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Recession 2.0: A Deep Dive Into The 2009 Interactive Economy
Where Are The Investors Going?
February 23, 2009
Terence KawajaGCA Savvian Advisors
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“I’m an investment banker and I’m here to help”
The Preamble For those of you who were disappointed to see an
investment banker on the speaker list at a conference about advertising, I feel your pain. This is not our industry’s finest hour.
But Randall does everything for a reason. In the context of Brands Battle Back, a look at the
investment activity will help shed some light on how the Ecosystem will develop going forward.
Much of the innovation that drives this industry comes from the start-ups, not the incumbents. Names like YouTube, Twitter, Right Media and Kayak come to mind. In fact, it wasn’t that long ago that Google was a start-up.
Valuable insights can be learned from seeing which of these innovators are getting financial backing and which are being acquired.
For the established Brands, these companies are both friend and foe. They represent catalysts, enablers and competition.
I plan to look at the deals of recent years, layer on the effects of the financial and economic crisis and try to discern some themes that will instruct future activity.
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The Pre Roll Message
240 professionals in Tokyo, San Francisco, New York, Chicago and London
Advised on over $50 billion in transactions in last three years The leading advisor in the digital media space
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1st HandExperience
Segmented
Qualified
Raw Data
Insight
All Deal Data
Sort by Time, Sector
Top Investors’ Activity Only
GCA Savvian Deal Experience
What the Investor “Ecosystem” is ThinkingUSER
RELEVANCY
User Relevancy Hierarchy to Drive Insights
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1st HandExperience
Segmented
Qualified
Raw Data
Insight
All Deal Data
Sort by Time, Sector
Top Investors Activity Only
GCA Savvian Deal Experience
What the Investor Ecosystem is Thinking
User Relevancy Hierarchy to Drive Insights
6
PRIVATE FINANCING TRANSACTIONS (> $10MM) 2004 to 2009 YTD Most Recent Financing TotalName Macro Industry Industry Segment Business Description (Brief) Round Date Amount Post-$ Raised Lead Investor InvestorsDigital Media Group Shanghai, China www.dmgtv.com
Internet / Digital Media Internet: Digital Media Services Operator of digital media networks inside subway systems Series B 10-Jan-07 $ 30.0 NA NA Oak Investment Partners, Sierra Ventures
NIF SMBC Ventures, Gobi Partners
Brightcove Inc. Cambridge, MA www.brightcove.com
Internet / Digital Media Internet: Content Delivery Online video distribution company NA 18-Jan-07 $ 59.5 NA $ 81.2 AllianceBernstein, Brookside Capital, Maverick Capital
The New York Times Co., Transcosmos Investmetns and Business Development Inc., Accel Partners, Allen and Co., Time Warner's AOL subsidiary, General Catalyst Partners,
Piczo Inc. San Francisco, CA www.piczo.com
Internet / Digital Media Internet: Content Delivery Social networking site for teens NA 19-Jan-07 $ 11.0 NA NA U.S. Venture Partners, Mangrove Capital Partners
Sierra Ventures, Catamount Ventures
LinkedIn Corp. Palo Alto, CA www.linkedln.com
Internet / Digital Media Internet: Online Publications and Content Providers
Online network of more than 9 million professionals from around the world
NA 29-Jan-07 $ 12.8 NA $ 25.0 Bessemer Venture European Founders Fund
Farecast Inc. Seattle, WA www.farecast.com
Internet / Digital Media Internet: Content Delivery Website that helps consumers determine if airline prices will rise, drop or hold steady
Series C 31-Jan-07 $ 12.1 NA $ 20.6 Sutter Hill Ventures PAR Capital Management, Pinnacle Ventures, Erik Blachford, Greylock Partners, Madrona Venture Group, WRF Capital
Digital Railroad New York, NY www.digitalrailroad.net
Internet / Digital Media Internet: Content Delivery Web site that lets professional photographers sell their pictures to image buyers
Series B 5-Feb-07 $ 10.0 NA $ 15.0 DN Capi tal Morgenthaler Ventures, Venrock Associates
SideStep Inc. Santa Clara, CA www.sidestep.com
Internet / Digital Media Internet: Search Engine Travel search company Series C 7-Feb-07 $ 15.0 NA $ 32.0 Norwest Venture Partners
Brickfish San Diego, CA www.brickfish.com
Internet / Digital Media Internet: Content Delivery Brickfish platform allows consumers to engage with advertisers by creating campaigns for their brands
Series A 21-Feb-07 $ 11.2 NA NA DCM Draper Richards LP, Draper Associates, Mangrove Capital, OCA Ventures
ScanSafe Inc. San Mateo, CA www.scansafe.net
Internet / Digital Media Internet: Digital Media Services Web-security company Series B 21-Feb-07 $ 15.0 NA $ 25.0 Venture Partners
ViDeOnline Communications Inc. Redwood City, CA www.videonline.com
Internet / Digital Media Internet: Content Delivery Digital media networking company Series C 27-Feb-07 $ 12.0 NA $ 21.4 Intel Capital Greenwoods Capital Partners
Vantage Media Corp. Venice, CA www.vantagemedia.com
Internet / Digital Media Internet: Search Engine Search-engine marketing company Series A 28-Feb-07 $ 70.0 NA NA Montgomery & Co. Scale Venture Partners, Tudor Ventures, Integral Capital Partners
TicketsNow Inc. Crystal Lake, IL www.ticketsnow.com
Internet / Digital Media Internet: Digital Media Services Sells tickets online to sold-out events in the secondary ticket market
Series A 6-Mar-07 $ 34.0 NA NA Draper Fisher Jurveston, Portage Venture Partners, DFJ Portage Ventures, New World, Adams
Eons Inc. Boston, MA www.eons.com
Internet / Digital Media Internet: Search Engine Operator of search engine for baby boomers Series B 6-Mar-07 $ 22.0 NA $ 32.0 Charles River Ventures Intel Capital, Humana Inc.
Geni.com Los Angeles, CA www.geni.com
Internet / Digital Media Internet: Content Delivery Genealogy Web site that aims to create a family tree of the entire world
Series B 7-Mar-07 $ 10.0 $ 100.0 $ 11.5 Charles River Ventures
UUSee New York, NY www.uusee.com
Internet / Digital Media Internet: Content Delivery Major Chinese site for W eb video NA 7-Mar-07 $ 23.5 NA NA Draper Fisher Jurvetson, Highland Capital Partners
Steamboat Ventures, Sequoia Capital, Susquehanna International Group
Internet REIT Inc. Houston, TX www.iREIT.com
Internet / Digital Media Internet: Digital Media Services Acquires, develops and monetizes domain names and W eb properties
Series B 7-Mar-07 $ 38.0 NA $ 58.0 Perot Investments, Maveron LLC
FreedomPay Inc. Wayne, PA www.freedompay.com
Internet / Digital Media Internet: Digital Media Services Provider of cashless payment and loyalty systems Series D 14-Mar-07 $ 13.0 NA $ 26.0 Core Capital Partners BlueRun Ventures
WhiteFence Inc. Houston, TX http://whitefence.com
Internet / Digital Media Internet: Digital Media Services One-stop online marketplace for consumers looking to compare and order essential home services such as electricity, natural gas, home phone, high-speed Internet,
Series B 15-Mar-07 $ 10.0 NA NA Adams Street Partners, Internet Capital Group Inc.
Zopa Ltd. London, England www.zopa.com
Internet / Digital Media Internet: Digital Media Services Online lending company Series C 20-Mar-07 $ 12.9 NA NA Bessemer Venture Partners Benchmark Capital, Wellington Partners
Eyeblaster Inc. New York, NY www.eyeblaster.com
Internet / Digital Media Internet: Digital Media Services Digital marketing services and technology company Series B 21-Mar-07 $ 30.0 NA $ 40.0 Individuals
Oodle.com San Mateo, CA www.oodle.com
Internet / Digital Media Internet: Online Publications and Content Providers
Online classifieds aggregator Series B 22-Mar-07 $ 11.0 NA $ 19.0 Jafco Ventures Greylock Partners, Redpoint Ventures
AdMob Inc. Menlo Park, CA www.admob.com
Internet / Digital Media Internet: Digital Media Services Developed a platform designed to create an open marketplace for publishers and advertisers to incorporate advertising into mobile Web sites
Series B 26-Mar-07 $ 15.0 NA $ 19.0 Accel Partners Sequoia Capital
Beyond.com King of Prussia, PA www.beyond.com
Internet / Digital Media Internet: Digital Media Services Employment software provider Series A 27-Mar-07 $ 13.5 NA NA Safeguard Scientifics Inc.
GoTV Networks Inc. Sherman Oaks, CA www.gotvnetworks.com
Internet / Digital Media Internet: Content Delivery Developer of technology for mobile television Series B 27-Mar-07 $ 12.0 NA NA Motorola Inc., Qualcomm Inc.
Ozon.ru Moscow, Russia www.ozon.ru
Internet / Digital Media Internet: Digital Media Services e-commerce Web site NA 3-Apr-07 $ 18.0 NA NA London's Index Cisco, Holtzbrinck Ventures, Barling Vostok Capital Partners
PandoraTV Inc. Seoul, Korea www.pandora.tv
Internet / Digital Media Internet: Content Delivery Video Web site Series B 3-Apr-07 $ 10.0 NA $ 13.0 DCM Altos Ventures, STIC International , Saehan
HowStuffW orks Atlanta, GA www.howstuffworks.com
Internet / Digital Media Internet: Content Delivery Source of credible, unbiased, and easy-to-understand explanations of how the world actually works
Series B 11-Apr-07 $ 75.0 NA $ 100.0 Carl Ichan, Capital Research & Management, Ashford Capital Management, Chilton Investment Co., Pacific Star Capital, Charwell Investments
Aggregate Knowledge Inc. San Mateo, CA www.aggregateknowledge.com
Internet / Digital Media Internet: Search Engine Search engine that collects and analyzes information based on people's Web surfing habi ts
Series B 11-Apr-07 $ 20.0 NA $ 25.0 DAG Ventures Kleiner Perkins Caufield & Byers
Active Response LLC New York, NY www.activeresponsegroup.com
Internet / Digital Media Internet: Digital Media Services Online marketing company NA 12-Apr-07 $ 10.0 NA NA Hercules Technology Growth Capital
MediaW orks Atlanta, GA www.intentmedianetworks.net
Internet / Digital Media Internet: Digital Media Services Developed a platform to legally monetize content on peer-to-peer networks
Series B 16-Apr-07 $ 10.0 NA $ 14.0 Allen & Co., Greycroft Partners, SoftBank Capital, Bertelsman Digital Media Investments
Reunion.com Inc. Los Angeles, CA www.reunion.com
Internet / Digital Media Internet: Digital Media Services Social networking site Series A 17-Apr-07 $ 25.0 NA $ 26.4 Oak Investment Partners
Avvo Inc. Seattle, WA www.avvo.com
Internet / Digital Media Internet: Online Publications and Content Providers
Web site that helps consumers navigate the legal industry Series B 20-Apr-07 $ 10.0 NA $ 13.0 Ignition Partners Benchmark Capital
ChannelAdvisor Corp. Research Triangle Park, NC www.channeladvisor.com
Internet / Digital Media Internet: Digital Media Services Online marketplace and auction management company Series C 2-May-07 $ 30.0 NA $ 66.0 New Enterprise Associates Kodiak Ventuer Partners, Advanced Technology Ventures, Southern Capitol Ventures, eBay Inc.
Delivery Agent Inc. San Francisco, CA www.deliveryagent.com
Internet / Digital Media Internet: Digital Media Services Online shopping technology company Series C 3-May-07 $ 18.5 NA $ 35.0 Bessemer Venture Partners Cardinal Venture Capital, Worldview Technology Partners
PlayPhone Inc. San Jose, CA www.playphone.com
Internet / Digital Media Internet: Digital Media Services Provides a marketplace for mobile content Series C 10-May-07 $ 18.8 NA $ 31.0 Scale Venture Partners Cardinal Venture Capital, Menlo Ventures
Joost New York, NY www.joost.com
Internet / Digital Media Internet: Content Delivery Online video start-up NA 10-May-07 $ 45.0 NA NA Sequoia Capital, Index Ventures Li Ka-shing
EStyle Inc. Los Angeles, CA www.estyle.com
Internet / Digital Media Internet: Digital Media Services Operates maternity retailer BabyStyle NA 18-May-07 $ 11.0 NA $ 146.0 Oak Investment Partners, Global Retail Partners
Undisclosed
Arroweye Solutions Inc. Chicago, IL www.arroweyesolutions.com
Internet / Digital Media Internet: Digital Media Services Gift-card personalization company Series C 22-May-07 $ 14.0 NA $ 28.0 Baird Venture Partners Adam Street Partners
Trulia Inc. San Francisco, CA www.trulia.com
Internet / Digital Media Internet: Digital Media Services Online real estate company Series C 25-May-07 $ 10.0 NA $ 17.7 Sequoia Capital Accel Partners, Fayez Sarofim & Co.
