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With its $5.5 million in funding, Ello looks to the future

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Ello has raised $5.5 million in a round led by Colorado’s Foundry Group. The social networking site’s rapid viral growth moved up the timeline on its fundraising efforts, since it needed the cash to keep up with the flood of user requests. Along with the round, the company converted Ello into a public benefit corporation — legal lip service for prioritizing the public good over profits — and had investors sign a no-ad agreement.

One Response to “With its $5.5 million in funding, Ello looks to the future”

  1. Anonymous

    “and had investors sign a no-ad agreement.”

    This is a big spit-in-the-face towards anyone calling them out on how they would be forced to do this after being funded by ventures. I don’t really follow or care for them that much – but I love how they got investors to sign onto that.

    Although they will still likely have an exit plan – and after selling the company rules might change a bit… it’s nice to see they took this step to give the bird to a bunch of naysayers.