We Have Completed $4.5 Million in New Funding

103 Comments

From time to time, I have shared with you the steps we’re taking to build Giga Omni Media, the 27-month-old company behind this and the other publications that make up the GigaOM network. Today, I am thrilled to announce the start of our company’s next phase.

We have just raised $4.5 million, led by new investor Alloy Ventures, an early-stage venture capital firm with over $1 billion under management. True Ventures, our primary investors thus far, also participated in the round. The round was blessed by our angel investors, Rakesh Mathur, Venky Harinarayan and Anand Rajaraman as well. As part of the funding, Alloy Ventures general partner Ammar Hanafi will join the Giga Omni Media board.

We are going to use this new investment prudently, to enhance our technology platform and content offerings, add to our current portfolio of publications and expand our Events and Briefings businesses. We are in investing for the long-term — in ourselves.

I got to know Ammar when he was heading up corporate business development at Cisco Systems (read: V-P of the merger & acquisitions business.) As part of my job as a telecom reporter for Red Herring, I would hound him for information, often when there was none to be had. We stayed in touch periodically as our careers progressed before eventually losing touch.

Then earlier this summer, we reconnected through CEO Paul Walborsky. Our conversation quickly turned once again to my quest for clear and accurate information, but this time in relation to how I had made it the core quality around which our online media company was built. Soon we were discussing the possibility of Alloy becoming an investor.

The shift of audiences and ad dollars to online media from more traditional mediums has been significant on many levels, not least of which has been how it’s created opportunities for new models such as ours. What hasn’t changed is a desire on the part of business and technology audiences for in-depth, insightful coverage, which is what we are committed to providing.

Macro trends of our industry aside, the reason Alloy Ventures and True Ventures invested in our company is because there are lots of little things that need to happen before crazy ideas become a living, growing business. Sure we didn’t have an auspicious start to 2008, but we together overcame that little hiccup and my team has achieved a huge amount this year, among them:

As the company grows, I try to reflect on the job done so far and the road ahead. We have come so far on so little, mostly by being frugal and having a realist’s view of the world. The whiplash-inducing bad winds that are plaguing the overall economy will cast a pall on Silicon Valley in general and online media as well. So it’s nice to have the ability to grow even in the face of adversity, whether organically or through acquisitions. Before I go back to work, please join me in welcoming Ammar to our family.

More importantly, dear readers, please accept my extreme gratitude for your support — through good times and bad times, for without you it would not have been possible. Thank you.

103 Comments

Markus Göbel's Tech News Comments

Congratulations, Om. And I repeat: It’s time for an international rollout. Read the review I wrote for Areamobile.de about the HTC Touch HD! Even Engadget noted that we got it first. In Germany you can find many interesting topics to cover and good journalists. Mark Zuckerberg does a roadshow for Facebook next week and VoIP and mobile are red hot in Berlin..

faisal

Om – another milestone! Keep them coming… Will see you in London soon.

arno

you have to love how the URL for this post reads “we-have-completed-45-million-in-new-funding”.. $45M!!!! :)
Congratulations to all of you! cheers [el starno]

Rob Adler

Congratualtions. This is a reflection of the hardwork and passion of you and your team.

BTW. I do enjoy the Found/Read articles on the weekend. It would be great to see more longer form content from the rest of the family on the weekend.

Cornholio

Congratulations – good move to take cash while it’s available. Looking forward to seeing how you spend it.

Kris

Om,

At least throw a party or something so we can get drunk…er, I mean celebrate with you. Cheers.

Arjun C

Yeah! Nicely done! Congrats Om, Paul and the rest of the GigaOM family!

ronald

@OM,
That didn’t even cross my mind, you being Indian and all. There you have it, need to have different views on things.
As for stories, well I’m working on some math which would require some really heavy investigation from a Journalist to work out how right I am, or wrong. But I guarantee you if I’m right we haven’t seen anything in tech yet.
If you are interested, let me know and we can talk. I was going to talk to you anyway, after I have a working prototype. Since I was expecting you to give it straight to me on mistakes I made. But if you want to kick my b.. before that, let’s talk. You can always back off, in which case I can prove you wrong :-).

Mike Puchol

Congratulations Om, it’s an even greater achievement in the current weather – keep up the good work!

Tony E

Congratulations. I’ve enjoyed following all of the great content on the network since the start. Keep it coming!

Ray Capece

Congratulations, Om — Could be that the ‘health event’ facilitated your being more strategic, which is what leaders need to spend time on. All good moves . . . and building in the down times has the greatest chance to succeed. Well played.

Don Dodge

Om, Congratulations!! While print media is struggling and the economy is in a tailspin, you are building a great company. Outstanding!!

Don Dodge

Om Malik

@Karl Brightman … i think you will see something relatively soon. I am meeting with Revision 3 next week and we shall be resuming work soon. As you might have guessed we had more pressing things weighing down on us.

@ronald Point well taken and well I am going to start that thinking process and do more reflection pieces. of course, you and others could send some suggestions so we know what you are looking for. also are you talking about outsourcing your thinking to me because I am Indian. ;-) . Just joking. Your feedback is extremely valuable and I deeply appreciate it.

Om Malik

@ all your response and your kind words move me no end. thank you for sharing this moment with us. I appreciate it.

@ Dave McClure… you were there day one!

Jeff Karnes

Congrats Om, Paul and team. Your comment about having a realistic view of the world I’m sure will help continue to successfully guide your growing company. – Jeff

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