AOL Founders Invest in Widgets

Steve Case and Ted Leonsis contribute to $5.5-million investment in syndicator Clearspring.

AOL founders Steve Case and Ted Leonsis on Tuesday joined in a $5.5-million second round investment in widget syndication specialist Clearspring Technologies. The startup plans to use the funding to build up its staff as it syndicates so-called widgets, or miniature web applications, for customers such as the NBA, the Indianapolis Colts, Universal Pictures, and slide show startup RockYou. The round was led by existing investors Phil Bronner of Novak Biddle Venture Partners and Miles Gilburne of ZG Ventures, who also led Clearspring's first round of $2 million in April 2006. Along with Mr. Case and Mr. Leonsis, other new investors in the Arlington, Virginia-based company include Mark Jung, a former chief operating officer at News Corp.'s Fox Interactive Media, which runs MySpace.com. With the new investment, Mr. Jung becomes chairman of Clearspring.

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