Mitre Media Announces $8.6M Capital Raise and Acquisitions

by on July 23, 2012

Mitre Media, a leading web-­native publisher of financial content and tools for high net worth investors, financial advisors and financial decision makers, announced that it has raised $8.6M capital led by iNovia Capital with participation from industry veterans and a group of angel investors. The funding will fuel additional acquisitions and organic growth of high quality financial media assets.

Mitre Media is led by its Founder and CEO, Tom Hendrickson. Mr. Hendrickson was previously an executive and partner at Investopedia.com, which was successfully bootstrapped and sold to Forbes Media in 2007. Investopedia.com Co-­Founder Cory Wagner will join iNovia’s Kevin Swan and Mr. Hendrickson on Mitre’s Board.

“Mitre Media is a financial media start-­up that attracts an extremely enviable demographic, has millions in revenue, thousands upon thousands of paying users, a steep growth curve and solid balance sheet. We have a proven growth roadmap and strong team in place to continue executing,” said Hendrickson.

“The team’s financial media experience, proprietary technology and unique advertising solutions to reach a very attractive demographic got us excited. We look forward to leveraging our team and strong network of digital media portfolio companies in New York City to make Mitre Media a success,” said Swan.

Acquisition of Dividend.com and ETFdb.com

Mitre is pleased to announce its first two acquisitions, Dividend.com and ETFdb.com. Dividend.com is the #1 source for dividend stock information online, offering analyst coverage of more than 1,500 dividend-­paying stocks based on its proprietary Dividend Advantage Rating System (DARS™) methodology. Dividend.com founders Paul Rubillo and Tom Reese will join the Mitre Media team.

“The partnership with Mitre will enhance our product offering and increase user experience for our valuable members, this is exciting! It was an absolute ideal fit and direction for us to join forces with proven online financial media executives.” said Rubillo.

Mitre Media also acquired ETF Database (ETFdb.com), the largest web-based resource designed for financial advisors, institutional investors and high-end retail investors focused exclusively on the fast-growing exchange­-traded fund (ETF) market.

ETF Database Co-­Founder and respected ETF expert Michael Johnston will join Mitre’s executive team following the transaction.

“We founded ETFdb.com with the goal of becoming the authority on ETFs and providing all types of investors with the education and tools needed to utilize ETFs successfully. The partnership with Mitre Media represents an exciting opportunity to continue to expand our presence and deliver valuable content and tools to our rapidly-­growing audience and advertisers.” said Johnston.

As part of the ETF Database acquisition Mitre also acquired CommodityHQ.com, a fast-growing site targeted at hard asset and alternative investments.

About iNovia Capital

iNovia partners with exceptional entrepreneurs to build successful companies in high-growth sectors. The team is comprised of entrepreneurs and sector experts focused on Mobile, Internet and Digital Media. iNovia has $275M under management across three seed and early-­stage funds. For more information, visit www.inovia.vc or follow iNovia on Twitter at www.twitter.com/iNovia.