Menlo Park, Calif. -- Institutional Venture Partners (IVP), the Menlo Park-based venture capital firm focused on later-stage technology and media companies, said on Tuesday it has led a new $20 million round of funding for Clearspring Technologies, the Virginia-based widget developer behind the AddThis online content sharing platform. Clearspring, whose previous backers have included New Enterprise Associates (NEA), Novak Biddle Venture Partners, former AOL vice chair Ted Leonsis, AOL co-founder Steve Case, Capital One co-founder Nigel Morris and Silicon Valley angel Ron Conway, said it will use its fourth round to bolster publisher products and advertising offerings, as well as fuel acquisitions. The round was the first for Clearspring since 2008, when it also acquired the AddThis platform. AddThis, signified by a white plus sign in an orange box, now appears on more than 9 million websites, allowing users to share content through over 300 social networks. "In the last year, we've started to leverage that reach via our Audience Platform," said Leonsis, who serves as chairman. "But we've just started to scratch the surface. With this investment, we'll see just how far we can go." Clearspring said it is on track to triple its revenue and double its staff this year.
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