Gigya, one of my favourite widget distribution networks, have raised a fresh round of funding on the back of fast growth. Go Gigya, go!
GIGYA SECURES $9.5 MILLION IN SERIES B FUNDING LED BY MAYFIELD FUND
Investment Round to Support Continued Growth and Development of Tools for the Discovery and Monetization of the Social Web
PALO ALTO, CA - March 11, 2008 - Gigya, the largest performance-based widget distribution network and provider of tools and technologies for distributing, tracking and analyzing widgets, today announced the completion of a $9.5 million Series B round of financing led by Mayfield Fund, with additional investment from existing investors Benchmark Capital and First Round Capital. Gigya's Wildfire technology currently installs hundreds of thousands of widgets per day, and tracks over three billion widget impressions per month for its clients, including Kimberly-Clark, MTV, Levis, Sprint and Toyota.
Gigya will use the funds to continue its rapid growth, including the enhancement of its core Wildfire technology, its pay-per-install widget distribution network, as well as the development of additional products that facilitate the discovery and monetization of the social web.
"Marketers and content creators need solutions for effectively reaching and monetizing the vast but increasingly decentralized audience of social media users, and they are looking to us for results," said Eyal Magen, CEO of Gigya, "Our steady focus on delivering measurable results to our publishers and advertisers is the reason we have achieved such enormous scale and impact less than a year after the launch of Wildfire. Mayfield's investment validates our leadership position, and we are very excited to have them leading this round of funding. "
"As the widget economy grows, players like Gigya that are publisher friendly and with demonstrated momentum will become the infrastructure leaders of the social web," said Navin Chaddha, Managing Director, Mayfield Fund. "Gigya is the number one widget distribution network, and we are excited about their team and their unique ability to monetize that network, using the pay per install model."
"Since investing in Gigya 18 months ago, we have been astonished by the company's rapid growth. Gigya provides the perfect set of solutions for accelerating atomization of the web, enabling content providers to take full advantage of the social web," said Michael Eisenberg, General Partner, Benchmark Capital.