RealTime IT News

iVillage Closes on $32.5-Million Round of Venture Capital

New York City-based iVillage said it closed a $32.5-million round of private financing by long-term financial and strategic investors.

iVillage said it will use the additional funds to focus on brand-extension, distribution, advertising, and promotional programs for its flagship brand, iVillage.com: The Women's Network (also on AOL, keyword: ivillage), currently at more than 65 million page views per month.

"Our branding campaign will alert millions of women to the real value iVillage.com has to offer, further extending our lead in the category," said iVillage CEO Candice Carpenter. "At a time when marketing to women is a $35-billion industry, this round of investments demonstrates strong validation by the financial community of the iVillage business model."

New investors include Boston Millennia Partners, a private equity firm specializing in high-growth companies in the telecommunications, information technology and healthcare sectors; Moore Capital Management, a global investment management group; National Bank of Kuwait, the leading bank in the Middle East; Technology Crossover Ventures, a venture capital firm focusing exclusively on information technology; and Tenet Healthcare Corp., which provides healthcare to communities in 18 states through 124 acute care hospitals and related services.

Previous investors are again showing support of iVillage by providing approximately one-third of the round's backing. They include America Online; CIBC Capital Partners; Convergence Partners; Cox Interactive Media; Rho Management; and Transatlantic Venture Partners, C.V. (a joint venture of Banexi and Nazem & Co.).