DotNetNuke raises $8 Million in Series B funding
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Bangalore: DotNetNuke, a California based developer of an open-source application framework for the Microsoft tech platform, has raised $8 million in Series B funding. This financing round is led by UV Partners along with the participation of return backers August Capital and Sierra Ventures. The new funds will be used to accelerate product development and expand marketing and sales. Founded in 2006, the company previously raised $6 million. The financing follows a banner year for DotNetNuke Corp., which recently announced it had signed 500 paying customers and 50 certified commercial partners following its commercial launch in February of 2009. DotNetNuke signed nearly 50 paying Fusion Partners, which deliver customers ranging from startups to Fortune 100 companies, with implementation services for business-critical web sites and web applications. Navin Nagiah, President and CEO at DotNetNuke Corp said, "DotNukeNuke had phenomenal market traction during our first year. We signed nearly 500 customers for our subscription products and closed nearly 40,000 transactions to 15,000 customers on Snowcovered.com, our online marketplace for third party add-ons. While we did not need capital given our revenue traction, we liked the partnership and the terms so we decided to close a new round. We welcome and look forward to working with UV Partners." According to the company, organizations use DotNetNuke's technology to quickly develop interactive web sites, intranets, extranets and web applications. It also claims that the DotNetNuke platform is available in a free Community and subscription-based Professional, Elite and Elite Premier Editions. DotNetNuke Corp. also operates Snowcovered.com where users purchase third party software modules and skins. Chris Cooper, UV Partners said, "Web content management solutions continue to grow in importance and the adoption of open source as a viable alternative to proprietary solutions continues to increase. We have been impressed by the execution of the DotNetNuke Corp. team and its ability to capitalize on the opportunity."

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