WebProNews

Site builder company SynthaSite has secured $20 million in Series B financing from Luxembourg-based Reinet Fund S.C.A. The money will go to accelerating the development of its web site creation tools and its p2p e-commerce platform through organic growth and strategic acquisitions.

If you are unfamiliar with SynthaSite, it's a do-it-yourself website creation tool with free hosting that lets users utilize drag and drop technology to easily create eCommerce sites powered by PayPal. Tools like this are useful for businesses looking to get online without a lot of technical know-how.

"In a recession with VC funding down 30% in Q408 and tech recording the lowest investment since ‘98, SynthaSite’s initial investors have buttressed its original $5m series A round, demonstrating their commitment to exponentially grow SynthaSite’s 1 million user base," a representative for SynthaSite tells WebProNews.

“We believe in providing the best possible experience for everyday people building Web sites. On top of that foundation, we have built a very scalable business model focused on generating revenue via value added services and partner relationships. Reinet shares our vision and we appreciate their strong support,” says SynthaSite CEO Vinny Lingham.

SynthaSite has recently launched a number of new features including an enhanced user interface, 60,000+ widgets, domain registration, shopping cart features and a blogging platform. Reinet's executive Chairman Johann Rupert thinks SynthaSite is maturing according to plan.