Roping in big bucks: SynthaSite Secures $20 Million in funding from Reinet

Published by Charl Norman on Feb 18th, 2009, No Comments

There are adventurous minds that feel great companies and lasting dynasties are built in turbulent times, and SynthaSite wants to prove they’re among those.

As pioneers of the Web 2.0 movement and on our list of SA startups to watch, they have just roped in a whooping $20 million as funding from Luxembourg-based Reinet Fund S.C.A. in a Series B funding bid. While normally that is no big news, it gains extra significance in times when the economy is moving slow and investments are dwindling.

The story behind the funding of Reinet, managed by the Rupert family of South Africa, is a surprise in itself as it was not too long ago that the company themselves filed for bankruptcy. But that was averted by funds induced into the Reinet Fund S.C.A by the Lehman Brothers and it now seems that SynthaSite has reaped benefits from the deal.

Involved in helping anyone interested in designing, improving and maintaining their own web space, SynthaSite has recently introduced a number of new features including an enhanced user interface, 60,000+ widgets, domain registration, shopping cart features and a blogging platform.

The new capital that has come its way apart from the $5 million made earlier will help further take the developing company based in both San Francisco and Cape Town a long way forward. We’ll have our eyes on you guys!!!

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