Yesterday Squarespace, a NYC-based developer of blogging software, announced they had raised $38.5 million in venture capital. That's a huge amount. This is a company that competes with Automattic and SixApart.  

What a shocker, so totally from left field. 

It seems to me they have to be doing more than blogging software. Wouldn't it be cool if they were launching a competitor to Twitter and/or Facebook, from a NY base? It would be really cool to have an aggressive tech company based here. 

What is that much money good for? Seems it must be for buying servers and people to keep the servers running. It's the kind of money you use to fund a rapid expansion. It's the kind of money that creates the need for $100 million in a year, or less. 

Anyway, I don't know very much about Squarespace, but now I want to know more. 

BTW, I was walking along Houston St yesterday and took a picture of an interesting building with a distinct gold statue on the side. I even uploaded the picture to Flickr and pushed it to Twitter. Turns out that's the building where Squarespace is headquartered. Energy vortexes and all that!  

Update: I just heard privately that a lot of the money went to the founder. Gulp. That's a lot of cash. Not confirmed, at all.