Scribble Technologies Raises $4 Million in Series a Funding With Lead Investor Summerhill Venture PartnersBy Scribble Technologies Inc, PRNE
Wednesday, November 9, 2011
TORONTO, November 10, 2011 -
Live blogging and real-time content market leader looks to aggressively drive growth
Scribble Technologies Inc., the world leader in real-time content publishing and delivery, today announced that it has raised $4 million in new financing led by Summerhill Venture Partners.
Additionally, Scribble is now working with four out of the top five news agencies in the world on innovative uses of the flagship service, ScribbleLive™. “It is very exciting to have The Associated Press, The Press Association, Agencia EFE and Thomson Reuters place such confidence in our company, and we are looking forward to helping them drive their real-time content plans in 2012,” said Michael De Monte, Scribble’s chief executive officer.
The financing reflects the rapid emergence of the real-time content and publishing marketplace, and how a growing number of news organizations is driving engagement and readership by delivering breaking news as it happens.
“We are delighted to be partnering with Summerhill to bring to market the next step of the evolution of live blogging,” De Monte said. “Today’s funding news marks the first major investment in live blogging, which validates the demand consumers have for real-time content as global events unfold.”
Scribble will use the proceeds from the financing to strengthen its market position and aggressively expand its sales, marketing and software development activities. Rogers Ventures, an existing early stage investor, also participated in the financing.
“Scribble’s live blogging platform is providing the world’s leading media companies with a robust way to meet the growing demands for real-time coverage of news and events,” said Gary Rubinoff, managing partner with Summerhill. “We are excited to be partnering with the talented team at Scribble as they continue to develop innovative real-time web solutions for their expanding customer base.”
Scribble offers a robust, flexible and powerful real-time content publishing platform that lets media companies and large organizations such as Mashable, the New York Daily News, CBS Sports and Sky News deliver timely, relevant and engaging content. Scribble is attracting a growing portfolio of customers looking for new ways to achieve a competitive edge and stronger relationships with customers.
The financing will also allow Scribble to accelerate the growth of its LiveArticle™ service, which represents the next evolution of live-blogging. It enables news organizations to create a real-time news article that summarizes an ongoing event. LiveArticle can feature multiple contributors and includes photos, videos, audio files and social media content.
About Scribble Technologies
ScribbleLive is a real-time content publishing and delivery platform used by a growing number of the world’s largest news organizations to deliver enhanced coverage, drive engagement and create new revenue opportunities.
Driven by the growing demand for real-time news and event coverage, Scribble Technologies has established itself as a market leader by providing news organizations with a robust, flexible and powerful platform, which powers live blogging, real-time journalism and progressive storytelling.
Scribble Technologies is a privately-owned company headquartered in Toronto, Canada.
About Summerhill Venture Partners
Summerhill Venture Partners is an early stage, thesis driven venture capital firm focused on unique white space and converged opportunities within the wireless, digital media, and software sectors. Summerhill currently manages a US$175 million fund from offices in Toronto and Boston. www.summerhillvp.com.
About Rogers Ventures
Rogers Ventures is the venture capital arm of Rogers Communications. Its mandate is to invest in broadband enabled wire-line and wireless companies with a focus on mobile finance, machine-to-machine, cloud computing, and mobile advertising technologies. For more information visit www.rogersventures.com.
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The Hoffman Agency for Scribble Technologies Inc.
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