GoLocal24 Closes Second Round of Financing Led by Cork Media and Angel Street Capital
Tuesday, December 27, 2011
GoLocal24, a new digital media model delivering local news and information to mid-markets, announced that it had closed a second round of financing led by Boston-based Cork Media and Providence-based Angel Street Capital. The funding will be used to launch additional markets and to grow the company’s infrastructure. GoLocal24’s first market – Providence – has proven to be highly successful in producing news-cycle-leading local content in a cost structure that allowed the company to gain profitability in its first six-months of operation.
“GoLocal24’s business model aligns with how consumers live their lives. They seek high value content. They live online, on tablets and on mobile,” said Josh Fenton. In Providence, GoLocal24’s first market, daily use of GoLocal’s content exceeds that of the Providence Journal’s print weekday paid circulation.
“Traditional media continues to slash their content which reduces their value to their readers, listeners and viewers — then are shocked that they continue to lose audience and circulation. GoLocal is driven to provide superior local content via a digital platform in a sustainable and profitable cost structure,” said Bob Maccini, Partner in Angel Street Capital. “We love that they have been able to create a model that creates engagement with the consumer – this is scalable and profoundly altering to the media model.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“GoLocal24 is the epitome of the disruptive innovator. We have developed a model for creating an ecosystem of content-driven relationships in a mid-size market,” said Josh Fenton, Co-Founder and CEO of GoLocal24.
In its initial market, it has reached unmatched growth and penetration. Specifically, more than 90,000 absolute visitors have visited the site more than 200 times, (functionally these consumers have made GoLocal their media of choice). The daily circulation of A.H. Belo’s Providence Journal is just over 85,000 paid on weekdays home delivery and newsstand. “This funding will allow us to continue to expand our unmatched local-content focus and to expand to additional markets. The challenge for GoLocal is to replicate the same commitment to excellence, high value and local content,” said Fenton.
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 of the nation’s most successful destination digital media models in only 18 months of operation. GoLocal24 will be announcing its next market in the first quarter of 2012.
Impact of GoLocal in the Rhode Island media market for the previous 30 days:
The site received more than 206,000 unique visits.
The site has generated over 500,000 page views monthly – an increase of 250% year over year.
More than 20% of the monthly traffic is derived from Facebook.
Average visit to site is over 8:40 minutes.
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