SynthaSite today announced it has secured $20 million in Series B financing from Luxembourg-based Reinet Fund S.C.A. <\/p>\n
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.<\/p>\n
“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,” the company said.<\/p>\n
“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.<\/p>\n
“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.”<\/p>\n
“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.”<\/p>\n