Lithium Technologies Raises $12 Million in Series B Financing
EMERYVILLE, Calif. – June 30, 2008 – Lithium Technologies, market-leading provider of on-demand solutions for enterprise communities, announced today that it has raised $12 million in a Series B equity funding round led by Benchmark Capital. The funds will be used to drive aggressive business expansion and accelerate development of Lithium's social media offerings for the enterprise. Benchmark joins Emergence Capital and Shasta Ventures, which co-led a $9M Series A financing round in April 2007.
"Lithium has built a leadership position in the enterprise community market, based on its understanding not only of social technologies, but also of online social behavior," said Peter Fenton, partner, Benchmark Capital. "We are seeing a radical transformation in the ways organizations interact with customers, resulting in benefits not only to bottom-line support costs but to gains in revenue generation, product innovation and brand equity, to name a few. While Benchmark evaluated several competitors, it was clear that Lithium, with its deep understanding of how to engage users in external communities, is uniquely positioned to reap the benefits of this explosive market opportunity."
Leading companies across industries, including AT&T, Dell, Sony Playstation, Univision, and PayPal, partner with Lithium to power some of the largest online communities in the world.. The company differentiates itself by its ability to build vibrant and successful communities for its customers through its unique ability to cater to the "super-users" and by building the community using online gaming mechanics. Founded in 2001, Lithium has maintained a rapid growth trajectory, adding major new customers and revenue each quarter. Lyle Fong was the only vendor executive quoted in Charlene Li and Josh Bernoff's Groundswell: Winning in a World Transformed by Social Technologies (Harvard Business Press: May 2008), which also included case studies of Lithium customers who are leveraging the social Web for demonstrable business benefit.
"Lithium's track record of profitable growth—which has enabled us to preserve the capital we secured in our first round of funding—is a validation of the fact that enterprises are now seeing quantifiable top-and bottom-line business benefit from social media technologies," said Lyle Fong, founder and CEO, Lithium Technologies. "The addition of Benchmark to our team provides us with the resources to aggressively expand our leadership in on-demand enterprise communities to address the untapped social media needs of global business."
About Lithium Technologies
Lithium Technologies powers some of the largest online communities in the world for some of the largest companies in the world, including AT&T, Dell, Sony Playstation, Univision, PayPal, and others. Its flagship solution, Lithium InterActive, is an integrated suite of on-demand enterprise social media products, including forums, blogs, and social networking. Lithium's platform has been proven to scale to hundreds of millions of page views per month, while providing the security, analytics, APIs and manageability that enterprises demand. Founded in 2001, Lithium is privately held with headquarters in Emeryville, California. For more information, visit www.lithium.com.
About Benchmark Capital
Benchmark Capital, a leading international venture capital firm, was founded in 1995 to help talented entrepreneurs with original ideas build successful technology companies. Benchmark's general partners take a team-oriented, labor-intensive approach to venture investing to deliver a superior level of service to the firm's portfolio companies. Benchmark's portfolio includes high-profile start-ups like Infinera, MySQL, OpenTable, Second Life, Tellme, Yelp, and Zillow, and franchise companies such as eBay, Juniper Networks and Red Hat. The firm manages nearly $2.8 billion in committed venture capital. For more information on Benchmark Capital, visit its website at www.benchmark.com.
Lithium Media Contacts:
Michael Paige, Corporate Headquarters & Global, firstname.lastname@example.org , +1 (510) 318 7014
Sandra Teuber, Central & Southern Europe, email@example.com , +41 (79) 223 7356
Prelini Chiechi, UK & Northern Europe, firstname.lastname@example.org, +44 (7826) 912788
Imogen Riley, APAC & Australia, email@example.com, +61 413 274 210