Tumri Inc. Mountain View, CA http://tumri.com
Internet / Digital Media Internet: Digital Media Services Internet advertising network Series B 4-Jun-07 $ 10.0 NA $ 16.5 Lehman Brothers Venture Partners
Shasta Ventures, Accel Partners
Brash Entertainment LLC Los Angeles, CA
Internet / Digital Media Internet: Game Developer Videogame startup NA 4-Jun-07 $ 400.0 NA NA Abry Partners, New York Life Capital Partners, PPM America
Me.dium Inc. Boulder, CO http://me.dium.com
Internet / Digital Media Internet: Digital Media Services Developing an instant message and chat service that enables users to see and interact with others based on common, real-time URL views
Series B 11-Jun-07 $ 15.0 NA $ 20.0 Commonwealth Capital Ventures Spark Capital, Appian Ventures
Bag Borrow Or Steal Inc.Seattle, WAwww.bagborroworsteal.com
Internet / Digital Media Other Allows women to borrow designer handbags and jewelry Series C 18-Jun-07 $ 15.0 NA $ 26.3 Steelpoint Capital Partners, Madrona Venture Group
Madrona Venture Group, Kuwai t Holding Co., Hilltop Investments, Individual Investors, Impact Venture Partners, Valence Capital Management
Pet Food Direct Inc.Harleysville, PAwww.petfooddirect.com
Internet / Digital Media Other Online retailer for pet food and supplies Series F 18-Jun-07 $ 10.0 NA $ 26.0 LLR Partners
MyStrands Inc.Corvallis, ORwww.mystrands.com
Internet / Digital Media Internet: Search Engine Recommendation engine Series D 19-Jun-07 $ 25.0 NA $ 31.0 Antonio Asensio (Individual Investor)
Debaeque Venture Capital, Sequel R&D
K2 Network Inc.Irvine, CAwww.k2network.net
Internet / Digital Media Internet: Game Developer Online gaming Series B 19-Jun-07 $ 16.0 NA $ 20.0 Intel Capital Greycroft Partners, Khosla Ventures, Novel TMT Ventures, BV Capital, mvp Capital
Prosper Marketplace Inc.San Francisco, CAwww.prosper.com
Internet / Digital Media Other Online person-to-person loan Series C 20-Jun-07 $ 20.0 NA $ 40.0 DAG Ventures, Meritech Capital Partners
Meritech Capital Partners, Accel Partners, Benchmark Capital, Fidelity Ventures, Omidyar Network
Emergent Game Technologies Inc. Calabasas, CA www.emergent.net
Internet / Digital Media Internet: Game Developer Provider of video game development applications Series D 5-Jul-07 $ 12.0 NA $ 24.3 Jerusalem Venture Partners, Worldview Technology Partners
Adena Ventures, Cisco Systems Inc., Walker Ventures
Trion World Network Inc. Redwood City, CA www.trionworld.com
Internet / Digital Media Internet: Game Developer Gaming company building a network of online game "channels" that evolve like a television series
Series B 9-Jul-07 $ 30.0 NA NA Rustic Canyon Partners Time Warner Investments, Peacock Equity Fund, GE Commerical Finance, NBC Universal Inc., Bertelsmann Digital Media
Ning Inc. Palo Alto, CA www.ning.com
Internet / Digital Media Other Online platform that lets people develop their own social networks
Series C 11-Jul-07 $ 44.0 $ 214.0 NA Legg Mason
Adap.tv San Mateo, CA www.adap.tv
Internet / Digital Media Internet: Digital Media Services Video advertising platform that attempts to match relevant advertising with online video content
Series A 12-Jul-07 $ 10.0 NA NA Redpoint Ventures, Gemini Israel Funds
TheFind Inc. Mountain View, CA www.thefind.com
Internet / Digital Media Internet: Search Engine Lifestyle goods-focused shopping search engine Series C 12-Jul-07 $ 15.0 NA $ 26.0 Bain Capital Ventures Redpoint Ventures, Lightspeed Venture Partners
Terabitz Inc. Palo Alto, CA www.terabitz.com
Internet / Digital Media Internet: Content Delivery Highly customizable real estate Web site Series A 17-Jul-07 $ 10.0 NA NA
Mark Logic Corp. San Mateo, CA www.marklogic.com
Internet / Digital Media Internet: Digital Media Services Provider of an XML content server Series C 17-Jul-07 $ 15.0 NA $ 33.0 Sequoia Capital, Lehman Brothers Venture Partners
Healthline Networks Inc. San Francisco, CA www.healthline.com
Internet / Digital Media Internet: Search Engine Health information W eb site operator Series B 17-Jul-07 $ 21.0 NA $ 59.0 GE/NBC Universal's Peacock Equity Fund
Aetna Ventures LLC, Kaiser Permanente Ventures, US News and World Report, VantagePoint Venture Partners, Reed Elsevier Ventrues
Tudou.com Shanghai, China www.tudou.com
Internet / Digital Media Internet: Content Delivery Chinese online video company NA 17-Jul-07 $ 19.0 NA NA Capital Today, General Catalyst Partners
Granite Global Ventures, IDG China, JAFCO Asia, KTB Ventures, JAIC
Photoways Inc. London, England www.photoways.com
Internet / Digital Media Internet: Digital Media Services Online photo services company Series B 19-Jul-07 $ 13.8 NA NA HarbourVest Partners LLC Index Ventures, Highland Capital Partners
Redfin Corp. Seattle, WA www.redfin.com
Internet / Digital Media Internet: Content Delivery Real estate site Series C 19-Jul-07 $ 12.0 NA $ 20.8 DFJ Madrona Venture Group, Vulcan Capital, BEV Capital, The Hillman Company
hi5 Networks Inc. San Francisco, CA www.hi5.com
Internet / Digital Media Internet: Content Delivery Social networking site Series A 24-Jul-07 $ 20.0 NA NA Mohr Davidow Ventures
iCrossing Inc. Scottsdale, AZ www.icrossing.com
Internet / Digital Media Internet: Digital Media Services Develops online search campaigns and programs Series E 27-Jul-07 $ 62.0 NA $ 110.0 Goldman Sachs & Co. Oak Investment Partners, RRE Ventures, StarVest Partners LP
NowPublic Technologies Inc. Vancouver, Canada www.nowpublic.com
Internet / Digital Media Internet: Content Delivery Online news network that relies on citizen journalism Series A 30-Jul-07 $ 10.6 NA $ 12.4 Rho Ventures Rho Canada, Brightspark Ventures, GrowthWorks Capital Ltd.
Associated Content Denver, Colorado www.associatedcontent.com
Internet / Digital Media Internet: Digital Media Services Publishes a library of multimedia content on the Web Series B 1-Aug-07 $ 10.0 NA $ 15.4 Canaan Partners Softbank Capital
Compete Inc. Boston, MA www.competeinc.com
Internet / Digital Media Internet: Digital Media Services Web analytics company Series D 6-Aug-07 $ 10.0 NA $ 39.0 Commonwealth Capital Ventures Charles River Ventures, Idealab, North Hill Ventures, William Blair Capital Partners, Split Rock Partners
Adzilla Inc. Vancouver, Canada http://adzilla.com
Internet / Digital Media Internet: Digital Media Services Online advertising company Series A 6-Aug-07 $ 10.3 NA NA Norwest Venture Partners, Alloy Ventures
Viagogo London, England www.viagogo.com
Internet / Digital Media Internet: Other Online Services Provides a platform where consumers can sell unwanted tickets to live events
Series C 7-Aug-07 $ 30.0 NA $ 50.0
Batanga Inc. Miami, FL www.batanga.com
Internet / Digital Media Internet: Content Delivery Online media company aimed at the Hispanic market Series C 14-Aug-07 $ 30.0 NA $ 40.0 Tudor Ventures H.I.G. Ventures
Doppelganger Inc. San Francisco, CA www.doppelganger.com
Internet / Digital Media Internet: Game Developer Web site that allows users to interact in a virtual world consisting of city hotspots
NA 14-Aug-07 $ 11.0 NA $ 25.0 ComVentures Draper Fisher Jurvetson, Trident Capital, Draper Richards, KPG Ventures, Greycroft Partners
KickApps Corp. New York, NY www.kickapps.com
Internet / Digital Media Internet: Digital Media Services Provides free platform for developing social media applications in exchange for places to deploy its advertising inventory
Series B 15-Aug-07 $ 11.0 NA $ 18.0 SoftBank Capital Spark Capital, Prism VentureWorks, Jarl Mohn
Metacafe Inc. Palo Alto, CA www.metacafe.com
Internet / Digital Media Internet: Content Delivery Aggregates and distributes videos online NA 21-Aug-07 $ 30.0 NA $ 45.0 Highland Capital Partners, DAG Ventures
Accel Partners, Benchmark Capital
Building B Inc. Belmont, CA www.building-b.com
Internet / Digital Media Internet: Content Delivery Wireless delivery system for broadcast and broadband video content
Series A 21-Aug-07 $ 17.5 NA $ 17.5 Morgenthaler Ventures, Omni Capital
Index Ventures
Lending Club Sunnyvale, CA www.lendingclub.com
Internet / Digital Media Internet: Digital Media Services Online person-to-person lending service Series A 24-Aug-07 $ 10.3 NA $ 12.3 Canaan Partners, Norwest Venture Partners
Dailymotion SA Paris, France www.dailymotion.com/us
Internet / Digital Media Internet: Content Delivery Video-sharing website like YouTube NA 31-Aug-07 $ 34.0 NA $ 43.5 Advent Venture Partners LLP, AGF Private Equity
Zag.com Inc. Santa Monica, CA www.zag.com
Internet / Digital Media Other: Misc. Online auto sales company Series B 4-Sep-07 $ 13.5 NA $ 68.0 Capricorn Management GRP Partners, Capital One Financial Corp., Anthem Venture Partners, Arcturus Capital
VideoEgg Inc. San Francisco, CA www.videoegg.com
Internet / Digital Media Internet: Content Delivery Provider of video advertising networks for online communities
Series D 6-Sep-07 $ 15.0 NA NA Focus Ventures WPP, August Capital, Maveron
Netviewer GmbH Karlsruhe, Germany www.netviewer.com
Internet / Digital Media Internet: Digital Media Services Provider of Web conferencing services NA 6-Sep-07 $ 12.2 NA NA Invision Private Equity AG, TVM Capital
Quattro Wireless Inc. Waltham, MA www.quattrowireless.com
Internet / Digital Media Internet: Online Publications and Content Providers
Company that makes W eb sites mobile-friendly and helps publishers monetize the mobile site
Series B 6-Sep-07 $ 12.3 NA $ 18.0 Globespan Capital Partners Highland Capital Partners
PowerReviews Inc. Millbrae, CA www.powerreviews.com
Internet / Digital Media Internet: Content Delivery Developer of a technology that integrates with "e-tailer" Webt sites and provides a space for customers to post reviews
Series B 11-Sep-07 $ 15.0 NA $ 21.3 Lehman Brothers Venture Partners
Menlo Ventures, Draper Richards
BTI Photonic Systems Inc. Ottawa, Canada www.btiphotonics.com
Internet / Digital Media Internet: Digital Media Services Producer of product that supports high-bandwidth video services
Series D 11-Sep-07 $ 12.0 NA $ 45.0 Vengrowth Private Equity Partners, BDC Venture Capital, GrowthWorks Capital, Kodiak Venture Partners, Primaxis Technology Ventures, Lucent Venture Partners
GeoSentric Oyi Amsterdam, Netherlands www.gypsii.com
Internet / Digital Media Other: Misc. Mobile social networking service NA 11-Sep-07 $ 13.1 NA $ 13.1 Horizon Group, Schroders Private Bank
Vantrix Corp. Montreal, Canada www.vantrix.com
Internet / Digital Media Internet: Digital Media Services Provider of scalable delivery of mobile TV and video on demand, messaging, advertising, and live audio streaming for mobile devices
Series B 12-Sep-07 $ 12.0 NA $ 24.5 JK&B Capital SummerHill Ventures Partners, Entrepia Ventures, BDC Venture Capital, Innovacom
Twistbox Entertainment Inc. Sherman Oaks, CA www.twistbox.com
Internet / Digital Media Internet: Game Developer Mobile-gaming company NA 12-Sep-07 $ 19.5 NA $ 32.3 ValueAct Capital
Sermo Inc. Cambridge, MA www.sermo.com
Internet / Digital Media Internet: Content Delivery Online physician community provider Series C 13-Sep-07 $ 26.7 NA $ 39.2 Legg Mason Capital Management
Allen & Co.
Veoh Networks Inc. San Diego, CA www.veoh.com
Internet / Digital Media Internet: Content Delivery Internet television company Series C 13-Sep-07 $ 25.0 NA $ 37.5 Goldman Sachs Firefly 3 LLC, Jonathan Dolgen, Shelter Capital Partners, Spark Capital, Tornante Company, Time Warner Investments
Oanda Corp. New York, NY www.oanda.com
Internet / Digital Media Other Online foreign-currency exchange Series B 17-Sep-07 $ 100.0 NA $ 117.0 New Enterprise Associates Legg Mason Inc., Cascade Investment LLC, T. Rowe Price
Mimeo Inc. New York, NY www.mimeo.com
Internet / Digital Media Internet: Digital Media Services Provider of on-demand Web-based service for remote document printing and delivery
NA 19-Sep-07 $ 25.0 NA NA Goldman Sachs Principal Strategies Group
Draper Fisher Jurvetson, Draper Fisher Jurvetson Gotham Ventures, HarbourVest Partners LLC, Hewlett-Packard Co.
