SynthaSite, an online website builder, has secured USD20m in Series B financing from Luxembourg-based Reinet Fund.
SynthaSite, an online website builder, has secured USD20m in Series B financing from Luxembourg-based Reinet Fund.
The company plans to use the capital to accelerate the development of its website creation tools and its peer-to-peer e-commerce platform through organic growth and strategic acquisitions in both its San Francisco and Cape Town locations.
The company has grown its customer base to over one million registered users since raising its USD5m Series A round in November 2007.
SynthaSite recently introduced a number of new features including an enhanced user interface, 60,000+ widgets, domain registration, shopping cart features and a blogging platform.
"We believe in providing the best possible experience for everyday people building websites. On top of that foundation, we have built a very scalable business model focused on generating revenue via value added services and partner relationships. Reinet shares our vision and we appreciate their strong support," says Vinny Lingham, chief executive of SynthaSite.
"What sets SynthaSite apart is its vision and management team," says Frank Vivier, chief investment officer of Reinet Investment Advisors. "The team’s unique combination of technology, business expertise and proven track record make me confident that this company will be a big success story. Great companies are built during turbulent times."
Reinet Fund is a wholly-owned subsidiary of Reinet Investments. It is a long-term capital growth fund, managed by the Rupert family of South Africa.
