San Francisco - Social news site Digg announced on Wednesday that it has landed a $28.7 million third round of venture capital financing, led by Highland Capital Partners.

Previous backers Greylock Partners, Omidyar Network and SVB Capital also participated.

San Francisco-based Digg, which was founded in 2004 and now counts 30 million unique monthly visitors, allows users to share news articles, blog posts and other content on a site that ranks submissions according to their popularity among Digg users.

The company said that revenue has nearly tripled over the past 12 months, adding that it aims to broaden its media platform capabilities and advertising products.

The funding will be used for an expansion that includes a doubling of the company's staff over the next year; moving into a larger headquarters; introduction of the service in different languages; investing in brand and market development programs; and investments in publisher analytics and more sophisticated tools for publishers.

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