San Francisco – Widgetbox, formerly an online community for
widget developers, announced on Wednesday that it has changed its name to
Flite, and will shift focus to become a Web-based ad platform.
The new Flite business
model has garnered the company $12 million in a third round of funding, from
General Catalyst Partners, Sequoia Capital, Hummer Winblad and NCD Investors.
"Over
the past several years, Widgetbox has been a pioneer in helping make the Web a
more interactive, entertaining and fun experience, while helping businesses
better monetize their Web properties," said Flite CEO Will Price.
"Our platform has evolved to become a powerful way for top brands to
deliver a new category of Web ads — a new standard for how display ads are
created, monetized and shared."
San Francisco-based Flite said that more
than 120 brands — including Microsoft and Toyota — have used the Flite
platform, which counts publishing partners including Yahoo, CBS Interactive,
Forbes and LinkedIn.
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