Digital media company Glam Media has raised $25 million in new funding, according to an industry source. (The company declined to comment.)
My source said this is a "top up round" for Glam — in another words, some extra cash to keep the company going while it goes through the IPO process. Business Insider reported back in February that Glam (which runs a number of lifestyle-focused sites including Glam and Foodie, and runs advertising across a broader network of publishers) had filed for an IPO, using a provision in the JOBS Act to initially keep the filing secret.
The round was led by new investor Keating Capital, which was joined by previous backer Hubert Burda Media.
Glam previously raised more than $150 million in equity funding, as well as $20 million in debt, most recently in a $50 million round that valued the company at $750 million. After raising all that money, it acquired social network builder Ning for what my old editor Erick Schonfeld heard was $150 million in cash and stock.
With about 450 employees currently, Glam is also hiring — there are more than 35 jobs listed on its careers page, but my source said the number of openings in the U.S. alone is actually more than 90.
Glam Media is a vertical media company, comprised of both Glam-owned-and-operated properties (Glam.com, Brash.com, and soon, Bliss.com) and a publisher network of 2000+ lifestyle websites and blogs. Glam Media's vertical media model aims to enable premium brands to connect with audiences online. Glam Media is #1 in global reach for women online, with approximately 90 million unique monthly visitors in the US and more than 200 million uniques globally. Glam Media is a comScore Top 10 U.S. Web Property, is...
Keating Capital, Inc. is a business development company that specializes in making pre-IPO investments in innovative, emerging growth companies that are committed to and capable of becoming public. Keating Capital provides investors with the ability to participate in a unique fund that allows stockholders to share in the potential value accretion that typically occurs once a company transforms from private to public status. Keating Capital's shares are listed on Nasdaq under the ticker symbol "KIPO."
Hubert Burda Media first entered the market over one hundred years ago as a family business specialised in printing. Since then, it has become one of Germany’s biggest media companies, synonymous with robust and closely interlinked media brands.
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