Angie’s List, an Indianapolis–based provider of consumer reviews on local service, has raised $18 million in venture debt funding from Lighthouse Capital Partners. Earlier this year, the company raised $35 million from Battery Ventures. Other backers include Aquent and BV Capital.
INDIANAPOLIS (Nov. 18, 2008) – Angie’s List (www.angieslist.com), the nation’s leading source for local service provider ratings, has added Menlo Park -based Lighthouse Capital Partners to its list of investors. Lighthouse invested $18 million in venture debt.
Angie’s List, which has more than tripled its domestic footprint in recent years and plans to expand internationally as well, will use the investment to continue its aggressive pattern of growth. The company expanded into health care ratings in March.
“We’re very excited to be working so closely with everyone at Lighthouse,” said Angie Hicks, founder of Angie’s List, who will be in Santa Clara Thursday to speak at the Kelsey Group’s Interactive Local Media 2008 conference.
“Consumers today are bombarded with information at every turn, and they need a reliable way to sort through the good and bad providers of health care, personal service and home improvement companies,” Hicks said. “We view this investment as another indication of how Angie’s List is a great consumer resource and will be for years to come.”
Recognized nationally as an Internet pioneer, Angie’s List holds a unique position at the intersection of local search, user-generated content and subscription-based services. Further setting the company apart in the local ratings space is its data integrity process, which maximizes the accuracy and reliability of the information available to Angie’s List members. Angie’s List does not allow anonymous postings and service providers cannot add themselves to the List.
“Angie’s List is already a leader in the rapidly expanding localization market,” said Scott Orn, senior associate at Lighthouse. “We expect the company’s entrance into the medical market to further accelerate its impressive growth.”
Currently serving more than 750,000 members in 124 major cities across the United States, Angie’s List offers consumer ratings on local providers in more than 400 categories of service.
“Angie, (Angie’s List CEO) Bill Oesterle and team have built a tremendous business and Lighthouse is pleased to support the continued success of Angie’s List.” said Ryan Turner, a managing director at Lighthouse.
Angie’s List is where thousands of consumers share their ratings and reviews on local service providers in more than 400 different categories. Currently, more than 750,000 consumers across the U.S. rely on Angie’s List to help them find the right professional for the job they need done. Angie’s List investors include Aquent, BV Capital, Battery Venture, and now Lighthouse. For more: www.angieslist.com
Lighthouse Capital Partners is a leading venture debt firm with investing offices in Menlo Park, Calif. and Cambridge, Mass. Lighthouse invests capital in the form of secured loans to early- and expansion- stage technology, life science, and clean tech companies that have received equity from top-tier venture capital firms. The Lighthouse investment team consists of seasoned professionals with a wide breadth of operating and financial experience. Some of Lighthouse’s most recent investments include Ausra, Buzznet, Calera, Gilt Groupe, Gynesonics, Invuity, JibJab, TheLadders.com and ZipCar. For more: www.lcpartners.com