Facebook buys Gowalla

Facebook has bought Gowalla, based in Austin, Texas. But neither Companies have confirmed the acquisition yet.

Gowalla, which came to existence a few years ago as a social location sharing service; but courtesy the threat from Foursquare, more recently remodeled itself as a travel guide. Gowlla CEO is Josh Williams.

According to sources clso to Gowalla, a sizable part of Gowalla’s 30 member team will move to Facebook Headquarters at Palo Alto, Calif; where it will work on Facebook's ambitious new Timeline redesign, which Facebook CEO Mark Zuckerberg unveiled in September and is being rolled out to the social networking site's 800 million members.

Gowalla's vision is about people telling stories (Gowalla recently started refocusing from location sharing to helping travelers share their experiences with others; with the company already in the process of creating more than 60 Guides to cities around the world, authored by major content creators as well as by users themselves), and Facebook's vision for Timeline is about stories about important moments in life. This may be deal maker between the two.

No word is out on the money involved in the acquisition yet.

Gowalla till now, has raised about $10 million in funding from venture capital firms and angel investors.

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