots. The firm had raised $150.9 million in funding since its inception with its latest financing coming in 2016 when DFJ Growth led the $72 million funding round.
The other backers of the firm include the names like GV, Glynn Capital Management, IVP (Institutional Venture Partners), CMC Capital Group, CAA Ventures, General Catalyst, Lerer Hippeau, Lightspeed Venture Partners, Betaworks and others. To make the company a strong entity, it had acquired Slash Keyboard, Electric Objects, imoji, Giphy Capture, and Nutmeg.
In the official announcement, the company said that “GIPHY makes everyday conversations more entertaining, and so we plan to further integrate their GIF library into Instagram and our other apps so that people can find just the right way to express themselves.”
Adding further it said that "By bringing Instagram and GIPHY together, we can make it easier for people to find the perfect GIFs and stickers in Stories and Direct. We’ve used GIPHY’s API for years, not just on Instagram, but in the Facebook app, Messenger and WhatsApp."
Giphy confirming the deal said, “We’ve had a lot of fun teaming up with Instagram over the years; GIPHY’s Stickers were the perfect fit for layering on Instagram Stories, while our GIF search allowed everyone to capture that perfect emotion in Instagram’s DMs. Based on the success of those collaborations (and many others) we know that there are exciting times ahead of us.”
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