Social media management tool Buffer goes truly "open book"

Tom Paine

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I have sometimes complimented Safeguard Scientifics on the level of transparency it provides in its quarterly reporting. Though as a public company it is required to report more than a private VC or PE firm, Safeguard goes well beyond what's minimally required.

But one startup is taking transparency a step further. San Francisco-based Buffer, a social media management tool, just says it closed on a $3.5 million round at a $56.5 million pre-money valuation, and it laid out in plain sight on the web its term sheet, financials, and just about every little metric about the company you would ever want to know. Even every employee's salary.

Now its trying to raise more: "Update: We closed a first syndicate on AngelList today, October 27th. We have opened a new one with VegasTechFund now here."