TheScore, Inc. Announces $16M Private Placement Financing
TORONTO, April 23, 2013 /PRNewswire/ - theScore, Inc. (TSX Venture: SCR) ("theScore" or the "Company") today announced it has entered into subscription agreements in connection with a $16 million non-brokered private placement of 100,000,000 Class A Subordinate Voting Shares at a price of $0.16. The financing round will allow the Company to accelerate the development and marketing of its mobile sports platforms while further expanding its advertising sales and marketing capabilities in the United States.
Relay Ventures, a venture capital fund based in Toronto and Silicon Valley and focused exclusively on the mobile space, is leading the private placement. Existing shareholders, including Levfam Holdings Ltd. and Rogers Media Inc., also participated in the financing.
theScore's mobile sports platforms have achieved significant growth since September 2009, growing from 600,000 monthly users to more than 4.2 million in January 2013. Available across all major mobile platforms, its flagship applications offer real-time sports news, scores, fantasy information and alerts, alongside compelling and relevant content.John Levy, Chairman and CEO of theScore, Inc. said: "This gives theScore significant financial resources to accelerate the growth and development of our great mobile sports platforms. It also affords us an increased runway to turbocharge the momentum we've been building, strengthen our sales and marketing teams and further capitalize on the industry-wide explosion in mobile ad spending." Following the closing of the private placement, Relay Ventures' Co-Founder and Managing Partner John Albright will join theScore's Board of Directors. Mr. Albright said: "More than four million sports fans around the world are using theScore's mobile platforms to dynamically connect with their favourite sports, leagues, teams and players. It's created by a company that is led by serial entrepreneurs who have a successful track record and are now primed to capitalize further on the explosion in mobile ad spending. We are thrilled to invest in them."
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