Gather Nets $5.3 M

Gather, a Boston-headquartered social networking site aimed at users over 30, announced today that it has raised $5.3 million in equity financing. Major investors in the round include Allen & Company, American Public Media, Jim Manzi (former CEO of the Lotus Development Corporation), Jack Connors (former CEO of Hill Holiday), Kevin McClatchy, Andrew Tobias, and the Gerace family. They join previous investors Hearst, The McGraw-Hill Companies, and Southern California Public Radio. Gather also reported that bookings in the first quarter of 2009 were up 49 percent over the first quarter of 2008; the company expects to reach profitability in early 2010.

Author: Roxanne Palmer

Roxanne Palmer is interning at Xconomy's Boston office this summer. She is currently pursuing a master's degree in science and medical Journalism at Boston University after graduating from Brown in 2008 with a degree in English. Her thesis was on Herman Melville's Civil War poetry. When not chronicling the ups and downs of Boston's tech industry, Roxanne enjoys drawing, swimming, and birdwatching. Follow her on Twitter at http://twitter.com/roxannedpalmer, or email her at [email protected].