Clearspring secures $18 Mn in Funding

Printer Print Email Email
McLean: Clearspring Technologies, the world's largest widget syndication and tracking service, has secured $18 million in a series C funding round that includes leading venture capital firm New Enterprise Associates (NEA), Novak Biddle Venture Partners and other current investors. The new round will fund expansion of Clearspring's viral marketing network, which currently serves and tracks almost four billion widgets monthly. It will also be used to extend Clearspring's reach into international markets and further develop its rapidly growing advertising network and vast data infrastructure and optimization services. Clearspring's category leadership is well-established ? according to comScore's Widget Metrix report, Clearspring tallied 126 million unique widget viewers in March 2008, making it the No. 1 widget platform in the world. Harry Weller, partner at NEA will join the Clearspring Board of Directors, joining, among others, Internet pioneers Steve Case, Ted Leonsis and Miles Gilburne. Case, the co-founder of America Online, Leonsis, AOL's Vice Chairman Emeritus, who recently became Clearspring's Chairman, and Gilburne are all credited with driving worldwide adoption of the Internet by providing tens of millions of people with their first Internet connection. Also new to the Clearspring board is Nigel Morris, co-founder of Capital One. Clearspring provides the platform and services connecting widget advertisers and publishers to the evolving Social Web. The company has served more than 33 billion widget views since launching its platform in 2007. Clearspring's platform enables publishers, developers and advertisers to distribute, track and monetize content as widgets to more than 80 social networks, blogs, start pages, and bookmarking sites ? including Facebook, MySpace, Friendster, Blogger, iGoogle, and Windows Vista. "Clearspring is definitely hitting on all cylinders. A growing list of world-class customers, incredible growth in the usage of its syndication services, and a significant investment from a firm with NEA's reputation provide validation that we're leading the charge into the next evolution of the Web," said Leonsis. Marketers who have used Clearspring's widget network include mass market consumer brands such as Aquafina, Honda, Snapple, Snickers, Sprint and Virgin Mobile. Other customers include movie and entertainment companies like Blockbuster, Disney, Fox Broadcasting, Lionsgate and Sony Pictures, major sports leagues like the NBA, NFL and NHL, major advertising agencies including 360i, Digitas, JWT, Mediacom, MindShare and Universal McCann, and world renowned media firms such as ESPN, National Geographic, NBC Universal, Newsweek, Time-Warner and Washingtonpost.com. Also, top international recording artists including Linkin Park, Madonna, Radiohead and U2 have successfully launched promotions using Clearspring widgets.

siliconindia