Lockerz Announces Investors in $36 Million of Series C Funding from Entertainment Leader Live Nation Entertainment, DAG Ventures, Liberty Media, and Kleiner Perkins Caufield & Byers
Investment to Support Lockerz' Rapid Growth, Site Feature Innovations and Long-Term Vision as the Homepage for Generation Z
SEATTLE, Aug. 3, 2011 /PRNewswire/ -- Lockerz, a social commerce company with more than 45 million unique visitors monthly, today announced the investors in its approximately $36 million of Series C funding. The financing includes DAG Ventures, as the lead investor, and Lockerz' seed investors, Liberty Media and Liberty's CEO, Greg Maffei, as well as Kleiner Perkins Caufield & Byers, which led Lockerz' B round. In addition, Live Nation Entertainment (NYSE: LYV), the world's leading live entertainment and eCommerce company, has made a strategic investment. Lockerz anticipates completing its Series C round, an offering of up to $45 million, in the next 60 days.
"Lockerz is extremely pleased to have the continued support of our early investors, as well as welcome DAG and Live Nation to the Lockerz' family," said Kathy Savitt, founder and CEO of Lockerz. "The funding will support Lockerz' mission to be the homepage for Generation Z, which includes our rapid membership growth and aggressive development of innovative site features to engage and reward our members for what they love to do online."
"As one of the largest and most social commerce sites in the world, a major part of our strategy is to explore new avenues to blend commerce and content in revolutionary ways," said Nathan Hubbard, CEO of Ticketmaster, a Live Nation Entertainment company. "Lockerz is paving amazing new ground in this area and we're excited to be a part of this latest round of funding."
Lockerz was built from the ground up to serve the needs of Generation Z (ages 13 to 30). As the first generation of "digital natives," this group is disrupting the way consumers discover, share and shop. With millions of members in this coveted demographic, the Lockerz platform offers advertisers, partners, and users compelling opportunities to deliver and receive targeted messages and offers.
Uniquely, Lockerz members are rewarded with PTZ® that can be turned into discounts on great brands. PTZ are the discount fuel of Lockerz -- the ultimate rewards program for Generation Z. Lockerz Members can earn PTZ in more than 10 ways, including uploading photos, answering "Dailies" (one-question polls) and "Bonus" questions, watching videos, listening to music, inviting friends, or just logging in. PTZ are then used to lower the prices of merchandise in the Lockerz SHOP. The more PTZ a member earns and decides to use, the larger the discount, which can be up to 100%.
Based in Seattle, Lockerz' mission is to be the homepage for young men and women ages 13 to 30, building a community of more than 45 million monthly unique visitors and tastemakers who love to shop, play and connect on the Web. Lockerz rewards members for doing what they love online, offering major discounts on the coolest fashions, electronics, music and more. Members earn PTZ® (Points) by watching videos, listening to music and inviting friends. Lockerz PTZ are then used to lower the prices of merchandise at-will. Lockerz was founded by former technology and retail executive Kathy Savitt, and is backed by Liberty Media Corporation and Kleiner Perkins Caufield & Byers. For more information about Lockerz, please visit www.Lockerz.com.
About Live Nation Entertainment
Live Nation Entertainment is the world's leading live entertainment and eCommerce company, comprised of four market leaders: Ticketmaster.com, Live Nation Concerts, Front Line Management Group and Live Nation Network. Ticketmaster.com is the global event ticketing leader and one of the world's top five eCommerce sites, with over 26 million monthly unique visitors. Live Nation Concerts produces over 20,000 shows annually for more than 2,000 artists globally. Front Line is the world's top artist management company, representing over 250 artists. These businesses power Live Nation Network, the leading provider of entertainment marketing solutions, enabling over 800 advertisers to tap into the 200 million consumers Live Nation delivers annually through its live event and digital platforms. For additional information, visit www.livenation.com/investors.
About DAG Ventures
DAG Ventures is a venture capital partnership investing in and helping outstanding entrepreneurs create leading, long-term companies across a range of markets. With roots from the 1980's in cable TV, infrastructure, media, and wireless industries, the partnership today is privileged to work with world-class entrepreneurs as they build tomorrow's leaders in the information technology, energy, and life science sectors.
About Kleiner Perkins Caufield & Byers
Since its founding in 1972, Kleiner Perkins Caufield & Byers has backed entrepreneurs in over 600 ventures, including Amazon, Amyris, Bloom Energy, Electronic Arts, Genentech, Google, Intuit, Netscape, Sun, Symantec, and Zynga. KPCB portfolio companies employ more than 250,000 people. More than 150 of the firm's portfolio companies have gone public. Many other ventures have achieved success through mergers and acquisitions.
About Liberty Media Corporation
Liberty Media owns interests in a broad range of electronic retailing, media, communications and entertainment businesses. Those interests are attributed to three tracking stock groups: (1) the Liberty Interactive group (Nasdaq: LINTA, LINTB), which includes Liberty Media's interests in QVC, Provide Commerce, Backcountry.com, Celebrate Interactive, Bodybuilding.com and Expedia, (2) the Liberty Starz group (Nasdaq: LSTZA, LSTZB), which includes Liberty Media's interest in Starz, LLC, and (3) the Liberty Capital group (Nasdaq: LCAPA, LCAPB), which includes all businesses, assets and liabilities not attributed to the Interactive group or the Starz group, including its subsidiaries the Atlanta National League Baseball Club, Inc., and TruePosition, Inc., Liberty Media's interest in SIRIUS XM Radio, Inc., and minority equity investments in Live Nation, Time Warner Inc. and Viacom.
Eugene Oh, Lockerz
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