WordPress.com parent raises $160 million

Tue May 6, 2014 12:56am IST

Matt Mullenweg founder of the Open Source software company WordPress addresses delegates during the annual meeting of the World Economic Forum (WEF) in Davos January 25, 2013.               REUTERS/Pascal Lauener/Files

Matt Mullenweg founder of the Open Source software company WordPress addresses delegates during the annual meeting of the World Economic Forum (WEF) in Davos January 25, 2013.

Credit: Reuters/Pascal Lauener/Files

Related Topics

(Reuters) - Web developer Automattic, the company that operates blogging service WordPress.com, said it raised $160 million from a group of investors led by venture capital firm Insight Ventures.

The investors included Insight Ventures' Deven Parekh, Twitter investor Chris Sacca and Endurance, Automattic Chief Executive Matt Mullenweg said in a blog post. (link.reuters.com/vut98v)

The latest round of funding values Automattic at $1.16 billion, technology news website "Re/code" said. (r.reuters.com/rut98v)

"There was interest significantly above what we raised, but we focused in on finding the best partners and scaled it back to be the right amount of capital at the right valuation," he said in his blog "MA.TT Unlucky in cards".

Mullenweg, who became CEO in January, said Automattic's cash position was not "terribly strong" after a number of infrastructure and product investments made this year and last year.

Insight Ventures' investments include newsreader Flipboard, blog site Tumblr and daily-deals site Living Social.

(Reporting by Soham Chatterjee and Sruthi Ramakrishnan in Bangalore; Editing by Saumyadeb Chakrabarty)

FILED UNDER:

"India's Daughter"

Reuters Showcase

Countering China

Countering China

PM Modi to ramp up help for Indian Ocean nations to counter China influence  Full Article 

'India's Daughter'

'India's Daughter'

Society created Delhi gang rape convicts: Filmmaker Leslee Udwin.  Full Article | Related Story 

Kohli Censured

Kohli Censured

BCCI warns Virat Kohli against repeat of misbehaviour.  Full Article 

MUDRA Bank

MUDRA Bank

Funding the unfunded: India helps small business borrow to grow  Full Article 

PML(N)'s Hope

PML(N)'s Hope

Pakistan's ruling party looks for gains in upper house election  Full Article 

For Women's Right

For Women's Right

Afghan men don burqas, take to the streets for women's rights.  Full Article 

U.S. Envoy Attacked

U.S. Envoy Attacked

Knife-wielding attacker slashes face of U.S. ambassador in South Korea  Full Article 

New Strategy

New Strategy

Ashwin mulls 'one-sided' ploy against big-hitters.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage