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OneSpot closes $4.2 Million series A round of funding
By siliconindia
Bangalore: Austin-based OneSpot, which combines multiple sources of online content such as real simple syndication, or RSS, news feeds, has closed a $4.2M Series A round of financing, led by Silver Creek Ventures. Existing investors, including Mike Maples, former Executive VP of Worldwide Products at Microsoft and Pat Horner, cofounder and former President/COO of Perot Systems, also participated in the round.
CEO Matt Cohen, who was previously a partner with Austin VC firm G-51 Capital, said the infusion of capital will enable the company to hire additional sales and marketing workers who are expected to introduce the product to more media Web site operators. The company has yet to reach profitability and he declined to disclose when that is projected.
"It's a difficult environment for fund raising for sure. Funds are very cautious and the bar is very high. Convincing what you're doing is significant, there's a big market and you're the right people to do it," Cohen added.
Last year, Austin-based businesses specializing in local media content and information had seen a sharp decline in investment. Such companies garnered $4.1 million in capital in 2008 versus $19.7 million during 2007, and $24.2 million during 2006, according to Dow Jones VentureSource.
OneSpot, founded in 2005, employs 10 workers. It claims it has high-profile names such as the Wall Street Journal and the San Francisco Chronicle as customers.
