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Everyday Health, Inc. Closes Growth Financing Led by Technology Crossover Ventures
Nov 12, 2010 (11:11 AM EST)
New capital to fuel strategic acquisitions
NEW YORK, Nov. 12, 2010 /PRNewswire/ -- Everyday Health, Inc., a leading provider of online consumer health solutions, announced today that it has closed a new preferred stock financing. The deal provides the company with growth capital to be utilized for strategic acquisitions. Technology Crossover Ventures (TCV), a leading provider of growth capital to technology and Internet companies, led the round along with existing Everyday Health investors Rho Ventures and Scale Venture Partners. The initial funding is $20 million, with the potential to increase the round to $50 million to support Everyday Health's growth initiatives.
Everyday Health provides its consumers, advertisers and partners with content and advertising-based services across a broad portfolio of over 25 websites that span the health spectrum -- from lifestyle offerings in pregnancy, diet and fitness to in-depth medical content for condition prevention and management. According to comScore, Inc., Everyday Health, with 26.5 million monthly unique users, reaches more online health consumers than any other company on a monthly basis.
This round of financing closes as Everyday Health's business continues to expand. During the first three quarters of 2010, the company's revenues increased 27% over the same period in 2009, including an increase in advertising and sponsorship revenue of 33%. In the past quarter, Everyday Health also named the former President & COO of Genentech, Myrtle Potter, to its board of directors; launched PDRHealth.com in partnership with the publisher of the Physicians' Desk Reference; received the Medical, Marketing & Media Silver award for Best Interactive Initiative for Consumers for the company's Video Symptom Checker; and began airing its original video content on Accent Health's TV Network, which reaches 154 million health-conscious viewers in physicians' offices.
As a result of the financing, Everyday Health will withdraw its registration statement for an initial public offering with the SEC.
"The company continues to perform very well," said CEO & Co-Founder Benjamin Wolin. "It's fantastic to have a high-quality investor like TCV join the company. With this recent financing, we will continue to be aggressive with investments and acquisitions as we concentrate on providing great value to consumers, publishers, health care providers, and advertisers across the health market."
"We are excited to invest in Everyday Health, which brings a proven track record of success, innovation and leadership," stated TCV General Partner Will Griffith. "We see significant opportunities in the online health sector and look forward to working with the Everyday Health team in supporting the expansion of their business."
Everyday Health now joins TCV's representative investments, which include HomeAway, Netflix, Orbitz, eHarmony, Zillow and Expedia.
About Everyday Health
Everyday Health is a leading provider of online consumer health solutions. The company provides its consumers, advertisers and partners with content and advertising-based services across a broad portfolio of over 25 websites that span the health spectrum -- from lifestyle offerings in pregnancy, diet and fitness to in-depth medical content for condition prevention and management. With 26.5 million unique users each month, Everyday Health offers users the tools, community and expert advice they need to live healthier, every day.
The Everyday Health portfolio includes well-recognized and trusted consumer health brands, including www.EverydayHealth.com; www.Carepages.com; www.WhatToExpect.com, from the world-renowned pregnancy and parenting brand, What to Expect; and www.JillianMichaels.com, from Jillian Michaels, host of the hit NBC television show, "The Biggest Loser."
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of growth capital to technology companies, providing funds to later-stage and public companies. With $7.7 billion in capital under management, TCV has made growth equity, PIPE and recapitalization investments in over 170 companies leading to 47 initial public offerings and more than 30 strategic sales or mergers. Representative investments include Altiris, C|NET, eHarmony, Expedia, Fandango, HomeAway, Liquidnet, Netflix, Orbitz, RealNetworks, Redback Networks, RiskMetrics Group, Solect Technology, TechTarget, TradingScreen, Travelport, Webroot and Zillow. TCV has eleven partners and is headquartered in Palo Alto, California. For more information about TCV, visit www.tcv.com.
SOURCE Everyday Health, Inc.