Clearspring Raises $18 Million Third Round, Led By New Enterprise Associates

Posted May 21, 2008

McLean, Virginia-based widget development company, Clearspring has raised $18 million in a third round of funding. This round of funding was led by New Enterprise Associates. Novak Biddle Venture Partners also participated in this round. This brings Clearsprings total funding to $35 million. Previous investors include Steve Case, Mark Jung, and Ted Leonsis. Clearspring is banking on ads built into widgets.

Clearspring primarily utilizes two services. LaunchPad and WidgetMedia are two of Clearspring’s biggest services. LaunchPad enables users to create, pubish, and distribute widgets across social networks. And WidgetMedia allows users to monetize widgets.

Clearspring clients include the NBA, RockYou!, NBC, Facebook, Adobe, Time, JibJab, MySpace, The Discovery Channel,, and Blogger. The company was founded by Hooman Radfar and Austin Fath.

Information Source:
[1] Widgeteer Clearspring Gets Its Big $18 Million Third Round by Joseph Weisenthal