Say Media Raises $27 Million and Gets Ready to Start Shopping
This is technically SayMedia’s first round, led by investors New Enterprise Associates, along with Shea Ventures and Correlation Ventures. But that’s not quite the full story, since SayMedia was formed two years ago when Sanchez’ VideoEgg ad network acquired blogging platform Six Apart; those two companies had raised a collective $79 million, and some of their previous investors have re-upped in this round.
The new venture is primarily an ad network which reps a collection of sites with a reach of 400 million users. But in the last year, Sanchez has been bolstering that network by building and buying his own properties — generally niche sites with devoted audiences.
Last year, for example, he bought tech site ReadWriteWeb, home site Remodelista, and Dogster, which is about … well, guess. Sanchez says SayMedia’s own sites now account for about 35 million eyeballs, and that the company should be profitable on sales of more than $100 million this year.
Next up: Buying more sites to bolster his collection of “owned and operated” properties, with guidance from new president Kim Kelleher, who the company brought over from Time Inc. last week.
So far, SayMedia has focused on style, living, food and tech sites, and Sanchez says he’ll be able to add a few more in that vein. “I think there’s a lot of opportunity in fashion and beauty,” he says. “And we’re considering other stuff.”