SAY Media has secured $27 million in funding led by new investors New Enterprise Associates (NEA), Shea Ventures and Correlation Ventures, as well as participation from existing investors. The new funding will be used to help the company further develop its publishing platform, grow its portfolio of media properties and fund strategic acquisitions.
With this round of capital, NEA’s Paul Hsiao will be joining SAY’s board of directors. The appointment of Hsiao, a recognized leader in venture capital who led investments in companies like Evernote and Gaikai, follows the recent announcement that Kim Kelleher, currently publisher at TIME Magazine, will join SAY Media as its new president in September.
“The intersection of Madison Avenue and Silicon Valley is really where we see the future of media and we are well-positioned to lead the publishing industry into a digital world,” said Matt Sanchez, CEO, SAY Media. “This funding round is a validation of our strategy and I’m delighted to have NEA as a partner to support continued investment in the strategy and the right acquisitions.”
In addition to the appointment of Kelleher, SAY strengthened its executive team, adding Christina Cranley, former senior vice president at Martha Stewart and publisher of “Everyday Food and Whole Living,” as its vice president of sales for eastern U.S., CBS’s Sam Parker as chief operating officer and David Richter as chief strategy officer. Former Condé Nast executive Kourosh Karimkhany also joined the leadership team as head of integration. SAY currently has 400 employees working in offices across the United States, Canada, the United Kingdom and Australia.
Over the past several months, SAY acquired ReadWriteWeb and Remodelista. The company owns and operates six properties and has 13 exclusive partnerships with sites including Fashionista, Gear Patrol and Food52. The company now represents 500 sites and reaches a global audience of 400 million.
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