updated: 9/21/2010 7:23:08 AM
Indianapolis-based Angie's List says it has closed on a $22.5 million round of funding. The consumer-focused information company says multiple institutional investors contributed and for the first time, public fund managers joined the round.
Source: Inside INdiana Business
INDIANAPOLIS (Monday, September 20, 2010) - Angie’s List today announced that it has closed on a $22.5 million equity financing round. The privately held, Indianapolis-based company said multiple institutional investors contributed to the round. For the first time, public funds managers, including Wasatch Funds and other unnamed funds, joined the round.
Battery Ventures, based in Boston, Silicon Valley and Israel, was among those contributing to the round.
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.
“It is a significant milestone for us to attract investments from public funds managers like Wasatch. They provide a new and valuable perspective for the coming stages of growth,” said Angie’s List CEO Bill Oesterle. “We’re also very pleased to receive additional support from Battery Ventures, which has been a great partner and investor since 2008.”
“Clearly, Angie’s List is the leader in companies that offer consumer focused information and reviews,” said Greg Bohlen, a managing director at Wasatch Funds, which is based in Salt Lake City. “We were attracted to the company in part because like us, it operates outside the herd mentality of Wall Street and the Silicon Valley. The company’s management team and employees place an unparalleled emphasis on consumers and data integrity. You don’t find that everywhere.”
“Angie’s List sets a high bar and does what it takes to get over it time after time,” said Roger Lee, a Battery Ventures general partner. “We’re thrilled to continue to be a partner.”
The company 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 serving them via the angieslist.com Web site, but still offering 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.
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.
Source: Angie's List