Acquisition by Facebook
Snaptu, founded in 2007, offers superior (iPhone like) user experience of mobile applications and mobile content, for millions of users using a variety of mobile devices.
Carmel’s involvement in Snaptu began in June 2010 when Carmel led a $ 6 million Series B round of funding together with Sequoia.
Carmel’s Partner, Rina Shainski led this investment and joined the Company's board of Directors. She worked closely with the Company’s management team and was a big supporter of the company’s strategy of focusing on emerging markets.
Carmel was impressed by the outstanding entrepreneurial team and the unique and highly scalable technology which enables friendly mobile access to most popular web applications and content for mobile users worldwide. Snaptu experienced exponential viral growth since it launched its service in 2008.
In March 2011, Facebook and Snaptu announced that they have entered into a definitive agreement for Facebook to acquire Snaptu in a stock and cash transaction.