Ross Mayfield has pulled off the strings at Socialtext and gets in $3.1 million from Draper Fisher Jurvetson, Omidyar Network and existing seed investor.

SiliconBeat has good coverage:

"This represents a break, because Mayfield now has money to lease office space in Palo Alto, giving the 10-person company a physical presence for the first time. Until now, Mayfield had bootstrapped the company: Each founder had chipped in about $1,000, and seed investors helped out with $600,000. That was it. They'd scrapped together things like servers and bandwidth almost for free. It's also a break because while Mayfield talks of careful building for the long-term, Draper's firm likes to grow quickly. Not that these two things are incompatible: It's just that all of a sudden, Mayfield will be "hiring a person a week," or so he tells us..."

Congratulations Ross!