Synthasite Raises $20 Million in Series B Funding

South African gone Silicon Valley start-up Synthasite has raised an additional $20 million for operations from Reinet Fund S.C.A. This follows the $5 million they raised in 2007 through Columbus Venture Captial.

SynthaSite, the leading online Web site builder, today announced it has secured $20 million in Series B financing from Luxembourg-based Reinet Fund S.C.A. The company plans to use the capital to accelerate the development of its Web site creation tools and its peer-to-peer e-commerce platform through organic growth and strategic acquisitions in both its San Francisco and Cape Town, South Africa locations.

In a tough economic environment, SynthaSite raised $20 million in the company’s second round of financing. By making it easy for anyone to build and host a Web site, the company has grown its customer base to over one million registered users since raising its $5 million Series A round in November 2007. SynthaSite prioritizes its development based on user feedback and has recently introduced a number of new features including an enhanced user interface, 60,000+ widgets, domain registration, shopping cart features and a blogging platform.