Toronto-based theScore announced yesterday it had secured $16 million in financing to enable the company to fast track its development of its mobile sports platforms and expand marketing and advertising sales in the U.S. market.
Venture capital fund Relay Ventures along with existing shareholders Levfam Holdings Ltd. and Rogers Media Inc. also is part of the financing. The latter acquired ScoreMedia last August which also included an 10% stake from the Score Digital, which has previously stated it had plans to reinvent itself as a developer specialized in sports app. Rogers put their investment to good use with the recent release of their Rogers Sportsnet iOS app, based on theScore.
John Levy, Chairman and CEO of theScore, Inc. said the following:
“This gives theScore significant financial resources to accelerate the growth and development of our great mobile sports platforms. It also affords us an increased runway to turbocharge the momentum we’ve been building, strengthen our sales and marketing team and further capitalize on the industry-wide explosion in mobile ad spending.”
Makers of theScore Mobile for iOS and other platforms, the popular sports app last announced more than 4.2 million monthly users as of January 2013. It’ll be interesting to see how theScore continues to evolve its mobile apps with this new investment.
Update May 6, 2013: theScore has confirmed today this $16 million in financing has finalized.
John Levy , Chairman and CEO of theScore, Inc. said: “This financing allows us to ramp-up the development of some exciting new features for our mobile sports platforms, providing sports fans with an even more immersive experience while accelerating user growth across the United States.”
The financing is a non-brokered private placement of 100,000,000 Class A Subordinate Voting Shares (Class A Shares) at a price of $0.16, raising gross proceeds of $16,000,000. Relay Ventures, a venture capital fund based in Toronto and Silicon Valley and focused exclusively on the mobile sector, lead the private placement purchasing 35,937,500 Class A Shares, representing approximately 18.4% of the outstanding Class A Shares. Existing shareholders, including Levfam Holdings Ltd. and Rogers Media Inc., also participated in the financing.