CrowdGather Raises $1.3m Through Share Sale

In the US, online communities provider CrowdGather has raised $1.3m through the sale of 1.3 million shares to two unnamed 'foreign' investors. The firm plans to use the finance to fund the acquisition of new properties and also to obtain listing on one of the US stock exchanges.

CrowdGather hosts a portfolio of special interest forums and enthusiast message board communities, through which it has created a network for members, forum owners and advertisers.

Earlier in the year, the company acquired Adisn; a digital ad agency that mines web conversations, web profiles, online blogs and behaviour, and then uses the results to enhance online targeting.

Of this financing, Chairman and CEO Sanjay Sabnani (pictured) says: 'We intend to continue our acquisitions of forum properties as we look towards achieving critical mass with our media network. Also, we believe we will be strongly capitalized to pursue our long standing goal of having CrowdGather become listed on a senior US stock exchange.'

Web site: www.crowdgather.com .