Angie’s List Attracts $2.5 Million More in Investment; Bringing 2010 Round to $25 Million

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Angie’s List today announced that it has closed on $2.5 million in additional financing from its most recent round. Multiple institutional investors contributed to the $22.5 million announced last month. The additional infusion comes from San Francisco-based Saints Capital. Angie’s List, the nation’s premier provider of consumer-focused information and reviews, will use the additional investment to expand its Health and Wellness consumer reviews product, as well as its “The Big Deal” local group coupon program.

We're pleased to have Saints as part of our family. They're a very active group with a deep well of experience that we'll be happy to draw on

Angie’s List today announced that it has closed on $2.5 million in additional financing from its most recent round. Multiple institutional investors contributed to the $22.5 million announced last month. The additional infusion comes from San Francisco-based Saints Capital.

Angie’s List, the nation’s premier provider of consumer-focused information and reviews, will use the additional investment to expand its Health and Wellness consumer reviews product, as well as its “The Big Deal” local group coupon program.

“We’re pleased to have Saints as part of our family. They’re a very active group with a deep well of experience that we’ll be happy to draw on,” said Angie’s List CEO Bill Oesterle.

“We are very excited to join the Angie’s List family and participate in the company’s exciting growth,” said David Quinlivan, Managing Director at Saints Capital. “As an Angie’s List member, I have experienced the value of the service and power of the community.”

Oesterle said Saints Capital will be a great and very involved partner as the company moves forward.

“We deeply appreciate the financial backing and the great support, but to have our investors come to us as active, involved users of our service brings another element that’s just difficult to describe,” Oesterle said. “It’s just great.”

Angie’s List launched in 1995 with a focus on local home, yard and car services, gathering information door-to-door and offering service through a telephone call-in and a monthly magazine. Angie’s List now serves more then 1 million paid members, primarily via the angieslist.com website, but still offering a call-in service and the monthly magazine.

Angie's List holds a unique position at the intersection of local search, user-generated content and subscription-based services. Further setting the company apart is the complete focus on the consumer. Angie’s List is dedicated to serving as the “honest broker,” providing information and buying power to its members. Angie's List does not allow anonymous postings and service providers cannot review themselves.

Angie’s List’s latest expansions include offering group coupons marketed as “the Angie’s List Big Deal” in more than 30 local markets. The company expects to offer local group coupons in more than 50 markets by the end of 2010. Angie’s List Health and Wellness continues to grow dramatically as members embrace their ability to research local doctors, compare and negotiate prices for medical treatment.

Angie’s List collects consumer reviews on local contractors and doctors in more than 500 service categories. Currently, more than 1 million consumers across the U.S. rely on Angie’s List to help them make the best hiring decisions. Investors include Aquent, BV Capital, Battery Ventures, Lighthouse Capital Partners and Wasatch Advisors.

Saints Capital is a leading direct secondary acquirer of venture capital and private equity investments in emerging growth companies around the globe. The firm, with offices in San Francisco and London, also makes traditional direct venture capital investments on a primary basis and in special situations in technology, healthcare, consumer and industrial companies in the United States. The company has more than $1 billion of committed capital under management, more than 50 completed portfolio transactions and investments in more than 200 companies.

Wasatch Funds are a family of no-load mutual funds, as well as separately managed institutional and individual portfolios. Wasatch Advisors pursues a disciplined approach to investing, focused on bottom-up, fundamental analysis to develop a deep understanding of the investment potential of individual companies. The Portfolio Managers employ a uniquely collaborative multiple eyes™ process to leverage the knowledge and skill of the entire Wasatch Advisors research team in making investment decisions. Wasatch Advisors is an employee-owned investment adviser founded in 1975 and headquartered in Salt Lake City, Utah.

Battery Ventures has been investing in technology and innovation worldwide since 1983. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company’s life, from start-up and expansion financing, to growth equity and buyouts. Battery has supported many breakthrough companies around the world such as Akamai Technologies, BladeLogic, Cbeyond, Omniture, and MetroPCS. In addition to Angie’s List, Battery’s current portfolio includes emerging and more established firms in the internet and digital media sector, such as: Bazaarvoice, Blue Kai, Exact Target, Fingerhut, Groupon, gogobot, Jelli, Lotame and SafetyWeb. Battery has offices in Boston, Silicon Valley and Israel and manages nearly $4 billion in committed capital, including its current fund of $750 million.

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Cheryl Reed
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