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Posterous secures $5,000,000 in funding

The Posterous blogging platform has managed to raise $5,000,000, after its most recent revamp. The micro-blogging service, launched in 2008 as a competitor to Tumblr, managed to gain considerable financial backing from numerous groups, or so TechCrunch reports. Among those who have agreed to provide funding to the service are Redpoint Ventures, Jafco Ventures, and existing groups. Posterous has already earned $5.14 million through ‘Series A’ earnings, while the latest earnings have come from ‘Series B’ groups.

Posterous redesigned itself on Monday, changing from its core platform to a new service known as ‘Spaces’. Using Google+ and its ‘Circles’ feature as an inspiration, Posterous now allows users to choose who receives content, in much the same vein as status updates through G+. The ‘Circles’ system is a simplified method for restricting who can and cannot see certain posts. For example, you could hide images from a college party from lecturers, assuming you are all linked on Google+.

Usage for the new funding is unclear at present, though it may be used to hire new engineers and coders. The ‘Spaces’ feature that was added on Monday has been met with mixed response from users, and it is possible that new engineers would allow it to be further refined. Changes such as these have always been met with mixed opinions, though Posterous was previously praised as being one of the best micro-blogging solutions online. As a result, the company no doubt wants to retain that crown, even if it means changing or innovating further.

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