Me.dium Raises $15 Million Series B Investment Led by Commonwealth

Posted Jun 11, 2007

Me.dium[1], a Boulder, Colorado based company announced today that they have raised $15 million in funding. Me.dium utilizes chatting functionality with visualization effects combined with location tracking.

An example that the company gives for use their service is that Me.dium “lets you see where your friends are online right now. Like when you get together with your friends at the mall to do some shopping, now you can do that online. Only, for the first time, you donĂ¢??t even have to be in the same store to do it[2] .”

The $15 million in Series B was led by several investors. Waltham, Massachusetts based firm, Commonwealth Capital Ventures[3] lead the investment. Spark Capital[4], Appian Ventures[5], and Brad Feld, a managing director at Foundry Group and Mobius Venture Capital, also participated in the $15 million investment. Elon Musk, a founder of Paypal was a previous investor of Me.dium’s $5 million Series A funding.

Me.dium was founded in June 2006. “We believe Me.dium is pioneering the next phase of social interaction on the Web,” stated Elliott Katzman,a general partner at Commonwealth. “With a proven technology and a world-class management team, Me.dium is well-positioned to lead this exciting new category.” Katzman will join the Me.dium Board of Directors.

Every Me.dium user has the power to turn on and off the service for privacy. This way users can decide whether they want their information shared.

“Commonwealth Capital Ventures clearly shared our vision on the evolution of how people will interact online,” stated Kimbal Musk, the CEO of Me.dium. “We are excited to have them lead this round and join our existing investor team. Their proven understanding of the consumer was critical in our financing decision and was a clear value Commonwealth brought to the table.”