Tagged raises $15 million from Lighthouse Capital Partners, Comercia Bank
Tagged, the social network that bills itself as a destination for meeting new people, announced today it has accepted $15 million in growth capital financing from Lighthouse Capital Partners and Comercia Bank.
Tagged explains that the new funding will help the company grow existing key products and will fund additional strategic acquisitions.
“The Social Discovery category has just begun its high-growth trajectory,” Tagged CEO Greg Tseng said. “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.”
Last year Tagged acquired other social networks like messaging service Digsby, and the similarly discovery-focused hi5. In 2011 Tagged reported its revenues of $43 million, a 35 percent increase year-over-year.