Korean Internet firm Daum Kakao has acquired Path, the social-networking app that, despite raising considerable venture capital, failed to take off in the U.S.
Path’s co-founder and CEO Dave Morin announced the news via blog post, revealing that along with Path, Daum Kakao will buy Path Talk, although the company will retain ownership of its recently released selfie-sharing app Kong.
The terms of the deal were not disclosed.
“Nearly everything you have come to love about Path and Path Talk will remain as is. Daum Kakao’s extensive experience in mobile innovation along with a network of millions of users will ensure continued and reliable service,” Morin wrote. “Future product updates will continue to improve connecting, sharing and communicating in the Path community.”
Morin, a former Facebook executive who wanted to create a more intimate, mobile-first social network, founded Path five years ago. Despite initial buzz and generous funding – Path raised a total of $77 million from investors including Kleiner Perkins and Greylock Partners – the app failed to generate a large user base in the U.S., although the company says it is still popular in Southeast Asia.
According to Morin’s post, Path users view more than 400 million pieces of content per day.