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:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

ANTI-TRUST PROBE

Reuters Showcase

New iPhone

New iPhone

New Apple iPhone to have "mobile wallet" function - Bloomberg  Full Article 

Wearable Gadgets

Wearable Gadgets

Swatch prefers go-it-alone route for smartwatch plans.  Full Article 

Google Drones

Google Drones

Google tests drones for deliveries.  Video 

Hot Commodity

Hot Commodity

Data scientists are increasingly becoming important to the world's tech companies.  Video 

Reuters India Mobile

Reuters India Mobile

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