DigitalTown raises $1.1m


DigitalTownBurnsville-based DigitalTown has reportedly secured $1.1m of a $3m financing round according to a recent filing made with the SEC.  Techincally speaking, the firm is traded over the counter (OTC.BB: DGTW).

From the company’s website:

“In 2005 DigitalTown became a holding company of Intellectual property which mainly contained domain names. These domain names were centered around community spirit(high school), media, and technology areas. Since the initial purchase of 22,000 domains in April 2005, DigitalTown has increased its portfolio to approximately 30,000 domains. The portfolio is currently growing by an average of 250 to 400 a year.

DigitalTown’s high school spirit domain names in the .com format increased from 89% in 2005 to over 94% in 2009. Combined with the .net holdings, DigitalTown’s portfolio now represents over 99% of the 27,000 high schools in the United States. With rapid new changes in the market place such as cloud computing (Amazon Cloud) and social networking platforms (Facebook, Twitter and MySpace), DigitalTown is now in a unique place to grow its holdings of community, media, and technology websites.”