Bitly Gets $15 Million in Funding
Bitly has secured $15 million in new funding led by VC firm Khosla Ventures.
The funding comes in the wake of a site redesign that steered the company away from its original selling point--simple link shortening--toward a greater emphasis on social sharing.
Initially, many users complained that the site's new features were unnecessary and complicated, TechCrunch notes--but Bitly says daily registrations have increased by 300% since the redesign launched.
"Our goals for the funding is continue growing Bitly as a consumer service for the social web," CEO Peter Stern told Inc. in an email. "We want Bitly to be more useful to a wider audience."
Bitly called the redesign a "huge step" toward its vision to be "the primary online service for sharing and discovering interesting content," and said that the new funding will enable the company to further expand its "social web products."
The company has now raised a total of $28.5 million in venture funding. Backer Khosla Ventures has previously invested in such companies as Square, Yammer, and Jawbone.