bitly, shorten, share and track your links.
Bitly Raises $15 Million In Funding
Link shortening and analytics is a powerful blend and judging by the latest funding stories recently, a cash cow. Just a few stories back we wrote about Shareaholic and its raising of $3 million in VC funding. Now it’s Bitly’s turn.
The popular link shortening service has upped the ante with the raising of $15 million from Vinod Khosla at Khosla Ventures. The substantial funding round is all aimed at helping Bitly make an aggressive push towards expansion and a redefining of its identity among users. Peter Stern, CEO for Bitly wasn’t coy about the plans for the money: “We make many millions of dollars per year, but not appropriate for the growth that Bitly is trying to do.”
The once minimalist looking Bitly site is now more consumer friendly, having undergone a complete redesign recently. This redesign wasn’t very warmly welcomed by users who had grown used to just a short form within from which they could just shorten their links. This even prompted many to speculate that Bitly was seeing a drop a in traffic, but according to Peter Stern, traffic is still healthy to the site. Stern even pointed out that the site saw a whopping 200,000 newly registered users in June.
No doubt the $15 cash injection will help to shore up Bitly and quiet the rumors.