Tuesday, June 09, 2009

Gather Inc. Raises $5.3 Million in Venture Capital - Boston, MA

Gather Inc., a Boston-based social network, announced on Tuesday that it has raised $5.3 million in a venture capital round with Allen & Co., American Public Media, Jim Manzi, former CEO of Lotus Development, Jack Connors, former CEO of Hill Holiday, Kevin McClatchy, Andrew Tobias and the Gerace family. Gather announced that it had a sales increase of 49% in the first quarter over the same period a year ago. The company’s social network helps users make new friends and form new social circles. Gather said it raised the additional capital to fund operations at its current run rate through to profitability expected in early 2010.


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