Automattic Raises $29 Million For Product Development
Jan 26th, 2008 | By Shamim | Category: Internet, Make Money
Wordpress parent company Automattic gets a huge injection of investment dollars. TechCrunch reported out of a total of $29.5 million that Automattic managed to raise $20 million came from Polaris Ventures and the rest came from an assortment of other sources including NY Times. The money is designated to give a boost to Automattic’s core product development. This translates into more features in Wordpress hosted blogging solution and the open-source Wordpress blog platform. Wordpress.com hosted blogs recently enjoyed a disk space upgrade on their accounts boosting them to 3GB of blogging goodness. This alone puts Wordpress ahead of Blogger and Typepad who are teetering at 1GB or less. Looking ahead, Automattic will be able to jump start new products while pushing feature rich updates to old products with this huge amount of money.
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