Bleacher Report Completes $10.5 Million Series C Capital Investment

Crosslink Capital Leads Key Funding Round for one of the Web’s Fastest-Growing Sites

SAN FRANCISCO--()--Bleacher Report, one of the fastest-growing sites on the Internet and the Web’s fifth largest sports media destination with more than 16 million monthly unique users, has completed a $10.5 million Series C capital investment in a round led by Crosslink Capital, it was announced today by Bleacher Report CEO Brian Grey.

The funding round caps an auspicious 12 months for Bleacher Report during which the site welcomed more than 10 million new monthly users (from 6 million in Dec. 2009), added Grey’s executive leadership experience and expertise, and accelerated its monetization performance through the efforts of a newly formed sales organization.

Grey joined Bleacher Report in July having previously led the expansion of FOX Sports Interactive, most notably FSI’s emergence in original video programming, as SVP/GM, and prior to FOX Sports serving as the first GM of Yahoo! Sports where he oversaw Yahoo!’s rapid growth as a leader in fantasy sports and initial development of original content.

“This investment is an important next step in the evolution of Bleacher Report’s innovative publishing model and is crucial to achieving our goal of becoming the next great sports content experience across all digital media,” Grey said. “We are proud that the team at Crosslink and our other investors led by Hillsven Capital share that vision and are empowering us to continue to pursue it.”

Crosslink partner Eric Chin led his firm’s involvement in the funding round – its first with Bleacher Report – and will join the Bleacher Report Board of Directors.

“Crosslink appreciates the success the Bleacher Report team has already achieved and I look forward to partnering closely with them in the coming years to accomplish all of their strategic objectives,” said Chin. “This disruptive publishing platform has outstanding potential to revolutionize the way fans find and consume sports content on the Internet.”

Bleacher Report had raised $7.3 million through the close of its last round in June 2009. This new round of funding comes just three weeks after Bleacher Report announced that former Associated Content CEO Patrick Keane had joined its Board of Directors.

About Bleacher Report:

Bleacher Report (B/R) is the web's leading publisher of original and entertaining sports editorial content. Since launching in 2008, B/R's web site has attracted an audience of more than 16 million monthly unique visitors. Today, BleacherReport.com is one of the two fastest-growing sites on the Quantcast web rankings (since April 2010), and is the fifth largest sports media destination as ranked by comScore. In addition, over 1 million users subscribe to B/R’s sport- and team-specific email newsletters, which provide a demand driven mix of content that engages a broad array of sports fans.

About Crosslink Capital:

Founded in 1989, Crosslink Capital is a leading stage-independent venture capital and growth equity firm with over $1.5 billion in capital under management. Crosslink was among the first and largest investment firms in the U.S. to integrate public and private technology investing. This strategy allows Crosslink to partner with its portfolio companies on a long-term basis. With more than 20 years behind it, Crosslink Capital has invested in over 90 private equity portfolio companies, including Miller Heiman, Omniture (acquired by Adobe Systems) Pandora, SeaMicro, Twin Creeks Technologies, Virage Logic, and Yipes (acquired by Reliance Communications). For more information on Crosslink, visit http://www.crosslinkcapital.com.

Contacts

Edelman for Bleacher Report
Rick McCabe, 212-819-4876
rick.mccabe@matter-edelman.com

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Contacts

Edelman for Bleacher Report
Rick McCabe, 212-819-4876
rick.mccabe@matter-edelman.com