Hearst, McGrawHill Invest in Gather.com; Total Raise $10 Million

Gather.com, the Boston-based online networking/community site (I met a bunch of Gather employees at our Boston mixer tonight…who were smart enough not to leak the WSJ exclusive), has received a total of $10 million in investment, including from two media strategics: Hearst Corp. and McGraw-Hill Cos. The investment was led by Pilot House Ventures Group. Gather is a social networking website devoted to creating an online community of public-radio listeners…though it uses that as the jumping point for all kinds of discussions.
The latest funding follows a $6 million funding round late last year, and in total the company has raised about $17million-19 million, which is pretty high in the category.
Gather founder and CEO Tom Gerace said in the story that he plans to use the funding for international expansion and to expand partnerships with top media companies. Gather is targeting an older audience and has grown in part through partnerships with other media players like Amazon.com, which is running a fiction-writing contest through Gather.

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