212MEDIA is one of the most innovative models for venture development that I have seen and operates in the valuable niche between venture capital funds and the corporate investment arms of major media companies. It will be a pleasure to help guide the growth and success of 212MEDIA's companies as they create substantial value within the unique verticals within which they operate
New York, NY (PRWEB) July 17, 2008
212MEDIA (http://www.212media.com), a venture development firm that owns and operates a portfolio of digital media companies, announced today completion of a follow-on equity financing to capitalize the rapid growth of its businesses.
Previous investors in its Saavn (http://www.saavn.com), Sportsvite (http://www.sportsvite.com), Speakaboos (http://www.speakaboos.com) and SnakBlox (http://www.snakblox.com) ventures were invited to participate in the round lead by Seven Hills Capital. Seven Hills was a previous investor in 212MEDIA's Saavn joint venture, the largest digital distributor of South Asian music and movies worldwide. Seven Hills General Partner Dave Katragadda will join the Board of Directors of 212MEDIA.
Securing the investment is the latest success for 212MEDIA which has seen revenues from it businesses more than double since the end of 2007. Over the past 12 months, 212MEDIA has launched a cross-border joint venture with the leading digital content distributor in India, closed on two acquisitions and launched a new venture in online game syndication.
"212MEDIA is one of the most innovative models for venture development that I have seen and operates in the valuable niche between venture capital funds and the corporate investment arms of major media companies. It will be a pleasure to help guide the growth and success of 212MEDIA's companies as they create substantial value within the unique verticals within which they operate," said Mr. Katragadda.
"Dave brings an exceptional investment track record and discipline to the 212MEDIA Board. He understands the fundamental business drivers that will increase the market value of the 212MEDIA portfolio," said Neal Shenoy, Managing Partner of 212MEDIA.
Seven Hills Capital is part of The Seven Hills Group USA, LLC a conglomerate with diversified holdings across media & entertainment, technology, education, financial services and healthcare. Mr. Katragadda, the founding principal of Seven Hills is one of the most successful individual investors in the United States. Mr. Katragadda is the Chairman of the US-Asia Business Forum, a networking and advocacy organization seeking to promote investment between the US and South Asia. A much respected philanthropist, Dave has made major contributions to causes dedicated to global innovation including The Clinton Global Initiatives Fund and Women for Women International. He is also the Founder and Chairman of the Katragadda Innovative Trust for Education in India.
212MEDIA (http://www.212media.com) owns and operates a portfolio of digital media ventures across social media, content production and content distribution in partnership with respected media companies. 212MEDIA companies work with the leaders in digital and traditional media including Amazon, Apple, AOL, CBS, Cox, Disney, Google, Rogers, Time Warner, Verizon and Virgin Media Group to take their unique online communities to market. 212MEDIA ventures have been featured in The Wall Street Journal, New York Times, Forbes, Fortune, Variety, Crain's Business, ABC News, Fox Business, MSNBC and CNN. 212MEDIA global headquarters are in New York City with portfolio company offices in Washington, D.C., Denver, Colorado and Bombay, India.
For more information, please visit http://www.212media.com.
About Seven Hills:
The Seven Hills Group USA, LLC is a conglomerate with diversified holdings across media & entertainment, technology, education, financial services, and healthcare. Seven Hills Capital focuses on early and growth stage investments in companies based in both India and the US.
Based in Bakersfied, California, Seven HiIls Capital has made investments in a number of companies, including, Maisole, a solar technology company, and Quartics, a semi conductors company based in Irvin, California.
Please direct any press inquiries to Matt Emerman, Director of Corporate Development, 212MEDIA (212 710 3091, matt @ 212media.com).