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Mzinga Inc. has secured $5 million of a $6.1 million equity extension to its Series A financing, company officials confirmed today.
New York-based Acadia Woods Partners came in as a new investor, joining existing backers W Capital Partners and BlueCrest Partners, who returned to participate in the round extension.
The tranche of new funding brings total venture investment in the Burlington-based company, which makes white-label social media platform software, to at least $37.5 million.
“Now is an opportunity,” said CEO Barry Libert. “You’re seeing the general economy begin to improve.”
The company plans to grow organically, adding nine employees, mostly in sales and marketing, to its current head count of 170, Libert said.
Mzinga has been profitable since the beginning of the second quarter, after it shed employees during Q1, he added.
In March, Mzinga laid off 40 employees and said goodbye to CEO Rick Faulk, who helped found the startup in 2007 with the merger of Woburn-based Shared Insights US LLC and Pennsylvania’s KnowledgePlanet Inc.
Libert, who at one time shared the corner office with Faulk, is now sole CEO.
The staff reductions followed a smaller round of cuts in January that saw 15 employees leave Mzinga.
The funding was first reported in a regulatory filing posted by the U.S. Securities and Exchange Commission on Tuesday.
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