Sometimes Silicon Alley can make your head spin: out of the blue, in a terse blog post, Bitly just announced that CEO Peter Stern has resigned in order to “pursue other interests.”
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Bitly CEO Peter Stern, who once told Betabeat he’s been in the process of raising funds ever since he joined the company, finally has a milestone to announce. The company has raised a $15 million Series C led by Vinod Khosla at Khosla Ventures.
“[Mr. Kholsa] has been fascinated with the growth of Bitly all along,” Mr. Stern said by phone this afternoon. “Fascinated with this kind of invisible glue that enables people to share in social media and the insight that you can extract from doing that at scale and thinking about what kind of services and products you can offer consumers to grow that set even more.”
Mr. Stern said he has been in contact with Mr. Kholsa for a while. A Series C has been expected since Bitly raised a $1.4 million convertible note in March. Previous investors RRE and OATV also participated in this round. Read More
“Bitly was started @betaworks almost three years ago, and in that time it has grown from a project into a business. The site is a big site, the A.P.I. is one of the largest on the web, there are thousands of white label partners using bitly, billions of links created, and billions of clicks on those links every month,” Betaworks CEO John Borthwick wrote today on the Bitly blog. “We are announcing Peter Stern’s arrival as CEO. As bitly is entering a new stage in its development I could not be more excited to pass the baton to Peter.” Read More
