Webcasting and virtual events solutions provider ON24 has announced that it has secured over $8 million in an equity round led by U.S. Venture Partners, Canaan Partners, and Rho Ventures, and an expansion capital financing round led by Gold Hill Capital.

This new financing brings ON24's total capital raised to over $46 million. The company intends to use the funds for "global expansion of the sales, marketing and client services organizations," as well as product development initiatives, such as ON24 Virtual Show, its platform allowing companies and organizations to host trade shows, job fairs, conferences, and training summits in virtual venues

Announced earlier this month, ON24 Virtual Show features customizable user interfaces, integrated webcasting and show reporting, profiles and message board discussions for professional and social networking, "smart booths" offering personalized content based on attendee's profile, and multilingual support.

Said ON24 CEO and president Sharat Sharan: “Our customers are experiencing increased ROI as a result of using ON24 solutions for demand generation and corporate communications. With rising fuel costs and the economic downturn, we have seen increased demand by organizations to leverage our solutions to hold online events as a cost-effective alternative to in-person events. We’ve raised this funding to accelerate our growth while being well capitalized during the economic downturn."