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WeddingWire, Inc. Lands $400K Towards $1 Million Goal - cbl
Posted July 14, 2011
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Timothy Chi
By Lynn Warfield
BETHESDA -- In a preferred offering, WeddingWire, Inc., a localized online wedding planning resource, has raised $400,000 toward a $1 million goal, according to an SEC filing. Funding comes from an existing investor.
Martha Stewart Living Omnimedia, Inc. (NYSE:MSO) led a $5.5M Series A investment round in 2008 and owns a 40% stake in the company.
WeddingWire, Inc., a Bethesda-based technology company serving the $70 billion wedding industry, is on a rapid growth streak. According to ZoomInfo, the company has gone from $1 million in revenues in 2008 to $17.5 million this year and has 1.5 million monthly unique visitors. WeddingWire generates revenue through its vendors when they buy the premium service on the Web site as well as through advertising, and is free to brides and grooms.
On July 11, WeddingWire announced that it has completed the acquisition of ProjectWedding.com, one of the top five online destinations in the wedding industry. Project Wedding, formerly a property of eHarmony, Inc., provides wedding ideas, inspiration and advice for engaged couples.
In a July 12 press release, WeddingWire announced that it has signed a multi-year deal with Internet Brands, Inc. to power its weddingbee.com blog site with a robust directory of wedding vendors and reviews. Businesses that advertise with WeddingWire appear on WeddingWire.com, ProjectWedding.com and other leading sites, including MarthaStewartWeddings.com (NYSE: MSO), Weddingbee.com and Celebrations.com (part of the 1-800-Flowers family of brands, NASDAQ: FLWS).
CEO Timothy Chi leads WeddingWire which he founded in 2007, shortly after his own wedding. Chi sought to assemble a team and build a technology that would connect engaged couples with select vendors in the wedding industry. Chi and his chief operating officer Lee Wang were founding members of D.C.-based Blackboard Inc. which went public in 2004 (NASDAQ:BBBB).
Listed in the filing along with Chi are Lee Wang, COO; Joe Holland, CFO; Liddy Manson, president of BeClose, a provider of wireless home security systems for seniors; Missy Foristall, senior vice president of digital programming & strategy for Martha Stewart Living Omnimedia; and Amy Wilkins, senior vice president and publisher of Martha Stewart Weddings.
SEC Filing: http://tinyurl.com/65dndnm
Also at citybizlist, read:
WeddingWire Partners With Internet Brands
Martha Stewart Living Omnimedia Enters Transactions With WeddingWire
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http://www.linkedin.com/in/weddingwiredotcom<...
The monthly uniques are 1.5 million, according to Quantcast.
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