Total amount raised
$393 Million
Latest funding date
10/1/2022
Location
OpenWeb has successfully raised funds through six different funding rounds, with the most recent being a Series F round. The platform is backed by 21 investors, including notable names like Lion Investment Partners and Georgian.
Keep reading to explore the intricacies of OpenWeb's fundraising journey and the investors backing this innovative platform.
What Is OpenWeb?
OpenWeb, formerly known as Spot.IM, is a company dedicated to creating trusted online spaces for communities. Founded in New York, New York, OpenWeb operates in industries such as Internet, Machine Learning, Online Forums, Publishing, and Social.
With an employee count ranging from 251 to 500, OpenWeb partners with publishers and brands to build audience relationships. The platform is used by over 150 million monthly active users and supports more than 5,000 publishers globally.
How Much Funding Has OpenWeb Raised?
- Series A
- Amount Raised: USD 13,000,000
- Date: August 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development of the platform.
- Series C
- Amount Raised: USD 25,000,000
- Date: November 2017
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and reach more publishers.
- Series D
- Amount Raised: USD 25,000,000
- Date: April 2019
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale the platform and enhance its features.
- Series Unknown
- Amount Raised: USD 10,000,000
- Date: March 2021
- Lead Investors: Entrée Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and technological advancements.
- Series E
- Amount Raised: USD 150,000,000
- Date: November 2021
- Lead Investors: Georgian, Insight Partners
- Valuation at Round: USD 1,000,000,000
- Motivation Behind the Round: To achieve unicorn status and expand the company's market presence.
- Series F
- Amount Raised: USD 170,000,000
- Date: October 2022
- Lead Investors: Georgian
- Valuation at Round: USD 1,500,000,000
- Motivation Behind the Round: To support continued expansion, including acquisitions and technological enhancements.
Total Amount Raised: USD 393,000,000. Current Valuation: USD 1,500,000,000.
Key Investors
- Georgian
- Details: Georgian is a Canadian venture capital firm known for investing in high-growth software companies. They led the Series F funding round for OpenWeb.
- Investment Focus Areas: Technology, artificial intelligence, machine learning.
- Notable Investments: Shopify, FreshBooks, Ritual.
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm. They have been involved in multiple funding rounds for OpenWeb.
- Investment Focus Areas: Growth-stage technology, software companies.
- Notable Investments: Not publicly disclosed.
- Entrée Capital
- Details: Entrée Capital is a venture capital firm providing multi-stage funding. They participated in the Series Unknown funding round for OpenWeb.
- Investment Focus Areas: Technology, consumer, enterprise sectors.
- Notable Investments: Not publicly disclosed.
- The New York Times
- Details: The New York Times is a leading global media organization. They participated in the Series E funding round for OpenWeb.
- Investment Focus Areas: Media, journalism-related companies.
- Notable Investments: Not publicly disclosed.
- Samsung Next
- Details: Samsung Next is the innovation arm of Samsung. They participated in the Series E funding round for OpenWeb.
- Investment Focus Areas: AI, IoT, innovative tech sectors.
- Notable Investments: Not publicly disclosed.
What's Next for OpenWeb?
OpenWeb stands at the cusp of significant opportunities, driven by its mission to create healthier online spaces. With a recent $170 million Series F funding round, the company is poised to expand its engagement and ad platform, leveraging its acquisition of ADYOULIKE to enhance ad-targeting capabilities. This expansion aligns with industry trends favoring first-party data collection and personalized advertising, presenting a substantial growth avenue.
Future fundraising opportunities appear promising as OpenWeb continues to innovate and expand its market reach. The potential for an IPO looms on the horizon, bolstered by the company's strong financial health and profitability prospects. However, challenges such as maintaining user engagement, competing with established social media platforms, and navigating economic headwinds could test OpenWeb's resilience. Ensuring the scalability and effectiveness of its platform while fostering healthier online interactions will be crucial for sustained success.
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