[qi:110] Yesterday, at our NewTeeVee Live conference in San Francisco, I announced that we had closed our Series B financing. The amount of money we raised, however, was misreported (it’s more than the figures being circulated out there), but for now, I am not disclosing the actual amount.
The round was led by our current investors, True Ventures, along with some new angel investors who also believe in my vision for our company, which essentially revolves around the concept of immediate media.
Our new angels are Rakesh Mathur, Venky Harinarayan and Anand Rajaraman, three gentlemen I met for the first time back in the days of Web 1.0, when they were at Junglee. We have since stayed in touch and I have come to know them well. Like True Ventures, they believe that we are building an exciting new media entity and wanted to be part of the dream.
Their work in contextual discovery and content makes them ideal advisers. It is my belief that the media business is going to have to incorporate technologies in clever ways in order to fully capitalize on the immense power of the Internet.
Many of you may be wondering, why raise more money? There are a multitude of reasons, but the most important one is that we want to scale our operations — both editorial and events — over the next 12 months. I will provide more detail about our plans in the coming weeks, including unveiling a new, more simplified look for GigaOM.
The funding will also allow us to serve our community for a long time, and hopefully you will reward us by coming back — not just here, but to our network sites as well. (WebWorkerDaily, NewTeeVee, FoundRead and Earth2Tech.)
Now it’s time to get back to building and growing our business…