Digg Hits Paydirt For 3rd Time, Raises $28.7M

Digg announced today they have raised $28.7 million in a Series C round led by Highland Capital Partners (w/ partner Richard de Silva joining Digg’s board).
Digg’s two previous rounds amounted to $11.3 million, bringing the company’s total funding thus far to $40M.
CEO Jay Adelson states Digg will put the proceeds toward new features, an international push and a round of new hires.
According to Om, founder Kevin Rose is rumored to have used this as an opportunity to cash out a sizeable portion of his shares, a recent trend seen during Web 2.0 venture rounds.
Arrington reported that prior to the round, Google was seriously considering buying Digg, but aborted during the due diligence process.
Tiny commentary: As others dive in, Rose dries off. Digg is holding steady, but for how long?

Made tiny from: GigaOm.com