Angie's List Raises $35 Million

Battery Ventures has invested $35 million for a minority stake in Angie's List, an Indianapolis-based operator of a website with ratings of local service providers. Angie's List previously had raised venture funding from BV Capital, which remains a shareholder.

PRESS RELEASE

Angie's List (www.angieslist.com ) the nation's leading  source for local service provider ratings has added Battery Ventures, one of the nation's oldest and most well respected venture capital firms, to its list of investors. Battery invested $35 million in exchange for a minority stake in the company. Angie's List will use the investment to continue its aggressive pattern of growth and service expansion.

“We're very excited to be working so closely with Roger Lee and his partners at Battery,” said Angie Hicks, founder of Angie's List. “They were helpful even before we finalized the deal, and we know we're going to enjoy working with them as we continue to grow our presence and the services we offer.”

Recognized nationally as an Internet pioneer, Angie's List holds a unique position at the intersection of local search, user-generated content and subscription-based services. Further setting the company apart in the local ratings space is its data integrity process, which maximizes the accuracy and reliability of the information available on Angie's List. Angie's List does not allow anonymous postings, and service providers cannot add themselves to the List.

Currently serving more than 600,000 members in 124 major cities across the United States, Angie's List will celebrate its 13th year by opening service to any consumer in the country in the second quarter of 2008. Expansion to Toronto and London will follow. Last month, Angie's List began collecting ratings on the health care industry, including reports on doctors, facilities and insurers.

“Angie's List has really cracked the code on using the web to link consumers to reliable service providers, and has been delivering value to members since day one,” said Roger Lee, a general partner at Battery Ventures. “The team, their business model, their national reach and the integrity of the data they make available puts them far ahead of the pack.  We're thrilled to support them in this next phase of growth, and have every confidence the company will continue increasing the value it offers its growing membership.”

“We're happy to see additional support for this great company,” said Mathias Schilling, general partner at BV Capital. “We view it as validation, of sorts, of our strategic investment decisions, and we continue to expect great things from Angie's List.”

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Angie's List is where thousands of consumers share their ratings and reviews on local service providers in more than 330 different categories. Currently, more than 600,000 consumers across the U.S. rely on Angie's List to help them find the right professional for the job they need done. Angie's List was cited in U.S. News & World Report's “50 Ways to Improve Your Life in 2007” and was cited by Macworld magazine as “peer review at its finest” in January 2007. It was among the nation's fastest growing companies from 2002-2004, as cited by Inc. magazine. Angie's List investors include Aquent, Battery Ventures and BV Capital. For more information on Angie's List visit www.angieslist.com

Battery Ventures, with offices in Boston, Silicon Valley and Israel, has been investing in technology and innovation worldwide since 1983. Battery has supported many breakthrough companies around the world, such as: Akamai Technologies, BladeLogic Cbeyond, Omniture and MetroPCS.  In addition to Angie's List, Battery's portfolio includes Indianapolis-based Consona Software, and many emerging companies in the Internet and Digital Media sectors, including: Bazaarvoice, Lotame, Spot Runner, TrialPay, and World Golf Tour.  Battery manages nearly $3 billion in committed capital, including its current fund of $750 million. For more information visit: www.battery.com.

BV Capital, headquartered in San Francisco and Hamburg, Germany, is an early-stage venture capital firm with a global perspective. Established in 1998, BV focuses exclusively on the digital media sector. BV's team brings significant expertise and support to entrepreneurs who strive to turn ideas into long-term, sustainable growth companies. In addition to Angie's List, BV's portfolio includes many successes such as shopping.com (acquired by Ebay), del.icio.us (acquired by Yahoo), Expertcity/GoToMyPC (acquired by Citrix), eGroups (acquired by Yahoo) and HiMedia (HIM.PA). The firm is currently investing from a $200 million fund that includes 20 high profile, US, Asian and European limited partner investors. To learn more about BV Capital, please visit www.bvcapital.com.

Aquent, headquartered in Boston, is the world's largest marketing staffing firm, helping marketing organizations find the people they need, on a freelance and direct hire basis, and in helping marketing professionals find the rewarding assignments they want. Aquent also offers marketing organizations a wide range of services including consulting, studio solutions, project management and translation/localization. Aquent has 72 offices in 17 countries with over 13,500 professionals working at more than 3,000 companies and works with two-thirds of the Fortune 500 and 90 of the Fortune 100.  For more information, visit www.aquent.com.