Updated peHUB has learned that The Active Network has raised $65 million in Series E funding. Canaan Partners led the deal, and was joined by fellow return backers like ESPN, ABS Ventures, North Bridge Venture Partners, Comdisco and Charles River Ventures. Newbies included Performance Equity and Tao Venture Partners.
Active is a San Diego-based online community and provider of application technology for active lifestyle/sports groups. It has now raised $172 million in total VC funding.
I spoke yesterday with Active CFO Norman Dowling – while he was driving from Mexico to San Diego, and I was driving back to Boston from The Meadowlands. Good way to break up the I-95 monotony. He said that Active will use the new capital to continue its acquisition strategy, which recently has included LaxPower, InfoSpherix and Thriva. Most of its add-ons are small, niche players, and Dowling expects that to continue going forward (i.e., no big-name buys on the horizon).
He also was decidedly noncommittal on a future IPO, saying that no plans were currently on the table. Ditto for future VC rounds. Active Network had filed for a $46 million IPO back in 2004, but later pulled it due to “unfavorable market conditions.” Its prior round of VC funding came late last year, when ESPN led a $35 million Series D round.Related