Toronto-based Score Media today announced that it has raised $16 million in a non-brokered private placement of 100,000,000 shares at a price of 16 cents each.
Leading the placement was Relay Ventures, a Toronto-based venture capital fund focused on the mobile space. Existing shareholders, including Rogers Media, participated as well.
“This gives theScore significant financial resources to accelerate the growth and development of our great mobile sports platforms," says John Levy, CEO of Score Media. "It also affords us an increased runway to turbocharge the momentum we’ve been building, strengthen our sales and marketing teams and further capitalize on the industry-wide explosion in mobile ad spending.”
Since 2009, theScore's mobile platforms have grown from 600,000 monthly users to 4.2 million.
Relay Ventures’ cofounder John Albright will join the Canadian company's board of directors.
"More than four million sports fans around the world are using theScore's mobile platforms to dynamically connect with their favourite sports, leagues, teams and players," says Albright. "It's created by a company that is led by serial entrepreneurs who have a successful track record and are now primed to capitalize further on the explosion in mobile ad spending. We are thrilled to invest in them."
The deal is expected to close in early May.