Digg Inc., an Internet startup specializing in rating news stories, is making a little news of its own with a $28.7 million round of financing. The investment should squelch rumors of a sale to Google or Microsoft.
"That's part of the message. We want to be independent," said Jay Adelson, Digg chief executive. "We have only completed about 15 percent of all the ideas that we have. I don't think anyone could offer us a better deal than us going alone."
The money provides Digg with the means to pursue an international expansion and hiring that is supposed to double its work force to 150 employees by the end of 2009. Digg also plans to move into larger digs in San Francisco and promote its brand more aggressively.
Highland Capital Partners and three previous Digg investors — Greylock Partners, Omidyar Network and SVB Capital — are providing the latest infusion. Digg has raised $40 million since Kevin Rose started the service four years ago.
— Source venturacountystar
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