The Leading Social Network to Make New Friends and Form New Social Circles Continues on Path Toward ProfitabilityÂ Â
BOSTON, MA, June 9, 2009 -Gather, the leading social network to make new friends and form new social circles, today announced raising $5.3 million in equity financing. Major investors include Allen & Company, American Public Media, former chief executive officer of Lotus Development Corporation Jim Manzi, former Hill Holiday chief executive officer Jack Connors, Kevin McClatchy, Andrew Tobias and the Gerace family.Â
Benefiting from increasing adoption of engagement marketing on Gather, the company reported Q1 bookings up 49% over the same quarter in 2008. Gather raised this additional capital to fund operations at its current run rate through to profitability expected in early 2010.Â Â
- Gather is the leading social network to find and form new social circles.
- Gather makes it easy to make new friends by bringing people together around the things they love to do and want to talk about.
- Equity financing of $5.3 million being announced.
- Previous investors in the company include Hearst, The McGraw-Hill Companies, and Southern California Public Radio.
- Gather's unique reach has grown from 600,000 uniques/month in January 2008 to over 1.1M uniques/month in May, 2009, according to Google Analytics.Â
'"I am proud of the progress our team has made in this difficult economic environment," says Tom Gerace, Gather founder and Chief Executive Officer (tom.gather.com). "This infusion of fresh capital results from growing confidence in Gather's engagement marketing and advertising offerings in the marketplace."
Gather Website (http://www.gather.com)
CEO Blog (http://tomgerace.gather.com)
Gather Moms on Twitter (http://www.twitter.com/gathermoms)
Tom Gerace on Twitter (http://www.twitter.com/tomgerace)
Engagement Marketing and Advertising Sales (http://www.gather.com/contact.jsp#advertisers)Â
Gather is the leading social network to make new friends and form new social circles. Most people want more friends to share some aspect of their lives and Gather brings people together around the things they love to do and want to talk about. Gather is a privately held, privately funded company headquartered in Boston, Massachusetts. Investors include Allen & Company, The American Public Media Group, Hearst, The McGraw-Hill Companies, and Southern California Public Radio. For more information, visit www.gather.com.