Before that, it took angel investments. We can guess those investors own another sixth of Technorati. So when it asked for its Series C money, Technorati only had half the company left to sell. An industry expert says that the company must be low on cash, because with this round, the founders have basically given up control.
Last year, founder Dave Sifry said that funding announcements are like "proclaiming your latest levels of debt," according to ex-Technorati developer Niall Kennedy. No wonder Dave doesn't mention the funding in his blog — he's practically maxed out his platinum card.