December 21, 2010
Bleacher Report, an internet company, that has proved to be one of the fast growing sites on the internet companies, has recently closed $10.5 million in Series C funding. The financing round was led by the venture capital and growth equity company, the San Francisco based Crosslink Capital. The news was announced yesterday by Brian Grey, the Bleacher Report Chief Executive Officer.
Mr. Grey joined the company only five months ago and has extensive knowledge in the area. He says that â€œThis investment is an important next step in the evolution of Bleacher Reportâ€™s innovative publishing model and is crucial to achieving our goal of becoming the next great sports content experience across all digital media. We are proud that the team at Crosslink and our other investors led by Hillsven Capital share that vision and are empowering us to continue to pursue it.â€
Eric Chin, partner at Crosslink will join the Board of Directors at Bleacher Report says that â€œCrosslink appreciates the success the Bleacher report has already achieved and I look forward to partnering closely with them in the coming years to accomplish all of their strategic objectives. This disruptive publishing platform has outstanding potential to revolutionize the way fans find and consume sports content on the internet.â€
Bleacher Report has previously raised other $1.5 million in series A funding in 2007. Also, in October 2008, the company raised another $3.5 million in series B funding from Hillsven Capital, SoftTech Venture Capital, Gordon Crawford and Jacob Lodwick. Furthermore, in June 2009 Bleacher Report got another $3 million in series C funding.
The Bleacher Report website is ranked by comScore to be the 5th largest sports website, after Yahoo, ESPN, Fox Sports and AOL Fanhouse. No other start-up company has succeeded what Bleacher Report has, which is beating all the major portals and old media outlets since the inception of the internet. â€œThis company is growing astronomically and itâ€™s just an execution play right now,â€ says Eric Chin regarding the plan of Bleacher Report to get in front of the other competitors on the market.
Bleacher Report has more than 1 million subscribers to its online newsletter. Also, it has 3 thousand contributors and 700 featured contributors, the majority being sports fans. The company helps them voice their opinions and offer them information and the means in order for their message to be heard and there are produced over 500 pieces of content per day.