WordPress.com parent raises $160 million
(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)
- Tweet this
- Share this
- Digg this
- Boxer Sarita Devi faces action after refusing medal at Asian Games
- Boxer Sarita Devi showed lack of sportsmanship, say organisers
- UPDATE 8-Dallas Ebola patient vomited outside apartment on way to hospital
- Appointment of Arvind Subramanian as chief economic adviser hits Modi hurdle
- Amazon to sell packaged food and beverages in India - Economic Times
Apple Inc's new mobile operating system iOS8 is causing significant issues for some users who connect their phones to cars via Bluetooth, reports Apple news blog MacRumors, citing reports on Apple's Support forums and its own user forums. Full Article