Financial Web site TheStreet.com has started the new year
rejuvenated. Officials announced Monday the publication has received of a
$25 million in new financing.
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Oak Investment Partners led the round, which included Bowman Capital
Management and Waller-Sutton Media Partners.
The investment will be used to fund a provocative marketing campaign, a
significant expansion of sales resources, an improved technology
infrastructure and international expansion of TheStreet.com, the company
said.
Monday's investment follows a $10 million venture capital investment in
May, 1998. All investors who had previously purchased stakes in the company
made additional investments in this financing round.
They include Chase Capital Partners, SOFTBANK Technology Ventures, Flatiron
Partners and Pequot Capital Financing.
The investment will give each of the new investors a minority interest in
TheStreet.com, and Oak Investment Partners' Ed Glassmeyer will join the
company's board of directors.
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"Since our initial investment last May, TheStreet.com has more than doubled
its subscriber base and has been recognized as a leader in Web-based
financial news and commentary," said Charley Lax of SOFTBANK Technology
Ventures. "This investment will enable TheStreet.com to continue
to grow even faster than the rapidly developing market for Internet-based
financial news and commentary."
The investment follows the recent redesign of TheStreet.com's site, also
for the new year.
"This investment is a $25 million vote of confidence for TheStreet.com's
business model," said Kevin English, president and chief executive officer
of TheStreet.com. "Our team of investors has given us the resources to
continue our growth and the strategic insight to help us stay on top of
this dynamic marketplace."
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