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Lithium Technologies raises $50m from investor consortium

3 Sep 2013

Customer engagement developer Lithium Technologies has raised $50m in “pre-IPO mezzanine financing” from a syndicate of investors, along with existing backer New Enterprise Associates (NEA).

The capital will be used to further advance its technology platform, expand its global footprint and execute strategic acquisitions to accelerate growth, it said.

The company has also named former Yahoo! executive Tapan Bhat as senior vice president and chief product officer to drive ongoing product strategy, and appointed NEA venture partner Brooke Seawell to its board of directors as audit committee chairman.

Peter Fenton, Benchmark Capital general partner and member of the Lithium, Yelp and Twitter boards of directors, said, “Several of our top portfolio companies are allowing themselves the right amount of runway to continue their rapid growth while perfecting their operating success. We advise our high-growth companies to access public markets at the right time and on their own terms.”

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