DotNetNuke, a Seattle-based developer of an open-source application framework for the Microsoft tech platform, has raised $8 million in Series B funding. UV Partners led the round, and was joined by return backers August Capital and Sierra Ventures. The company previously raised $6 million.
DotNetNuke Corp. (http://www.dotnetnuke.com), the company behind the most widely adopted Web Content Management Platform for Microsoft® .NET, today announced it has secured an $8 million Series B financing led by new investor UV Partners with participation from existing investors August Capital and Sierra Ventures. The new funds will be used to accelerate product development and expand marketing and sales.
The financing follows a banner year for DotNetNuke Corp., which recently announced it had signed 500 paying customers and 50 certified commercial partners following its commercial launch in February of 2009.
— DotNetNuke Corp. secured an $8 million Series B financing lead by new investor UV Partners. Existing investors August Capital and Sierra Ventures also participated in the round, which is meant to accelerate product development and expand marketing and sales.
— Demand for a flexible, cost-effective Web Content Management Platform for Microsoft .NET resulted in the signing of nearly 500 customers since DotNetNuke Corp. released its first commercial product in February 2009.
— DotNetNuke Corp. signed nearly 50 paying Fusion Partners, which deliver customers ranging from startups to Fortune 100 companies, with implementation services for business-critical web sites and web applications.
— The DotNetNuke Corp. online marketplace, Snowcovered.com, completed nearly 40,000 transactions of third-party software extensions to almost 15,000 customers in 2009.
— Other 2009 milestones included:
– Acquiring Snowcovered, the premier online market for over 6,000 DotNetNuke modules, skins, services and related products offered by nearly 800 third-party vendors.
– Making several product enhancements to the Professional, Elite and Elite Premier Editions, most recently integrating Telerik RadControls for ASP.NET AJAX.
– Moving distribution of the open source version of DotNetNuke, the Community Edition, to CodePlex, Microsoft’s premier open source project hosting web site. In addition, Shaun Walker, DotNetNuke’s co-founder and chief architect, joined the CodePlex Foundation interim Board of Directors.
– Receiving the asp.netPRO Magazine 2009 Readers’ Choice Award as a leading Content Management System.
Chris Cooper, UV Partners
“Web content management solutions continue to grow in importance and the adoption of open source as a viable alternative to proprietary solutions continues to increase. We have been impressed by the execution of the DotNetNuke Corp. team and its ability to capitalize on the opportunity. The company is rapidly becoming a significant player in the content management space and its position as a Microsoft .NET solution gives it a unique position in the competitive landscape.”
Navin Nagiah, President and CEO at DotNetNuke Corp.
“DotNukeNuke had phenomenal market traction during our first year. We signed nearly 500 customers for our subscription products and closed nearly 40,000 transactions to 15,000 customers on Snowcovered.com, our online marketplace for third party add-ons. While we did not need capital given our revenue traction, we liked the partnership and the terms so we decided to close a new round. We welcome and look forward to working with UV Partners.”
— According to the Gartner Magic Quadrant for Web Content Management:
– “WCM represents one of the fastest-growing areas of ECM and now accounts for more than 25 percent of the ECM software market.”
– “WCM goes beyond the literal management of Web content and offers tools that allow a company to manage and make money from its Web presence, especially in areas such as building a customer-centric Web strategy, marketing, e-commerce and the media.”
– Gartner also acknowledges “increased popularity and traction for open-source offerings.”
— According to IDC’s Worldwide Content Management Software and 2008 Vendor Shares:
– “Growth in the content management market continues to be driven by several of the key priorities for enterprise software spend, including the need to ensure regulatory compliance and reduce risk, the need to boost information worker productivity and improve the cost-effectiveness of document-intensive business processes, and the desire to leverage the Web to build brand, strengthen customer relationships, and grow revenue.”
— DotNetNuke has several channels to engage in conversations: tweet us @dnncorp, post a comment on our blogs, join our LinkedIn Group, or become a fan on Facebook.
About DotNetNuke Corp.
DotNetNuke Corp. is the steward of the DotNetNuke open source project, the most widely adopted Web Content Management Platform for building web sites and web applications on Microsoft .NET. Organizations use DotNetNuke to quickly develop and deploy interactive and dynamic web sites, intranets, extranets and web applications. The DotNetNuke platform is available in a free Community and subscription-based Professional, Elite and Elite Premier Editions. DotNetNuke Corp. also operates Snowcovered.com where users purchase third party software modules and skins. Founded in 2006 and funded by Sierra Ventures and August Capital, DotNetNuke Corp. is headquartered in San Mateo, Calif. For additional information, visit www.dotnetnuke.com.
About UV Partners
UV Partners, established in 1986, is a leading early stage venture capital investment group based in Salt Lake City, Utah. UV Partners helps entrepreneurs develop early-stage concepts into tomorrow’s industry-leading technology companies. The partners possess diverse but highly complementary industry and investment backgrounds. They share a hands-on approach and work collaboratively on each portfolio company over the life of an investment thereby providing each company with a broad range of resources, experience, and knowledge.
About August Capital
Founded in 1995, August Capital has funded an extraordinary group of entrepreneurs who have built significant, long-term value across the full range of information technologies. These companies represent an aggregate market capitalization of well over $250 billion, generate in excess of $75 billion in annual revenue around the world. This success is a testament to the entrepreneurs themselves, as well as the fundamental technologies they have created. August Capital has $1.3 billion under management, and has invested in more than 75 companies including Atheros, Cobalt Networks, Iridigm, Mimosa Systems, Postini, Seagate, Shopping.com, SixApart and Silicon Image. Recent investments range from $500,000 to $130 million in information technology businesses from semiconductors to ecommerce. The firm’s partners have previously invested in a number of ground breaking technology companies, including Actel, Adaptec, Compaq, Grand Junction, Intuit, Linear Technology, Microsoft, MMC Networks, Skype, Sun Microsystems, Sybase, Symantec, and Visio. August Capital is located in Menlo Park, California. For more information, please visit: www.augustcap.com.
About Sierra Ventures
Sierra Ventures has managed nine venture capital partnerships and currently has more than $1.5 billion of capital under management. Some of the firm’s investments include 360Commerce (acquired by Oracle), Active Software (acquired by WebMethods), AmeriGroup (AGP), Centex (acquired by WorldCom), AuthenTec Inc. (AUTH), ConvergeNet (acquired by Dell), FatBrain (acquired by Barnes & Noble), Frontbridge (acquired by Microsoft), Healtheon (merged with WebMD), Interact Commerce (acquired by Sage), Intuit (INTU), Micromuse (acquired by IBM), OnAssignment (ASGN), OnLink (acquired by Siebel), Quinta (acquired by Seagate), StrataCom (acquired by Cisco), Sourcefire (FIRE), Sychip (acquired by Murata Corporation), Teradata (acquired by NCR).