Panraven's electronic scrapbooks draw in $2.7M

By Mass High Tech staff

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Panraven Inc., a Cambridge company that develops technology to help create electronic journals and scrapbooks, has pulled in $2.7 million of a planned $3 million in equity, debt and warrants, according to a regulatory filing.

Among its investors, Panraven lists Dace Ventures, Draper Fisher Jurvetson and Castanea Partners on its website.

The company’s founder and president, Frode Eilertsen, was not immediately available for comment.

Founded in June 2005, the company last landed $4.1 million in a Series B round of funding in December of 2007, when Panraven officials said they planned to expand its multimedia products. That round brought the company’s financing up to $5.3 million at the time.

In addition to advertising and licensing, Panraven generates revenue by selling merchandise such as books, posters and calendars incorporating content created by users.

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