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Thursday July 31, 2014

Social Discovery Service Bitly Raises $15 Million

Bitly

Bitly (Photo credit: The Daring Librarian)

Bitly, known to most as a link shortening service, raised another $15 million in a new round led by Khosla Ventures. The NY-based Betaworks company hopes to use the money to shift the company focus to be the “primary online service for sharing and discovering interesting content,” according to GigaOm. The new round was announced this week and included other investors such as RRE Ventures and OATV.

Daily registrations to the Bitly site increased 300% after the May 29th redesign launch, however, it was also apparent how difficult it would be to leave the old bitly behind. People who visited the site complained about the link shortening service being removed from the front page of the site, it was eventually moved back.

The company says that the funding will help the team focus on growth and expansion for the social web products.