January 15 |
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NewspaperDirect Raises Additional $5 Million in Funding
Source: NewspaperDirect Official Release
Fully Funded Business Plan Enables Company to Expand Global Presence
New York, NY: NewspaperDirect, the leading innovator in print-on-demand newspaper delivery, today announced that it has secured an additional $5 million in third round venture capital funding. The private equity round is led by new investor United Venture Capital, Ltd., and also includes previous investors such as Esther Dyson, chairman of EDventure Holdings.
NewspaperDirect uses its proprietary technology and a global network of License Partners to print and distribute current editions of more than 90 prestigious newspaper titles from around the world to out-of-market readers where they live and work, shop, and when they travel.
The additional capital will be used to rapidly expand NewspaperDirect's global presence and to provide additional sales and marketing support for NewspaperDirect's License Partners.
"It is a tremendous vote of confidence in the business model of NewspaperDirect to have received this funding from both previous investors and new investors in the current challenging investment climate," said Miljenko Horvat, president and CEO of NewspaperDirect. "The funding will enable NewspaperDirect to continue the aggressive expansion of its network across the globe and will enable us to provide our licensees the support that they need."
Earlier this month, NewspaperDirect announced that it would be printing and distributing out-of-market newspapers at the Winter Olympics next month in Salt Lake City, in conjunction with Newspaper Agency Corporation. A similar service will also be provided at the upcoming World Cup 2002 in Japan and Korea. In December, NewspaperDirect added the award-winning Los Angeles Times to its network of newspaper publishers.
About NewspaperDirect
The leading innovator in electronic newspaper delivery, NewspaperDirect was established in 1999 to open new distribution channels for international newspaper publishers, and to provide global business travelers with their favorite newspaper anytime, anywhere.
NewspaperDirect utilizes its proprietary technology to distribute and print digitally imaged, full-format newspapers to a wide variety of client installations including luxury hotels, cruise ships, airlines, libraries, and research facilities. NewspaperDirect's network of newspapers includes The Wall Street Journal, International Herald Tribune, USA TODAY , El Pais, The Times of London, Il Giornale, Dong-A Ilbo, Aftenposten, La Stampa, National Post, Sueddeutsche Zeitung and many more.
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