Toronto-based mobile development firm Xtreme Labs announced that Chamath Palihapitiya, founder of The Social+Capital Partnership and former vice president of Growth, Mobile, and International for Facebook, has made a personal investment in the company to become a “significant” shareholder. He also joins the board.
Financial terms were not disclosed, but All Things D put Palihapitiya’s commitment at up to $20 million over the next three years, which would give him a majority stake in the Canadian company, which also has facilities in New York and Palo Alto, California
Xtreme Labs has developed mobile products for companies like Groupon, Shutterstock, Rypple (now Salesforce), CIBC and IAC, in addition to several major consumer brands.
“Xtreme Labs is one of the best-kept mobile secrets in Silicon Valley. They’ve built more than 300 custom apps that have been downloaded hundreds of millions of times,” said Palihapitiya.
Xtreme Labs – http://www.xtremelabs.com
Xtreme Labs blog – Xtreme Labs Leverages Industry Expert for Growth and Innovation in Mobile
The Social+Capital Partnership – http://s23p.com
Canadian Private Equity – Chamath Palihapitiya, former Facebook VP, invests in Xtreme Labs
ITBusiness.ca – Tech financier buys $20 million majority stake in Xtreme Labs