by Michelle Lentz
iWidgets has raised $4.1 million in Series A funding led by Opus Capital and University Venture Fund. This is big news in a climate where finding funding seems to involve turning over a lot of rocks. Tomorrow, iWidgets is also announcing the addition of Geoff Katz to the executive team as vice presiIdent of business development and marketing. Katz, an interactive television industry pioneer and digital media veteran, also currently serves on the Academy of Television Arts & Sciences Board of Governors. So not only are they acquiring money, they’re hiring as well.
iWidgets, which is a free service, has a business plan. They make money through syndicating professional viewers click on ads that appear at the beginning or end of an embedded video.
Why all the changes? “The audience has shifted to social destinations,” said Peter Yared, iWidgets CEO. “With these new investors, we are positioned to radically change the way publishers reach their fans online by helping them rapidly join the social media revolution at a massively reduced cost.” iWidgets technology allows publishing on MySpace, Hi5, Facebook, and iGoogle.
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