updated 07:56 pm EDT, Thu October 25, 2012
Existing product to be discontinued, team moving to NYC
Yahoo has purchased social startup Stamped, a company that developed apps to allow consumers to share favorite restaurants, video, and music on smartphones. A blog entry on the Stamped website states that Yahoo would discontinue the product by the end of the year, and that the existing team would be working on something "big, mobile and new" in New York City's Bryant Park area.
"As a team of mostly former Googlers, we've all worked with and are big fans of Marissa [Mayer, the CEO of Yahoo]. So when an opportunity arose to become a part of the team at Yahoo, we jumped," read the blog post, which showed a picture of the three Stamped co-founders alongside Mayer. The terms of the deal have not been announced.
The startup had attracted seed funding from The New York Times, pop star Justin Bieber, comedian Ellen DeGeneres, American Idol host Ryan Seacrest, and Columbia Records. The app first launched on the iPhone in November, with a major update in March which allowed users to view the recommendations of the entire Stamped network. The ultimate goal of Stamped was to become "the central place for reviews" and attract 100 million users in the process.