Spanfeller Media Lands $5 Million Series C Round
Daily Meal publisher plans staff and data repository expansion.
Spanfeller Media Group, publisher of The Daily Meal and The Active Times, raised another $5 million in a series C funding round. The round was led by iNovia Capital, which joins existing investors VantagePoint, SoftBank, Tribeca, Lerer and RRE, bringing the total VC raised to $12.5 million since the company launched in 2010.
SMG plans to use the money to launch new verticals, hire more staff and fund a new data center. "We will be adding staff in the technology, sales and editorial areas and will be building our a new data center for the company," says CEO and founder Jim Spanfeller.
The company's first site, The Daily Meal, now attracts 7 million monthly uniques. Second site The Active Times, which launched in June 2012 and targets adventure sports and active lifestyle enthusiasts, averages about 1 million monthly uniques.
Both sites rely on a fast and deep content strategy, with both in-house writers and a growing group of outside contributors rapidly producing content to achieve scale.