Clearspring Raises $18 Million

Clearspring Technologies Inc., an Arlington, Va.-based provider of widget syndication services, has raised $18 million in Series C funding. New enterprise Associates led the round, and was joined by return backers like Novak Biddle Venture Partners and ZG Ventures. The company had closed a $5.5 million Series B round in early 2007.

PRESS RELEASE

Clearspring Technologies Inc., the world's largest widget syndication and tracking service, has secured $18 million in a series C funding round that includes leading venture capital firm New Enterprise Associates (NEA), Novak Biddle Venture Partners and other current investors. The new round will fund expansion of Clearspring's viral marketing network, which currently serves and tracks almost four billion widgets monthly. It will also be used to extend Clearspring's reach into international markets and further develop its rapidly growing advertising network and vast data infrastructure and optimization services. Clearspring's category leadership is well-established