July 9, 2008
Perfect Market Raises $15.6 Million in Venture Financing From Trinity Ventures and Rustic Canyon Partners
PASADENA, Calif., July 9 /PRNewswire/ -- Perfect Market, Inc., a marketing services firm for publishers that specializes in "lighting up" underutilized content and creating additional revenue from these assets, announced today that it has raised $15.6 million in new venture funding. The financing is from Trinity Ventures, based in Menlo Park, CA and Rustic Canyon Partners of Santa Monica, CA, with additional participation from Square 1 Bank and founding investor Idealab of Pasadena, CA. The new funds will be used for company operations and to further the company's product development initiatives. Larry Orr of Trinity Ventures and Nate Redmond of Rustic Canyon Partners have joined the company's board of directors.
With their large libraries, content publishers, particularly publishers with an offline presence, have been sitting on a potential goldmine of ad revenue, but have lacked an efficient and meaningful way of driving traffic to and monetizing this underutilized content. Perfect Market has developed a potent blend of technical and economic intelligence to address this problem and provides publishers with a simple way to extract additional value from their existing libraries. By exposing publisher content to a wider audience, Perfect Market's service brings the web searcher high value, branded content that was difficult or impossible to find previously.
"We're thrilled to have the backing of such well respected partners," said Julie Schoenfeld, president and CEO of Perfect Market. "All three partners bring a tremendous amount of knowledge and expertise -- Trinity, who I've had the pleasure of partnering with on previous endeavors, has built an extensive portfolio around digital media and Internet services; Rustic Canyon brings a deep experience and understanding of media, both content and distribution; and Idealab with their successful history in the search advertising industry. We're poised to successfully leverage their combined resources, and their support further validates our business model and approach."
Perfect Market's end-to-end service delivers and monitors results immediately, yet requires very little from the publisher to get started. Any publisher with a large content library is a potential partner. Most importantly, the service is a no-risk proposition for publishers. The program is structured to enable publishers to utilize the service with no upfront capital outlays or investment of scarce IT resources. Additionally, Perfect Market's service fully complements existing Search Engine Optimization (SEO) and Search Engine Marketing (SEM) programs.
"We're excited at the opportunity to invest in Perfect Market and work again with Julie Schoenfeld and the talented team she is building," said Larry Orr, managing director at Trinity Ventures. "The company's proprietary technology positions it to present publishers with a method to utilize their millions of archived pages, while in turn delivering valuable content to end-users and more targeted impressions to advertisers. Perfect Market offers a very compelling answer to the age of rapidly growing content and declining ad revenue rates."
"Perfect Market has developed an intuitive approach to capitalize on the vast amounts of underutilized -- and under-monetized -- content that exists throughout the Internet and offline in the content libraries of publishers," said Nate Redmond, partner at Rustic Canyon. "Their innovations present a tremendous opportunity to publishers looking to leverage their existing content in a way that's simple to deploy and offers a substantial monetary upside."
About Perfect Market, Inc.
Perfect Market, Inc. is a marketing services company that helps online publishers monetize their large libraries of archived content with little or no risk to the publisher. The company applies proprietary processes to this problem, including cutting edge economics, natural language and machine learning algorithms. The Perfect Market solution fully complements existing Search Engine Optimization (SEO) and Search Engine Marketing (SEM) programs by delivering underutilized web archives to end-users and advertisers. By bringing to light valuable content that might not otherwise be found, Perfect Market improves the search experience for end-users, provides targeted impressions to advertisers and brings new revenue to the publisher's bottom line. Lead investors include Idealab, Trinity Ventures, Rustic Canyon and Square 1 Bank. Perfect Market, a network company of Idealab, builds on Idealab's achievements in the search industry such as its creation of the paid search model through Overture Services, acquired by Yahoo! in 2003. Perfect Market, Inc. is based in Pasadena, CA. Additional information may be found at http://www.perfectmarket.com/.
About Trinity Ventures
Trinity Ventures, a 21 year veteran in the venture business with more than $1 billion under management, partners with exceptional entrepreneurs to build great companies. Trinity Ventures focuses on early-stage technology investment opportunities with a particular emphasis on the Digital Media, Internet Services, Mobility, Security and Software markets. Trinity has invested in well over 100 ventures, including such leading companies as Aruba Networks, Blue Nile, Crescendo Communications (acquired by Cisco), Extreme Networks, Forte Software (acquired by Sun Microsystems), Illustra (acquired by Informix, now part of International Business Machines), LoopNet, PhotoBucket (acquired by News Corporation), Speedera Networks (acquired by Akamai Technologies), Starbucks and Sygate Technologies (acquired by Symantec).
About Rustic Canyon
Rustic Canyon Partners invests in exceptional entrepreneurs who are turning ideas into transformational companies. The investment team works collaboratively, drawing on a diverse set of experiences as successful entrepreneurs, managers, and strategic and financial advisors. With over $800 million in funds under management, Rustic Canyon is one of the largest venture capital firms based in Southern California.
Idealab's mission is to create and operate pioneering technology companies. Founded in 1996 by entrepreneur Bill Gross, Idealab provides a broad range of operational support to its companies, allowing the operating company management teams to focus on getting to market quickly and cost effectively, and to take advantage of the serial start-up experience of the Idealab team. Bill Gross and Idealab have founded companies such as eSolar, Inc., Energy Innovations, Overture Services, Inc., CitySearch, Picasa and Internet Brands. Current operating companies are providing innovative technology solutions in industries such as software, search, robotics, 3D printing and alternative energy fields. Additional information may be found at http://www.idealab.com/.
Perfect Market is a trademark of Perfect Market, Inc. All other trademarks and registered trademarks are the property of their respective owners. (C) 2008 All rights reserved.
Perfect Market, Inc.
CONTACT: Claire Barton of Nadel Phelan, Inc., +1-831-440-2406,[email protected], for Perfect Market, Inc.
Web site: http://www.perfectmarket.com/