New Say Media president Kim Kelleher
Say Media has secured $27 million in funding from three new investors. According to a statement, the money will allow the company to “further develop its publishing platform, grow its portfolio of media properties and fund strategic acquisitions.”
New Enterprise Associates (NEA), Shea Ventures and Correlation Ventures join the list of existing companies that have invested in the two-year-old digital publishing company. As a result of the deal, venture capitalist and NEA partner Paul Hsiao will join Say Media’s board of directors.
“This funding round is a validation of our strategy and I’m delighted to have NEA as a partner to support continued investment in the strategy and the right acquisitions,” said Say Media CEO, Matt Sanchez, in a release.
Say has been busy since September 2010 when it formed in the merger between blogging network Six Apart and VideoEgg. In December, it acquired technology blog ReadWriteWeb and only months before that purchased Remodelista, an online interior design sourcebook that targets homeowners and design enthusiasts. Say has also launched Gardenista and xoJane UK. The company owns and operates six properties and boasts 13 partnerships with sites such as Fashionista, Gear Patrol and Food52.
Thursday’s announcement comes only 10 days after the two-year old digital publishing company announced Kim Kelleher would replace Canadian Troy Young as its president. Young, who was with Say Media for six years (including his tenure at VideoEgg), will continue to work for the company as a special advisor.
Kelleher, the former publisher of Time magazine, will join Say Media in September to oversee sales, marketing, media solutions and content operations out of the company’s New York office.
Say Media is based in San Francisco but has offices in eight others cities, including Toronto and Montreal.
