Lijit Networks, one of our portfolio companies, just announced today that it closed a $7.1 million financing led by Foundry Group. This financing gives Lijit the financial resources to focus its efforts on rapidly growing its already sizeable base of publisher users, launching its search-powered ad network, and further expanding Lijit’s cool people-oriented search solutions.
We’ve blogged previously about Lijit and the role it plays in what we call our implicit web theme. Foundry Group has been involved with Lijit since its formation, so we’ve witnessed everything from the birth of its idea through its technology development phase to the company’s successful market introduction.
Along the way, we’ve been impressed with the warm reception and accolades that Lijit has received from its publisher users. While much of Lijit’s historical efforts have focused on the needs of individual bloggers/publishers, the company is now in a position, both financially and technologically, to begin to offer more complex solutions that meet the needs of large publishers and publisher networks that are unaddressed by existing search tools.
Needless to say, we’re thrilled with the progress the company has made thus far and are equally bullish on the company’s prospects. Congratulations to Todd Vernon and the entire Lijit Team!