Palo Alto, California-based Gfycat, provider of user-generated GIF platform, announced it has acquired venture-backed MovieLaLa, which operates a social media app for movie fans. Terms of the deal were not disclosed. San Francisco-based MovieLala, co-founded by Dana Loberg, had raised more than $2 million in funding from individuals in the movie entertainment and tech industries. Seed backers included Marc Benioff, founder, chairman and CEO of Salesforce; Allen DeBevoise, chairman, CEO and co-founder of Machinima, a provider of a worldwide video entertainment network; Jim Moloshok, a former executive at HBO and Warner Bros; and, among others, Wealthfront CEO and President Adam Nash.
Source: Company press release
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