GoLocal24 Closes Round of Financing Led by Angel St. Capital: GoLocalProv.com Parent Company
Wednesday, May 11, 2011
GoLocal24, the parent company of GoLocalProv.com, a new digital model for delivering local news and information to mid-markets, announced that it had closed a round of financing led by Angel Street Capital. The investment comes after just 11-months of operation for GoLocalProv.com.
“GoLocal has proven to be remarkable – it is the next generation model for creating high value news and information original content and delivers it to users through a superior digital experience,” said Bob Maccini, Partner in Angel Street Capital.
With the decline of circulation of newspapers and the corresponding demand by consumers for news and information via digital – GoLocalProv has grown to be one the nation’s most successful destination digital media models.GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST
In the first 11 months GoLocalProv has reached unparalleled market penetration realizing 45% market penetration and month-over-month growth in excess of 15%. More than 322,000 absolute unique visitors have visited the site – according to the US census there are a total of 700,000 Rhode islanders who have access to the Internet via home and/or office.
“GoLocal’s remarkable launch demonstrates that both consumers and advertisers are seeking a digital local solution. Consumers have shifted their behavior and GoLocal is aligned with their demands – news via the Web, via smart phones and via tablets – how people live,” said Joe Gallagher, Managing Director at Angel Street Capital.
“Angel Street is a critical strategic partner. They have a tremendous track record of success and we look forward to their important advisory role in our growth. This round of investment allows us to continue to grow the Providence market and begin to look at future markets,” said Josh Fenton, a Co-Founder of GoLocalProv.com.
Impact of GoLocal in the Rhode Island media market for the previous 30 days:
• The site received more than 123,000 unique visits.
• The site has generated more than 400,000 pageviews in the past 30 days – an increase of 70% in the past 60 days
• More than 21% of the monthly traffic is derived from Facebook
• Average visit to site is over 7 minutes
• GoLocalProv is already the fourth most-visited news and information Web site in the Providence - DMA.
As a business model, GoLocalProv reached cash flow break-even in its fifth operational month - an accomplishment that is rarely achieved in the digital and media space.
About Angel Street Capital
Angel Street Capital assists companies involved in digital media during the early stages of their life cycle providing both consulting services and direct equity investments. Our principals have a long track record of successfully investing in digital media and related industries, generating impressive returns for ourselves and for our partners. Learn more at www.angelstreetcapital.com
