NEWS5 September 2013

Lithium raised $50m and appoints two

Financials North America People

US — Online community software provider Lithium Technologies has raised $50m in pre-IPO mezzanine finance.

The funding came from a syndicate of global institutional investors along with existing investor New Enterprise Associates (NEA) and the funding will be used to advance Lithium’s technology platform, expand its global footprint and execute strategic acquisitions to accelerate growth.

In addition, the company has appointed former Yahoo! executive Tapan Bhat as senior vice-president and chief product officer and NEA venture partner Brooke Seawell to its board of directors as audit committee chairman.

Lithium president and CEO Rob Tarkoff (pictured) said: “We have an enormous market opportunity, amazing customers, and stronger leadership and financial resources to build Lithium into a long-term, global company. We can grow aggressively without distraction while we consider the right timing for a public market offering.”