SAY Media, a digital publishing company, today secured $27 million in funding led by new investors New Enterprise Associates, Shea Ventures and Correlation Ventures, as well as participation from existing investors. SAY is based in San Francisco but has Canadian headquarters in Montreal and additional offices in Toronto.
SAY says that 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. Also, with this round of capital, NEA’s Paul Hsiao will be joining SAY’s board of directors.
“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 of 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."
"The rapid adoption of mobile devices, video and social Web are transforming how passionate editors and global brand marketers create engaging content and community," said Paul Hsiao, partner, NEA. "We believe SAY Media's unique publishing technology platform, scale, channels and enviable roster of global premium brands and agencies position the company to lead in a large, fast-changing market. The opportunity is $60 billion plus as brands continue to shift ad budget from print and TV to next generation media channels. We are excited to partner with world class entrepreneurs and innovators like Matt, Kim, and the SAY management team as they chart the course for the industry and build a once-in-a-generation media company."
Through its technology platform and media services, SAY enables its portfolio of independent content creators to "build passionate communities around key consumer interest areas." The company provides "simple and accountable ways for the world’s top brands to engage with these passionate audiences, at scale, with a reach of more than 400 million people around the world."
New Enterprise Associates is a venture capital firm with approximately $11 billion in committed capital, mostly in technology companies. Shea Ventures has invested about $1 billion, while Correlation is the smallest with a fund of about $165 million.