Bitly used to be a relatively hot startup poised to own URL shortening and analytics associated with web links, but it has lost some steam in the past six months due to Twitter offering its own analytics and link shortening. Bitly launched more detailed “link insights” back in February to help show businesses and individuals if a link was doing particularly well in real time and show the “life” of a link. But moves like that clearly weren’t enough to keep Stern in his job.
“Peter has been a key leader and contributor to the company,” Bitly board member Sam Mandel said in a statement. “In particular he has been instrumental in transforming Bitly into a successful business while growing its unparalleled data set. We are very happy that he will remain a shareholder and supporter.”
New York-based Bitly has raised $28.5 million to date from the likes of O’Reilly Alpha Tech Ventures, RRE Ventures, Khosla Ventures, AOL Ventures, and Betaworks. The company closed a $15 million round of funding back in July 2012.