Nirvanix Inc. San Diego, CA www.nirvanix.com
Internet / Digital Media Other: Misc. Provider of hosted storage specifically designed for digital media Web companies
Series B 19-Sep-07 $ 12.0 NA $ 14.5 Mission Ventures Valhalla Partners, Windward Ventures
Quickplay Media Inc. Toronto, Canada www.quickplaymedia.com
Internet / Digital Media Internet: Content Delivery Mobile phone content delivery company Series C 20-Sep-07 $ 15.0 NA $ 30.0 Ventures West General Catalyst, J.L. Albright Venture Partners, Up Capital Ltd.
Zillow.com Seattle, WA www.zillow.com
Internet / Digital Media Other: Misc. Site that is cutting costs by serving up massive amounts of easily accessible pricing information on real estate
Series C 20-Sep-07 $ 30.0 NA $ 81.0 Legg Mason Capital Management
Benchmark, Technology Crossover Ventures, PAR Capital Management
NebuAd Inc. Redwood City, CA www.nebuad.com
Internet / Digital Media Internet: Digital Media Services Developer of consumer-centric behavioral targeting network for the online advertising industry
Series B 25-Sep-07 $ 20.5 NA $ 30.0 Sierra Ventures Menlo Ventures
Matchmine LLC Needham, MA www.matchmine.com
Internet / Digital Media Internet: Digital Media Services Platform that collects personal-interest data that can be transferred between different online destinations that provide media
Series A 25-Sep-07 $ 10.0 NA NA Kraft Group
Waterfront Media Inc. New York, NY www.waterfrontmedia.com
Internet / Digital Media Internet: Online Publications and Content Providers
Health-care media company Series D 26-Sep-07 $ 25.0 NA $ 45.5 Scale Venture Partners Foundation Capital, Rho Ventures, Time Warner Ventures, BEV Capital, Neocrta Ventures
Mindshift Technologies Inc. Waltham, MA www.mindshift.com
Internet / Digital Media Internet: Digital Media Services IT service provider that targets small- and mid-sized business, especially professional-service providers
NA 27-Sep-07 $ 18.0 NA $ 79.0 ORIX Venture Financing
PPLive Inc. Shanghai, China www.pplive.com
Internet / Digital Media Internet: Digital Media Services Chinese Operator of peer-to-peer video site Series B 27-Sep-07 $ 21.0 NA $ 27.0 DFJ DFJ Dragon, BlueRun Ventures
Demand Media Inc. Los Angeles, CA www.demandmedia.com
Internet / Digital Media Internet: Digital Media Services Company that buys up and creates generic Web sites with highly trafficked domain names
Series D 27-Sep-07 $ 100.0 $ 1,000.0 $ 320.0 Goldman Sachs 3i Group, Generation Partners, Oak Investment Partners, Spectrum Equity Investors
Four Interactive Private Ltd. Bangalore, India www.asklaila.com
Internet / Digital Media Internet: Search Engine Business-listing site, Asklaila, lets users search for and review businesses local to Bangalore
Series B 28-Sep-07 $ 10.0 NA $ 12.0 Lightspeed Venture Partners SVB India Capital Partners, Matrix Partners India
MyBuys Inc. Redwood Shores, CA www.mybuys.com
Internet / Digital Media Internet: Digital Media Services Company that tracks what consumers have viewed an bought on a retailer's e-commerce site and displays products on the Web page that suit that customer
Series B 8-Oct-07 $ 10.0 NA $ 13.0 Palomar Ventures Lightspeed Venture Partners
ReachLocal Inc. Woodland Hills, CA www.reachlocal.com
Internet / Digital Media Internet: Digital Media Services Company delivers to small businesses local search engine marketing that links their online advertising spending to their offline sales activities
Series D 10-Oct-07 $ 55.2 NA $ 67.9 Rho Ventures Galleon Crossover Fund, VantagePoint Venture Partners
Catalyst Mobile Inc. Emeryville, CA www.catalystmobile.com
Internet / Digital Media Internet: Content Delivery Provider of a platform for delivering music and entertainment services to mobile phones
Series B 10-Oct-07 $ 10.0 NA $ 14.5 Sofinnova, DCM NA
BlackArrow Inc. San Mateo, CA www.blackarrow.tv
Internet / Digital Media Internet: Digital Media Services Provider of ad-management systems for video content Series B 15-Oct-07 $ 12.0 NA $ 17.0 Comcast Interactive Capital Cisco Systems Inc., Intel Corp., Mayfield Fund, Polaris Venture Partners
WeatherBill Inc. San Francisco, CA www.weatherbill.com
Internet / Digital Media Internet: Digital Media Services Online platform that allows companies to purchase coverage that insures against adverse weather conditions
Series A 17-Oct-07 $ 12.5 NA $ 16.8 New Enterprise Associates, Index Ventures
Allen & Co., Atomic Investments, Sean Park
Facebook Inc. Palo Alto, CA www.facebook.com
Internet / Digital Media Internet: Content Delivery Social networking site NA 25-Oct-07 $ 240.0 $ 15,000.0 $ 280.7 Microsoft Corp. NA
PRIVATE FINANCING TRANSACTIONS (> $10MM) 2004 to 2009 YTD Most Recent Financing TotalName Macro Industry Industry Segment Business Description (Brief) Round Date Amount Post-$ Raised Lead Investor InvestorsDigital Media Group Shanghai, China www.dmgtv.com
Internet / Digital Media Internet: Digital Media Services Operator of digital media networks inside subway systems Series B 10-Jan-07 $ 30.0 NA NA Oak Investment Partners, Sierra Ventures
NIF SMBC Ventures, Gobi Partners
Brightcove Inc. Cambridge, MA www.brightcove.com
Internet / Digital Media Internet: Content Delivery Online video distribution company NA 18-Jan-07 $ 59.5 NA $ 81.2 AllianceBernstein, Brookside Capital, Maverick Capital
The New York Times Co., Transcosmos Investmetns and Business Development Inc., Accel Partners, Allen and Co., Time Warner's AOL subsidiary, General Catalyst Partners,
Piczo Inc. San Francisco, CA www.piczo.com
Internet / Digital Media Internet: Content Delivery Social networking site for teens NA 19-Jan-07 $ 11.0 NA NA U.S. Venture Partners, Mangrove Capital Partners
Sierra Ventures, Catamount Ventures
LinkedIn Corp. Palo Alto, CA www.linkedln.com
Internet / Digital Media Internet: Online Publications and Content Providers
Online network of more than 9 million professionals from around the world
NA 29-Jan-07 $ 12.8 NA $ 25.0 Bessemer Venture European Founders Fund
Farecast Inc. Seattle, WA www.farecast.com
Internet / Digital Media Internet: Content Delivery Website that helps consumers determine if airline prices will rise, drop or hold steady
Series C 31-Jan-07 $ 12.1 NA $ 20.6 Sutter Hill Ventures PAR Capital Management, Pinnacle Ventures, Erik Blachford, Greylock Partners, Madrona Venture Group, W RF Capital
Digital Railroad New York, NY www.digital rai lroad.net
Internet / Digital Media Internet: Content Delivery Web site that lets professional photographers sell their pictures to image buyers
Series B 5-Feb-07 $ 10.0 NA $ 15.0 DN Capital Morgenthaler Ventures, Venrock Associates
SideStep Inc. Santa Clara, CA www.sidestep.com
Internet / Digital Media Internet: Search Engine Travel search company Series C 7-Feb-07 $ 15.0 NA $ 32.0 Norwest Venture Partners
Brickfish San Diego, CA www.brickfish.com
Internet / Digital Media Internet: Content Delivery Brickfish platform allows consumers to engage with advertisers by creating campaigns for their brands
Series A 21-Feb-07 $ 11.2 NA NA DCM Draper Richards LP, Draper Associates, Mangrove Capital , OCA Ventures
ScanSafe Inc. San Mateo, CA www.scansafe.net
Internet / Digital Media Internet: Digital Media Services Web-security company Series B 21-Feb-07 $ 15.0 NA $ 25.0 Venture Partners
ViDeOnline Communications Inc. Redwood City, CA www.videonline.com
Internet / Digital Media Internet: Content Delivery Digital media networking company Series C 27-Feb-07 $ 12.0 NA $ 21.4 Intel Capital Greenwoods Capital Partners
Vantage Media Corp. Venice, CA www.vantagemedia.com
Internet / Digital Media Internet: Search Engine Search-engine marketing company Series A 28-Feb-07 $ 70.0 NA NA Montgomery & Co. Scale Venture Partners, Tudor Ventures, Integral Capital Partners
TicketsNow Inc. Crystal Lake, IL www.ticketsnow.com
Internet / Digital Media Internet: Digital Media Services Sells tickets online to sold-out events in the secondary ticket market
Series A 6-Mar-07 $ 34.0 NA NA Draper Fisher Jurveston, Portage Venture Partners, DFJ Portage Ventures, New World, Adams
Eons Inc. Boston, MA www.eons.com
Internet / Digital Media Internet: Search Engine Operator of search engine for baby boomers Series B 6-Mar-07 $ 22.0 NA $ 32.0 Charles River Ventures Intel Capital, Humana Inc.
Geni.com Los Angeles, CA www.geni.com
Internet / Digital Media Internet: Content Delivery Genealogy Web site that aims to create a family tree of the entire world
Series B 7-Mar-07 $ 10.0 $ 100.0 $ 11.5 Charles River Ventures
UUSee New York, NY www.uusee.com
Internet / Digital Media Internet: Content Delivery Major Chinese site for W eb video NA 7-Mar-07 $ 23.5 NA NA Draper Fisher Jurvetson, Highland Capital Partners
Steamboat Ventures, Sequoia Capital, Susquehanna International Group
Internet REIT Inc. Houston, TX www.iREIT.com
Internet / Digital Media Internet: Digital Media Services Acquires, develops and monetizes domain names and W eb properties
Series B 7-Mar-07 $ 38.0 NA $ 58.0 Perot Investments, Maveron LLC
FreedomPay Inc. Wayne, PA www.freedompay.com
Internet / Digital Media Internet: Digital Media Services Provider of cashless payment and loyalty systems Series D 14-Mar-07 $ 13.0 NA $ 26.0 Core Capital Partners BlueRun Ventures
Whi teFence Inc. Houston, TX http://whitefence.com
Internet / Digital Media Internet: Digital Media Services One-stop online marketplace for consumers looking to compare and order essential home services such as electricity, natural gas, home phone, high-speed Internet,
Series B 15-Mar-07 $ 10.0 NA NA Adams Street Partners, Internet Capital Group Inc.
Zopa Ltd. London, England www.zopa.com
Internet / Digital Media Internet: Digital Media Services Online lending company Series C 20-Mar-07 $ 12.9 NA NA Bessemer Venture Partners Benchmark Capital, Wellington Partners
Eyeblaster Inc. New York, NY www.eyeblaster.com
Internet / Digital Media Internet: Digital Media Services Digital marketing services and technology company Series B 21-Mar-07 $ 30.0 NA $ 40.0 Individuals
Oodle.com San Mateo, CA www.oodle.com
Internet / Digital Media Internet: Online Publications and Content Providers
Online classifieds aggregator Series B 22-Mar-07 $ 11.0 NA $ 19.0 Jafco Ventures Greylock Partners, Redpoint Ventures
AdMob Inc. Menlo Park, CA www.admob.com
Internet / Digital Media Internet: Digital Media Services Developed a platform designed to create an open marketplace for publishers and advertisers to incorporate advertising into mobile Web sites
Series B 26-Mar-07 $ 15.0 NA $ 19.0 Accel Partners Sequoia Capital
Beyond.com King of Prussia, PA www.beyond.com
Internet / Digital Media Internet: Digital Media Services Employment software provider Series A 27-Mar-07 $ 13.5 NA NA Safeguard Scientifics Inc.
GoTV Networks Inc. Sherman Oaks, CA www.gotvnetworks.com
Internet / Digital Media Internet: Content Delivery Developer of technology for mobile television Series B 27-Mar-07 $ 12.0 NA NA Motorola Inc., Qualcomm Inc.
Ozon.ru Moscow, Russia www.ozon.ru
Internet / Digital Media Internet: Digital Media Services e-commerce W eb site NA 3-Apr-07 $ 18.0 NA NA London's Index Cisco, Holtzbrinck Ventures, Barling Vostok Capital Partners
PandoraTV Inc. Seoul, Korea www.pandora.tv
Internet / Digital Media Internet: Content Delivery Video Web site Series B 3-Apr-07 $ 10.0 NA $ 13.0 DCM Altos Ventures, STIC International, Saehan
HowStuffWorks Atlanta, GA www.howstuffworks.com
Internet / Digital Media Internet: Content Delivery Source of credible, unbiased, and easy-to-understand explanations of how the world actually works
Series B 11-Apr-07 $ 75.0 NA $ 100.0 Carl Ichan, Capital Research & Management, Ashford Capital Management, Chilton Investment Co., Paci fic Star Capital, Charwell Investments
Aggregate Knowledge Inc. San Mateo, CA www.aggregateknowledge.com
Internet / Digital Media Internet: Search Engine Search engine that collects and analyzes information based on people's Web surfing habits
Series B 11-Apr-07 $ 20.0 NA $ 25.0 DAG Ventures Kleiner Perkins Caufield & Byers
Active Response LLC New York, NY www.activeresponsegroup.com
Internet / Digital Media Internet: Digital Media Services Online marketing company NA 12-Apr-07 $ 10.0 NA NA Hercules Technology Growth Capital
MediaWorks Atlanta, GA www.intentmedianetworks.net
Internet / Digital Media Internet: Digital Media Services Developed a platform to legally monetize content on peer-to-peer networks
Series B 16-Apr-07 $ 10.0 NA $ 14.0 Allen & Co., Greycroft Partners, SoftBank Capital, Bertelsman Digital Media Investments
Reunion.com Inc. Los Angeles, CA www.reunion.com
Internet / Digital Media Internet: Digital Media Services Social networking site Series A 17-Apr-07 $ 25.0 NA $ 26.4 Oak Investment Partners
Avvo Inc. Seattle, WA www.avvo.com
Internet / Digital Media Internet: Online Publications and Content Providers
Web site that helps consumers navigate the legal industry Series B 20-Apr-07 $ 10.0 NA $ 13.0 Ignition Partners Benchmark Capital
ChannelAdvisor Corp. Research Triangle Park, NC www.channeladvisor.com
Internet / Digital Media Internet: Digital Media Services Online marketplace and auction management company Series C 2-May-07 $ 30.0 NA $ 66.0 New Enterprise Associates Kodiak Ventuer Partners, Advanced Technology Ventures, Southern Capitol Ventures, eBay Inc.
