Wetpaint Secures $25 Million in Funding
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[May 22, 2008]

Wetpaint Secures $25 Million in Funding

(Wireless News Via Acquire Media NewsEdge)
Wetpaint, a provide of social publishing, announced it has completed a
$25 million round of Series C funding that brings the total investment
in Wetpaint to approximately $40 million.

DAG Ventures co-led the round with another financial investor, and
existing investors Accel Partners, Trinity Ventures, and Frazier
Technology Ventures all participated.

Wetpaint said that it will use the additional funds to accelerate the
adoption of its social publishing platform and execute on its vision of
making every site on the Web socially published.

"With half a billion words of content and millions of media
contributions in its network of nearly one million social sites,
Wetpaint has discovered the formula to get ordinary web users
publishing together online," said John Cadeddu, General Partner at DAG
Ventures. "The resulting content is hugely valuable -- it's already
monetizing 10 to 20 times better than what we see on social networks."

Company officials noted the Wetpaint social publishing platform lets
website readers add their own ideas.

Wetpaint reported it has also attracted the attention of technology
brands -- including HP, T-Mobile, Oracle, Dell, and HTC -- and media


and entertainment companies -- among them Fox, Showtime, Discovery
Channel, Travel Channel, and Warner Bros. Telepictures.

"The next explosive growth phase of the web will come as every website
on the planet transitions to become socially published, with
user-generated content existing alongside professionally authored
content," said Ben Elowitz, CEO of Wetpaint. "With the power of the
Wetpaint platform now embeddable for every website publisher and
operator, Wetpaint will power the massive transformation of solitary
sites into social sites."



((Comments on this story may be sent to newsdesk@closeupmedia.com))

((Distributed on behalf of 10Meters via M2 Communications Ltd -
http://www.m2.com))
((10Meters - http://www.10meters.com))

Copyright ? 2008 Wireless News

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