SocialText gets a new CEO and Series C funding

SocialText just raised more money and pulled in a new CEO.

Open-source wiki company SocialText just pulled down a Series C round of funding ($9.5 million from Draper Fisher Jurveston, Omidyar Network, SAP Ventures, Intel Capital, plus a few angel investors). It also got a new CEO, Eugene Lee.

Congratulations to Ross Mayfield and the SocialText team. My one question in this is why no new investors joined in the round. If I remember right, the investors above are the same who invested in the last round. This either means that the Series C round was so hot that the existing investors didn't want to share it, or that SocialText was having difficulty finding new investors.

I hope it's the former, as the wiki/collaboration world keeps heating up and SocialText has been one of the leaders.

Tech Culture
About the author

    Matt Asay is chief operating officer at Canonical, the company behind the Ubuntu Linux operating system. Prior to Canonical, Matt was general manager of the Americas division and vice president of business development at Alfresco, an open-source applications company. Matt brings a decade of in-the-trenches open-source business and legal experience to The Open Road, with an emphasis on emerging open-source business strategies and opportunities. He is a member of the CNET Blog Network and is not an employee of CNET. You can follow Matt on Twitter @mjasay.


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