Delivery Agent Inc. San Francisco, CA www.deliveryagent.com
Internet / Digital Media Internet: Digital Media Services Online shopping technology company Series C 3-May-07 $ 18.5 NA $ 35.0 Bessemer Venture Partners Cardinal Venture Capital, Worldview Technology Partners
PlayPhone Inc. San Jose, CA www.playphone.com
Internet / Digital Media Internet: Digital Media Services Provides a marketplace for mobile content Series C 10-May-07 $ 18.8 NA $ 31.0 Scale Venture Partners Cardinal Venture Capital, Menlo Ventures
Joost New York, NY www.joost.com
Internet / Digital Media Internet: Content Delivery Online video start-up NA 10-May-07 $ 45.0 NA NA Sequoia Capital, Index Ventures Li Ka-shing
EStyle Inc. Los Angeles, CA www.estyle.com
Internet / Digital Media Internet: Digital Media Services Operates maternity retailer BabyStyle NA 18-May-07 $ 11.0 NA $ 146.0 Oak Investment Partners, Global Retail Partners
Undisclosed
Arroweye Solutions Inc. Chicago, IL www.arroweyesolutions.com
Internet / Digital Media Internet: Digital Media Services Gift-card personalization company Series C 22-May-07 $ 14.0 NA $ 28.0 Baird Venture Partners Adam Street Partners
Trulia Inc. San Francisco, CA www.trulia.com
Internet / Digital Media Internet: Digital Media Services Online real estate company Series C 25-May-07 $ 10.0 NA $ 17.7 Sequoia Capital Accel Partners, Fayez Sarofim & Co.
Tumri Inc. Mountain View, CA http://tumri.com
Internet / Digital Media Internet: Digital Media Services Internet advertising network Series B 4-Jun-07 $ 10.0 NA $ 16.5 Lehman Brothers Venture Partners
Shasta Ventures, Accel Partners
Brash Entertainment LLC Los Angeles, CA
Internet / Digital Media Internet: Game Developer Videogame startup NA 4-Jun-07 $ 400.0 NA NA Abry Partners, New York Life Capital Partners, PPM America
Me.dium Inc. Boulder, CO http://me.dium.com
Internet / Digital Media Internet: Digital Media Services Developing an instant message and chat service that enables users to see and interact with others based on common, real-time URL views
Series B 11-Jun-07 $ 15.0 NA $ 20.0 Commonwealth Capital Ventures Spark Capital, Appian Ventures
Bag Borrow Or Steal Inc.Seattle, WAwww.bagborroworsteal.com
Internet / Digital Media Other Allows women to borrow designer handbags and jewelry Series C 18-Jun-07 $ 15.0 NA $ 26.3 Steelpoint Capital Partners, Madrona Venture Group
Madrona Venture Group, Kuwait Holding Co., Hilltop Investments, Individual Investors, Impact Venture Partners, Valence Capi tal Management
Pet Food Direct Inc.Harleysville, PAwww.petfooddirect.com
Internet / Digital Media Other Online retailer for pet food and supplies Series F 18-Jun-07 $ 10.0 NA $ 26.0 LLR Partners
MyStrands Inc.Corval lis, ORwww.mystrands.com
Internet / Digital Media Internet: Search Engine Recommendation engine Series D 19-Jun-07 $ 25.0 NA $ 31.0 Antonio Asensio (Individual Investor)
Debaeque Venture Capital, Sequel R&D
K2 Network Inc.Irvine, CAwww.k2network.net
Internet / Digital Media Internet: Game Developer Online gaming Series B 19-Jun-07 $ 16.0 NA $ 20.0 Intel Capital Greycroft Partners, Khosla Ventures, Novel TMT Ventures, BV Capital, mvp Capital
Prosper Marketplace Inc.San Francisco, CAwww.prosper.com
Internet / Digital Media Other Online person-to-person loan Series C 20-Jun-07 $ 20.0 NA $ 40.0 DAG Ventures, Meritech Capital Partners
Meritech Capital Partners, Accel Partners, Benchmark Capital, Fidelity Ventures, Omidyar Network
Emergent Game Technologies Inc. Calabasas, CA www.emergent.net
Internet / Digital Media Internet: Game Developer Provider of video game development applications Series D 5-Jul-07 $ 12.0 NA $ 24.3 Jerusalem Venture Partners, Worldview Technology Partners
Adena Ventures, Cisco Systems Inc., Walker Ventures
Trion World Network Inc. Redwood City, CA www.trionworld.com
Internet / Digital Media Internet: Game Developer Gaming company building a network of online game "channels" that evolve like a television series
Series B 9-Jul-07 $ 30.0 NA NA Rustic Canyon Partners Time Warner Investments, Peacock Equity Fund, GE Commerical Finance, NBC Universal Inc., Bertelsmann Digital Media
Ning Inc. Palo Alto, CA www.ning.com
Internet / Digital Media Other Online platform that lets people develop their own social networks
Series C 11-Jul-07 $ 44.0 $ 214.0 NA Legg Mason
Adap.tv San Mateo, CA www.adap.tv
Internet / Digital Media Internet: Digital Media Services Video advertising platform that attempts to match relevant advertising with online video content
Series A 12-Jul-07 $ 10.0 NA NA Redpoint Ventures, Gemini Israel Funds
TheFind Inc. Mountain View, CA www.thefind.com
Internet / Digital Media Internet: Search Engine Lifestyle goods-focused shopping search engine Series C 12-Jul-07 $ 15.0 NA $ 26.0 Bain Capital Ventures Redpoint Ventures, Lightspeed Venture Partners
Terabitz Inc. Palo Alto, CA www.terabitz.com
Internet / Digital Media Internet: Content Delivery Highly customizable real estate Web site Series A 17-Jul-07 $ 10.0 NA NA
Mark Logic Corp. San Mateo, CA www.marklogic.com
Internet / Digital Media Internet: Digital Media Services Provider of an XML content server Series C 17-Jul-07 $ 15.0 NA $ 33.0 Sequoia Capital, Lehman Brothers Venture Partners
Healthline Networks Inc. San Francisco, CA www.healthline.com
Internet / Digital Media Internet: Search Engine Health information Web site operator Series B 17-Jul-07 $ 21.0 NA $ 59.0 GE/NBC Universal's Peacock Equity Fund
Aetna Ventures LLC, Kaiser Permanente Ventures, US News and World Report, VantagePoint Venture Partners, Reed Elsevier Ventrues
Tudou.com Shanghai, China www.tudou.com
Internet / Digital Media Internet: Content Delivery Chinese online video company NA 17-Jul-07 $ 19.0 NA NA Capital Today, General Catalyst Partners
Granite Global Ventures, IDG China, JAFCO Asia, KTB Ventures, JAIC
Photoways Inc. London, England www.photoways.com
Internet / Digital Media Internet: Digital Media Services Online photo services company Series B 19-Jul-07 $ 13.8 NA NA HarbourVest Partners LLC Index Ventures, Highland Capital Partners
Redfin Corp. Seattle, WA www.redfin.com
Internet / Digital Media Internet: Content Delivery Real estate site Series C 19-Jul-07 $ 12.0 NA $ 20.8 DFJ Madrona Venture Group, Vulcan Capital, BEV Capital, The Hillman Company
hi5 Networks Inc. San Francisco, CA www.hi5.com
Internet / Digital Media Internet: Content Delivery Social networking site Series A 24-Jul-07 $ 20.0 NA NA Mohr Davidow Ventures
iCrossing Inc. Scottsdale, AZ www.icrossing.com
Internet / Digital Media Internet: Digital Media Services Develops online search campaigns and programs Series E 27-Jul-07 $ 62.0 NA $ 110.0 Goldman Sachs & Co. Oak Investment Partners, RRE Ventures, StarVest Partners LP
NowPublic Technologies Inc. Vancouver, Canada www.nowpubl ic.com
Internet / Digital Media Internet: Content Delivery Online news network that relies on citizen journalism Series A 30-Jul-07 $ 10.6 NA $ 12.4 Rho Ventures Rho Canada, Brightspark Ventures, GrowthWorks Capital Ltd.
Associated Content Denver, Colorado www.associatedcontent.com
Internet / Digital Media Internet: Digital Media Services Publishes a library of multimedia content on the Web Series B 1-Aug-07 $ 10.0 NA $ 15.4 Canaan Partners Softbank Capital
Compete Inc. Boston, MA www.competeinc.com
Internet / Digital Media Internet: Digital Media Services Web analytics company Series D 6-Aug-07 $ 10.0 NA $ 39.0 Commonwealth Capital Ventures Charles River Ventures, Idealab, North Hill Ventures, W illiam Blair Capital Partners, Split Rock Partners
Adzilla Inc. Vancouver, Canada http://adzilla.com
Internet / Digital Media Internet: Digital Media Services Online advertising company Series A 6-Aug-07 $ 10.3 NA NA Norwest Venture Partners, Alloy Ventures
Viagogo London, England www.viagogo.com
Internet / Digital Media Internet: Other Online Services Provides a platform where consumers can sell unwanted tickets to live events
Series C 7-Aug-07 $ 30.0 NA $ 50.0
Batanga Inc. Miami, FL www.batanga.com
Internet / Digital Media Internet: Content Delivery Online media company aimed at the Hispanic market Series C 14-Aug-07 $ 30.0 NA $ 40.0 Tudor Ventures H.I.G. Ventures
Doppelganger Inc. San Francisco, CA www.doppelganger.com
Internet / Digital Media Internet: Game Developer Web site that allows users to interact in a virtual world consisting of city hotspots
NA 14-Aug-07 $ 11.0 NA $ 25.0 ComVentures Draper Fisher Jurvetson, Trident Capital , Draper Richards, KPG Ventures, Greycroft Partners
KickApps Corp. New York, NY www.kickapps.com
Internet / Digital Media Internet: Digital Media Services Provides free platform for developing social media applications in exchange for places to deploy its advertising inventory
Series B 15-Aug-07 $ 11.0 NA $ 18.0 SoftBank Capital Spark Capital, Prism VentureWorks, Jarl Mohn
Metacafe Inc. Palo Alto, CA www.metacafe.com
Internet / Digital Media Internet: Content Delivery Aggregates and distributes videos online NA 21-Aug-07 $ 30.0 NA $ 45.0 Highland Capital Partners, DAG Ventures
Accel Partners, Benchmark Capital
Building B Inc. Belmont, CA www.building-b.com
Internet / Digital Media Internet: Content Delivery Wireless delivery system for broadcast and broadband video content
Series A 21-Aug-07 $ 17.5 NA $ 17.5 Morgenthaler Ventures, Omni Capital
Index Ventures
Lending Club Sunnyvale, CA www.lendingclub.com
Internet / Digital Media Internet: Digital Media Services Online person-to-person lending service Series A 24-Aug-07 $ 10.3 NA $ 12.3 Canaan Partners, Norwest Venture Partners
Dailymotion SA Paris, France www.dailymotion.com/us
Internet / Digital Media Internet: Content Delivery Video-sharing website like YouTube NA 31-Aug-07 $ 34.0 NA $ 43.5 Advent Venture Partners LLP, AGF Private Equity
Zag.com Inc. Santa Monica, CA www.zag.com
Internet / Digital Media Other: Misc. Online auto sales company Series B 4-Sep-07 $ 13.5 NA $ 68.0 Capricorn Management GRP Partners, Capital One Financial Corp., Anthem Venture Partners, Arcturus Capital
VideoEgg Inc. San Francisco, CA www.videoegg.com
Internet / Digital Media Internet: Content Delivery Provider of video advertising networks for online communities
Series D 6-Sep-07 $ 15.0 NA NA Focus Ventures W PP, August Capital, Maveron
Netviewer GmbH Karlsruhe, Germany www.netviewer.com
Internet / Digital Media Internet: Digital Media Services Provider of Web conferencing services NA 6-Sep-07 $ 12.2 NA NA Invision Private Equity AG, TVM Capital
Quattro Wireless Inc. Waltham, MA www.quattrowireless.com
Internet / Digital Media Internet: Online Publications and Content Providers
Company that makes W eb sites mobile-friendly and helps publishers monetize the mobile site
Series B 6-Sep-07 $ 12.3 NA $ 18.0 Globespan Capital Partners Highland Capital Partners
PowerReviews Inc. Millbrae, CA www.powerreviews.com
Internet / Digital Media Internet: Content Delivery Developer of a technology that integrates with "e-tailer" Webt sites and provides a space for customers to post reviews
Series B 11-Sep-07 $ 15.0 NA $ 21.3 Lehman Brothers Venture Partners
Menlo Ventures, Draper Richards
BTI Photonic Systems Inc. Ottawa, Canada www.btiphotonics.com
Internet / Digital Media Internet: Digital Media Services Producer of product that supports high-bandwidth video services
Series D 11-Sep-07 $ 12.0 NA $ 45.0 Vengrowth Private Equity Partners, BDC Venture Capital, GrowthWorks Capital, Kodiak Venture Partners, Primaxis Technology Ventures, Lucent Venture Partners
GeoSentric Oyi Amsterdam, Netherlands www.gypsii.com
Internet / Digital Media Other: Misc. Mobile social networking service NA 11-Sep-07 $ 13.1 NA $ 13.1 Horizon Group, Schroders Private Bank
Vantrix Corp. Montreal, Canada www.vantrix.com
Internet / Digital Media Internet: Digital Media Services Provider of scalable delivery of mobile TV and video on demand, messaging, advertising, and live audio streaming for mobile devices
Series B 12-Sep-07 $ 12.0 NA $ 24.5 JK&B Capital SummerHill Ventures Partners, Entrepia Ventures, BDC Venture Capital, Innovacom
Twistbox Entertainment Inc. Sherman Oaks, CA www.twistbox.com
Internet / Digital Media Internet: Game Developer Mobile-gaming company NA 12-Sep-07 $ 19.5 NA $ 32.3 ValueAct Capital
Sermo Inc. Cambridge, MA www.sermo.com
Internet / Digital Media Internet: Content Delivery Online physician community provider Series C 13-Sep-07 $ 26.7 NA $ 39.2 Legg Mason Capital Management
Allen & Co.
