Startup fundraising and investing platform AngelList has acquired Product Hunt, the operator of a website that highlights and promotes new products and services. Together, the companies hope to build a platform that will enable startups to fundraise, recruit and launch. The deal is valued at about $20 million, according to Dan Primack, representing a small step down from the $22 million valuation it garnered with a $7 million round during its founding year of 2014.
Product Hunt quickly became a darling of the tech community, as it offered a way for early adopters to find cool new companies and services. The idea wasn’t particularly new—Hacker News, a Y Combinator website, operated as a similar platform—but Product Hunt markedly improved upon the design and functionality and launched innovative new features. The company has raised funds from Andreessen Horowitz, Cowboy Ventures and AngelList founder and CEO Naval Ravikant, among others.