TheStreet.com Gets $25 Million Investment
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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.
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.
"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."