Slater invests another $250K in Creative Circle

PROVIDENCE – Slater Technology Fund today announced it has committed another $250,000 to media software developer Creative Circle Advertising Solutions Inc., bringing its total investment in the company to $750,000.
Joining the fund in this round of financing was Internet entrepreneur Bill Daugherty, who will be joining the Creative Circle board. Daugherty is a founder of Interactive Search Holdings, which was acquired by AskJeeves in 2004 for $350 million.
“We have had another record year as we continue to add customers and products,” Bill Ostendorf, Creative Circle’s co-founder and CEO, said in this morning’s joint announcement.
“With this latest round of funding, and Bill coming on board, we will further our reach in the media market, and bring even greater value to our customers and stakeholders.” The company raised about $1 million in its first two rounds of financing, the latter of which closed in April 2007. (READ MORE)
“Creative Circle brings a unique combination of industry expertise and user-friendly software to create solutions for media companies that are struggling to find new ways to generate revenue in the digital age,” Daugherty said.
Local Web sites driven by Creative Circle software include Providence Business News’ www.PBN.com; Rhode Island Catholic’s TheRIcatholic.com, a news site for the Diocese of Rhode Island; jvhri.org, the site of The Jewish Voice and Herald of Rhode Island and Southeastern Massachusetts; and MyTownCommon.com, a citizen journalism site recently launched by Cranston-based WJAR Channel 10.
Creative Circle’s “communityQ” citizen journalism software is used by WJAR parent Media General, NBC, the West Australian Newspapers group and The Chicago Tribune, among other outlets.
The company also is a creator of software for user-generated content and advertising. Its “adQ: Intelligent classifieds” is a Web-based system that helps members of the public to write their own classified ads. Launched in Rhode Island in 2006, it is now in use nationwide. Local customers include The Valley Breeze of Cumberland, The Sun in Westerly and, starting next month, East Bay Newspapers.
“The company has emerged as a leader in this space, with a rapidly growing customer base and expanding suite of products,” Daugherty said. “I look forward to working with them to continue to build on their success.”
The Slater Technology Fund, established in 1997 by then-Gov. Lincoln Almond and the R.I. General Assembly, provides seed capital to technology-based businesses in Rhode Island. Additional information is available at www.slaterfund.com.
Creative Circle Advertising Solutions Inc. (CCAS), founded in 2004, is a software developer focusing on Web-based news and advertising solutions for print and broadcast media. Its customers include the Providence Business News. For more information, visit www.adqic.com.

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