Facebook Acquires And Shut Down Tugboat Yards

Social networking giant Facebook has acquired Tugboat yards, a San Francisco-based startup that allows digital publishers to engage wit their supporters as well as earn revenue. Financial terms of the deal were not disclosed.

The company has been acquired by Facebook and will be shut down completely by July 15. On July 1 Tugboat will no longer accept new account registration, purchases and subscription renewal. 

Launched  in 2012, Tugboat builds tools to help media publishers grow, manage, monetize and retain their best audience. It's website and embeddable widgets provides users who made podcasts, magazines and other contents a new way to receive tips and even payments. Tugboat's users include Deca, Maura Magazine, Offbeta Empire, Radio Silence and Wine for Normal People.

Backers included Andreessen Horowitz and Greylock Partners. 

Image Credit: TheGuardian