New York-based venture capital company, Betaworks, has just acquired the popular read-it later service Instapaper. The news was confirmed earlier today when Instapaper founder, Marco Arment, wrote a rather emotional announcement on his blog. In it, Arment detailed how he came into his decision of selling a majority stake to Betaworks, a company that Arment has known for a long time.
Apparently the young developer who also co-founded Tumblr years ago had some "trouble keeping up." Citing reasons, Arment simply stated that what Instapaper needs right now is a "new home where it can be staffed and grown." Betaworks is the new home, and Arment firmly believes that the company who also bought the social news website, Digg, will also ensure Instapaper’s future. "I wouldn’t put Instapaper in just anyone’s hands, and I know that they’ll do right by it," he adds.
Betaworks also confirmed the acquisition on its website, although the financial terms were not discussed. Betaworks has yet to detail its plans for Instapaper, but it's worth noting that Digg previously announced plans of building a replacement for Google Reader. With a popular read-it later app that is now being supported by almost any RSS clients on various platforms, the future looks bright.