SAN FRANCISCO, CA--(Marketwire - Aug 23, 2012) - Tagged, the social network for meeting new people, today announced that it has accepted $15 million in growth capital financing from Lighthouse Capital Partners and Comerica Bank. The move will help accelerate the growth of key products for its members and fuel additional strategic acquisitions. After pioneering the Social Discovery category in late 2007, Tagged has continued to grow with consistent profitability since 2008.
"The Social Discovery category has just begun its high-growth trajectory," offered Tagged's CEO Greg Tseng. "While we are profitable and don't need capital to fund operations, we are also opportunistic and will use these funds to further Tagged's leadership and innovation in the industry. The growth capital will also enable us to make additional strategic acquisitions, accelerating us toward our next 300 million members."
In 2011, the company acquired popular hi5, along with Digsby, TopicMarks and WeGame, to propel its growth and product innovation. These moves bolstered the company's reach to over 300 million members worldwide. It also grew revenue by 35 percent to over $43 million in 2011.
In addition to capping its fourth year of profitability in 2011, Tagged was named by Forbes as one of "America's Most Promising Companies," was selected as an Inc. 5000 Fastest Growing Private Company and was included on the San Francisco Business Times' list of Best Places to Work in the Bay Area.
Specific terms of the debt round have not been disclosed.
Tagged is the social network for meeting new people. While other offerings focus almost exclusively on existing relationships, Tagged has established the category of Social Discovery. Tagged is the largest Social Discovery network in the world with over 330 million members (combined with wholly owned hi5) in 220 countries. Tagged enables anyone to meet and socialize through advanced browsing and matching features, shared interests and more. Founded in 2004, Tagged is based in San Francisco. More information is available at http://about.tagged.com.