ThePort Network Inc., an Atlanta-based provider of SaaS social media solutions, has raised $4.1 million in Series B funding. American City Business Journals led the round, and was joined by Lee Enterprises, Imlay Investments, Robert Jetmundsen and ThePort CEO Bob Cramer.
PRESS RELEASE
ThePort Network, Inc. (www.theport.com), a leading social media solutions provider, announced today that it has raised $4.1 million in series B funding. The financing was led by American City Business Journals, the nation’s largest publisher of metropolitan business newspapers.
Other participating investors include Lee Enterprises, the country’s fourth largest newspaper chain; Atlanta-based venture capital firm Imlay Investments; angel investor Robert Jetmundsen; and Bob Cramer, ThePort CEO and co-founder.
The new capital will be used to expand ThePort’s sales, marketing and business development activities, while also supporting technology enhancements to ThePort Social Media Suite. The Software-as-a-Service (SaaS) solution empowers customers to create, operate and monetize socially enabled online communities. Media companies, nonprofits and professional associations are among the targets for ThePort’s services.
“We recognize social media as a key driver for the future of online publishing and a way to stay a step ahead in our ever-changing business landscape,” said Ray Shaw, Chairman of American City Business Journals. “We believe ThePort’s platform, management team and proven track record of success will enable it to become one of the market leaders in the social media platform space and we’re thrilled to partner with them.”
With ThePort Social Media Suite, existing web properties are infused with potent social media and social networking capabilities similar to those in popular online communities like MySpace, FaceBook and YouTube. For media organizations in particular, ThePort’s content aggregation and self-publishing tools enable consumers to customize their news delivery and participate in news-related discussions.
According to ThePort CEO Bob Cramer, “It’s clear that static online experiences are no longer enough for today’s consumers, and ThePort opens the door for organizations to leverage social media across a range of relationship-building, marketing and branding efforts. This significant round of funding, particularly in light of the current economy, validates ThePort’s market offering and delivery model. We are pleased by the participation of such noteworthy investors in our company and vision.”
About American City Business Journals Inc.
American City Business Journals is the largest publisher of metropolitan business weeklies, serving more than 4 million readers in 40 markets. The company also publishes Sporting News magazines and several other sports titles. ACBJ has a significant web presence with nearly 50 sites including bizjournals.com, the nation’s online leader in covering local business news.
American City is a unit of Advance Publications Inc., which also owns Conde Nast magazines, Parade magazine, Fairchild Publications, the Golf Digest companies, Newhouse Newspapers and cable television interests.
About ThePort Network
ThePort™ Network, Inc. is dedicated to delivering compelling and complete Software-as-a-Service (SaaS) solutions that enable customers to create, operate and monetize socially enabled communities. Through its integrated suite of enterprise-class social media solutions, ThePort enables companies to build and manage branded online communities that facilitate high-engagement marketing, foster member-to-member interaction and drive additional revenue opportunities. With a focus on the nonprofit, trade association and media industries, ThePort customers include such world-renowned organizations as CARE, Arthritis Foundation, Lee Enterprises and Sierra Club. For more information, visit www.theport.com.
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