Veoh Networks Inc. San Diego, CA www.veoh.com
Internet / Digital Media Internet: Content Delivery Internet television company Series C 13-Sep-07 $ 25.0 NA $ 37.5 Goldman Sachs Firefly 3 LLC, Jonathan Dolgen, Shelter Capital Partners, Spark Capital, Tornante Company, Time Warner Investments
Oanda Corp. New York, NY www.oanda.com
Internet / Digital Media Other Online foreign-currency exchange Series B 17-Sep-07 $ 100.0 NA $ 117.0 New Enterprise Associates Legg Mason Inc., Cascade Investment LLC, T. Rowe Price
Mimeo Inc. New York, NY www.mimeo.com
Internet / Digital Media Internet: Digital Media Services Provider of on-demand Web-based service for remote document printing and delivery
NA 19-Sep-07 $ 25.0 NA NA Goldman Sachs Principal Strategies Group
Draper Fisher Jurvetson, Draper Fisher Jurvetson Gotham Ventures, HarbourVest Partners LLC, Hewlett-Packard Co.
Nirvanix Inc. San Diego, CA www.nirvanix.com
Internet / Digital Media Other: Misc. Provider of hosted storage specifically designed for digital media Web companies
Series B 19-Sep-07 $ 12.0 NA $ 14.5 Mission Ventures Valhalla Partners, W indward Ventures
Quickplay Media Inc. Toronto, Canada www.quickplaymedia.com
Internet / Digital Media Internet: Content Delivery Mobile phone content delivery company Series C 20-Sep-07 $ 15.0 NA $ 30.0 Ventures West General Catalyst, J.L. Albright Venture Partners, Up Capital Ltd.
Zillow.com Seattle, WA www.zillow.com
Internet / Digital Media Other: Misc. Site that is cutting costs by serving up massive amounts of easily accessible pricing information on real estate
Series C 20-Sep-07 $ 30.0 NA $ 81.0 Legg Mason Capital Management
Benchmark, Technology Crossover Ventures, PAR Capital Management
NebuAd Inc. Redwood City, CA www.nebuad.com
Internet / Digital Media Internet: Digital Media Services Developer of consumer-centric behavioral targeting network for the online advertising industry
Series B 25-Sep-07 $ 20.5 NA $ 30.0 Sierra Ventures Menlo Ventures
Matchmine LLC Needham, MA www.matchmine.com
Internet / Digital Media Internet: Digital Media Services Platform that collects personal-interest data that can be transferred between different online destinations that provide media
Series A 25-Sep-07 $ 10.0 NA NA Kraft Group
Waterfront Media Inc. New York, NY www.waterfrontmedia.com
Internet / Digital Media Internet: Online Publications and Content Providers
Health-care media company Series D 26-Sep-07 $ 25.0 NA $ 45.5 Scale Venture Partners Foundation Capital , Rho Ventures, Time Warner Ventures, BEV Capital, Neocrta Ventures
Mindshift Technologies Inc. Waltham, MA www.mindshift.com
Internet / Digital Media Internet: Digital Media Services IT service provider that targets small- and mid-sized business, especially professional-service providers
NA 27-Sep-07 $ 18.0 NA $ 79.0 ORIX Venture Financing
PPLive Inc. Shanghai, China www.pplive.com
Internet / Digital Media Internet: Digital Media Services Chinese Operator of peer-to-peer video site Series B 27-Sep-07 $ 21.0 NA $ 27.0 DFJ DFJ Dragon, BlueRun Ventures
Demand Media Inc. Los Angeles, CA www.demandmedia.com
Internet / Digital Media Internet: Digital Media Services Company that buys up and creates generic Web sites with highly trafficked domain names
Series D 27-Sep-07 $ 100.0 $ 1,000.0 $ 320.0 Goldman Sachs 3i Group, Generation Partners, Oak Investment Partners, Spectrum Equity Investors
Four Interactive Private Ltd. Bangalore, India www.asklaila.com
Internet / Digital Media Internet: Search Engine Business-listing site, Asklaila, lets users search for and review businesses local to Bangalore
Series B 28-Sep-07 $ 10.0 NA $ 12.0 Lightspeed Venture Partners SVB India Capital Partners, Matrix Partners India
MyBuys Inc. Redwood Shores, CA www.mybuys.com
Internet / Digital Media Internet: Digital Media Services Company that tracks what consumers have viewed an bought on a retailer's e-commerce site and displays products on the Web page that suit that customer
Series B 8-Oct-07 $ 10.0 NA $ 13.0 Palomar Ventures Lightspeed Venture Partners
ReachLocal Inc. Woodland Hills, CA www.reachlocal.com
Internet / Digital Media Internet: Digital Media Services Company delivers to small businesses local search engine marketing that links their online advertising spending to their offline sales activities
Series D 10-Oct-07 $ 55.2 NA $ 67.9 Rho Ventures Galleon Crossover Fund, VantagePoint Venture Partners
Catalyst Mobile Inc. Emeryville, CA www.catalystmobile.com
Internet / Digital Media Internet: Content Delivery Provider of a platform for delivering music and entertainment services to mobile phones
Series B 10-Oct-07 $ 10.0 NA $ 14.5 Sofinnova, DCM NA
BlackArrow Inc. San Mateo, CA www.blackarrow.tv
Internet / Digital Media Internet: Digital Media Services Provider of ad-management systems for video content Series B 15-Oct-07 $ 12.0 NA $ 17.0 Comcast Interactive Capital Cisco Systems Inc., Intel Corp., Mayfield Fund, Polaris Venture Partners
WeatherBill Inc. San Francisco, CA www.weatherbill.com
Internet / Digital Media Internet: Digital Media Services Online platform that allows companies to purchase coverage that insures against adverse weather conditions
Series A 17-Oct-07 $ 12.5 NA $ 16.8 New Enterprise Associates, Index Ventures
Allen & Co., Atomic Investments, Sean Park
Facebook Inc. Palo Alto, CA www.facebook.com
Internet / Digital Media Internet: Content Delivery Social networking site NA 25-Oct-07 $ 240.0 $ 15,000.0 $ 280.7 Microsoft Corp. NA
PRIVATE FINANCING TRANSACTIONS (> $10MM) 2004 to 2009 YTD Most Recent Financing TotalName Macro Industry Industry Segment Business Description (Brief) Round Date Amount Post-$ Raised Lead Investor InvestorsDigital Media Group Shanghai, China www.dmgtv.com
Internet / Digital Media Internet: Digital Media Services Operator of digital media networks inside subway systems Series B 10-Jan-07 $ 30.0 NA NA Oak Investment Partners, Sierra Ventures
NIF SMBC Ventures, Gobi Partners
Brightcove Inc. Cambridge, MA www.brightcove.com
Internet / Digital Media Internet: Content Delivery Online video distribution company NA 18-Jan-07 $ 59.5 NA $ 81.2 AllianceBernstein, Brookside Capital, Maverick Capital
The New York Times Co., Transcosmos Investmetns and Business Development Inc., Accel Partners, Allen and Co., Time Warner's AOL subsidiary, General Catalyst Partners,
Piczo Inc. San Francisco, CA www.piczo.com
Internet / Digital Media Internet: Content Delivery Social networking site for teens NA 19-Jan-07 $ 11.0 NA NA U.S. Venture Partners, Mangrove Capital Partners
Sierra Ventures, Catamount Ventures
LinkedIn Corp. Palo Alto, CA www.linkedln.com
Internet / Digital Media Internet: Online Publications and Content Providers
Online network of more than 9 million professionals from around the world
NA 29-Jan-07 $ 12.8 NA $ 25.0 Bessemer Venture European Founders Fund
Farecast Inc. Seattle, W A www.farecast.com
Internet / Digital Media Internet: Content Delivery Website that helps consumers determine if airline prices will rise, drop or hold steady
Series C 31-Jan-07 $ 12.1 NA $ 20.6 Sutter Hill Ventures PAR Capital Management, Pinnacle Ventures, Erik Blachford, Greylock Partners, Madrona Venture Group, WRF Capital
Digital Railroad New York, NY www.digitalrailroad.net
Internet / Digital Media Internet: Content Delivery Web site that lets professional photographers sell their pictures to image buyers
Series B 5-Feb-07 $ 10.0 NA $ 15.0 DN Capital Morgenthaler Ventures, Venrock Associates
SideStep Inc. Santa Clara, CA www.sidestep.com
Internet / Digital Media Internet: Search Engine Travel search company Series C 7-Feb-07 $ 15.0 NA $ 32.0 Norwest Venture Partners
Brickfish San Diego, CA www.brickfish.com
Internet / Digital Media Internet: Content Delivery Brickfish platform allows consumers to engage with advertisers by creating campaigns for their brands
Series A 21-Feb-07 $ 11.2 NA NA DCM Draper Richards LP, Draper Associates, Mangrove Capi tal, OCA Ventures
ScanSafe Inc. San Mateo, CA www.scansafe.net
Internet / Digital Media Internet: Digital Media Services Web-security company Series B 21-Feb-07 $ 15.0 NA $ 25.0 Venture Partners
ViDeOnline Communications Inc. Redwood City, CA www.videonline.com
Internet / Digital Media Internet: Content Delivery Digital media networking company Series C 27-Feb-07 $ 12.0 NA $ 21.4 Intel Capital Greenwoods Capital Partners
Vantage Media Corp. Venice, CA www.vantagemedia.com
Internet / Digital Media Internet: Search Engine Search-engine marketing company Series A 28-Feb-07 $ 70.0 NA NA Montgomery & Co. Scale Venture Partners, Tudor Ventures, Integral Capital Partners
TicketsNow Inc. Crystal Lake, IL www.ticketsnow.com
Internet / Digital Media Internet: Digital Media Services Sells tickets online to sold-out events in the secondary ticket market
Series A 6-Mar-07 $ 34.0 NA NA Draper Fisher Jurveston, Portage Venture Partners, DFJ Portage Ventures, New World, Adams
Eons Inc. Boston, MA www.eons.com
Internet / Digital Media Internet: Search Engine Operator of search engine for baby boomers Series B 6-Mar-07 $ 22.0 NA $ 32.0 Charles River Ventures Intel Capital, Humana Inc.
Geni.com Los Angeles, CA www.geni.com
Internet / Digital Media Internet: Content Delivery Genealogy Web site that aims to create a fami ly tree of the entire world
Series B 7-Mar-07 $ 10.0 $ 100.0 $ 11.5 Charles River Ventures
UUSee New York, NY www.uusee.com
Internet / Digital Media Internet: Content Delivery Major Chinese site for Web video NA 7-Mar-07 $ 23.5 NA NA Draper Fisher Jurvetson, Highland Capital Partners
Steamboat Ventures, Sequoia Capi tal, Susquehanna International Group
Internet REIT Inc. Houston, TX www.iREIT.com
Internet / Digital Media Internet: Digital Media Services Acquires, develops and monetizes domain names and Web properties
Series B 7-Mar-07 $ 38.0 NA $ 58.0 Perot Investments, Maveron LLC
FreedomPay Inc. Wayne, PA www.freedompay.com
Internet / Digital Media Internet: Digital Media Services Provider of cashless payment and loyalty systems Series D 14-Mar-07 $ 13.0 NA $ 26.0 Core Capital Partners BlueRun Ventures
WhiteFence Inc. Houston, TX http://whitefence.com
Internet / Digital Media Internet: Digital Media Services One-stop online marketplace for consumers looking to compare and order essential home services such as electricity, natural gas, home phone, high-speed Internet,
Series B 15-Mar-07 $ 10.0 NA NA Adams Street Partners, Internet Capital Group Inc.
