McLean, Va. – Clearspring Technologies, the owner of the
AddThis online content sharing platform, said on Tuesday it has raised $20
million in its fourth round of funding, led by Institutional Venture Partners.
Clearspring’s previous investors —
including New Enterprise Associates, Novak Biddle Venture Partners,
former AOL vice chair Ted Leonsis, AOL co-founder Steve Case, Capital One
co-founder Nigel Morris and Silicon Valley angel Ron Conway — also
participated in the round.
Proceeds will be used to bolster its publisher
products and advertising offerings, as well as fuel acquisitions.
The round was
the first for McLean, Va.-based Clearspring since 2008, when it also acquired
the AddThis platform. AddThis now appears on more than 9 million websites,
allowing users to share content over 300 social networks.
"In the last
year, we’ve started to leverage that reach via our Audience Platform,"
said Leonsis, who serves as chairman. "But we’ve just started to scratch
the surface. With this investment, we’ll see just how far we can go."
Clearspring said it is on track to triple its revenue and double its staff this