Contact:
Julie Karbo
KF Communications
flock@kfcomm.com
Flock Closes $15 Million Financing Round, Led by Fidelity Ventures
Funding enables Flock to expand globally and extend leadership in browser innovation
REDWOOD CITY, Calif. – May 22, 2008 – Flock (www.flock.com), the innovative, award-winning social Web browser, today announced that it has completed a $15 million Series D round of venture funding led by Fidelity Ventures. All previous lead investors, including Bessemer Venture Partners, Catamount Ventures and Shasta Ventures, also participated.
This new funding exceeds the amounts raised in all prior rounds combined and will be used to provide growth capital to expand Flock’s business, including research and development, marketing and expansion into new global markets. According to Datamonitor, there are currently over 230 million members of social networks globally, and revenues are projected to reach $2.4 billion by 2012[1]. Fidelity Ventures brings the advantages of its tremendous global reach and experience to assist in growing Flock’s business.
“We are thrilled to close this significant round of financing,” said Shawn Hardin, CEO of Flock. “Following the tremendous market response to Flock’s commercial release, this new funding will enable us to continue our browser innovation – making engagement and participation across social networks and the Web as effortless as consumption.”
“The browser is strategic because it enables nearly everything users do online,” said Larry Cheng, Partner at Fidelity Ventures. “Flock's social browser is the most compelling innovation in the browser market in over a decade. The reasons we invested are simple: great product, fantastic user adoption, and excellent revenue growth.”
Since January 2008, Flock’s user base has increased by more than 250 percent while its revenue has risen by more than 400 percent. In addition, Flock was named the winner of the Webby Award in the Social Networking category, which also included noteworthy nominees Facebook and Bebo. Hailed as the “the Internet’s highest honor” by the New York Times, The 12th annual Webby Awards received over 10,000 nominations from more than 60 countries worldwide.
[1.]Datamonitor, 2007 (“The Future of Social Networking”)
About Flock
Flock - The Social Web Browser - is built on Mozilla’s constantly improving Firefox architecture (http://www.flock.com/mozilla). It is free to download and use at http://www.flock.com. Flock simplifies and extends the use of social and web-based applications to enable the richest user experience possible across information-gathering, sharing, communication, self-expression and interaction. Flock delivers a more personal experience of the web, where its users are in control and more connected to what they value. Flock was founded in 2005. The company is based in Redwood City, CA, with an office in Victoria, British Columbia.
About Fidelity Ventures
Fidelity Ventures invests in companies ready to enter the market and those poised for the next phase of growth. Its 40-year track record includes hundreds of successful investments in the consumer, communications, systems and software markets. Fidelity Ventures is distinguished by the ability to accelerate market adoption for its portfolio companies’ offerings, and by a global network of senior technology and business executives. Fidelity Ventures actively manages over $800 million from offices in Boston and London. For more information, please visit www.fidelityventures.com.
