Business, Investments

WordPress developer Automattic raises USD 160 million

The company behind web publishing tools like WordPress, Automattic, has raised USD 160 million in Series C round at a valuation of USD 1.16 billion, reported TechCrunch’s Frederic Lardinois on Monday.

The round was led by Insight Venture Partners, and included new investors Chris Sacca, Endurance, and True Ventures. This funding will be used in increasing marketing, expanding its employee base of 240 and accelerating business strategy.

Launched in 2005, Automattic is a venture of Matt Mullenweg. Till date, including this round, the company has secured a total funding of USD 315.6 million. This includes series A (USD1.10M), and series B (USD29.50M) from investors such as Polaris Partners, Radar Partners, New York Times and others.

Last year, USD 125 million was also invested by the Tiger Global and Iconiq Capital in a purchase of stock by the automattic investors.

“Only a year ago, I said ‘Automattic is healthy, generating cash, and already growing as fast as it can so there’s no need for the company to raise money directly — we’re not capital constrained,’” said Mullenweg, CEO, Automattic in his blog post.

Automattic supports and VIP, the open source wordpress platform. This platform is used by 22 percent of the world’s top 10 million websites, as stated in a W3techs report. In addition to this, it has also developed other tools and services like Jetpack, Akismet, VaultPress, Polldaddy and so on.

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