OLD Media Moves

Business news site Xconomy closes second round of financing

November 25, 2008

Xconomy, a business and technology news service currently covering the Boston, San Diego and Seattle markets, has closed on its second round of financing, according to an announcement on its Web site.

The announcement states, “A lot has changed in the 15-plus months since we closed that first round amidst palpable and pervasive economic optimism. The fact that we were able to close this new financing in today’s economic environment, and at a time when the traditional media business is in turmoil, is a testament to a great team, great investors, and great underwriters, sponsors, and other supporters—including the stellar group of innovators we call the Xconomists, and our ever-growing body of readers.

“It’s also a testament, we believe, to the continued importance of the ‘exponential economy’ that inspired our name and on which we focus in all of our stories and events. Indeed, we believe that this realm of business and innovation, which is characterized by exponential technological growth and is responsible for an increasing share of productivity, will be absolutely critical to economic recovery in our home cities and in the nation as a whole.

“More than ever, we think, the future is dependent on all those innovators, entrepreneurs, and investors who are inventing new technologies and driving to realize their market potential, oftentimes creating new industries in the process.”

Read more here. The investors included CommonAngel and Launch Capital, two firms that invest in early-stage companies.

Talking Biz News covered Xconomy’s expansion into the San Diego market back in September. Read here.

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