Woodland Hills, Calif. – CrowdGather, a network of online
special interest forums and enthusiast message board communities, said on
Monday that it will raise $7.85 million through a private placement of its
shares.
Details on investors were not provided.
Founded in 2008, Woodland Hills, Calif.-based CrowdGather has now
raised a total of over $12 million in funding for its network, which counts 4.5
million unique monthly visitors.
"We are gratified at the tremendous show
of support we have received from investors in this, our most significant
financing round to date," said Sanjay Sabnani, CrowdGather’s chairman and
CEO.
"Our belief has always been that forums are a significant component
of the Internet and deserve to be recognized for the tremendous repository of
high value user generated content that they contain. We will endeavor to
demonstrate this value by building a world class company that acquires,
invests, and partners with forums."
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