Matchbin has closed its first institutional equity financing led by New York-based growth equity investor Level Equity. Greycroft Partners and vSpring Capital are co-investors in the $10 million round.
Simultaneously, the business acquired NAVTEQ Media Solution’s Radio and Television Group, closing a $12 million credit facility with Silicon Valley Bank. The combined company, which will be named Radiate Media. provides localised content, digital content management solutions and an advertising platform to over 6,000 local and national advertisers through its network of over 2,000 media partners.
Chris Rothey, who founded and took Traffic.com public before being acquired by NAVTEQ in 2007, has joined Radiate Media as CEO. “Technology and evolving content distribution models continue to rapidly change the way advertisers, large and small, promote themselves in a quantifiable fashion,” said Rothey. “Our collective offering will help our media partners leverage their strong and enduring relationships with local businesses to provide both today’s and tomorrow’s performance advertising solutions.”
“We are excited to back Chris Rothey in the creation of Radiate Media. Their business model, scale and deep technology is unique in the local advertising space,” said Ben Levin, partner at Level Equity. “We are attracted to businesses that are changing the way business is done in large and evolving markets. Radiate has cracked the code on how to enable the massive base of incumbent media properties to access the shift in spend to measurable and locally delivered advertising solutions. Chris is a world-class executive who has over a decade of experience providing local and mobile products. The opportunity to sponsor the acquisition of a highly valuable asset he founded over a decade ago and integrate it with a technologically innovative and rapidly growing local advertising business is compelling.”
USA, Salt Lake City, UT & Malvern, PA