Answerbag was founded in July 2003, by Joel Downs and acquired in early 2006 by Infosearch Media. However, on October 3, 2006, Answerbag announced it would join with Demand Media.
Although there is not a real document for the history of Answerbag ever since its creation in 2003, one of the oldest users has answered some questions by including certain parts of Answerbag 1.0 and 2.0. In late 2006, Answerbag received press attention by announcing that it would release a read/write API for their Q&A database. Answerbag has changed its format and completely overhauled the design of its site recently.