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Wetpaint was originally called Wikisphere, and begun as a wiki farm, hosting wikis using proprietary software. It was co-founded in October 2005 by Ben Elowitz, who had previously co-founded the online jewelry retailer Blue Nile Inc.
In December 2005, the company and site were renamed to Wetpaint.
Wetpaint closed a US$9.5 million 'B' round of funding in January 2007, adding Accel Partners to the list of investors.
In March 2008, Wetpaint added social networking features.
Wetpaint closed a Series C round of venture capital funding of US$25 million in May 2008.
During late 2009, Wetpaint re-launched its main homepage, at wetpaint.com, as the Wetpaint Entertainment platform, a set of new online TV fan destination sites, geared toward the female 18-34 demographic.
In December 2010, the company announced the Wetpaint Social Distribution System.
In December 2012, Wetpaint was acquired by Viggle, an entertainment rewards platform, which was shortly renamed to its former name, Function(X).
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Recruitment Compass may also be known as or be related to Recruitment Compass, Wet Paint Co and wet paint.