AngelList Buys Product Hunt for Around $20 Million

Product Hunt, a 3-year-old website that helps techies discover new products and startups, has been acquired by AngelList.

Product Hunt founder Ryan Hoover and 13-person team will operate independently from AngelList, which helps startups with recruiting and fundraising. AngelList was an early investor in Product Hunt and paid around $20 million for the acquisition, according to Recode.

Thanks to its Reddit-like system for surfacing news, Product Hunt has become one of the most important ways for tech startups to get noticed in Silicon Valley. Its prominence has made Hoover an influential figure in the tech industry.

Last month, Hoover told Business Insider that Product Hunt was preparing to launch its first revenue-generating product in the first quarter of 2017.