|
Stack Overflow Gets $12 Million Investment
By Mike Sachoff
Staff Writer
Article Date: 2011-03-09
Stack Overflow, a creator of community-driven question and answer sites, said today it has closed a $12 million Series B funding led by Index Ventures, with other participation by Spark Capital and Union Square Ventures.
Along with the funding, the company said it has changed its name to Stack Exchange to better reflect its new focus on developing its network of community-driven Q&A sites. The money will be used to develop new offerings and revenue streams, such as the recently re-launched Stack Overflow Careers 2.0 job search and recruitment site.
"Today's funding, coupled with the meteoric organic growth Stack Exchange has experienced over the last six months, is a true vote of confidence from the VC and Internet communities that we are on the right path and filling a distinct need," said Joel Spolsky, CEO of Stack Exchange.
"The Stack Exchange model of focusing on high quality questions and expert answers, and fostering organic community growth, is both desirable and sustainable."
To aid Stack Exchange's growth and development, also announced that Neil Rimer co-founder and Partner at Index Ventures; and Anil Dash, a blogger, serial entrepreneur and long-time advisor to Stack Exchange and many other start-ups; has joined its Board of Directors. Bijan Sabet of Spark Capital also joins the Board as an observer.
"We have rarely seen sites that engage a community as deeply as Stack Overflow. We believe that Stack Exchange's singular focus on building very high-quality, community-driven Q&A sites is a winning strategy," said Neil Rimer, co-founder and Partner at Index Ventures. "
"Stack Exchange is disrupting and reshaping the way human knowledge is digitized, organized, prioritized and shared online."
About the Author:
Mike is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.
|
|
