Digg Announces $28.7 Million Of New Series C Investment

Digg Digg Round Three, Digg the largest social news website on the internet has just announced a planned further Series C investment of $28.7 Million, this along with $11.3 Million already raised by Digg with previous funding now takes total investment to $40 million.

Digg currently receives over 30 million unique visitors per month of which half of these come from outside the USA. With this round of investment Digg is planning to expand Internationally, upgrade their infrastructure, hire more staff and of course introduce new features.

Below is what Digg CEO Jay Adelson had to say on the new $28.7 Million round of funding.

Today is a big day for Digg. We’re announcing a major expansion effort – the largest we’ve undergone in our history. With a new round of funding, we’re accelerating many of the programs that we’ve been working on over the past several months, including investments in infrastructure, new feature development, international expansion and hiring all the people we need to get there.

You’ve given us some great feedback on how we can make Digg better. As you’ve heard us say many times before, we feel that we’ve only implemented a fraction of the vision for what we believe Digg can achieve. The new features that will be a part of this program will incorporate much of your feedback, including personalizing the Digg experience, enhancing the recommendation system across other areas of the site, creating deeper category and topic content views and more ways to discover and organize content.

Of Digg’s over 30 million unique monthly users, almost half are from outside of the U.S., so this expansion will also include initiatives aimed at making Digg more relevant to local tastes, including local languages. We will begin laying the groundwork for that immediately with the beginning of our international growth strategy in early 2009.

Other initiatives will focus on expanding our community outreach programs and developing more sophisticated tools and interfaces for publishers.

To help support all of this, we will be significantly growing the size of the Digg team in the next year and moving to larger San Francisco offices that give us the room we need to do it. We’re hiring, so check out our jobs page. Fueling the acceleration of all of these programs is our revenue success to date, along with a new $28.7 million round in funding, led by Highland Capital Partners.

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Author: Lincoln on September 24th, 2008

Category: Social News

Tags: , , , ,

  1. bbrian017 says:

    wow this is pretty amazing! I could only wish I could do the same with blogengage someday! I’m not too sure if it will ever happen seeing the niche market I’m in but I guess I do have the biggest niche of digg users!

    That’s a lot of money I’m no where close to that capital spending!

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