Zopa Ltd. London, England www.zopa.com
Internet / Digital Media Internet: Digital Media Services Online lending company Series C 20-Mar-07 $ 12.9 NA NA Bessemer Venture Partners Benchmark Capital, Wel lington Partners
Eyeblaster Inc. New York, NY www.eyeblaster.com
Internet / Digital Media Internet: Digital Media Services Digital marketing services and technology company Series B 21-Mar-07 $ 30.0 NA $ 40.0 Individuals
Oodle.com San Mateo, CA www.oodle.com
Internet / Digital Media Internet: Online Publications and Content Providers
Online classifieds aggregator Series B 22-Mar-07 $ 11.0 NA $ 19.0 Jafco Ventures Greylock Partners, Redpoint Ventures
AdMob Inc. Menlo Park, CA www.admob.com
Internet / Digital Media Internet: Digital Media Services Developed a platform designed to create an open marketplace for publishers and advertisers to incorporate advertising into mobile Web sites
Series B 26-Mar-07 $ 15.0 NA $ 19.0 Accel Partners Sequoia Capital
Beyond.com King of Prussia, PA www.beyond.com
Internet / Digital Media Internet: Digital Media Services Employment software provider Series A 27-Mar-07 $ 13.5 NA NA Safeguard Scientifics Inc.
GoTV Networks Inc. Sherman Oaks, CA www.gotvnetworks.com
Internet / Digital Media Internet: Content Delivery Developer of technology for mobile television Series B 27-Mar-07 $ 12.0 NA NA Motorola Inc., Qualcomm Inc.
Ozon.ru Moscow, Russia www.ozon.ru
Internet / Digital Media Internet: Digital Media Services e-commerce Web site NA 3-Apr-07 $ 18.0 NA NA London's Index Cisco, Holtzbrinck Ventures, Barling Vostok Capital Partners
PandoraTV Inc. Seoul, Korea www.pandora.tv
Internet / Digital Media Internet: Content Delivery Video Web site Series B 3-Apr-07 $ 10.0 NA $ 13.0 DCM Altos Ventures, STIC International, Saehan
HowStuffWorks Atlanta, GA www.howstuffworks.com
Internet / Digital Media Internet: Content Delivery Source of credible, unbiased, and easy-to-understand explanations of how the world actually works
Series B 11-Apr-07 $ 75.0 NA $ 100.0 Carl Ichan, Capital Research & Management, Ashford Capital Management, Chilton Investment Co., Pacific Star Capital, Charwell Investments
Aggregate Knowledge Inc. San Mateo, CA www.aggregateknowledge.com
Internet / Digital Media Internet: Search Engine Search engine that collects and analyzes information based on people's Web surfing habits
Series B 11-Apr-07 $ 20.0 NA $ 25.0 DAG Ventures Kleiner Perkins Caufield & Byers
Active Response LLC New York, NY www.activeresponsegroup.com
Internet / Digital Media Internet: Digital Media Services Online marketing company NA 12-Apr-07 $ 10.0 NA NA Hercules Technology Growth Capital
MediaWorks Atlanta, GA www.intentmedianetworks.net
Internet / Digital Media Internet: Digital Media Services Developed a platform to legally monetize content on peer-to-peer networks
Series B 16-Apr-07 $ 10.0 NA $ 14.0 Allen & Co., Greycroft Partners, SoftBank Capi tal, Bertelsman Digital Media Investments
Reunion.com Inc. Los Angeles, CA www.reunion.com
Internet / Digital Media Internet: Digital Media Services Social networking site Series A 17-Apr-07 $ 25.0 NA $ 26.4 Oak Investment Partners
Avvo Inc. Seattle, W A www.avvo.com
Internet / Digital Media Internet: Online Publications and Content Providers
Web site that helps consumers navigate the legal industry Series B 20-Apr-07 $ 10.0 NA $ 13.0 Ignition Partners Benchmark Capital
ChannelAdvisor Corp. Research Triangle Park, NC www.channeladvisor.com
Internet / Digital Media Internet: Digital Media Services Online marketplace and auction management company Series C 2-May-07 $ 30.0 NA $ 66.0 New Enterprise Associates Kodiak Ventuer Partners, Advanced Technology Ventures, Southern Capitol Ventures, eBay Inc.
Delivery Agent Inc. San Francisco, CA www.deliveryagent.com
Internet / Digital Media Internet: Digital Media Services Online shopping technology company Series C 3-May-07 $ 18.5 NA $ 35.0 Bessemer Venture Partners Cardinal Venture Capital, W orldview Technology Partners
PlayPhone Inc. San Jose, CA www.playphone.com
Internet / Digital Media Internet: Digital Media Services Provides a marketplace for mobile content Series C 10-May-07 $ 18.8 NA $ 31.0 Scale Venture Partners Cardinal Venture Capital, Menlo Ventures
Joost New York, NY www.joost.com
Internet / Digital Media Internet: Content Delivery Online video start-up NA 10-May-07 $ 45.0 NA NA Sequoia Capital, Index Ventures Li Ka-shing
EStyle Inc. Los Angeles, CA www.estyle.com
Internet / Digital Media Internet: Digital Media Services Operates maternity retailer BabyStyle NA 18-May-07 $ 11.0 NA $ 146.0 Oak Investment Partners, Global Retail Partners
Undisclosed
Arroweye Solutions Inc. Chicago, IL www.arroweyesolutions.com
Internet / Digital Media Internet: Digital Media Services Gift-card personalization company Series C 22-May-07 $ 14.0 NA $ 28.0 Baird Venture Partners Adam Street Partners
Trul ia Inc. San Francisco, CA www.trulia.com
Internet / Digital Media Internet: Digital Media Services Online real estate company Series C 25-May-07 $ 10.0 NA $ 17.7 Sequoia Capital Accel Partners, Fayez Sarofim & Co.
Tumri Inc. Mountain View, CA http://tumri.com
Internet / Digital Media Internet: Digital Media Services Internet advertising network Series B 4-Jun-07 $ 10.0 NA $ 16.5 Lehman Brothers Venture Partners
Shasta Ventures, Accel Partners
Brash Entertainment LLC Los Angeles, CA
Internet / Digital Media Internet: Game Developer Videogame startup NA 4-Jun-07 $ 400.0 NA NA Abry Partners, New York Life Capital Partners, PPM America
Me.dium Inc. Boulder, CO http://me.dium.com
Internet / Digital Media Internet: Digital Media Services Developing an instant message and chat service that enables users to see and interact with others based on common, real-time URL views
Series B 11-Jun-07 $ 15.0 NA $ 20.0 Commonwealth Capital Ventures Spark Capital, Appian Ventures
Bag Borrow Or Steal Inc.Seattle, WAwww.bagborroworsteal.com
Internet / Digital Media Other Allows women to borrow designer handbags and jewel ry Series C 18-Jun-07 $ 15.0 NA $ 26.3 Steelpoint Capital Partners, Madrona Venture Group
Madrona Venture Group, Kuwait Holding Co., Hilltop Investments, Individual Investors, Impact Venture Partners, Valence Capital Management
Pet Food Direct Inc.Harleysville, PAwww.petfooddirect.com
Internet / Digital Media Other Online retailer for pet food and supplies Series F 18-Jun-07 $ 10.0 NA $ 26.0 LLR Partners
MyStrands Inc.Corvallis, ORwww.mystrands.com
Internet / Digital Media Internet: Search Engine Recommendation engine Series D 19-Jun-07 $ 25.0 NA $ 31.0 Antonio Asensio (Individual Investor)
Debaeque Venture Capital, Sequel R&D
K2 Network Inc.Irvine, CAwww.k2network.net
Internet / Digital Media Internet: Game Developer Online gaming Series B 19-Jun-07 $ 16.0 NA $ 20.0 Intel Capital Greycroft Partners, Khosla Ventures, Novel TMT Ventures, BV Capital, mvp Capital
Prosper Marketplace Inc.San Francisco, CAwww.prosper.com
Internet / Digital Media Other Online person-to-person loan Series C 20-Jun-07 $ 20.0 NA $ 40.0 DAG Ventures, Meritech Capital Partners
Meritech Capital Partners, Accel Partners, Benchmark Capital, Fidelity Ventures, Omidyar Network
Emergent Game Technologies Inc. Calabasas, CA www.emergent.net
Internet / Digital Media Internet: Game Developer Provider of video game development applications Series D 5-Jul-07 $ 12.0 NA $ 24.3 Jerusalem Venture Partners, Worldview Technology Partners
Adena Ventures, Cisco Systems Inc., Walker Ventures
Trion World Network Inc. Redwood City, CA www.trionworld.com
Internet / Digital Media Internet: Game Developer Gaming company building a network of online game "channels" that evolve like a television series
Series B 9-Jul-07 $ 30.0 NA NA Rustic Canyon Partners Time Warner Investments, Peacock Equity Fund, GE Commerical Finance, NBC Universal Inc., Bertelsmann Digital Media
Ning Inc. Palo Alto, CA www.ning.com
Internet / Digital Media Other Online platform that lets people develop their own social networks
Series C 11-Jul-07 $ 44.0 $ 214.0 NA Legg Mason
Adap.tv San Mateo, CA www.adap.tv
Internet / Digital Media Internet: Digital Media Services Video advertising platform that attempts to match relevant advertising with online video content
Series A 12-Jul-07 $ 10.0 NA NA Redpoint Ventures, Gemini Israel Funds
TheFind Inc. Mountain View, CA www.thefind.com
Internet / Digital Media Internet: Search Engine Lifestyle goods-focused shopping search engine Series C 12-Jul-07 $ 15.0 NA $ 26.0 Bain Capital Ventures Redpoint Ventures, Lightspeed Venture Partners
Terabitz Inc. Palo Alto, CA www.terabitz.com
Internet / Digital Media Internet: Content Delivery Highly customizable real estate Web site Series A 17-Jul-07 $ 10.0 NA NA
Mark Logic Corp. San Mateo, CA www.marklogic.com
Internet / Digital Media Internet: Digital Media Services Provider of an XML content server Series C 17-Jul-07 $ 15.0 NA $ 33.0 Sequoia Capital, Lehman Brothers Venture Partners
Healthline Networks Inc. San Francisco, CA www.healthline.com
Internet / Digital Media Internet: Search Engine Health information Web site operator Series B 17-Jul-07 $ 21.0 NA $ 59.0 GE/NBC Universal's Peacock Equity Fund
Aetna Ventures LLC, Kaiser Permanente Ventures, US News and World Report, VantagePoint Venture Partners, Reed Elsevier Ventrues
Tudou.com Shanghai, China www.tudou.com
Internet / Digital Media Internet: Content Delivery Chinese online video company NA 17-Jul-07 $ 19.0 NA NA Capital Today, General Catalyst Partners
Granite Global Ventures, IDG China, JAFCO Asia, KTB Ventures, JAIC
Photoways Inc. London, England www.photoways.com
Internet / Digital Media Internet: Digital Media Services Online photo services company Series B 19-Jul-07 $ 13.8 NA NA HarbourVest Partners LLC Index Ventures, Highland Capital Partners
Redfin Corp. Seattle, W A www.redfin.com
Internet / Digital Media Internet: Content Delivery Real estate site Series C 19-Jul-07 $ 12.0 NA $ 20.8 DFJ Madrona Venture Group, Vulcan Capital, BEV Capital, The Hillman Company
hi5 Networks Inc. San Francisco, CA www.hi5.com
Internet / Digital Media Internet: Content Delivery Social networking site Series A 24-Jul-07 $ 20.0 NA NA Mohr Davidow Ventures
iCrossing Inc. Scottsdale, AZ www.icrossing.com
Internet / Digital Media Internet: Digital Media Services Develops online search campaigns and programs Series E 27-Jul-07 $ 62.0 NA $ 110.0 Goldman Sachs & Co. Oak Investment Partners, RRE Ventures, StarVest Partners LP
NowPublic Technologies Inc. Vancouver, Canada www.nowpublic.com
Internet / Digital Media Internet: Content Delivery Online news network that relies on citizen journal ism Series A 30-Jul-07 $ 10.6 NA $ 12.4 Rho Ventures Rho Canada, Brightspark Ventures, GrowthWorks Capital Ltd.
