New Enterprise Associates Leads $27M Funding for SAY Media
SAY Media announced that it has secured $27 million in funding led by new investors New Enterprise Associates (NEA), Shea Ventures and Correlation Ventures, as well as participation from existing investors. The new funding will be used to help the company further develop its publishing platform, grow its portfolio of media properties and fund strategic acquisitions.
With this round of capital, NEA’s Paul Hsiao will be joining SAY’s board of directors. The appointment of Hsiao, a recognized leader in venture capital who led investments in companies like Evernote and Gaikai, follows the recent announcement that Kim Kelleher, currently publisher at TIME Magazine, will join SAY Media as its new president in September.
“The intersection of Madison Avenue and Silicon Valley is really where we see the future of media and we are well-positioned to lead the publishing industry into a digital world,” said Matt Sanchez, CEO, SAY Media. “This funding round is a validation of our strategy and I’m delighted to have NEA as a partner to support continued investment in the strategy and the right acquisitions.”
NEA, one of the industry’s most respected venture firms, has invested in game-changing companies such as Groupon, Millennial Media, Salesforce.com, TiVo and Diapers.com. Today, along with Shea Ventures and Correlation Ventures, it joins August Capital, First Round Capital, Maveron, WPP, Focus Ventures and Neoteny as strategic investors in SAY Media.
“The rapid adoption of mobile devices, video and social Web is transforming how passionate editors and global brand marketers create engaging content and community,” said Hsiao. “We believe SAY Media’s unique publishing technology platform, scale, channels and enviable roster of global premium brands and agencies position the company to lead in a large, fast-changing market. The opportunity is $60 billion plus as brands continue to shift ad budget from print and TV to next generation media channels. We are excited to partner with world class entrepreneurs and innovators like Matt, Kim, and the SAY management team as they chart the course for the industry and build a once-in-a-generation media company.”
Strengthened Leadership and Portfolio Growth
This new round of capital follows several major achievements and developments at the company. SAY has embarked on an aggressive expansion plan, having completed several acquisitions over the past year, expanding its executive leadership team and growing its portfolio of properties.
In addition to the appointment of Kelleher, SAY strengthened its executive team, adding Christina Cranley, former senior vice president at Martha Stewart and publisher of “Everyday Food and Whole Living,” as its vice president of sales for eastern U.S., CBS’s Sam Parker as chief operating officer and David Richter as chief strategy officer. Former Conde Nast executive Kourosh Karimkhany also joined the leadership team as head of integration. SAY currently has 400 employees working in offices across the United States, Canada, the United Kingdom and Australia.
SAY’s portfolio of owned and exclusive properties has also expanded. Over the past several months, SAY acquired ReadWriteWeb and Remodelista, as well as launched Gardenista and xoJane UK. Today the company owns and operates six properties and has 13 exclusive partnerships with leading sites including Fashionista, Gear Patrol and Food52. The company now represents 500 sites and reaches a global audience of 400 million.
SAY is committed to building premium experiences that are rooted in quality content and a strong point-of-view. From its innovative approach, including collaboration with the world’s top brands, its award-winning ad platform and partnerships with the best editorial teams, SAY will continue to lead the way in digital publishing.
About SAY Media
SAY Media is a digital publishing company that creates amazing media brands. Through its technology platform and media services, SAY enables its portfolio of independent content creators to build passionate communities around key consumer interest areas such as Style, Living, Food and Tech. The company provides simple and accountable ways for the world’s top brands to engage with these passionate audiences, at scale, with a reach of more than 400 million people around the world. For more information visit www.saymedia.com
About New Enterprise Associates
New Enterprise Associates, Inc. (NEA) is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $11 billion in committed capital, NEA invests in information technology, healthcare and energy technology companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record includes more than 175 portfolio company IPOs and more than 290 acquisitions, including investments in technology leaders like Advertising.com, BuzzFeed, Data Domain, CareerBuilder, Diapers.com, Fusion-io, Groupon, Juniper, Macromedia, Millennial Media, Salesforce.com and TiVo. In the U.S., NEA has offices in the Washington, D.C. metropolitan area; Menlo Park, California; and New York City. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com
Since 1968, Shea Ventures has invested over $1 billion into innovative startup companies, including AES (AES), Brocade (BRCD), Compaq (acq. HPQ), Fabrinet (FN), Quickoffice (acq. GOOG), Salesforce.com (CRM), and SonicWall (acq. DELL).
About Correlation Ventures
Correlation Ventures, a $165 million venture capital fund, leverages world-class analytics to offer entrepreneurs and other venture capitalists a dramatically better option when they are seeking additional co-investment capital to complete a financing round. The firm makes investment decisions in two weeks or less and offers reliability and transparency about reserves and its intentions to follow in future financings. Correlation Ventures invests across all industry segments, U.S. geographies and investment stages – from seed through late stage. Current portfolio companies include Aldea Pharmaceuticals, Bunchball, edo interactive, Framehawk, Getaround, MOGL, SAY Media, Telly, and Virsto Software. Correlation Ventures has offices in San Diego and Palo Alto, CA.