Digg Raises $28.7 Million, Led By Highland Capital Partners
Social bookmarking company, Digg.com announced today that they have raised $28.7 million. The funding was led by Highland Capital Partners. They plan to use this round of funding to invest in their infrastructure, accelerate new features, and expand internationally. Of Digg’s 30 million monthly unique visitors, nearly half of them are from out of the country. Digg wants to make it so that their website supports many languages.
Digg will enhance the Recommendation engine and create additional deeper categories. International growth will commence at the beginning of 2009. The company will be moving to bigger offices in San Francisco, Calif. and increase the number of jobs.
This round of funding is announced 3 months after a rumor that Google was considering an acquisition of Digg. Digg has been working with Allen and Company for seeking a new round of funding. Digg now has about a total of $40 million in funding. Revision3, the other company that is led by Kevin Rose and Jay Adelson has $9 million in funding.
If Digg is serious about being acquired, then they may have to ask for a higher price than the rumored $200-$300 million that they were rumored to be looking for. Jay Adelson, CEO of Digg confirmed the round of funding on the Digg Blog.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry