Financing News: FM Gains a New Partner
I’m very pleased to announce that Federated Media has closed its Series A financing, with JP Morgan Partners (JPMP) as the lead investor. All of FM’s seed investors – the Omidyar Network, The New York Times, and several angels (my post on the first round is here), have also participated in the round. We’re not disclosing the numbers involved in the funding, but we’re thrilled with the support that the new round brings to our company.
Joining Federated’s board is Chris Albinson, a partner at JPMP who I’ve known for years. We’ve coached our sons’ little league team together, watched our daughters’ first school play together, and when the opportunity came for us to work together, we both jumped at it. Chris and his team’s network of relationships and extensive business experience has already paid significant dividends for our young company. Chris and his team are embarking on their own startup of sorts, as they are spinning out from JPMP and starting their own venture capital firm – Panorama Capital – focused on technology and life sciences.
Some of you might wonder why I decided to go with a firm like JPMP/Panorama over other Silicon Valley VCs, given the focus of my previous work. The answer is simple: Panorama Capital and I have a history of sorts. Back when I was running the Standard, I had a board member from JPMP. By the summer of 2001, a standoff over strategy and a terrible market meant we were on the brink of shuttering the business. JPMP stepped up with a company-saving offer, putting tens of millions of dollars behind both my business and me personally. My major shareholder blocked that deal from happening, but I’ve never forgotten how JPMP stood in my corner back in those dark days, and I’m honored to have them back again, and this time leading our Series A.
A more formal release can be found here.
Congrats John,
It’s nice to see loyalties of the past rewarded.
J
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Well done, John and FMP team. Good for you for having an investor about whom you can feel so positive.
Excellent;
Very good job
And who was that board member that put that deal together?
Love, Jerry
I maybe late in arriving here- but it an’t gonna stop me from saying con’grats and great works John !!
I am seeing you slowly and steadyily are changing the landscape with FM. Inch by inch, battle by battle- you and the team is getting there.
I wish you and the FM team all the very best !!