Toronto's Score Media Raises $16 Million in Private Placement Financing

Posted by Knowlton Thomas

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.

 

Company:
Relay Ventures
Website:
http://www.relayventures.com
Location:
Toronto, Ontario, Canada

Relay Ventures is an early stage venture capital firm that invests in passionate entrepreneurs disrupting and creating new markets through mobile technologies. Unlike other funds, Relay exclusively focuses on software for mobile devices and the connected Internet, creating an unparalleled set of networks and resources that tangibly help founders build world-class companies. With offices in Menlo Park and Toronto,... more

Company:
Score Media Inc.
Website:
http://www.scoremedia.com
Location:
Toronto, Ontario, Canada

theScore’s mission is to provide a full digital service to sports fans, delivering a personalized user experience across all major mobile platforms through our mobile apps and website. Users are provided with a comprehensive, customizable service that dispenses real-time sports news, scores, fantasy information and alerts, alongside compelling, relevant content that allows for seamless social sharing by users.... more


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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys playing tennis, hiking, and exploring weird side streets. more



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