The financing, led by new investor UV Partners and including August Capital and Sierra Ventures (existing investors), will -- of course -- help fund product development and marketing and sales initiatives.
2009 was a strong year for DotNetNuke, with a new version of their Web CMS platform, a revamped partner program, the launching of their commercial edition(s) and the acquisition of Snowcovered (catch all the news here).
With this additional funding, we should expect even more things from the open source company this year, even though as President and CEO Navin Nagiah says, they didn't really need the money:
DotNukeNuke had phenomenal market traction during our first year. We signed nearly 500 customers for our subscription products and closed nearly 40,000 transactions to 15,000 customers on Snowcovered.com, our online marketplace for third party add-ons. While we did not need capital given our revenue traction, we liked the partnership and the terms so we decided to close a new round. We welcome and look forward to working with UV Partners.
Need it or not, the funding will go a long way to expanding the existing platform and perhaps a move into new markets. We want to know what they will spend on the money on exactly. Come on DotNetNuke, leak the roadmap!