Tuesday, October 02, 2007

New round of funding

Today we announced a new round of funding from Ingenious Media. Ingenious is a top UK media investor (and have one of the most amazing offices I have ever visited) and will be helping us grow Sportingo and expand our UK presence. We raised a total of $3.2 million which should give us additional marketing resources and help in continue to develop the site. This is the 12 round of funding I have been involved with since starting my first company in the early 90’s. Every round is different and you end up learning a lot from the process and get ideas on how to improve your business. As a new company that is not profitable yet raising money is a very important event since it shows that the market values what you are trying to achieve. We need to remember that it is just one step that gives us more resources to continue and grow the company.

Thanks to all of the team who worked hard on the deal I would especially like to thank our lawyer Efrat that put in a lot of work (and is due to have a baby any day now) to finalize all the documents.

More about how we plan on spending the money and grow the company in my next few posts.


prof said...

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i post your letter

Fabio said...

Ze'ev, I'm very happy to read you got funding.
We met last week at Blognation UK party by the way.
My best wishes for further development of Sporitngo!


Ian Green said...

Congratulations on the funding. Most people think these things are easy but under-estimate the time and effort that goes into raising cash to run a business. When are you raising cash next?

Anonymous said...

Zeev Hi
Congratulations on the funding.
Our company developed a uniqe platform for sports betting. i will be happy to mmet you and to show it to you and start make business together.
Eyal Livnat

Ze'ev said...

thanks to all of you for your kind words. I hope that we will not be looking at any more funding for some time and can get back to focusing on building the company