Wix spurns takeover offer
The founders of startup Wix have turned down a $200 million takeover offer and are raising the tidy sum of $40 million.
Not everybody's after quick money. The founders of startup Wix have turned down a $200 million takeover offer and are raising the tidy sum of $40 million. To date the startup has raised $60 million. New investors coming on board include Insight Venture and DAG Ventures, joined by existing investors Benchmark Capital, Bessmer and Mangrove.
Wix's technology enables surfers to build flash-enabled websites without knowing the slightest thing of code. It's all drag and drop. The company's financing round is the biggest by any startup this year.
So far, the company's revenues have been in the tens of millions of dollars. Some of its investors are pressing for a Nasdaq public offering in 2012. The aim is for Wix to reach sales of $100 million a year in about two years, roughly the level at which a Nasdaq issue becomes feasible.
Wix has a staff of 185 and recently moved to new offices in the Tel Aviv Port.