Publishing technology company
ScribbleLive recently announced that it has secured $8 million in new funding, via a group of several venture capitalists. (Their last major financing announcement came in November, 2011, when they landed $4 million in venture capital funds.)
Though you might not be familiar with the company's name, you've almost certainly encountered their products--the digital publishing tools they offer are used by many major media outlets, ranging from Reuters to ESPN. ScribbleLive focuses on real-time event coverage and on engagement tools; more recently they've expanded into syndication, giving outlets opportunities to distribute their stories to other publishers and bring in additional revenue.
The Toronto-based company currently has 43 employees locally and seven elsewhere. Expanding that team is at the top of their priority list, says CEO Michael De Monte. The new funding will enable ScribbleLive to pursue growth in two main areas: expansion into other regions (there are plants for New York and the American west coast) and expanding Scribble Marketplace (its new syndication tool). By year's end, De Monte estimates the company will have grown to about 65 positions. He anticipates they will hit 100 by the end of 2014.
ScribbleLive recently celebrated its fifth birthday, and we asked De Monte what changes he's seen in Toronto's innovation sector over that time.
"There is a community here that is supportive of new startups," he says, "but it was hard to find five years ago. There's more of it now."
More community, but perhaps not quite enough support for it. "There are a lot of other cities that are doing a lot more for their startup communities, " he goes on, "that have really embraced the innovation spirit."
In Toronto, by contrast, "we do a lot of talking about it," but don't take enough action, he says. De Monte cites the digital pockets he's seen in other cities--communities within cities that are wired, and offer supports, amenities, and professional development support for young workers--as something Toronto should aspire to.
"We do have pockets here," he concludes, "but it's always felt a little disconnected."
Writer: Hamutal Dotan
Source: Michael De Monte, CEO, ScribbleLive