Xconomy | Boston - Business + Technology in the Exponential Economy

Gather Nets $5.3 M

Gather, a Boston-headquartered social networking site aimed at users over 30, announced today that it has raised $5.3 million in equity financing. Major investors in the round include Allen & Company, American Public Media, Jim Manzi (former CEO of the Lotus Development Corporation), Jack Connors (former CEO of Hill Holiday), Kevin McClatchy, Andrew Tobias, and the Gerace family. They join previous investors Hearst, The McGraw-Hill Companies, and Southern California Public Radio. Gather also reported that bookings in the first quarter of 2009 were up 49 percent over the first quarter of 2008; the company expects to reach profitability in early 2010.

Roxanne is an intern in Xconomy's Boston office. You can reach her at rpalmer@xconomy.com.

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