Background: A source close to the situation says that the two companies first began talking prior to the pandemic, although that was more about a partnership than an acquisition.
Giphy is expected to retain its own branding, with its primary integration to come via Facebook's Instagram platform.
New York-based Giphy had raised around $150 million in VC funding since its 2013 inception, from firms like Betaworks (which incubated the company), Lerer Hippeau, IVP, DFJ Growth, GGV Capital, and Lightspeed Venture Partners. Its most recent private valuation was around $600 million.
