Atlanta, GA (PRWEB) August 2, 2010
Atlanta based 2080 Media, Inc., which operates as PlayON! Sports, today announced the completion of a Series B round of financing totaling $2.8 million. New investor Hamilton Ventures joined the round with existing investors Buckhead Investment Partners (BIP Opportunities Fund, LP) and Imlay Investments. PlayON! will use the funding to support its rapid growth and leadership position in the high school sports category.
Through partnerships with state high school athletic associations and individual high schools within those states, PlayON! Sports is the nation’s leader in producing, distributing, and monetizing video content in the high school category. PlayON! provides value to its partners through rights management, high quality video production, television and Internet content distribution, and incremental revenue creation.
2080 Media used the proceeds from its Series A funding in December 2008 to acquire the assets of PlayON! from Turner Broadcasting. After assembling a veteran management team, PlayON! turned its focus to the high school market and signed its first high school association in May 2009. The company has experienced rapid growth over the past 14 months, expanding to 10 states and more than 10,000 events.
“High school is the explosive growth area for the sports and media industry,” said David Rudolph, President and CEO of PlayON! Sports. “We are allowing students, families, and communities to have access to their school’s sports programs, while showcasing student athletes in a manner that was not possible before. This access is generating unprecedented exposure for our partners and creating significant new revenue. Our growth this past year is proof of the immediate opportunities in the high school market.”
As part of the financing, PlayON! will add Jamie Hamilton of Hamilton Ventures to its board of directors.
“We see a substantial growth opportunity for PlayON! Sports,” said Jamie Hamilton, Managing Partner, of Hamilton Ventures. “The technology platform is proven, the market is ready, and the management team has the experience and expertise to grow the company to its full potential. We’re excited by the progress and momentum PlayON! has demonstrated since their inception and look forward to partnering in their future success.”
About PlayON! Sports:
PlayON! Sports is an Atlanta-based digital media company and technology provider specializing in the production, distribution, and monetization of high school sports. PlayON! Sports’ proprietary platform includes video production capabilities and a multiplatform distribution system. For more information, contact PlayON! Sports at info(at)playonsports(dot)com, or visit http://www.playonsports.com.
About Hamilton Ventures, LLC:
Hamilton Ventures, LLC is a privately held investment company actively engaged in making investments on behalf of its principals and its co-investment partners, with a focus on providing expansion capital to rapidly growing companies. Since its formation, Hamilton Ventures has established over 30 individual partnerships that have reached a combined aggregate value in excess of $100 million. Hamilton Ventures provides investment services exclusively to the Hamilton Ventures sponsored investments. Among the services provided are identification of investment opportunities, evaluation of prospective investments for conformance with portfolio objectives, negotiation and consummation of transactions and ongoing asset management.
About BIP Opportunities Fund, LP:
BIP Opportunities Fund is an Atlanta-based investment firm focused on providing capital and operational support to emerging, high-growth companies. We seek to invest between $2 million to $5 million in companies with revenues up to $15 million. Investments will generally be based within the Southeast but we remain opportunistic to other domestically-based investment opportunities. Industry sectors covered include technology, healthcare, business services, franchising, and specialty finance. Please contact Shawn Welch on 404.495.5233 or visit http://www.bipfund.com for more information on BIP Opportunities Fund.
About Imlay Investments, Inc:
Imlay Investments, Inc., an Atlanta-based venture/angel capital firm founded by John P. Imlay, Jr., former Chairman of Dun and Bradstreet Software, was developed to encourage the development of high technology companies based predominantly in the Atlanta area. Imlay's prior portfolio companies include Internet Security Systems, Knowledgestorm, Synchrologic, and Tradex Technologies.