SynthaSite Secures $20 Million in Series B Funding from Reinet Fund
SAN FRANCISCO, CALIF., — February 17, 2009 — SynthaSite, the leading online Web site builder, today announced it has secured $20 million in Series B financing from Luxembourg-based Reinet Fund S.C.A. The company plans to use the capital to accelerate the development of its Web site creation tools and its peer-to-peer e-commerce platform through organic growth and strategic acquisitions in both its San Francisco and Cape Town, South Africa locations.
In a tough economic environment, SynthaSite raised $20 million in the company’s second round of financing. By making it easy for anyone to build and host a Web site, the company has grown its customer base to over one million registered users since raising its $5 million Series A round in November 2007. SynthaSite prioritizes its development based on user feedback and has recently introduced a number of new features including an enhanced user interface, 60,000+ widgets, domain registration, shopping cart features and a blogging platform.
“We believe in providing the best possible experience for everyday people building Web sites. On top of that foundation, we have built a very scalable business model focused on generating revenue via value added services and partner relationships. Reinet shares our vision and we appreciate their strong support,” said Vinny Lingham, CEO of SynthaSite.
“What sets SynthaSite apart is its vision and management team,” said Frank Vivier, Chief Investment Officer of Reinet Investment Advisors. “The team’s unique combination of technology, business expertise and proven track record make me confident that this company will be a big success story.
Great companies are built during turbulent times.”
“SynthaSite is maturing according to plan,” said Johann Rupert, Executive Chairman of Reinet Investments S.C.A. “This next phase of execution will be both challenging and interesting and Reinet and SynthaSite together form a strong partnership to meet those challenges.”
Social Media Links:
- Vinny Lingham’s Blog: http://www.vinnylingham.com/
- SynthaSite’s Blog: http://blog.synthasite.com/
- SynthaSite’s Twitter Feed: http://twitter.com/Synthasitehelp
About SynthaSite
SynthaSite is at the forefront of the Web 2.0 movement, offering a Web site creation tool that empowers everyday users and small businesses to easily create professional quality Web sites.
SynthaSite’s intuitive drag and drop technology enables users to easily incorporate a variety of widgets including YouTube videos, Google Gadgets, PayPal Widgets and many more without having any knowledge of html code. Privately-held SynthaSite, backed by Reinet, is the recipient of numerous industry accolades including The Industry Standard 100 and a Fast Company Fast 50 Reader Favorite.
The company is headquartered in San Francisco, Calif. For additional information, please visit www.synthasite.com or call 415-227-0250.
About Reinet
Reinet Fund is a wholly-owned subsidiary of Reinet Investments S.C.A. (www.reinet.com). It is a long-term capital growth fund, managed by the Rupert family of South Africa. Reinet was created out of the restructuring of Richemont, the Swiss luxury-goods group. Columbus VC Sàrl, SynthaSite’s Series A lead investor, is a part of Reinet.
