Loopt, the New Enterprise Associates and Sequoia-backed mobile social network, has acquired a relative newcomer to the scene – Y Combinator startup GraffitiGEO. Multiple sources have confirmed the acquisition, although neither company is commenting.
GraffitiGEO, which launched just a couple of months ago, combines mobile social networking with reviews and games. It’s somewhat similar to the surging foursquare, which has stolen some of the oxygen from the first generation mobile social networks like Loopt.
GraffitiGEO is also preparing to launch an augmented reality application that we previewed in August and that we suspect will launch shortly. Both GraffitiGEO apps fill holes in Loopt’s product lineup, so the acquisition makes a lot of sense. Here’s the video of the application that we included in that post:
How much Loopt pay for it? any guess?
Is this will be the beginning of acquiring season?
Agreed. Seems like M&A and VC activity is starting to heat up again. Likely somewhat compete forming a heated market at the start of a turnaround – buy the company before it gets funding and get much more expensive.
Dude that was quick! I still remember talking with Jared about a possible partnership a few months ago.
Is “Tech” a reference to Technorati.com?
I got curious
Lovin’ GraffitiGeo since it came out. Congrats to the team!
FYI, Loopt was also funded by Y Combinator
8 out of 10 people cant spell grafitti. who will be the google of mobile location based services? whomever has the greatest strategic network niche offerings.
Ive used GraffitiGEO since they first launched, it has been such a useful service, some of the tags have really helped in finding a place to eat. I wait in anticipation for the AR app, that should be fantastic.
Is “Tech” a reference to Technorati.com?
It’s funny that you refer to fadsquare as surging when it has a tiny userbase of 60,000. Is it surging just because MG Siegler uses it? Quit navel-gazing.
i want this in my car please???
The competition can’t get any better than this, there is AfroSocio I just found here
http://www.AfroSocio.com
loopt needs to embrace their inner gayness and just accept that they are the best app for gay sex hookups. nothing more will ever prove profitable for them. good luck!
Next, YC will create a company to automate the “acquisitions” of YC companies by YC companies, automatically calculating the number of pennies required to complete the purchase.
It sure would be great to get some accurate numbers on the ammount of money that Loopt has raised.