Digital publishing company Say Media has raised $27 million in a new financing round led by New Enterprise Associates (NEA), with participation from Shea Ventures and Correlation Ventures as well as existing investors August Capital, First Round Capital, Maveron, WPP, Focus Ventures and Neoteny. NEA’s Paul Hsiao has joined the company’s board of directors. The new funding will be used to develop its publishing platform, grow its portfolio of media properties and fund strategic acquisitions, says the company.
Matt Sanchez (CEO, Say Media): The intersection of Madison Avenue and Silicon Valley is really where we see the future of media.
The fresh injection of funds come on the heels of the worldwide publisher of Time magazine Kim Kelleher being named Say Media’s new president. Say’s executive team also added Christina Cranley, former senior vice president at Martha Stewart and publisher of Everyday Food and Whole Living, as its vice president of sales for eastern United States, CBS’s Sam Parker as chief operating officer and David Richter as chief strategy officer. Former Condé Nast executive Kourosh Karimkhany also joined the Say team as head of integration. The company currently has 400 employees working in offices across the United States, Canada, the United Kingdom and Australia.
Say Media content channels include style, tech, living, and food. The company owns and operates six properties and has 13 exclusive partnerships with sites including Fashionista, Gear Patrol and Food52. The company now represents 500 sites and reaches a global audience of 400 million.
[Image Courtesy: Say Media]