Contact: Beth Scarborough
A Thaw in the Funding Freeze! MyPrimeTime Closes its Third Round of Financing
SAN FRANCISCO, July 19, 2001 - MyPrimeTime Inc., a media company focused on empowering adults who want the most out of life, successfully completed its third round of financing led by San Francisco-based Odyssey Capital LLC.
Other existing MyPrimeTime investors also participated in the $3 million round, which includes Sequoia Partners Inc., Hummer Winblad Venture Partners, and Blue Chip Capital.
The funding will be used to accelerate MyPrimeTime's original productions on television and the internet.
Founded two years ago by executives from AOL Time Warner's CNN division, MyPrimeTime targets adults interested in self-development. The company's productions include television programs on public broadcasting stations, weekly segments on PBS's "Nightly Business Report" and internet destination www.myprimetime.com. Producing programming that focuses on the motivations, the traits and techniques, even the philosophies of the truly successful, MyPrimeTime has profiled over 200 of the most successful people in the world including Jack Welch, Martha Stewart and Richard Branson among others.
"In this tough economic environment it's great to have financial backing from such investors, led by Odyssey Capital," said Craig Forman, MyPrimeTime's cofounder and CEO. "Through its market research operations, Odyssey knows the psychographics of the U.S. population like no one else." Such insight "is critical as we assemble a large and diverse audience interested in personal development in all its forms," added Forman.
"We believe the value of MyPrimeTime's strategy - highly targeted content with close integration between the distribution power of television and the interactivity of the internet - is just beginning to be recognized," said Nicholas Donatiello, Odyssey's chief executive officer. "Many leading corporations know that their customers are trying to make the 'most' of their lives, and MyPrimeTime successfully targets this audience, which is why they have a place in this space."
About MyPrimeTime Inc.
MyPrimeTime, Inc. is digital media company whose television shows and internet products empower adults to live the lives they imagine. Through its public-television productions and internet operations, MyPrimeTime has a total monthly audience of over five million households, and 1 million registered users.
MyPrimeTime's management team includes former executives from AOL Time Warner, StarMedia, Infoseek and Arthur Andersen. MyPrimeTime's investors include venture capital firms Hummer Winblad Venture Partners, Sequoia Partners, Blue Chip Capital, Presidio Ventures Partners, Odyssey Capital, Integrity Partners and W.R. Hambrecht, as well as angel investor Joan Rivers. Including the Series C round, the total equity investment in the company stands at roughly $33 million.
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