Liz Gannes

Recent Posts by Liz Gannes

Facebook Picks Up Spool Team and Shuts Bookmarking Service Down

Spool, a mobile social bookmarking company, has been “acqhired” by Facebook.

The company informed users this morning that it would be shutting down, and that it would be pursuing its vision “to make content easy to consume on a mobile device” as a part of Facebook.

It recommended existing users synchronize their Spool bookmarks with competing products Pocket and Delicious.

This wasn’t a full acquisition, but rather a deal to pick up the Spool team.

Spool was founded in late 2010 by Avichal Garg, a former Google product manager who also founded education start-up PrepMe, and Curtis Spencer, previously of Kosmix and Oracle. It had about five employees, per LinkedIn.

At the beginning of this year the San Francisco-based company raised $1 million in funding from SV Angel, Felicis Ventures, Charles River Ventures, Vivi Nevo and others.

Facebook’s statement: “The Spool team has deep expertise in mobile software development and a passion for making content easy to consume. We’re excited for the team to join and accelerate their vision at Facebook.”

Please see the disclosure about Facebook in my ethics statement.

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work