Popular social network Tagged has raised $15 million in new capital to grow its membership and acquire other properties, the company announced today.
In 2011, San Francisco-based Tagged acquired hi5, Digsby, TopicMarks, and WeGame to help it grow quickly. These investments have swelled Tagged’s overall reach, giving it 330 million members in 220 countries. Last year’s revenue also grew by 35 percent year-over-year to $43 million.
“The social discovery category has just begun its high-growth trajectory,” Tagged CEO Greg Tseng said in statement. “While we are profitable and don’t need capital to fund operations, we are also opportunistic and will use these funds to further Tagged’s leadership and innovation in the industry. The growth capital will also enable us to make additional strategic acquisitions, accelerating us toward our next 300 million members.”
The new funding was led by Lighthouse Capital Partners and Comerica Bank. Tagged has been profitable for the past four years.
You can find out more about Tagged in the video below.
People at park photo via Shutterstock