Elevation, which is backed by quasi-corporate venturing unit Novo Ventures, could receive further payments of up to $240m should it meet product development milestones.

Christian Rousseaux, Immoweb chief executive, will continue in his role following the takeover and keep the remaining 20% share, alongside two other family members.

Former Fab executives had founded True in 2007.

Zurich Financial Services Group, Edison and private equity firm Ticonderoga Capital backed the provider of clinical and regulatory information management services' $10m C round in 2006.

In November last year, Vyatta raised $12m in its series D round taking its overall funding to more than $45m since 2005.

Private equity group Apax Partners and Comverse Technology, a provider of software and systems enabling network-based messaging and content services, sold Starhome to Fortissimo.

In September, Citi Ventures, the corporate venturing division of the US-based financial services corporation Citigroup, joined venture capital firms in Silver Tail's series B round.

News provider TechCrunch said the purchase price was $20m for WorldMate, which has more than 10 million travelers use the mobile application.