Associated Content Denver, Colorado www.associatedcontent.com
Internet / Digital Media Internet: Digital Media Services Publishes a library of multimedia content on the Web Series B 1-Aug-07 $ 10.0 NA $ 15.4 Canaan Partners Softbank Capital
Compete Inc. Boston, MA www.competeinc.com
Internet / Digital Media Internet: Digital Media Services Web analytics company Series D 6-Aug-07 $ 10.0 NA $ 39.0 Commonwealth Capital Ventures Charles River Ventures, Idealab, North Hill Ventures, William Blair Capital Partners, Split Rock Partners
Adzilla Inc. Vancouver, Canada http://adzilla.com
Internet / Digital Media Internet: Digital Media Services Online advertising company Series A 6-Aug-07 $ 10.3 NA NA Norwest Venture Partners, Alloy Ventures
Viagogo London, England www.viagogo.com
Internet / Digital Media Internet: Other Online Services Provides a platform where consumers can sell unwanted tickets to live events
Series C 7-Aug-07 $ 30.0 NA $ 50.0
Batanga Inc. Miami, FL www.batanga.com
Internet / Digital Media Internet: Content Delivery Online media company aimed at the Hispanic market Series C 14-Aug-07 $ 30.0 NA $ 40.0 Tudor Ventures H.I.G. Ventures
Doppelganger Inc. San Francisco, CA www.doppelganger.com
Internet / Digital Media Internet: Game Developer Web site that allows users to interact in a virtual world consisting of city hotspots
NA 14-Aug-07 $ 11.0 NA $ 25.0 ComVentures Draper Fisher Jurvetson, Trident Capi tal, Draper Richards, KPG Ventures, Greycroft Partners
KickApps Corp. New York, NY www.kickapps.com
Internet / Digital Media Internet: Digital Media Services Provides free platform for developing social media applications in exchange for places to deploy its advertising inventory
Series B 15-Aug-07 $ 11.0 NA $ 18.0 SoftBank Capi tal Spark Capital, Prism VentureWorks, Jarl Mohn
Metacafe Inc. Palo Alto, CA www.metacafe.com
Internet / Digital Media Internet: Content Delivery Aggregates and distributes videos online NA 21-Aug-07 $ 30.0 NA $ 45.0 Highland Capital Partners, DAG Ventures
Accel Partners, Benchmark Capital
Building B Inc. Belmont, CA www.building-b.com
Internet / Digital Media Internet: Content Delivery Wireless delivery system for broadcast and broadband video content
Series A 21-Aug-07 $ 17.5 NA $ 17.5 Morgenthaler Ventures, Omni Capital
Index Ventures
Lending Club Sunnyvale, CA www.lendingclub.com
Internet / Digital Media Internet: Digital Media Services Online person-to-person lending service Series A 24-Aug-07 $ 10.3 NA $ 12.3 Canaan Partners, Norwest Venture Partners
Dailymotion SA Paris, France www.dailymotion.com/us
Internet / Digital Media Internet: Content Delivery Video-sharing website like YouTube NA 31-Aug-07 $ 34.0 NA $ 43.5 Advent Venture Partners LLP, AGF Private Equity
Zag.com Inc. Santa Monica, CA www.zag.com
Internet / Digital Media Other: Misc. Online auto sales company Series B 4-Sep-07 $ 13.5 NA $ 68.0 Capricorn Management GRP Partners, Capital One Financial Corp., Anthem Venture Partners, Arcturus Capital
VideoEgg Inc. San Francisco, CA www.videoegg.com
Internet / Digital Media Internet: Content Delivery Provider of video advertising networks for online communi ties
Series D 6-Sep-07 $ 15.0 NA NA Focus Ventures WPP, August Capital, Maveron
Netviewer GmbH Karlsruhe, Germany www.netviewer.com
Internet / Digital Media Internet: Digital Media Services Provider of Web conferencing services NA 6-Sep-07 $ 12.2 NA NA Invision Private Equity AG, TVM Capital
Quattro Wireless Inc. Waltham, MA www.quattrowireless.com
Internet / Digital Media Internet: Online Publications and Content Providers
Company that makes Web sites mobile-friendly and helps publishers monetize the mobile site
Series B 6-Sep-07 $ 12.3 NA $ 18.0 Globespan Capital Partners Highland Capital Partners
PowerReviews Inc. Millbrae, CA www.powerreviews.com
Internet / Digital Media Internet: Content Delivery Developer of a technology that integrates with "e-tailer" Webt sites and provides a space for customers to post reviews
Series B 11-Sep-07 $ 15.0 NA $ 21.3 Lehman Brothers Venture Partners
Menlo Ventures, Draper Richards
BTI Photonic Systems Inc. Ottawa, Canada www.btiphotonics.com
Internet / Digital Media Internet: Digital Media Services Producer of product that supports high-bandwidth video services
Series D 11-Sep-07 $ 12.0 NA $ 45.0 Vengrowth Private Equity Partners, BDC Venture Capital, GrowthWorks Capital, Kodiak Venture Partners, Primaxis Technology Ventures, Lucent Venture Partners
GeoSentric Oyi Amsterdam, Netherlands www.gypsii.com
Internet / Digital Media Other: Misc. Mobile social networking service NA 11-Sep-07 $ 13.1 NA $ 13.1 Horizon Group, Schroders Private Bank
Vantrix Corp. Montreal , Canada www.vantrix.com
Internet / Digital Media Internet: Digital Media Services Provider of scalable delivery of mobile TV and video on demand, messaging, advertising, and live audio streaming for mobile devices
Series B 12-Sep-07 $ 12.0 NA $ 24.5 JK&B Capital SummerHill Ventures Partners, Entrepia Ventures, BDC Venture Capital, Innovacom
Twistbox Entertainment Inc. Sherman Oaks, CA www.twistbox.com
Internet / Digital Media Internet: Game Developer Mobile-gaming company NA 12-Sep-07 $ 19.5 NA $ 32.3 ValueAct Capital
Sermo Inc. Cambridge, MA www.sermo.com
Internet / Digital Media Internet: Content Delivery Online physician community provider Series C 13-Sep-07 $ 26.7 NA $ 39.2 Legg Mason Capital Management
Allen & Co.
Veoh Networks Inc. San Diego, CA www.veoh.com
Internet / Digital Media Internet: Content Delivery Internet television company Series C 13-Sep-07 $ 25.0 NA $ 37.5 Goldman Sachs Firefly 3 LLC, Jonathan Dolgen, Shelter Capital Partners, Spark Capital, Tornante Company, Time Warner Investments
Oanda Corp. New York, NY www.oanda.com
Internet / Digital Media Other Online foreign-currency exchange Series B 17-Sep-07 $ 100.0 NA $ 117.0 New Enterprise Associates Legg Mason Inc., Cascade Investment LLC, T. Rowe Price
Mimeo Inc. New York, NY www.mimeo.com
Internet / Digital Media Internet: Digital Media Services Provider of on-demand Web-based service for remote document printing and delivery
NA 19-Sep-07 $ 25.0 NA NA Goldman Sachs Principal Strategies Group
Draper Fisher Jurvetson, Draper Fisher Jurvetson Gotham Ventures, HarbourVest Partners LLC, Hewlett-Packard Co.
Nirvanix Inc. San Diego, CA www.nirvanix.com
Internet / Digital Media Other: Misc. Provider of hosted storage specifically designed for digital media Web companies
Series B 19-Sep-07 $ 12.0 NA $ 14.5 Mission Ventures Valhalla Partners, W indward Ventures
Quickplay Media Inc. Toronto, Canada www.quickplaymedia.com
Internet / Digital Media Internet: Content Delivery Mobile phone content delivery company Series C 20-Sep-07 $ 15.0 NA $ 30.0 Ventures West General Catalyst, J.L. Albright Venture Partners, Up Capital Ltd.
Zillow.com Seattle, W A www.zillow.com
Internet / Digital Media Other: Misc. Site that is cutting costs by serving up massive amounts of easily accessible pricing information on real estate
Series C 20-Sep-07 $ 30.0 NA $ 81.0 Legg Mason Capital Management
Benchmark, Technology Crossover Ventures, PAR Capi tal Management
NebuAd Inc. Redwood City, CA www.nebuad.com
Internet / Digital Media Internet: Digital Media Services Developer of consumer-centric behavioral targeting network for the online advertising industry
Series B 25-Sep-07 $ 20.5 NA $ 30.0 Sierra Ventures Menlo Ventures
Matchmine LLC Needham, MA www.matchmine.com
Internet / Digital Media Internet: Digital Media Services Platform that collects personal-interest data that can be transferred between different online destinations that provide media
Series A 25-Sep-07 $ 10.0 NA NA Kraft Group
Waterfront Media Inc. New York, NY www.waterfrontmedia.com
Internet / Digital Media Internet: Online Publications and Content Providers
Health-care media company Series D 26-Sep-07 $ 25.0 NA $ 45.5 Scale Venture Partners Foundation Capital, Rho Ventures, Time Warner Ventures, BEV Capital, Neocrta Ventures
Mindshift Technologies Inc. Waltham, MA www.mindshift.com
Internet / Digital Media Internet: Digital Media Services IT service provider that targets small- and mid-sized business, especially professional-service providers
NA 27-Sep-07 $ 18.0 NA $ 79.0 ORIX Venture Financing
PPLive Inc. Shanghai, China www.pplive.com
Internet / Digital Media Internet: Digital Media Services Chinese Operator of peer-to-peer video site Series B 27-Sep-07 $ 21.0 NA $ 27.0 DFJ DFJ Dragon, BlueRun Ventures
Demand Media Inc. Los Angeles, CA www.demandmedia.com
Internet / Digital Media Internet: Digital Media Services Company that buys up and creates generic Web sites with highly trafficked domain names
Series D 27-Sep-07 $ 100.0 $ 1,000.0 $ 320.0 Goldman Sachs 3i Group, Generation Partners, Oak Investment Partners, Spectrum Equity Investors
Four Interactive Private Ltd. Bangalore, India www.asklai la.com
Internet / Digital Media Internet: Search Engine Business-listing site, Asklaila, lets users search for and review businesses local to Bangalore
Series B 28-Sep-07 $ 10.0 NA $ 12.0 Lightspeed Venture Partners SVB India Capital Partners, Matrix Partners India
MyBuys Inc. Redwood Shores, CA www.mybuys.com
Internet / Digital Media Internet: Digital Media Services Company that tracks what consumers have viewed an bought on a retailer's e-commerce site and displays products on the Web page that suit that customer
Series B 8-Oct-07 $ 10.0 NA $ 13.0 Palomar Ventures Lightspeed Venture Partners
ReachLocal Inc. Woodland Hills, CA www.reachlocal.com
Internet / Digital Media Internet: Digital Media Services Company delivers to small businesses local search engine marketing that links their online advertising spending to their offline sales activities
Series D 10-Oct-07 $ 55.2 NA $ 67.9 Rho Ventures Galleon Crossover Fund, VantagePoint Venture Partners
Catalyst Mobile Inc. Emeryville, CA www.catalystmobile.com
Internet / Digital Media Internet: Content Delivery Provider of a platform for delivering music and entertainment services to mobile phones
Series B 10-Oct-07 $ 10.0 NA $ 14.5 Sofinnova, DCM NA
BlackArrow Inc. San Mateo, CA www.blackarrow.tv
Internet / Digital Media Internet: Digital Media Services Provider of ad-management systems for video content Series B 15-Oct-07 $ 12.0 NA $ 17.0 Comcast Interactive Capital Cisco Systems Inc., Intel Corp., Mayfield Fund, Polaris Venture Partners
WeatherBill Inc. San Francisco, CA www.weatherbill.com
Internet / Digital Media Internet: Digital Media Services Online platform that allows companies to purchase coverage that insures against adverse weather conditions
Series A 17-Oct-07 $ 12.5 NA $ 16.8 New Enterprise Associates, Index Ventures
Allen & Co., Atomic Investments, Sean Park
Facebook Inc. Palo Alto, CA www.facebook.com
Internet / Digital Media Internet: Content Delivery Social networking site NA 25-Oct-07 $ 240.0 $ 15,000.0 $ 280.7 Microsoft Corp. NA
Investor Activity: The Raw Data
7
1st HandExperience
Segmented
Qualified
Raw Data
Insight
All Deal Data
Sort by Time, Sector
Top Investors Activity Only
GCA Savvian Deal Experience
What the Investor Ecosystem is Thinking
User Relevancy Hierarchy to Drive Insights
8
Segmenting the Data
Three Categories
1. Public Investors
2. Private Investors
Two Time Periods
3. Strategic Investors
1. Q1 2006 – Q3 2008
2. Q3 2008 – Present
9
Public Investor Activity
10
The IPO Market is Non-Existent
Source: VentureXpert
0
2
4
6
8
10
12
14
16
18
2001 2002 2003 2004 2005 2006 2007 2008
Num
ber o
f IPO
s
93% Decline
11
02/19/08 04/11/08 06/02/08 07/25/08 09/15/08 11/07/08 12/29/08 02/20/0930
40
50
60
70
80
90
100
110
120
130
-55%
-49%
-39%-38%
Source: FactSetNotes:1) Diversified Marketing Composite includes: EFX, ACXM, HHS, IUSA, VCI, WPP, OMC, PIG, PUB, AGS, HAV, MDCA.2) Internet Content Composite includes: BIDU, WBMD, RNWK, KNOT, NAPS, TSCM, DIET, SCOR, WWWW, UNTD, MOVE, DHX, MWW, EHTH, SFLY, RATE, TTGT, INET.
NASDAQ Diversified Marketing(1)
Last Twelve Months
Public Online Advertising Stocks Taking a Beating
Market down over 50%; PIPE investments looking attractive
DJIA
//
Internet Content (2)
12
Private Investor Activity
13
Private Investor Activity (Q1 2006 – Q3 2008)
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2006 2007 2008
Priv
ate
Fina
ncin
g Vo
lum
e ($
MM
)
Source: VentureXpert. Disclosed deals only.
14
Source: GCA Savvian databases.
