eBay (EBAY) has dumped StumbleUpon, the random-Web site-finding toolbar it bought for $75 million in 2007.
The company “has returned to the ranks of an investor-backed startup,” according to a press release. Founders Garrett Camp and Geoff Smith are backing the new venture, as are Ram Shriram of Sherpalo Ventures, Accel Partners, and August Capital. Camp, pictured, will be CEO. No financial details disclosed.
Smart move by eBay — while StumbleUpon is a neat site, it has nothing to do with online auctions. Neither does Skype — the next business eBay should unload.
Here’s the full release:
StumbleUpon Goes Independent; Backed by Founders and New Investors
April 13, 2009 – StumbleUpon, the best way to discover new content on the Internet, today announced that after nearly 2 years as a subsidiary of eBay Inc., it has returned to the ranks of an investor-backed startup. StumbleUpon is now backed by the original company founders, Garrett Camp and Geoff Smith, as well as a number of well-known investors including Ram Shriram of Sherpalo Ventures, Accel Partners, and August Capital. Camp takes on the role of CEO of StumbleUpon.
“We are grateful to eBay for its guidance. However, we realised there were few long-term synergies between the two businesses. It is best for us to part ways and focus on our respective strengths,” said Camp. “This change makes it possible for StumbleUpon to continue to innovate and focus on becoming the Web’s largest recommendation service.”
“StumbleUpon helps users discover the best of the web–it’s a way to find interesting content you wouldn’t think to search for,” said Shriram. “StumbleUpon’s personalised recommendation engine brings serendipity back to websurfing, and lets users sift through socially-endorsed content with a single click.”
StumbleUpon will remain focused on helping people discover interesting content by increasing the accessibility of the StumbleUpon service and the quality of recommendations. In addition, StumbleUpon has plans for several new products and features to be released in the upcoming months.