Victoria, B.C., December 6, 2011 – Cloud-based news platform SendtoNews.com is pleased to announce that it has closed a $1 million financing round from angel investors led by Elton, Adrian and Myron Pereira & Don Wharton, all Co-Founders at ParetoLogic Inc. The funds are targeted to accelerate North American expansion out of its offices in Victoria, San Francisco and New York.
“This round of angel financing will allow us to grow our team, aggressively increase our sales and marketing efforts into the sports event marketing and advertising industries, and continue to innovate and scale our technology to keep pace with the rapid adoption of our cloud-based news distribution platform,” said new CEO Greg Bobolo.
SendtoNews launched its platform at the Vancouver 2010 Olympics where more than 1,450 reporters used the SendtoNews platform to send video to their home networks in over 200 different countries. The platform has since been used for high-profile sporting events worldwide and adopted by North America’s largest news organizations.
The ability of SendtoNews to distribute sporting event highlights for large-scale exposure on web and television presents revenue opportunities in one of the fastest growing segments of a $475 billion global advertising market. Spending on sports marketing and advertising by the top 50 North American companies was up 27% last year, and global sports spending is projected to increase from $114 billion in 2009 to $133 billion by 2013. In the U.S., advertisers spent an estimated $7.6 billion on sports programming in 2009. An average of 81 million people visit sports websites in the U.S. every month.
SendtoNews’s service of packaging and distributing video coverage has unique revenue potential in the sports sponsorship market, which was identified by PricewaterhouseCoopers as the fastest-growing sector of global sports spending, with a forecast increase of 20%, from 29.4 billion in 2009 to $35.2 billion in 2013.
SendtoNews was recently shortlisted for Forbes’ list of “America’s Most Promising Companies.” It was also rated top startup in Western Canada by a panel of U.S. industry experts in Foreign Affairs and International Trade Canada’s October 2011 Technology Growth Initiative (TGI) competition, which identified companies with outstanding U.S. market launch potential.
The company’s success drew the attention of Elton Pereira, a Victoria-based entrepreneur who co-founded the security and utility software company ParetoLogic and helped transform it into one of North America’s fastest growing technology companies.
“I recognized this as an exceptional investment opportunity,” said Pereira. “SendtoNews.com is well positioned in the high-growth space of cloud-based news distribution and has paired a transformational technology with a management team that has an exceptional knowledge of the news industry.”
SendtoNews.com also announces the promotion of Greg Bobolo to CEO. Bobolo, a senior executive and entrepreneur with nearly 15 years of experience and leadership in the media/communications and information technology industries, joined SendtoNews.com as a strategic advisor in January 2011 and joined the company full-time as President in May.
Prior to his appointment at SendtoNews.com, Greg held positions as Vice President of Sales and Marketing for Seeker Solutions, Managing Director for the consulting & recruiting firm The Mergis Group, and also founded and led two businesses, Dream House Publications Ltd & BPG – Bobolo Publications Group Ltd.
“With the financing in place to fuel our growth strategy and the addition of the Pereira/Wharton brothers' online business expertise, 2012 will be an exciting year for SendtoNews.com and I couldn’t be happier,” said Bobolo.
SendtoNews.com board chair Art Aylesworth stated, “The board is extremely appreciative of the work done by Greg and the SendtoNews team to envision, develop and refine the company's platform and to uncover the true and significant value that it provides within the news industry.”
SendtoNews.com is a conduit between content creators and newsrooms/assignment editors looking for high quality, newsworthy content to use as part of daily programming. SendtoNews.com offers its clients the opportunity to share their stories (including one or more HD videos, high resolution photos, audio files, etc.) directly with print, television, radio and online newsrooms by uploading them to the Company’s cloud-based news story management platform. SendtoNews.com then automatically optimizes the stories for fast preview and easy use by news editors and tracks usage so clients can monitor their local, national and international media coverage.
For more information Toll free: 855-590-1991, follow on Twitter @sendtonews or visit www.sendtonews.com
Toll Free 1.855.590.1991