Say Media's new president Kim Kelleher now has some serious money to play around with.
This morning, Say Media announced a substantial $27 million funding round backed by New Enterprise Associates (NEA), Shea Ventures, and Correlation Ventures. Per the announcement, Say will use the sizeable influx of cash to bolster its publishing platform and expand the company's network of media properties.
Last week Say Media CEO, Matt Sanchez hinted toward making some new acquisitions in a conversation with Adweek and now it appears Sanchez and newly appointed president Kim Kelleher will have more resources to play with. Sanchez told Peter Kafka at All Things D that Say might be looking at some fashion and beauty properties to go with recently acquired niche lifestyle sites like Remodelista.
As a result of the funding round, NEA's Paul Hsiao will join the board of directors at Say. This is technically the first official round of funding for the media venture, which serves a global audience of 400 million. Say's previous entities, Six Apart and VideoEgg had raised funds separately in the past before merging in 2010 to create the digital publishing platform that Say is now.
Put in context, the $27 million investment is slightly higher than other digital publishers have seen in the past. Bleacher Report, the San Francisco-based digital sports publisher secured $22 million nearly a year ago, led by Oak Investment Partners and the ever-diversifying Vox Media scored $17 million back in March.