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The firm raised €5.7 million in a venture capital round last year, led by Wellington Partners. At the time, Wellington took an 18% stake in the company, and retains a 9% stake after the IPO. OpenBC recently changed its name to Xing, and has been named as one of Web 2.0’s most innovative sites by <a href="http://corporate.xing.com/fileadmin/image_archive/pressreview_en_business_2_0_0608.pdf">CNN Money.</a> All in all, it represents an impressive result for a three year old company and a nice partial exit for Wellington and the other investors who backed the company. The IPO represents the first Web 2.0 company to go public and the money should help Xing expand far beyond Germany, where it is a big deal. The flotation was handled by Deutsche Bank and Lehman Brothers. Further Reading: <a href="/blog/308-should-web-2-0-startups-seek-venture-capital">Should Web 2.0 startups seek venture capital?</a>

<FormattedContent xmlns="http://www.e-consultancy.com/schema/formattedContent/"> <Paragraph>The firm raised €5.7 million in a venture capital round last year, led by Wellington Partners. At the time, Wellington took an 18% stake in the company, and retains a 9% stake after the IPO. </Paragraph> <Paragraph>OpenBC recently changed its name to Xing, and has been named as one of Web 2.0’s most innovative sites by <Link URL="http://corporate.xing.com/fileadmin/image_archive/pressreview_en_business_2_0_0608.pdf" Window="New">CNN Money.</Link> </Paragraph> <Paragraph>All in all, it represents an impressive result for a three year old company and a nice partial exit for Wellington and the other investors who backed the company.</Paragraph> <Paragraph>The IPO represents the first Web 2.0 company to go public and the money should help Xing expand far beyond Germany, where it is a big deal. </Paragraph> <Paragraph>The flotation was handled by Deutsche Bank and Lehman Brothers.</Paragraph> <Paragraph> <Emphasis>Further Reading:</Emphasis> <LineBreak /> <Link URL="/blog/308-should-web-2-0-startups-seek-venture-capital" Window="New">Should Web 2.0 startups seek venture capital?</Link> <LineBreak /> </Paragraph> </FormattedContent>

2006-12-12T13:29:00+00:00

econsultancy_xml

Business social networking service OpenBC, a Teutonic version of LinkedIn, has announced that it has raised €35.7 million in an IPO. Its market cap is about €157 million. <a href="http://www.xing.com/">OpenBC, which is rebranding as Xing</a>, has around 1.5 million members, and was able to boost its revenues year-on-year from €1.6 million to just under €6 million at the end of the last fiscal year.

<FormattedContent xmlns="http://www.e-consultancy.com/schema/formattedContent/"> <Paragraph> <Emphasis>Business social networking service OpenBC, a Teutonic version of LinkedIn, has announced that it has raised €35.7 million in an IPO. Its market cap is about €157 million</Emphasis>. </Paragraph> <Paragraph> <Link URL="http://www.xing.com/" Window="New">OpenBC, which is rebranding as Xing</Link>, has around 1.5 million members, and was able to boost its revenues year-on-year from €1.6 million to just under €6 million at the end of the last fiscal year.</Paragraph> </FormattedContent>

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For background on online PR and social media more generally, It's worth reading our (free to registered users) <a href="http://econsultancy.com/reports/online-pr-and-social-media-trends-briefing">Social Media Trends Briefing</a> (June 2009). Econsultancy has also published <a href="http://econsultancy.com/reports/social-media-and-online-pr-digital-marketing-template-files">Social Media and Online PR Template Files</a>, which you can adapt and use for your own projects. For innovation in this space, download our <a href="http://econsultancy.com/reports/innovation-report">Innovation Report</a>.

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Web 2.0 company Xing raises €35.7 million in IPO false

2006-12-12T13:43:00+00:00

web-2-0-company-xing-raises-eur35-7-million-in-ipo

2009-04-29T11:43:55+01:00

2009-10-13T08:47:22+01:00

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