Youth media ad network GoFish reels in $22.5M
GoFish, a media-based advertising network targeting six to 17-year-olds (and moms), announced that it has brought in $22.5 million in private placement funding, which it will use to pay off its $14.5 million in debt and expand its sales and marketing staff. Backers Panorama Capital, Rustic Canyon Partners and Rembrandt Venture Partners will choose whether or not to kick in an additional $2.5 million in the next few weeks, according to the structure of the deal. They will also be able to purchase new preferred stock at $0.20 per share.
Distributing videos, entertainment and virtual-world features to web sites across the internet, GoFish offers advertisers what it calls “uniquely immersive” opportunities to promote their brands. Basically, it integrates ads with content that attracts a lot of user focus, like games. Examples include a dress-up game tied to the release of the film “Nim’s Island,” and a Lean Cuisine Flash “advergame” on Miniclip.com (probably more for the benefit of moms).
According to comScore’s Media Metrix, GoFish’s content draws about 67 million unique visitors every month (each of whom stay about 68 minutes per session), beat only by Disney and Nickelodeon in its target age group (interestingly, Yahoo Kids comes in last).
Despite tough, more established competition, GoFish has seen impressive revenue growth. Its second and third quarters this year each marked a 100 percent increase in returns over the previous quarter, the company says — even though revenue is down compared to 2007 (not surprising, considering the downturn). And its audience has grown nearly 300 percent. GoFish maintains a growing list of publisher partnerships, which include top gaming sites Miniclip and Hallpass, and kid-friendly virtual world sites WeeWorld and Whyville.
Headquartered in San Francisco and New York, the company last raised money in April, bringing in $1.5 million in private placement financing from unnamed investors.
Images from GoFish.com
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
With GreenBeat 2009, VentureBeat's all-star conference on all things Smart Grid, coming up in November, Camille will be expanding coverage of this exciting space. Stay up to date by following @greenbeat2009 on Twitter or by becoming a fan of the event on Facebook here.
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