Product Hunt,Watch Sweet Alibis Online the "Reddit for startups" website favored by Silicon Valley investors and entrepreneurs, has been acquired.
The three-year-old startup was acquired by AngelList, a company that matches startups with prospective investors and employees. Terms of the deal were not disclosed but Recodereported the deal was worth about $20 million.
SEE ALSO: Boom time is over: Startups are failing as funding dries upProduct Hunt will continue to operate independently, though the companies plan to create some integrations that will allow both sites' audiences to reach each other, AngelList said.
Based in San Francisco, Hoover and most of the Product Hunt team will begin working out of AngelLists's office.
"With Product Hunt, we can help companies with their most important transaction: acquiring customers," AngelList's COO Graham Jenkin wrote in a blog post.
Ryan Hoover, Product Hunt's founder and CEO, said his company will continue its expansion efforts. "Independent of the acquisition, we’re continuing to expand the platform and soon we’ll be introducing new ways to discover great products, including improvements to the homepage feed itself," Hoover tells Mashable.
AngelList had previously invested in Product Hunt, but the acquisition should also help the startup monetize its platform, Hoover told Recode.Up until now, Product Hunt had focused more on growing its platform than creating revenue.
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