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Print Edition StoriesThursday, June 4, 2009
Hangout Industries handed $4M in funding
By Mass High Tech Staff
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Virtual world-based marketing firm Hangout Industries Inc. has landed $4 million in a new venture round. The Boston-based company runs a 3-D social networking website designed for users to create their own virtual rooms where they can interact with 3-D versions of brand-name products that can be purchased.
According to federal documents, serving on the board of Hangout is Bob Davis of Lexington-based Highland Capital Partners, Mike Hirshland of Waltham’s Polaris Venture Partners and venture advisor Marcia Hooper, formerly a general partner at Castile Ventures.
The company was founded in March 2007 with a $6 million round of funding from Highland Capital and Polaris Ventures, bringing the total raised by Hangout to $10 million.
Hangout is a hybrid application combining two concepts that have been widely adopted on the Internet — 3-D gaming and social networking, Hirshland said in a previous interview. “What we’re seeing is the collision of these two worlds,” he said.
Running the company is CEO Pano Anthos. Before Hangout, Anthos was the CEO of Waltham-based Pantero Corp., a software company he founded in 2003. In 2006, Bedford-based Progress Software Corp. (Nasdaq: PRGS) acquired it for a reported $6 million.
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