Yahoo is to buy "community powered social commerce" startup Polyvore. Yahoo, which has headquarters in Sunnyvale, California, USA, is a globally recognized brand famed for search and online advertising. The news was announced by Simon Khalaf, Yahoo's SVP Product & Engineering, Publisher Products, via the company's blog. Financial aspects of the acquisition have not been announced. Polyvore's CEO, Jess Lee will report to Mr. Khalaf, but the company will remain as an independent entity after the acquisition is complete.
Silicon Valley-based Polyvore was established in 2007 has around 20 million users. The company focuses on covering social fashion, interior design, art, and specializes in online shopping. It has received just shy of $23 million in funding to date, with contributors including Goldman Sachs and DAG Ventures.
"Polyvore has built an award-winning culture, category leading product, and a strong business based on a community of highly engaged users," suggested Mr. Khalaf. "Following the closing of the transaction, Yahoo will be thrilled to welcome the amazing talent at Polyvore to the Yahoo family in our Sunnyvale, San Francisco and New York offices, and bring their expertise in discoverability and shopability to Yahoo’s digital content."
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