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Associated Content Raises $6 Million in Series C Funding

Investment Round Led by Canaan Partners and SoftBank Capital will Drive Company's Future Growth and Expansion

NEW YORK and DENVER, April 28 /PRNewswire/ -- Associated Content, the Web's leading online publishing platform, announced today it has closed a $6 million, Series C financing round. The round was funded with full participation from the B round investors: SoftBank Capital, Canaan Partners and Tim Armstrong. Associated Content is one of the fastest-growing, ad-supported properties on the Web and the company will use the funds for consumer, platform, publisher, and advertiser growth.

Patrick Keane, recently appointed CEO of Associated Content, said, "The new investment in AC is a testament to the market opportunity and the commitment of our investors. We plan to complement our explosive contributor and advertiser growth with an increasing partner and consumer focus."

Associated Content has built one of the most expansive consumer-facing, multimedia content libraries online today. With an archive of more than one million pieces of unique content, Associated Content is rapidly expanding its network of 250,000 professional and amateur site contributors and has developed a proprietary platform that enables highly efficient personal and automated curation, payment and editing.

"Associated Content is redefining publishing on the web," said Mike Perlis, Partner at SoftBank Capital. "Huge participation from contributors and the resulting traffic metrics are off the charts. Patrick Keane joining the team, with his extraordinary experience and market presence, is powerful testimony to AC's leadership position and bright future."

"Since our initial investment in Associated Content in 2007, the company has exceeded our expectations and represents one of our most promising and unique investments," said Warren Lee, Venture Partner at Canaan Partners. "We are excited to continue our support of the company as it strengthens its leadership position in the web content space, builds a talented management team, and further scales its innovative technology platform."

About Associated Content:

Associated Content, Inc. is an open content network. Founded by Luke Beatty and originally funded by Tim Armstrong in 2005, the Company operates a proprietary content publishing platform that enables individuals and media companies to publish content on any topic, in any format. Associated Content distributes that content to consumers through its site, associatedcontent.com, and through its network of partners. Learn more at www.associatedcontent.com.

About Canaan Partners:

Canaan Partners invests in visionary entrepreneurs and provides them the networks, insights and operational guidance required to build high-performance technology and healthcare companies. For 20 years, they have taken an active and committed role in the companies in which they invest, and have completed more than 72 mergers and acquisitions and 53 IPOs. With $3 billion under management and a worldwide footprint, the firm's technology team is committed to catalyzing the growth of innovative companies in the digital media, communications & mobility, enterprise and clean tech industries. Among its successes are Acme Packet, Amicus Therapeutics, Cerexa Inc., CommerceOne, DexCom Inc., DoubleClick, Intralinks, Match.com, SuccessFactors and WebLoyalty. Other Canaan investments include Active Networks, AdvancedBioHealing, BharatMatrimony, BiPar Sciences, Blurb, Chimerix, Inc., N-trig, Prime Sense, ReVision Optics, Inc., Transoma Medical, Inc, Tremor Media and Xirrus. Canaan has offices in California, Connecticut, India and Israel. For more information, visit www.canaan.com.

About SoftBank Capital:

SoftBank Capital is an independent venture capital firm focused on high-growth, technology-based businesses benefiting from the rapid deployment and adoption of broadband and mobile technologies. Through its current fund, SoftBank Capital Technology Fund III L.P., the firm has invested in numerous successful companies. For more about SoftBank Capital see www.softbank.com.

Contact: Laura Keefe, Associated Content, laura@associatedcontent.com, 646-619-2774 x 313

SOURCE Associated Content