September 30, 2012
WeddingWire Closes a $ 25 Million Deal with Spectrum Equity
Website operator WeddingWire got a $ 25 million investment from private equity firm Spectrum Equity. This is the 3rd major investment in the last year that was put into the fast developing website.
Spectrum Equity will become the biggest holder, although it will not have full powers of control. The equity company, which focuses on information technology and internet based investments, will put 2 of their representatives on the board of directors of WeddingWire, the Principal Pete Jensen and the Managing Director Ben Spero.
At the end of last year, another investor, Catalyst, purchased a great stake of WeddingWire from Martha Stewart Living Omnimedia for $ 11 million. Southern Capitol Ventures also got a stake in December 2012, but the value of it was not disclosed.
Four years ago Martha Stewart purchased 40% of the company for the sum of $ 5 million and consented to have other partners. She continues to own these shares.
The investment that Spectrum offered will help the company to fund the companyâ€™s expansion plans, said an official. The investors wish to sell ads to the DJs, bakeries, stationary stores and wedding venues in the country.
The company operates also on other event planning websites like MitzvahWire.com and PromWire.com.
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