Apr 30, 20192m read
Raising $25M to Help Build a Better Media Industry
We founded Spot.IM in 2012 on the idea that the publishing industry needed a sustainable business model, one built on community and users’ real connection to media brands. Our mission has always been to help publishers — and with that journalism, democracy, and the Open Web — thrive by building real communities on their own sites. Over the years, we’ve worked hard to build a new era in digital media that focuses on the value and experience of each user.
We’ve partnered with publishers like Hearst Group, Boston Globe, Verizon Media Group, Fox News and Refinery29 to build loyal communities driving continued growth and memorable experiences. Through our work with our partners, we’ve grown ourselves — gaining deep trust from the industry and a strong understanding of the needs of both publishers and their audience.
Now, we are excited to announce the completion of our Series D funding, raising a milestone $25 million to expand our work as partners to the Open Web. Led by our investors Insight Venture Partners with participation from Norma Investments, representing businessman Roman Abramovich, AltaIR Capital, Cerca Partners, and WGI Group (founded by Noah Goodhart, Jonah Goodhart, and Mike Walrath), this new funding marks the next stage in our journey as we expand our platform and strike out on a number of highly strategic initiatives.
We’re also thrilled to welcome Itzik Ben-Bassat, previously a board member and senior executive at Wix.com and Blizzard Entertainment, as President of the company and a member of our Board of Directors. Itzik brings with him more than a decade of industry experience and a proven track record of creating massive communities and disruptive products worldwide. He represents an invaluable addition to the Spot.IM team.
Since we raised $13MM Series A funding in 2016, we’ve partnered with over 80% of top tier US media houses and our platform has driven 400MM monthly unique users. We have no plans of slowing down. This year will see us constantly innovating as we build the best community platform of the Open Web, redefining once again what community and engagement means on publishers’ sites. We’ll double our team, adding key roles to support our exponential growth. And we’ll expand our partnerships further, both throughout the US and reaching across the ocean into Europe — working with publishers to build the future of digital media. A future less reliant on cheap clicks, and centered more on sustainable connections, community, and value for everyone.
Despite how far we’ve come, this is still just the beginning of a very exciting user-based revolution in digital media — and we are proud to be at the forefront of it. We will work tirelessly until the web is as it should be: open, content-driven, and community-based. As we use this new funding to revolutionize experiences for users and publishers, always on our minds will be the quest for this Open Web and with it, independent media, free speech, and democracy.