GoFish, a digital media company that focuses on content geared towards children, teenagers, and their parents, has raised a $22.5 million funding round led by Panorama Capital, Rustic Canyon Partners, and Rembrandt Venture Partners. As part of the deal, Michael Jung, Mark Menell, and Richard Ling (from Panorama, Rustic Canyon, and Rembrandt respectively) will join the company’s board of directors.
The company says that it now has a reach of 69 million unique vistors worldwide, with nearly a third of that coming from the United States. Included in GoFish’s publisher network are sites like WeeWorld, MiniClip, and Piczo (you can see a full list here). To get a sampling of some of the videos available, you can conduct a search at the company’s consumer facing site.
The company plans to use the money to continue growth and expansion, as well as to settle its debt (details below):
Under the terms of the financing, the investors have committed to invest $22.5 million with an option to invest an additional $2.5 million over the next few weeks. The investors will purchase newly created Series A Preferred Stock convertible at a per common share equivalent price of $0.20 per share. The investors also will receive warrants to purchase common stock at $0.20 per share.
GoFish will use a portion of the proceeds to repay all of its outstanding debt and to cancel outstanding warrants.
In connection with the repayment of the company’s debt, holders of 36% of the company’s outstanding convertible debt have elected to convert their debt into Series A Preferred Stock. The holders of the company’s subordinated debt converted all of their debt into Series A Preferred Stock and exchanged their common stock warrants into common stock at a ratio of one share of common stock for every 10 warrant shares. Holders of an additional 11% of the company’s convertible senior debt have the option to convert their debt into Series A Preferred Stock in the next few days.
Assuming the investment of $22.5 million and conversion of 36% of the company’s outstanding convertible debt (and excluding any conversion by holders of the additional 11% of the company’s convertible debt into Series A Preferred Stock), the company will issue Series A Preferred Stock convertible into approximately 152 million shares of common stock, approximately 3.6 million shares of common stock and issue warrants to purchase approximately 61 million shares of common stock.
OMG – WTF
very strange. what do they do exactly? their video site is puzzling:
http://www.gofi...hannelGuide.gfp
Folks, the URL you are looking for is here: http://www.gofishcorp.com
it is a big number meen:S
http://www.eskibirsaat.com
Someone want to do the math and figure out what the implied valuation is?
Visit ValuatorLocator.com
Is this a real site? Can’t find it anywhere…
Cool
Would rather have seen them go bankrupt
You have no idea what you are talking about. GoFish generated $2.8MM of revenue this last quarter alone! Last year they did only $541K for 9 months.
Here is a link to their 10Q. Yes they are public
http://www.sec....v132086_10q.htm
they are not good as http://www.iamlittle.net
did the investors look at there site ?
The url gofish.com says The webpage at http://gofish.com/ might be temporarily down or it may have moved permanently to a new web address.
So I guess they are not interested in a return on their investment anytime soon. Whatever good for them, if you are going to con someone it might as well be big.
GoFish is a really good website with good revenue potential. The fact that you’re not its targeted audience doesn’t mean there’s no audience. I’ve known several families whose kids love gofish and have mentioned about products they’ve seen on gofish to influence their parents to buy.
Accuse them all you want, they got the investment, you didn’t. =) Jealous?!?
No idea how they are generating revenue with http://www.gofish.com, i dont see any ad or product promotions !
I am not sure what kind of revenue modle , financials projections, marketing strategis they have as youtube, google and other big players occupied this segment!
Chandra
http://www.myjil.com
What business is it of yours?
Besides, you seriously think showing ads is the only way to monetize?
I would agree with you had you said “No idea how they are generating revenue with http://www.myjil.com“.
http://www.myjil.com is fun site with less than 1000 usd investiment and its not worth thinking about raising capital
All i am saying is , In current economic raising 22 million is big deal! I am clueless on how they are going to generate revenue using there social network sites (as they are not open platforms like facebook!
Personally i liked weeworld then gofish.com!
chandra
http://www.myjil.com
Chandra – this is their corporate site…it would be silly to monetize it. Go Fish is an ad network selling display and custom integrated programs.
Is this Jay Gould of Bolt Media? Bolt Media that Gofish attempted to acquire? The Bolt Media that was sued for copyright violations leading to bankruptcy, while you were at its helm?
Sounds like sour grapes.
Correct. Very sour grapes.
Ha ha.
Wow….while these guys have great traction…they got like near-no revenue and eyeballs of kids not focused on buying. maybe they can monetize but to me the bigger risk is staying competitive as more and more sites enter realm. this is a big bet by some 2nd tier VCs!!!
GoFish = Shady
TC: Read your own previous posts on the company please.
http://www.tech...e-and-ad-rates/
”content geared towards children, teenagers, and their parents”
who’s left?
69 million unique visitors worldwide (1/3 coming from the U.S.??) is a big # to flaunt. comScore MediaMetrix for Oct-2008 shows 4.1 million total uniques for the GoFish network property (U.S. only).
http://i37.tiny...c.com/u55ea.jpg
The largest site in their network is under 1.5 MM uniques. Either they are great liers or all the unlisted sites in their network don’t think much of GoFish as they haven’t assigned their traffic to be listed within the parent property (good luck winning significant advertising $$).
they don’t advertise their site. They make their money selling ad space for other companies sites. Thats why the uniques don’t match up. It because these are the uniques of their clients sites (i.e. The sites they market market ad space for). They don’t own these sites themselves.