Matchbin Acquires NAVTEQ Broadcast Media Division to Form Radiate Media, Closes $ 22 Million Funding
SALT LAKE CITY & MALVERN, PA – (COMMERCIAL THREAD) – Matchbin today announced that it 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.
Concurrently, the company acquired the radio and television group of NAVTEQ Media Solution, closing a $ 12 million credit facility with Silicon Valley Bank. The combined company, aptly named Radiate Media, provides critical localized content, digital content management solutions and an advertising platform to more than 6,000 local and national advertisers through its growing network of more than 2,000 media partners.
Chris Rothey, who founded and marketed Traffic.com before being acquired by NAVTEQ in 2007, has joined Radiate Media as CEO. “Technology and evolving content delivery models continue to rapidly change the way advertisers, large and small, market themselves in quantifiable ways,” Rothey said. “Our collective offering will help our media partners leverage their strong and lasting relationships with local businesses to deliver the successful advertising solutions of today and tomorrow.”
Radiate Media will continue to provide cutting-edge traffic and content solutions, such as CommuteVantage, to the radio and television space through an exclusive agreement with NAVTEQ. In addition, Radiate Media will offer its content management solution (CMS) Editionals for media partners, as well as the MatchLocal directory publishing platform and local search engine (SEO) optimized websites for merchants. .
The MatchLocal platform enables media partners to deliver web, mobile and digitally integrated marketing opportunities to local businesses in their region. “Marketers are looking for multiple avenues of advertising to promote their business, especially at the local level,” added Hal Widlansky, former CEO of Matchbin and new President and COO of Radiate Media. “Radiate Media is positioned as the leading innovator for local digital commerce and the growing local advertising market.”
“We are delighted to support Chris Rothey in building Radiate Media. Their business model, scale and depth of technology are unique in the local advertising space, ”said Ben Levin, Partner at Level Equity. “We are drawn to companies that are changing the way business is done in large and changing markets. Radiate cracked the code on how to enable the massive base of incumbent media properties to access the spend shift to measurable, locally delivered ad solutions. Chris is a world class executive who has over a decade of experience delivering local and mobile products. The opportunity to sponsor the acquisition of a high-value asset he founded over a decade ago and integrate it into a technologically innovative and rapidly growing local advertising company is compelling. ”
About Radiate Media (formerly Matchbin and the radio and television group of NAVTEQ Media Solution)
Radiate Media (www.radiatemedia.com) provides state-of-the-art local content, content management services, and cloud-based digital publishing and local commerce solutions. Radiate Media serves more than 6,000 local merchants and national advertisers through more than 2,000 radio, television and print partners, and has more than 230 employees in Malvern, Pennsylvania, Salt Lake City, Utah, and others offices across the United States.
About level equity
Level Equity (www.levelequity.com) is an investor in growth stocks. The company invests in high growth technologies, media and Internet innovators serving large markets. Level Equity is based in New York and invests in its target sectors around the world.
About Greycroft Partners
Greycroft Partners (www.greycroftpartners.com) is a venture capital partnership, formed to invest in promising digital media companies. We serve the founders and investors who chose us as partners and help them build great, successful businesses.
About vSpring Capital
vSpring (www.vspring.com) is an early stage venture capital firm with over $ 400 million in committed capital under management. They primarily target information technology and life science companies headquartered in the Rocky Mountain region.