Private Investor Activity by Sub Sector (2006-2008)
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
Fina
ncin
g Vo
lum
e ($
MM
)
15
Video12%
Interactive Marketing / LeadGen
9%
Ad Tech / Measurement /
Targeting / Netw orks
14%
Social13%
Content22%
Search/Agencies12%
Gaming5%
eCommerce / Mobile
7%
Infrastructure6%
Source: GCA Savvian databases.
Private Investor Activity by Sub Sector (2006-2008)
16
Strategic Investor Activity (M&A)
17
M&A Activity (Q1 2006 – Q3 2008)
$0.0$5.0
$10.0$15.0$20.0$25.0$30.0$35.0$40.0$45.0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2006 2007 2008Inte
rnet
Spe
cific
M&
A D
eal V
alue
($ B
n)
18
M&A Activity Triggered by Spring 2007 Transactions
Date Acquirer Target Aggregate AV / AV / S.F. Value Revenue EBITDA
5/18/2007
5/18/2007
4/30/2007
4/16/2007
$5,782
$649
$850
$3,100
10.7x
3.0x
NA
12.0x
41.4x
31.8x
NA
NM
($MM)
Here at the IAB
Digital Media Spring Fever
19
M&A Activity by Sub Sector (2006-2008)
Content
Video
Gaming
Social Media
Interactive Marketing /Lead Gen
Others
Ad Networks / Exchanges,Targeting and Measurement
Search / Agencies
20
Source: GCA Savvian databases.
M&A Activity by Sub Sector (2006-2008)
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
Social
Search
/Age
ncies
Conten
t
eCom
merce /
Mob
ile
Ad Tec
h / N
etwork
s
Video
Intera
ctive
Mar
ketin
g / Le
adGen
Gaming
Infras
tructu
re
M&
A D
eal V
olum
e ($
MM
)
21
Source: GCA Savvian databases.
M&A Activity by Sub Sector (2006-2008)
Video10%
Interactive Marketing / LeadGen
13%
Ad Tech / Measurement /
Targeting / Networks
18%
Social14%
Content22%
eCommerce / Mobile
7%
Infrastructure3%
Gaming3%
Search/Agencies10%
22
M&A Activity by Buyer: The Usual Suspects
The top 5 buyers accounted for almost half of all activity by value
23
Digital Media Companies Media Conglomerates Other Strategic BuyersTraditional Media Companies
Expanding Buyer Universe: Beyond the Usual Suspects
24
Getting it Right is Paramount
Proven Strategic Deals Yet to be Proven Strategic Deals
//
///
//
//
The beta on Interactive Advertising acquisitions is high given the potential downside is 100 cents on the dollar
/
25
But Then The World Changed
26
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
2Q 3Q 4Q YTD
2008 2009
Priv
ate
Fina
ncin
g Vo
lum
e ($
MM
)Private Investor Activity (Q2 2008 – Present)
Source: VentureXpert. Disclosed deals only.
27
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
2Q 3Q 4Q YTD
2008 2009
Inte
rnet
Spe
cific
M&A
Dea
l Val
ue ($
Bn)
M&A Activity (Q2 2008 – Present)
Source: VentureXpert. Disclosed deals only.
28
The Current Investment Environment
Public Investors No public demand, low valuation levels All fear, no greed
Private Investors Fund proclivities depends on:
– Stage of investor– Lifestage of fund
Deals can still get done
Strategic Investors Most buyers on sidelines
– Many still in shock– Own business dismal (and currency gone)– Looking to pick up companies when the price is cheaper
We expect to see increased activity in the 2H 09
29
05/30/08 07/07/08 08/14/08 09/19/08 10/29/08 12/05/08 01/13/09 02/20/0940
50
60
70
80
90
100
110
Inde
xed
Pric
e
Gap in Perceived Valuations
Notes: Source: FactSet.
NASDAQ Performance – Since 6/1/2008
GAP
(43%)Buyer’s Perception Developed
Seller’s Perception Developed
30
1st HandExperience
Segmented
Qualified
Raw Data
Insight
All Deal Data
Sort by Time, Sector
Top Investors Activity Only
GCA Savvian Deal Experience
What the Investor Ecosystem is Thinking
User Relevancy Hierarchy to Drive Insights
31
$0
$5
$10
$15
$20
$25
$30
Fina
ncin
g Vo
lum
e ($
MM
)
Private Investments by “Leading” Funds
Source: GCA Savvian databases. Benchmark indexed by deal count.
32
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
160.0%
Conten
t
Social
Video
Ad Tec
h / N
etwork
s
Search
/Age
ncies
Intera
ctive
Mar
ketin
g / Le
adGen
Gaming
eCom
merce /
Mob
ile
Infras
tructu
re
Ben
chm
ark
Inde
x (T
op V
C /
Tota
l VC
)
Source: GCA Savvian databases. Benchmark indexed by deal count.
“Leading” Funds vs. Total Private Investments
Over-indexed on Agencies and Performance
Under-indexed on Gaming, Mobile and Infrastructure
33
1st HandExperience
Segmented
Qualified
Raw Data
Insight
All Deal Data
Sort by Time, Sector
Top Investors Activity Only
GCA Savvian Deal Experience
What the Investor Ecosystem is Thinking
User Relevancy Hierarchy to Drive Insights
34
Content
Ad Networks / Exchanges
Agencies
Social / Blogs
Performance Marketing
Mobile
Preferred Stock
Financial AdvisorJanuary 2008
Placement Agent
October 2007
Preferred Stock
Acquired byInnovation Interactive
Management and
We Advised the BuyerJune 2007
Acquired by
We Advised the SellerJanuary 2009
1UP Digital Network
Acquired by
We Advised the SellerDecember 2007
Acquired by
We Advised the SellerDecember 2007
Acquired by
We Advised the SellerMay 2007
PreferredStock
Financial AdvisorJune 2007
Minority PreferredInvestment by
Financial AdvisorNovember 2008
Merger with
We Advised INTACOctober 2007
Preferred Stock
Financial AdvisorMarch 2008
Acquired by
We Advised the SellerMay 2007
Preferred Stock
Financial AdvisorApril 2008
Preferred Stock
Financial AdvisorJune 2008
Acquired by
We Advised the SellerOctober 2007
Senior CreditFacility
Financial AdvisorOctober 2007
PreferredSecurities
Financial AdvisorSeptember 2006
Acquisition of
We Advised the BuyerOctober 2007
PreferredStock
Financial AdvisorAugust 2008
Sold Stake in
to
We Advised the SellerDecember 2008
Preferred Stock andRecapitalization in
Financial AdvisorJanuary 2008
Preferred Stock
Financial AdvisorJanuary 2009
Preferred Stock
Financial AdvisorApril 2008
Preferred Stock
Financial AdvisorJuly 2008
Acquired by
We Advised the SellerFebruary 2008
Acquired by
Financial AdvisorDecember 2007
Acquisition of
Mobile ServicesBusiness Unit
We Advised the BuyerDecember 2007
Acquired by
We Advised the SellerNovember 2007
Preferred Stock
Financial AdvisorJune 2008
Acquired by
We Advised the SellerMay 2008
Subscriber Management Business
GCA Savvian Transactions by Subsector
Preferred Stock
Financial AdvisorJanuary 2009
Acquired by
We Advised the SellerJanuary 2009
1UP Digital Network
Minority PreferredInvestment by
Financial AdvisorNovember 2008
Sold Stake in
to
We Advised the SellerDecember 2008
Post Meltdown Deals
35
1st HandExperience
Segmented
Qualified
Raw Data
Insight
All Deal Data
Sort by Time, Sector
Top Investors Activity Only
GCA Savvian Deal Experience
What the Investor Ecosystem is Thinking
User Relevancy Hierarchy to Drive Insights
36
Dialogue Driving Insight
Online Media
Private EquityTraditional Media
37
Investment Spectrum; Balancing Risk and Reward
Out There
New Paradigm
PlatformEnabler
Problem Solver
Proprietary Network
Defensible Models
RakingIt In
Big Potential, High Beta Lower Beta, Big Profits
Example Companies:
38
Investment Assessment Criteria
The Value Drivers
1 Growth Usage and revenue momentum
2 Profitability Gross, EBITDA margins
3 Scalability Operating leverage
4 Sustainability Barriers to entry, advantage
5 Strategic Value Who needs to own it
39
Solving Existing Problems
Analytics
Enablement
Optimization
Targeting
Monetization
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Content
Networks
Social
Commerce
Horizontalcirca 2005
Verticalcirca 2008
Search
Verticalization Across the Digital Media World
41
Performance is Back; Only It’s New and Improved
Performance Pyramid
Lead
Impression
Click
Audience
Sale
Metric Example Companies
CPA
CPL
CPC
CPM
Unique Users
Brand-oriented, performance-based customer acquisition “agencies” are in the business of “selling profits”
Bob Carrigan of IDG called
it “Sales Enablement”
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The Pyramid Works For Brands Too
Brand Pyramid
Insights
Impression
Engagement
Audience
Sale Marketer Goals
Publisher Capabilities
Brand = Performance; It’s just not that immediate
Wenda is right – it’s
AND, not OR
Howard Draft nailed it.
43
Mismatch of Supply and Demand
It’s the demand, dummy
Focus should be on how ads are bought, not sold
Brand marketers want engagement (actually, they just want TV)
Publishers and networks are selling audience and clicks
Publishers / Networks
Brand Marketers
“Engagement”
“Uniques, Clicks”
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Chasing the 30 Second Spot; A Crowded Landscape
VIDEO PORTALS / SHARING
VIDEO SEARCH
MOBILE / PLACESHIFTING
VIDEO eCOMMERCE
VIDEO CREATION / EDITING
VIDEO STREAMING / CDN
INTERMEDIARIES / MEDIA PUBLISHING
RICH MEDIA ADVERTISING /VIDEO AD NETWORKS
VLOG-O-SPHERE
OTHER SERVICES
*
P2P / IPTV
*
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Chasing the 30 Second Spot; Applying a Filter
46
Competition for the Winning Platform
So far (and it’s way early), Hulu seems to have found a monetization strategy that’s working,
despite it’s miniscule size relative to YouTube.
47
Social is Going Corporate, Corporate is Going Social
Licensed Software SAAS Social
Based Tools
Business
Consumer
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International Opportunities – BRIC Countries
49
And Now for Some Provocation
“I want you to be provocative”
Provocative is my middle name
50
Pork Bellies and the Efficient Markets Thesis
Brand publishers are upset that ad networks and exchanges are cheapening their “premium” inventory, reducing their once robust CPMs
There is a glut of online inventory that is causing havoc on the display business
You can hear the battle cries:– “Brand marketing is dead”– “Those technologists are ruining our business”
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What if the networks and exchanges are simply technology which brings efficiency and transparency to the marketplace?– After all, don’t marketplaces bring market prices?
What if the low CPMs are the real “value” of the ad inventory?– Reflecting low click-through rates, clutter and a
perception that advertising is not working
What if advertising pricing has been artificially high until now?
Was Wannamaker onto something bigger?
Pork Bellies and the Efficient Markets Thesis
52
Pork Bellies and the Efficient Markets Thesis
What if Madison Avenue has been one giant deception for the last 100 years?– Duping corporate America into overpaying for advertising
Could it be that Madison Avenue has perpetrated a fraud larger than Enron, WorldCom, Stanford, Madoff and the Subprime crisis put together?
53
And Now for Some Provocation
“I said provocative, not heretical”
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Pork Bellies and the Efficient Markets Thesis
While some of you will undoubtedly see the irony in a Wall Streeter challenging other industries at this time – Maybe this outsider perspective is instructive– Maybe it’s cocktail reception fodder– Maybe I won’t get dinner tonight
Wall Street, while imperfect, is an instructive analogy
From 6¢ per share stock trades to a fraction of a cent due primarily to technology
Wall Street and Madison Avenue are more alike than you think
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Wall Street and Madison Avenue; Separated at Birth?
NameNamed after a street in Manhattan
UnitStandardized, high volume
BuyersLooking for a good ROI
SellersLooking for the highest price
Agent IntermediariesHandful of global firms in New York, Europe
Rating AgenciesProvide “independent” third party measurement
Distribution ChannelsPartner sales channel which aggregates demand
Industry AssociationIndustry lobby
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The Good News: Interactive is the Only Bright Spot
Total Advertising
Spend
~$300 Billion
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~$300 Billion
The Good News: Interactive is the Only Bright Spot
Traditional
Digital
Total Advertising
Spend
58
~$300 Billion
The Good News: Interactive is the Only Bright Spot
Traditional
Digital
Total Advertising
Spend
$250 ?$200 ?
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The Good News: Digital Can Deliver Value to Brands
Technology will drive targeting and relevancy to new levels, increasing ad value
Interactive consumer behavior will allow for engagement that TV could only dream of
Brands can finally use advertising as a transparent sales tool– Strengthening the “R” in ROI
And yes, it’s not all math– Relationships matter– Creative matters
Democratized publishing is opening up a whole new world with endless possibilities– We’re all “brands” now
Conclusion: In digital,
brands can battle back
“The art and science of persuasion
and participation”Wenda Harris Millard
David Payne is on to this
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The Reality
The fate of the industry is in this room
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Lastly, It’s All About the Brand
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Terence KawajaManaging Director
GCA Savvian [email protected]
+1 212 999 7082
The Call to Action
I welcome discussing your needs and opportunities.
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