The East Coast has been buried in copious amounts of snow this winter. In Silicon Valley, the only thing falling from the sky seems to be money.
If the first couple of weeks of the new year are any indication, Web startups appear to be awash in cash, with every day bringing one or more high-profile funding announcements.
The latest company to join the fund-raising parade is Formspring, which announced Wednesday it has raised $11.5 million in a round led by Redpoint Ventures. The San Francisco online social networking service, which has garnered more than 20 million registered users since launching 14 months ago, actually raised the money late last year, but had not disclosed the round until now, CEO Ade Olonoh told Reuters.
Earlier this week, Square, the mobile phone payments company started by Twitter co-founder Jack Dorsey, said it raised $27.5 million (Dorsey even took a victory lap with an appearance on the Charlie Rose television show) and Klout, a San Francisco startup that measures users’ influence on social networks like Twitter and Facebook, said it secured $8.5 million in funding.
Other recent winners in just the past few days include Bump Technologies, which makes technology for swapping business cards, money and other data between smarpthones and captured $16.5 million, and Foodspotting, which raised $3 million.