Socialtext Brings in New CEO, Closes Series-C Funding Round

It's a season of change at Palo Alto-based wiki startup Socialtext.

The company has just announced its appointment of Eugene Lee as Chief Executive Officer and member of its board. It has also stated that it has closed a Series C funding round of US$ 9.5 million.

Lee takes the place of the company’s founding CEO and Web 2.0 visionary, Ross Mayfield, who'll be graduating to the role of Chairman, President and Co-founder of Socialtext.

Before taking up this coveted position, Lee served different roles at Adobe, Cisco and Banyan Systems, and was also co-founder of Beyond Inc. An impressive resume indeed.

On his recent blog posts, Eugene Lee writes that he is delighted to be a part of the Socialtext team, stating, “I've spent my whole career working at the intersection of people, software, and networks. I've always had the most fun working with really smart, enthusiastic, passionate people, going after big ideas, creating and innovating new approaches, and leading teams to deliver value to customers.”

Socialtext also stated that it has closed Series-C funding round of US$ 9.5 million from existing investors, led by Draper Fisher Jurvetson or DFJ and additional investors, which include Omidvar Network, SAP Ventures, and notable Silicon Valley angels. It is also announcing a US$ 6.5 million second tranche of its Series C funding, with US$ 3 million announced in May 2007, meaning the company has raised a total of US$ 14.1 million.

This is a sizable chunk of cash for the Bay Area based start up, and will be sure to benefit them in their current ventures.

Socialtext bills itself as the first wiki company and is a leading provider of Enterprise 2.0 solutions. It boasts over 4,000 organizations, including business, non-profit and academic sectors in their client network.

Eugene Lee has a big job ahead of him, ensuring costumer success with his sizable customer base while pushing forward with new innovations, like a current venture into virtualization.

Visit the Socialtext website to read the newest blog posts from their new CEO.

Socialtext Brings in New CEO, Closes Series-C Funding Round

\n\nIt's a season of change at Palo Alto-based wiki startup Socialtext.\n\nThe company has just announced its appointment of Eugene Lee as Chief Executive Officer and member of its board. It has also stated that it has closed a Series C funding round of US\$ 9.5 million.

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