We are very enthusiastic about the large market opportunity, the business momentum, and the great team they have assembled. We are excited about helping the Associated Content team continue to refine its offerings and extend its reach.
Menlo Park, CA (PRWEB) August 1, 2007
Canaan Partners, a $2.4 billion global venture capital firm, today announced it has led a $10 million, Series B investment in Associated Content, a leading online publisher known as "The People's Media Company". The new funding will enable Associated Content to further its commitment to creating an unparalleled network of content producers, and to enhance its publishing and distribution platforms. Warren Lee from Canaan Partners has joined Associated Content's board of directors.
Today's news highlights Canaan's focus on digital media investments, particularly the management and leverage of digital content, new advertising and video revenue models, and new Web-based services for consumers. Canaan has a strong record of success in the digital media market as an early and lead investor in both Match.com and DoubleClick. The firm's current portfolio includes The Active Network, the leading online community for amateur sports enthusiasts; Tremor Media, a company monetizing online video and cracking the code on video advertising; and Blurb, a leader changing the face of publishing by letting anyone easily create and sell bookstore-quality books online.
"Associated Content has created a unique model for content distribution that enables Content Producers from around the world to build their audience," said Warren Lee, Canaan Partners. "We are very enthusiastic about the large market opportunity, the business momentum, and the great team they have assembled. We are excited about helping the Associated Content team continue to refine its offerings and extend its reach."
Founded in 2005, Associated Content is comprised of more than 70,000 Content Producers who contribute to its growing, ad-supported digital media library. Associated Content also operates as a syndication engine, providing brands and publishers with a wide range of quality content generated through its scalable and efficient platform. Existing investors, including Softbank Capital and Tim Armstrong also participated in the round.
"We're thrilled to add Canaan to our existing group of investors and think they can play a substantial role in helping us reach our potential. Associated Content is poised for significant growth, and positioned to fill the rapidly expanding need for more diverse content," said Geoff Reiss, CEO, Associated Content. "With the support of our investors, we will further strengthen our platform, library and distribution efforts, and in turn, support the vast community of talented Content Producers who bring new and original content submissions to AC every day."
About Canaan Partners
Canaan Partners invests in visionary entrepreneurs and provides them the networks, insights and operational guidance required to build high-performance technology and healthcare companies. For 20 years, they have taken an active and committed role in the companies in which they invest, and have completed more than 65 mergers and acquisitions and 51 IPOs. With $2.4 billion under management and a worldwide footprint, the firm's technology team is committed to catalyzing the growth of innovative companies in the digital media, communications & mobility, enterprise and clean tech industries. Among its successes are DoubleClick, the leading online advertising solution, Match.com, the most popular online dating site in the world, and Acme Packet, one of the top ten performing IPOs of 2006. Other Canaan technology investments include SuccessFactors, The Active Network, Blurb, Dexterra, ID Analytics and GroundWorks. Canaan has offices in California, Connecticut, India and Israel. For more information visit: http://www.canaan.com
About Associated Content
Associated Content (http://www.associatedcontent.com), "The People's Media Company is a leading online publishing showcase where anyone--from experts and enthusiasts to amateurs and professionals - can become a Content Producer and submit original material on virtually any topic for distribution. Associated Content's Content Producers gain exposure and earn cash by contributing to its ever-expanding collection of ad-supported original articles, videos, images and audio content. Founded by Luke Beatty in 2005, the company has offices in Denver and New York City.
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