Toronto-based theScore Inc., a publicly-traded company founded in 2012 and focused on providing a full digital service to sports fans across all major mobile platforms, has received $16 million in funding. The deal, led by Canadian venture capital firm Relay Ventures, included theScore’s existing investors Levfam Holdings Ltd. and Rogers Media Inc. The company will use proceeds from the investment to accelerate development and marketing of its mobile sports platforms and expand sales and marketing in the United States.
theScore, Inc. Announces $16M Private Placement Financing theScore App
TORONTO, April 23, 2013 /CNW/ – 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.”
There are no bonuses, finder’s fees, commissions or other compensation to be paid in connection with the private placement. The Class A Shares issued upon completion of the private placement will be subject to a hold period under applicable securities laws. The private placement is expected to close on or about May 3, 2013. The closing is subject to certain customary closing conditions and remains subject to the approval of the TSX Venture Exchange.
Canaccord Genuity Corp. provided theScore with strategic financial advice in connection with the private placement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No securities regulatory authority has either approved or disapproved the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a “U.S. person” (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
About theScore Inc.
theScore’s mission is to provide a full digital service to sports fans, delivering a personalized user experience across all major mobile platforms through our mobile apps and website. Users are provided with a comprehensive, customizable service that dispenses real-time sports news, scores, fantasy information and alerts, alongside compelling, relevant content that allows for seamless social sharing by users. theScore also enables advertisers to engage with users across theScore’s mobile and web platforms and offers them a combination of reach, relevance, and customizable advertising and sponsorship products.
SOURCE: theScore, Inc.
For further information:
Chief Financial Officer
Photo courtesy of Shutterstock.