The valuation was $500M pre-money, about $560M post-money.
The size of the round was the money we have raised minus a fee to Allen & Company. About $60M net.
We raised the money to enable us to keep scaling given our accelerating growth (over 230,000 networks on Ning now, growing at over 1,000 per day) and to make sure we have plenty of firepower to survive the oncoming nuclear winter. At current growth rates, we don’t need it to get to cash flow positive, but having lived through the last crunch, it’s good to be conservative with these things."