Bit.ly Raises $8.9 Million In Series B Financing

Posted Oct 11, 2010

Popular URL shortening and analytics service Bit.ly has raised $8.9 million in Series B financing. This round of funding was led by AOL Ventures and RRE Ventures. Existing investors include Betaworks, O’Reilly Alpha Tech Ventures, Founders Fund, and SV Angel. Every day about 200 million Bit.ly short links are clicked on through Twitter and other services. Even though Bit.ly is no longer the default URL shortening service for Twitter, the traffic continues to grow for the service.

Bit.ly currently has 17 employees and their first source of revenues came from Bit.ly Pro accounts. They signed up about 3,000 companies and 1,000 power Twitter users. Bit.ly is working with The New York Times on a project called News.me, which is expected to launch soon. [TechCrunch]