In a Separate Announcement, Glam Raises $85 Million In Private Strategic Financing
BRISBANE, CA and NEW YORK, NY—February 25, 2008—Mode Media (corp.mode.com), number one in reach for women online with more than 44 million unique visitors worldwide, announced today the launch of Glam International, which will advance Mode Media’s worldwide development. In 2008, the company will create local operating companies in key markets outside of North America, including the United Kingdom, Germany, France and Japan. In a separate announcement today, Mode Media revealed that it has raised $64.6 million in strategic financing with Hubert Burda Media, GLG Partners, Duff Ackerman & Goodrich Ventures, Accel, DFJ, Walden Ventures and Information Capital, and an additional $20 million in debt financing by Hercules.
Mode Media enters the UK market as the category leader for women, according to comScore Media Metrix with more than 4 million unique visitors in the U.K. in January 2008—ahead of NBC unit iVillage with 2.8 million uniques and CondeNast’s CondeNet at 1.3 million unique visitors. Glam also announced today that Shiny Media, one of the UK’s leading Web 2.0 media content companies with titles that include CatwalkQueen.tv, Shoewawa.com and Hippyshopper.com, has joined the Glam Publisher Network. This addition further widens Mode Media’s lead as the category leader for women for U.K. brand advertisers and provides a strategic opportunity for Shiny Media both to expand its U.S. network and further monetize its female-focused lifestyle and fashion web sites.
Shakeel Mughal is also joining Mode Media as Commercial Director to lead Glam U.K. advertising sales and operations. Mughal has 15 years of media sales experience in the U.K., including Head of Commercial Enterprises for the daily Metro and most recently as Group Sales Director for Handbag.com, a leading destination in the U.K. for women and now part of the Hearst Digital network of media properties. The initial U.K team also includes Caryn Kavovit, previously a top sales performer at WebMD and iVIllage. Mode Media will unveil further details on Glam UK at the iMedia U.K. Agency Summit to be held March 9-11, 2008.
“Mode Media’s rapid growth—fueled by the rise of display advertising—places the company as a leader in new media network,” said Shakeel Mughal for Mode Media. “Mode Media is uniquely positioned to build on its market share in the U.K., and I am proud to help lead the team, as we offer the right model for premium brand advertisers.”
“We are thrilled to help Mode Media go global with such distinguished financial partners as Burda and GLG and proven U.K. media executives from leading brands like Hearst Digital and WebMD joining Glam,” said Samir Arora, chairman and CEO of Mode Media. “With our international team in place, Mode Media’s distributed media network model will be successfully deployed locally in key markets enabling brand advertisers to tap our publishers’ worldwide audience.”
Bernard Desarnauts, formerly VP Marketing and Products, is assuming the new role of General Manager, Glam International to lead Glam’s global expansion. He is joined by an expert and seasoned team including Ralf Hirt VP of International, formerly VP of Operations & Strategy Partnerships for DoubleClick, and Joy Cavanaugh, who also hails from DoubleClick and who will now serve as Mode Media’s Director of New Market Development.
Mode Media’s expansion into the U.K., with Germany, France, Japan and other markets in 2008 leverages the shift away from the dominance of portals and destination web sites to the distributed media network model that Mode Media pioneered. Mode Media’s distributed media network meshes premium traditional media content and quality indie publishers like Shiny Media, traditional media companies such as Lifetime along with style, living, entertainment, wellness and shopping categories to provide advertisers with unique and diverse brand engagement with their target audiences
About Mode Media
Mode Media’s distributed media network model is revolutionizing the very definition of what a media company is in the 21st Century. With 44 million global unique monthly visitors (comScore MediaMetrix), Mode Media provides a compelling mix of fresh, original content created in-house with a carefully curated Glam Publishing Network of more than 450 popular and influential lifestyle websites, blogs and magazines. For premium national brand advertisers, Mode Media offers an unprecedented array of targeted options that are singularly attractive to both upscale and aspirational consumers. Mode Media is backed by such premier venture capital firms as Accel Partners, DAG Ventures, Draper Fisher Jurvetson, Walden Venture Capital and Information Capital. Mode Media is based in New York City and Brisbane, California.