Tagged secures $5 million in venture debt
Tagged Inc. has raised $5 million in venture debt that would allow the company to accelerate its growth and expand the services and features of its social discovery site Tagged.com. The venture debt was provided by Horizon Technology Finance and Leader Ventures.
“The additional funds will enable us to continue to support our growing traffic, which has increased by more than 500% this year,” said Greg Tseng, co-founder and CEO at Tagged. “Horizon Technology Finance and Leader Ventures are ideal partners for us as we scale revenues and profits in the coming year. The fact that we’ve been able to raise venture debt during the current credit crisis underscores the amazing progress our team has made, as well as the tremendous opportunity that lies ahead.”