Founded in 2006, Wix provides a simple mechanism for anyone to create Flash-based websites and widgets without losing SEO juice. Users can customize their Wix websites with a drag and drop editing tool and pretty templates, making the site user-friendly for users who may not be tech savvy. The funding will be used for further product development.
The site makes its money from a freemium model where users pay for extra customization and design features. And Wix is partnering with other design and image sites to include compelling features for website building. For example, Wix has partnered with stock image site Fotolia to give users access to the site's 5 million images. Wix is growing and currently has 3.5 million free users with 400,000 new users joining per month. The site faces competition from Weebly Sprout, Yola, and others.
Here's an example of a website created using Wix.
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