SynthaSite is on the move – $20mm in new funding
I previously blogged about SynthaSite‘s charismatic CEO, Vinny Lingham (Wow, I see Vinny has been selected as a 2009 Young Global Leader!). SynthaSite seems to be growing by leaps and bounds amid all the bad economic news.On February 17, 2009 Synthasite announced a $20mm in second round funding from Reinet Investments. I received this email from Vinny announcing the news:
To all my friends, family & colleagues,Today, I’m proud to announce that Reinet Fund has just invested $20 million into SynthaSite, securing our future and enabling us to continue to build our business model and product offering. This is a massive vote of confidence in SynthaSite. I have attached the press release for your benefit – there is also an article on TechCrunch today about the announcement: http://www.techcrunch.com/2009/02/17/synthasite-gets-a-20-million-boost-for-simple-website-creation-software/When we began building SynthaSite from our humble base in Cape Town, we sought to create a company whose product would change the lives of millions of people by giving them a voice online. We wanted to provide the opportunity for anyone anywhere to build a website that would achieve their unique goals, from starting a small business to showcasing their achievements.In 2007, we raised $5 million in venture capital and moved our headquarters to San Francisco (where I am now based fulltime), keeping a good portion of our technical team in Cape Town. Since then, SynthaSite has grown from just a handful of people to more than 40 individuals across both offices, supporting over one million users and growing rapidly.I’m unbelievably excited about the future of SynthaSite and look forward to building on our success in helping you and many others reach their potential online. These past 15 months have just been the beginning…
I wish you lots of success Vinny!
Read MoreHow to have larger profits than revenues?
Just a quick post regarding Porsche CEO, Wiedeking’s amazing feat that allowed Porsche to post a profit of $11.6bn vs total revenues of $10.2bn. How did he achieve this? Well, only 12% came from making cars, the rest came by way of a sophisticated stock deal that may cause Porsche to take-over its parent Volkswagen.
Here is a snippet from the CNN Money article:
Schmidt is referring to a feat that guarantees Wiedeking a place in the record books: Porsche’s profits before taxes of $11.6 billion in the fiscal year ended in July were actually larger than its total revenues from sales of $10.2 billion. Not even Google has profits exceeding 100%. Only 12% of Porsche’s profits came from making cars. The remainder is the fruit of a brilliantly sophisticated stock-hedging strategy (yes, sometimes they do work) that was hatched by CFO Holgar Hrter before Porsche started buying into VW, and ended up panicking short-sellers and enriching the automaker.
Do you know of any other company that has achieved this feat?
Read MoreReally cool designs
One reason that I’m a fan of Apple products is that they really think about design, even the internals of their products. The recent unibody MacBooks are great example.
Apple Unibody design
myBook
Apple and iPhone
What a historic day and free Starbucks!
It doesn’t matter if you agree with Obama‘s policies or not, today is a historic day in world history. The next four years will be very interesting — both from an economic and a world political perspective.
Free tall brew after 5 hours for volunteer work
Good on Holiday spending
I picked up another copy of Good while waiting for my coffee at Starbucks. I love the easy to view and understand graphics of the mini-mag. This edition is on the Holiday Economy. Did you know that Americans spent $9.3bn on jewelry, $5.8bn on toys and $19.8bn on computers and video games during Nov/Dec 2007? And get this $26.3bn on gift cards!
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