NEW YORK — Imaginova Corp., the science- and technology-focused multimedia content and commerce company that owns Space News, announced Aug. 9 that it has secured $15 million in growth equity financing. The new financing round was led by Steelpoint Capital Partners.
Imaginova will use the new capital to fund internal development and acquisitions and further its mission of becoming the leading 21st century science and technology media and commerce brand targeting the intellectually curious audience.
Earlier this year, Imaginova and OMD released a study which identified the intellectually curious as a very attractive and large market segment which extends well beyond hardcore science enthusiasts. The ‘intellectually curious’ are a broad-based, highly educated, high-income audience that are avid consumers of science-related content.
“We believe that our focus on highly credible and entertaining content and commerce, delivered primarily via new media channels, better matches consumer needs,” said Daniel Stone, president and chief executive officer of Imaginova Corp. “The large community served by Imaginova’s network of on-line content, eCommerce and traditional media properties has grown rapidly through a strategy of closely integrating content, commerce and community. This new financing will significantly expand our audience base and will enable us to accelerate our growth.”
“Imaginova has successfully identified an extremely lucrative, untapped market segment with tremendous potential,” said Jim Caccavo, chief executive officer and managing partner of Steelpoint Capital Partners. “By appropriately applying new capital against strategic growth opportunities, we anticipate tremendous growth.”
Steelpoint was joined by existing Imaginova investors RedShift Ventures (formerly SpaceVest), Venrock Associates and Gannett Co. Inc . Jefferies & Company Inc. served as Imaginova’s financial advisor for this transaction.
Steelpoint Capital Partners was formed in 2003 as a spin-out of the private equity group of Moore Capital Management. Steelpoint seeks to make investments between $5 million and $30 million in leading late-stage venture-backed and middle market companies with a focus on media and marketing services, IT and communications, and health care and life sciences markets.
Imaginova is a leading science and technology media and commerce company leveraging an integrated platform targeting the intellectually curious market. The Imaginova Network of media brands include: LiveScience.com, focusing on innovative and intriguing science and technology news and multimedia features; SPACE.com , a Web site that offers rich and compelling space, astronomy and technology multimedia content; and Space News , the premier business-to-business international news weekly dedicated to commercial and military space and satellite communications businesses. Imaginova’s commerce brands include Orion Telescopes & Binoculars , the largest multi-channel marketer of telescopes and binoculars; Starry Night , the world’s leading family of astronomy products; and the Live Science Store, the on-line home of innovative science products and gadgets. Imaginova also syndicates and licenses its content to leading on-line portals and educational publishers.