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Business social networking service OpenBC, a Teutonic version of LinkedIn, has announced that it has raised €35.7 million in an IPO. Its market cap is about €157 million.
OpenBC, which is rebranding as Xing, has around 1.5 million members, and was able to boost its revenues year-on-year from €1.6 million to just under €6 million at the end of the last fiscal year.
The firm raised €5.7 million in a venture capital round last year, led by Wellington Partners. At the time, Wellington took an 18% stake in the company, and retains a 9% stake after the IPO.
OpenBC recently changed its name to Xing, and has been named as one of Web 2.0’s most innovative sites by CNN Money.
All in all, it represents an impressive result for a three year old company and a nice partial exit for Wellington and the other investors who backed the company.
The IPO represents the first Web 2.0 company to go public and the money should help Xing expand far beyond Germany, where it is a big deal.
The flotation was handled by Deutsche Bank and Lehman Brothers.
Should Web 2.0 startups seek venture capital?