Funds will drive continued rapid growth of flagship media properties The Daily Deal and TheDeal.com
December 14, 2000--New York, N.Y.--The Deal, LLC announced today that it has closed a $30 million second round of private financing. The company will use the funds to continue rapidly expanding The Daily Deal newspaper and its new online hub for dealmakers and other financial professionals, TheDeal.com.
Rustic Canyon Ventures (formerly TMCT Ventures), headed by former Times Mirror CFO Tom Unterman, led the round of financing, which also included a significant investment from U.S. Equity Partners, LP, The Deal, LLC's initial investor. Tom Unterman, general partner of Rustic Canyon, will join the board of directors of The Deal, LLC.
"We are excited about becoming equity partners in the primary media source for dealmakers worldwide," said Unterman. "We believe The Deal's unique content and premier delivery channels are bringing a new level of informational power to an underserved and rapidly expanding field."
"We are very pleased with The Deal's growth and traction to date, and are very excited about re-investing alongside Tom Unterman's Rustic Canyon Group. Tom's relationships and experience in the media field make him an ideal partner in building what we believe will be a premier media company," said Anup Bagaria, board member of The Deal, LLC, and a managing director of Wasserstein Perella & Co., Inc., the general partner of U.S. Equity Partners. U.S. Equity Partners is the majority owner of The Deal, LLC.
"This successful round adds to our momentum and reflects the strong and growing reach and brand presence of the Deal's unique media properties," said Kevin Worth, president of The Deal, LLC. "We are excited by the continued expansion and development of The Daily Deal newspaper and by the launch of TheDeal.com, a powerful resource that is quickly becoming the definitive home on the Web for deals and dealmakers."
The Daily Deal newspaper, which was introduced in September 1999, reaches select dealmakers, financial and legal professionals and other influential readers in the United States and Europe. With over 90 journalists providing breaking deal news, analysis and data from bureaus in 15 countries, The Daily Deal has quickly become a leading source of deal information on the rapidly evolving global financial landscape.
The Deal is dedicated to providing must-have content and services to the dealmakers who drive and shape the world's economy - whenever, wherever and however they demand it. TheDeal.com, the company's Web site allows The Deal to take the delivery of its content to a new level, providing specialized user channels, deal news alerts and focused deal data. The Deal is quickly becoming the authoritative guide for the "Deal Economy".
Other products and services of The Deal, LLC include the Corporate Control Alert newsletter, a variety of special industry supplements and four e-newsletters, including: DealWire, DealScape, Media Maneuvers and VC DealWire.
About Rustic Canyon Ventures
Rustic Canyon Ventures (www.rusticcanyon.com) is a $550 million venture capital fund that invests in private companies on their way to becoming the new leaders of American business. Recognized as one of the largest venture capital funds in Southern California, Rustic Canyon, formerly known as TMCT Ventures, channels funds into infrastructure, business services, telecommunications, and other high-growth sector startups, and through such investments, contributes to building the region's position as a technology center, while leveraging its ties to Silicon Valley. Through strategic investments placed in more than 40 companies since 1999, Rustic Canyon has developed an efficient network of complementary businesses and experienced management teams. Rustic Canyon Group is a general partner in the venture capital fund. Representative investments include: Element K, Amber Networks, Sandpiper Networks, Global Sports (NASDAQ: GSPT) and StoreRunner.
About U.S. Equity Partners, L.P.
U.S. Equity Partners, LP, a private equity investment fund sponsored by Wasserstein Perella & Co., is a leading investor in the rapidly growing online media and Internet space, particularly in professional vertical markets. Investments in U.S. Equity Partners' portfolio include Real Estate Media, GlobeSt.com, American Lawyer Media, Law.com, ElementK (formerly ZD Education), LocalBusiness.com and The Deal, LLC, among others.
About The Deal LLC
The Deal, LLC is the leading media company charting the deal economy for dealmakers worldwide. The company provides original news reporting, financial data and commentary on a full spectrum of global transactions and the personalities and politics of dealmakers behind the deals. Through The Daily Deal and TheDeal.com, as well as e-newsletters, newsletters and special reports, The Deal, LLC addresses the information needs of the deal community composed of corporate executives, entrepreneurs, institutional investors, financial intermediaries and advisers. Investors in The Deal, LLC, a privately held company, include majority owner U.S. Equity Partners, a private investment fund sponsored by Wasserstein & Co., LP, and Rustic Canyon Ventures, one of the largest venture capital funds in Southern California.