CrowdGather Sells $7.85m Shares to Fund Acquisitions

In the US, online community provider CrowdGather has secured $7.85m through a sale of shares, which it plans to use to add to its stock of more than 65,000 online forums.

Launched in 2008, 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.

Last year, the firm sold 1.3 million shares at a dollar a share, and also acquired Adisn, a digital ad agency that mines web conversations and blogs, and uses the results to enhance online targeting.

Its latest funding has been raised in a private placement by selling stocks, and Chairman & CEO Sanjay Sabnani confirms that the funds will be used to acquire additional communities. 'Our belief has always been that forums are a significant component of the Internet and deserve to be recognized for the tremendous repository of high value user generated content that they contain,' states Sabnani. 'We will endeavor to demonstrate this value by building a world class company that acquires, invests, and partners with forums.'

Web site: www.crowdgather.com .