Skift Raises Additional $1.1 Million in Seed Round
NEW YORK – MAY 15, 2013 — Skift, the business information company for the travel sector and highly engaged business travelers, today announced an additional $1.1 million in seed financing from a group of investors led by Lerer Ventures. This brings the total raised to more than $1.5 million and includes expanded commitments from existing angel investors, new angels, and participation by five new funds. The company will use the funds to double its staff (developers, audience development, editorial and sales professionals), and expand its current portfolio of news, insight, data, tools and services.
In addition to Lerer Ventures, new funds investing include Ironfire Angel, MESA+, Advancit Capital, Growlab/LX Ventures. New angel investors include Jason Calacanis, Michael Cunniff, Duncan Jennings, Sean Keener, Shakil Khan, Martin Nisenholtz, Paul Noglows and Michael Yavonditte.
They join current investors Chris Ahearn, Luke Beatty, Gordon Crovitz, Tom Glocer, Jason Hirschhorn and Amol Sarva, among many others.
“At a time when investors are leery of both travel companies and content companies, Rafat and the Skift team have created a model that’s immediately viable and valuable,” says Eric Hippeau, managing director at Lerer Ventures. “Skift sees the business of information differently and it’s impressive that they are showing rapid traction.”
Skift expects to close May with more than a half million unique visitors across all of its platforms, says founder and CEO Rafat Ali. The company is currently building and launching data and integrated advertising products over the rest of 2013, as it focuses on generating revenue.
“We have the opportunity to build a deeper franchise with brands than currently exists in this industry,” adds Ali. “Something that’s more progressive and is integrated into the experience.”
Skift is a business information company specializing in travel intelligence. The company currently produces a news site (at Skift.com), a proprietary travel-‐brand index (SkiftSocial), and proprietary data reports (SkiftData). Find Skift on Twitter, Facebook, and LinkedIn.
Media contact: Michele Clarke | 203.912.0560 | email@example.com