What you need to know - 06/01/11

Ronny Kerr · June 1, 2011 · Short URL: https://vator.tv/n/1b0c

Twitter acquired AdGrok, maybe rolling out photo service; Facebook is closing on 700 million users

Act-On Software, provider of cloud-based integrated marketing platforms, closed $10 million in Series C funding with Trinity Ventures. Act-On has now raised a total of $14 million in 6 months.

Twitter acquired AdGrok, an Internet advertising company for enhancing Google AdWords, to improve the microblogging company's monetization efforts via Promoted Products.

BuySimple, formerly known as Minno, raised $700,000 from a group of investors that includes GRP Partners, Farhad Mohit, Jack Abraham, and others.

CrowdOptic, developing next-generation mobile geolocation technology, just inked deals with two of the largest sports and live entertainment companies in the world (though no names are being released yet), which will bring CrowdOptic’s technology to a global audience in the very near future.

Facebook is now closing in on 700 million users, according to Socialbakers, one of the largest Facebook statistics portals. By 2012, could the world’s largest social networking site be the first ever Web platform with a billion active users?

Fixmo, provider of end-to-end infrastructure management solutions for mobile devices, secured $6.5 million in Series B financing led by new investor Panorama Capital, with participation from existing investors.

Miramax is expanding its digital reach by teaming up with Hulu in a multiyear contract that would allow Hulu Plus subscribers to stream Miramax films.

PunchTab secured $850,000 in seed funds to allow any business or website owner to create a loyalty program in minutes.

SnagFilms, the site that lets users stream any number of documentary films online for free, is now available to users on Roku streaming players.

Sources say Twitter is announcing an official photo sharing service at the D9 conference this week; CEO Dick Costolo takes the stage on Wednesday.

Twitter also launched a Follow button, which will let users start following a website on Twitter at the click of the mouse.

ValueAppeal, an online property tax appeal service developed to help homeowners lower their property taxes, raised $1.6 million primarily from existing investors.