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JIM MANZI, ALLEN & COMPANY JOIN $6.0 MILLION INVESTMENT IN GATHER.COM Manzi Foresees The End of the Literary Industrial Complex BOSTON, MASS., Jan. 16, 2006 -- Gather.com™, the place to find and share the best user-generated content online, today announced it has closed a second round of financing for $6.0 million. Primary investors include Jim Manzi, former chief executive officer of Lotus Development Corporation, and Allen & Company. Other investors include Southern California Public Radio, American Public Media Group, and Gather.com CEO Tom Gerace. The funds will be used to aggressively expand the Gather.com membership base and to provide continued enhancement of the Gather.com platform. Jim Manzi will join Gather.com's board of directors. "No longer must I accept much of my content from what I have called the Literary Industrial Complex," said Jim Manzi (jmanzi.gather.com), director Gather.com. "I am far more intrigued with the idea of getting my content from many directions and having the opportunity of interacting directly in new ways with the people who made these contributions." Jim Manzi's full thoughts are available at jmanzi.gather.com. On Gather.com, members create content and organize content whether it be written or visual. Readers can easily find the best and most popular content on topics most interesting to them. In this way, Gather.com brings audiences to writers and connects readers around their shared passions. Unlike standalone blogs, where publishers often go unnoticed by potential viewers, contributors to Gather.com share their content with an established readership. "Gather.com is delighted to join forces with strategic investors with deep reach into media organizations and high -profile individual contributors that will make Gather.com content truly unique," said Tom Gerace (tom.gather.com), Gather.com's founder and CEO. "In addition to capital resources, Jim Manzi and Allen & Co bring credibility and fresh ideas to further accelerate the growth of the Gather.com community." Prior to Gather.com, user-driven media did not have a clearly articulated business model. The best writers online had difficulty acquiring a significant audience, demonstrating credibility to that audience, and monetizing that audience. Gather.com brings an established audience to today's writers. Gather.com's community ratings establish credibility for them. Gather.com's integrated advertising and rewards systems compensate contributors, based on the quality and popularity of their work. Membership on Gather.com is free. To become a member of Gather.com, or for more information on the company, visit www.gather.com.
About Gather.com For more information, visit www.gather.com or call (617) 720-4000, x1010. # # # Gather, Gather.com, and Gather Points are trademarks of Gather Inc. |
