ThePort Network has raised $500k from existing investors in an extension of its Series B round. ThePort provides businesses with social network and social media services. A couple years ago we covered ThePort as part of a broader look at ways to build your own social network, which included a detailed look at a number of players in the space here.
American City Business Journals led a $4.1M Series B in ThePort in December 2008 and has not looked back. Over the last year recurring revenue has grown 90% topping $2M. The company’s products target associations, media companies and nonprofits and have found success in the government sector. Major clients include the American Diabetes Association, the American Bar Association, the American Lung Association, the Sierra Club and as CEO Bob Cramer diplomatically put it, “a major political party”.
The company plans on using the new funding to grow its sales and marketing efforts. ThePort has read the tea leaves and as part of that push ThePort plans to open an office in Washington DC in 2010. The company also hopes to reach profitability next year.