Exclusive: WeddingWire Says “I Do” to $25 Million in Capital
WeddingWire, a company that aspires to be the Yelp for weddings, by courting brides and the businesses that serve them, has secured $25 million in capital.
AllThingsD has learned that the minority investment comes from Spectrum Equity, known for investing in other deals, such as SurveyMonkey and Ancestry.com.
Neither company immediately returned calls seeking comment. But according to sources familiar with the deal, some of the cash will be used to fund the company’s growth, while a portion of it will be used to buy out existing shareholders.
WeddingWire provides an online directory for couples seeking information about local vendors, including photographers, venues, caterers and florists. It sells ads to businesses, and generates recurring revenue by helping vendors build mobile sites, as well as providing them with tools that help them manage appointments online, among other things.
In 2007, the five-year-old company in¬†Bethesda, Md., raised $5.5 million from Martha Stewart Living Omnimedia. Four years later, Martha Stewart sold its stake to Catalyst Investors for $11 million. Sources would not¬†disclose¬†the company’s valuation, but based on the size of today’s investment, you can guess it’s in the range of $50 million to $100 million. WeddingWire is profitable today.
This year, Inc. magazine named WeddingWire¬†the 309th fastest-growing private company. According to that information, the company’s 2011 revenue totaled $10.1 million, up 1,200 percent over the past three years. It has 100 employees.
Last year,¬†WeddingWire acquired ProjectWedding.com from eHarmony, and today it is powering listings for sites owned by Martha Stewart and Cond√© Nast. According to the company’s Web site, it is expanding into adjacent verticals, such as EventWire.com, MitzvahWire.com and PromWire.com, among others.¬†Competitors include Yelp and wedding-specific sites like TheKnot.com.