Automattic, the company which developed WordPress and its entire cloud platform, has raised a fresh $160 million in funding, as reported by TechCrunch.
In a Series C funding, led by Insight Ventures, True Ventures, Chris Sacca, Endurance, Tiger and Iconiq, Automattic has raised this amount directly after 2008, when it last raised capital.
The reason for this, Automattic CEO and founder Matt Mullenweg says, is that when he took over as CEO earlier this year, he realized that WordPress was actually capital constrained.
WordPress is one of the most popular blogging platforms (rather Content Management system now) these days, and as per stats, runs 22% of top 10 million websites on the Internet. The Tech Portal also runs on WordPress platform.
Earlier in the year 2008, Automattic had raised some $12 million in a fresh round of funding. And from that day till a few hours ago, it hadn’t raised anything, largely because of the open source model of WordPress.
Pic courtesy : The Daily Post