GiftCards.com, one of the top gift card websites, has acquired a startup called Giftly. The terms of the acquisition was undisclosed. Based in San Francisco, California, Giftly lets users send gift credits to recipients based on their location when redeeming a gift rather than issuing plastic cards.
Formspring is a question and answer service that will be shutting down. Formspring wrote in a blog post that their ability to maintain a level of resources needed to keep the company up-and-running is too high now. Users will be able to post questions on the service until March 31st. People that want to export their data from the website has until April 15th.
Stitch Fix is a San Francisco based startup that has raised $4.75 million in Series A funding. This round of funding was co-led by Baseline Ventures and Lightspeed Venture Partners. Western Technology Investment also participated in this round. Stitch Fix has over 10,000 clients. Stitch Fix currently has over 10,000 clients and they have a staff of 50 employees. The company has an annual sales run rate today is double of what they had 2 months ago.
Pocket has raised $5 million in Series B funding led by Foundation Capital. Baseline Ventures and Google Ventures also participated in this round of funding.
Salesforce.com is acquiring startup company GoInstant for over $70 million according to sources with The Wall Street Journal. GoInstant is a two year old startup that raised $1.7 million from investors like Reid Hoffman, Yuri Milner, Chamath Palihapitiya, Baseline Ventures, and FreeStyle Capital. GoInstant has 12 employees.
Facebook has announced that they are acquiring Instagram, a popular photo-sharing application, for $1 billion in cash and stock. Facebook CEO Mark Zuckerberg made the announcement on a profile post from his account. Zuckerberg said that they are planning to allow Instagram run independently from Facebook. It was only three days ago where it was that Instagram raised $50 million.
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Read It Later is a popular bookmarking service that allows you to read content from any smartphone, tablet, or computer. Read It Later has raised $2.5 million in funding. The investors in this round include Foundation Capital, Baseline Ventures, Google Ventures, Founder Collective, and several angel investors.
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Wordnik has raised $8 million in a third round of funding. Google VP of product management Bradley Horowitz has also joined the board of directors at Wordnik.
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