Event Planner Pingg Gets $2.8 Million

Authored by Mark Hefflinger on October 30, 2008 - 8:37am.

*A correction has been made to this story.

New York - Martha Stewart Living Omnimedia (MSLO) (NYSE: MSO) has announced an agreement to make a strategic investment in Pingg, an online event management site that offers invitations and event planning tools.

The company received a total of $2.8 million, from MSLO and other investors, according to a Pinng spokeswoman.

MSLO said that the move reflects a strategy to "broaden its digital footprint."

New York-based Pingg.com launched in February 2008. Since then, about 2.5 million invitations have been sent through the service, according to the company.

Its business model combines both online advertising and paid services.

*Correction: This story initially stated that Pinng raised $2.75 million from Martha Stewart Living Omnimedia. The total was in fact $2.8 million, and included other unnamed investors.