WordPress parent company Automattic has closed its Series C round of financing on $160 million with a valuation of $1.16 billion. The round was previously announced in April with a target of between $100 million and $150 million. This is the first capital raised by the company since a 2008 Series B round. Insight Venture Partners led the investment and was joined by True Ventures, Endurance, Tiger Global and Iconiq Capital, among others.
Automattic offers a host of open source projects, including file sharing services, comment and polling tools, and most notably WordPress.com, the free open-source blog and Web software that allows users to create custom websites or blogs using plug-in architecture and template systems. The industry has piqued interest from investors lately with Weebly grabbing $35 million, Squarespace getting $40 million in equity financing in April of this year and Wix currently valued around $730 million on the public markets.