Digital Railroad has secured a second round of funding that will allow the photo archive and marketing site to accelerate the development of new services and expand its international presence.
According to the New York- and Seattle-based company, it will use some of the $10 million in new funds to open an office in Milan, Italy, and increase its international sales staff in other locations, with the goal of reaching more photographers and photo buyers.
New resources will also go toward speeding up the development of workflow and other tools frequently requested by the photographers who use Digital Railroad to manage and market their work, including software plug-ins and the long-awaited “Marketplace” global photo search capability, which the company originally announced in 2005 but which is currently only in beta testing.
DIGITAL RAILROAD SECURES $10M TO ACCELERATE PRODUCT DEVELOPMENT AND EXPAND INTERNATIONALLY
Funding Further Validates Company’s Success in Connecting Photographers, Agencies and Buyers in a Global Marketplace
New York, Feb. 5, 2007 — Digital Railroad today announced it closed a $10 million Series B investment round led by London-based venture firm DN Capital, with further participation from existing investors Morgenthaler Ventures and Venrock Associates. The funding will be used to accelerate product development, fuel the launch of the Digital Railroad Marketplace and open international offices, starting with Milan.
“The vibrant network that has already been brought together by Digital Railroad’s management team is on the cutting edge of changes that are afoot in the photography industry,” said Steve Schlenker, managing partner at DN Capital. “The Digital Railroad approach will significantly empower the creative community and drive industry economics in favor of the buyers and sellers of digital imagery.”
Digital Railroad has a growing international membership base of marquee professional photographers and photo agencies that manage, market and sell their images online to thousands of buyers in nearly 60 countries. In addition to supporting product development, the new funding will enable the company to reach new markets worldwide.
“This new round of funding, along with the ongoing support of our current investors, allows us to evolve the platform in response to the professional photography community’s needs,” said Evan Nisselson, Digital Railroad founder and CEO. “With its European network and expertise in growing technology and media companies, DN Capital is an ideal partner for Digital Railroad’s global expansion.”
Schlenker joins Digital Railroad’s existing board, which includes Ken Gullicksen, general partner of Morgenthaler; Mike Brooks, general partner at Venrock; Peter Nisselson and Evan Nisselson.
About Digital Railroad
Digital Railroad (www.digitalrailroad.net) is the trusted provider of online technology and services for the global community of buyers and sellers of professional photography. Digital Railroad members actively manage images on topics such as sports, news, celebrity, commercial, nature and stock. Digital Railroad’s comprehensive suite of online services transforms the way photographers and agencies manage, market and sell images worldwide.
About DN Capital
DN Capital (www.dncapital.com) is a pan-European venture capital firm backed by leading institutional investors in Europe and the United States. DN Capital identifies invests in and actively supports leading European enterprise software, communications and digital-media companies. With more than 30 years of private-equity experience, the firm concentrates its investment activities in the United Kingdom, France and Germany, and is also active in helping leading U.S. software companies enter the European market.
Morgenthaler (www.morgenthaler.com) is a leading, national venture-capital and buyout firm with offices in Menlo Park, Calif., Boston, Princeton, N.J., Boulder, Colo., and Cleveland. Its venture-capital team focuses on life sciences and information technology. Internet-services investments include: NexTag, SNOCAP, Orb Networks, imeem, Digital Railroad, IGA Worldwide and Rhythm New Media.
About Venrock Associates
Venrock Associates (www.venrock.com) is one of the country’s premier venture capital firms with offices in New York, Menlo Park, Calif., and Cambridge, Mass. Originally established as the venture-capital arm of the Rockefeller family, Venrock continues a six-decade tradition of funding entrepreneurs and establishing successful, enduring companies. Venrock invests in early-stage companies in information technology, healthcare and emerging technologies, including: Intel, Apple Computer, StrataCom, Check Point Software, DoubleClick, Centocor and Millennium Pharmaceuticals.
Digital Railroad is a trademark of Digital Railroad Inc. Other company, product or service names mentioned herein are the trademarks of their respective owners.