Social media company ThePort Network has raised $4.1 million in a second round led by American City Business Journals. Existing investors Lee Enterprises (NYSE: LEE), Atlanta-based start-up investor Imlay Investments, and angel investor Robert Jetmundsen also participated. Co-founder and CEO Bob Cramer, who is also an angel investor, told me, “This is our first major round of investment (all the money coming at one time).” He declined to provide a total amount raised, saying the funding, until now, was angel but that some of the investors went into a first round. The company started in 1999 as an XML developer and evolved into a social media platform supporting community building for non-profits, associations and media companies, including investors ACBJ and Lee. It also has its own network.
According to Cramer, other clients include Easter Seals and the Sierra Club. Cramer told the Atlanta Business Chronicle, which first reported the funding, the company earned $800,000 in revenue last year and would use the money to develop sales, marketing and business development along with platform improvements.