Sign In
SHARE
Email Confirmation
Sep 24 2008
6:47PM
EDT
Cash Infusion for Digg
Sam Gustin writes: Digg has just excavated a nice chunk of cash.
The social news site announced today that it has raised $28.7 million in a series C investment round led by Highland Capital Partners, bringing the total amount it has raised to $40 million since it was founded four years ago.
The company, which says it now has 30 million unique monthly visitors, says it will use the money to double its work force, expand internationally, and move to new headquarters in San Fransisco.
Digg is a service which allows web users to vote for the most popular stories on the internet, thereby propelling them to the top of Digg's homepage.
"In just four years, the Digg community has grown into a globally diverse group of people who have a common passion to discover and share entertaining and relevant content," said Jay Adelson, Digg's chief executive said in a statement.. "This round of funding allows us to accelerate that momentum and build the team to deliver features that will continue to change the way people consume content on the web."
Meanwhile, Om Malik is reporting that as part of the deal co-founder Kevin Rose may have been able to sell some of his shares in the company, effectively taking some of his stake off the table.
Digg's announcement signals that it aims to move ahead as an independent company after conducting acquisition talks with several large tech companies.
In July, TechCrunch reported that Google was in final negotiations to buy the company for $200 million, but those talks broke down and Google walked away.
The social news site announced today that it has raised $28.7 million in a series C investment round led by Highland Capital Partners, bringing the total amount it has raised to $40 million since it was founded four years ago.
The company, which says it now has 30 million unique monthly visitors, says it will use the money to double its work force, expand internationally, and move to new headquarters in San Fransisco.
Digg is a service which allows web users to vote for the most popular stories on the internet, thereby propelling them to the top of Digg's homepage.
"In just four years, the Digg community has grown into a globally diverse group of people who have a common passion to discover and share entertaining and relevant content," said Jay Adelson, Digg's chief executive said in a statement.. "This round of funding allows us to accelerate that momentum and build the team to deliver features that will continue to change the way people consume content on the web."
Meanwhile, Om Malik is reporting that as part of the deal co-founder Kevin Rose may have been able to sell some of his shares in the company, effectively taking some of his stake off the table.
Digg's announcement signals that it aims to move ahead as an independent company after conducting acquisition talks with several large tech companies.
In July, TechCrunch reported that Google was in final negotiations to buy the company for $200 million, but those talks broke down and Google walked away.
Loading...
Thank you for registering as a Portfolio.com Insider. Your comment has been added.
Create Your Public Profile
Recent Blog Posts
- First Bytes: SEC Eyes Tweets, Waiting on a Verizon iPhone
- Apr 27 2009 9:10AM EDT
- Last Bytes: A New MySpaceFace, Technological Necessities
- Apr 24 2009 5:22PM EDT
- What the One Billionth Downloader Won
- Apr 24 2009 2:37PM EDT
- The End of Innocence at Apple
- Apr 24 2009 11:25AM EDT
- First Bytes: Social Videos, 1 Billion Apps, Mt. Everest Calls
- Apr 24 2009 10:23AM EDT
- Last Bytes: Microsoft and Amazon, Two Tales of the Economy
- Apr 23 2009 5:40PM EDT
- Dell's Plastic Surgery
- Apr 23 2009 3:12PM EDT
- Why High Tech Needs the Wall Street Quants
- Apr 23 2009 11:20AM EDT
- First Bytes: New Blood at MySpace, Steve Jobs Testimony
- Apr 23 2009 9:05AM EDT
- Last Bytes: Apple Profit Soars; eBay Profit Falls
- Apr 22 2009 5:04PM EDT
- Earth Day Special: Gadgets to Green Your Lifestyle
- Apr 22 2009 1:52PM EDT
- First Bytes: Cyberspies and Belgian Bots
- Apr 22 2009 9:55AM EDT
- Last Bytes: Is Texting Passé? Not Yet.
- Apr 21 2009 5:52PM EDT
- Happy 20th Birthday, Game Boy
- Apr 21 2009 4:11PM EDT
- Gaming Geeks (and Curt Schilling) Unite!
- Apr 21 2009 12:43PM EDT
Archive
Jul
2009
Categories
Links
- Kevin Maney's site
- TechCrunch
- GigaOM
- Engadget
- USA TODAY Tech
- Romenesko
- BuzzTracker Tech
- Roger McGuinn's Folk Den
- Maney's band on MySpace
- Spiedies, mmmm
- Somewhat Frank's tech conference list
- Marc Andreessen
- Mark Cuban's blog
- Tom Foremski
- Fred Wilson
- Pandora
- SciTech Daily
- Todd Bishop's Microsoft Blog
- Steven Johnson
- The Long Tail
- paidContent
- John Battelle's SearchBlog
