AngelList, a place where people discover Startups, Founders, Investors and Jobs, has acquired Product Hunt, a company that lets people share and discover new products posted by other users. Product Hunt is a website that lets users share and discover new products. The site, which was founded by Ryan Hoover in November 2013, is backed by Y Combinator. Users submit products which are listed in a linear format by day. The site includes a comments system and a voting system similar to Hacker News or Reddit. The products with the most votes rise to the top of each day’s list.
AngelList is paying around $20m for the deal, which is the same valuation Product Hunt had when it raised $6m back in 2014.
Product Hunt launched on November 6, 2013 when it began as an email list. On July 17, 2014, Product Hunt announced its Y Combinator backing. In Fall 2014, the company announced it would receive $7.1 million in Series A funding led by Andreessen Horowitz. On February 5, 2015, Product Hunt won the “best new startup” of 2014 Crunchie award.
In the past six years, AngelList has become indispensable in the tech industry, helping over 1,000 companies raise nearly $500M in funding and also matched more than 325,000 candidates with growing companies. And the newly acquired Product Hunt help people discover over 100 million product with 50,000 Startups and Founders introduce Apps and Products to the world on Product Hunt.
Angelist in a blog post to announce the deal, said,
Product Hunt will remain independent. It will maintain its playful, empathic and curious attitude (read their story of how the acquisition came to be).
With Product Hunt, we can help companies with their most important transaction: acquiring customers. Companies of all sizes launch products on Product Hunt. Companies like Google, Uber, Instagram, AngelList, Meerkat and Overnight. They love it. And they’ve received over 100M product clicks and views from prospective customers on Product Hunt.