Angie’s List, which offers consumers a way to review and rate doctors, contractors and service companies on the Web, has raised another big round. The privately-held company this morning announced that it has secured a $22.5 million equity financing round from “multiple institutional investors”, including Silicon Valley firm Battery Ventures.
For the first time, public funds managers, including Wasatch Funds and other unnamed funds, joined the round, which brings the company’s total capital raised to a whopping $91 million as far as we’ve been able to track via CrunchBase.
Angie’s List says it will use the additional investment to expand its Health and Wellness consumer reviews product as well as its “The Big Deal” local group coupon program.
You can situate Angie’s List somewhere at the intersection of local search, user-generated content and subscription-based services, and the company is keen to differentiate itself from other players in this space by not allowing anonymous postings and barring service providers from reviewing themselves.
The company launched in 1995 with a focus on local home, yard and car services, gathering information door-to-door and offering service through a telephone call-in and a monthly magazine. Angie’s List says it now serves more then 1 million paid members, primarily serving them via its website, but still offering call-in service and the monthly magazine.
Angie’s List also has high hopes for its group coupon offering, dubbed “The Big Deal”, which it expects to offer in more than 50 markets by the end of 2010.
It’s not inconceivable for this company to turn to the public markets next year or so.
Source: Inside Indiana Business (the company is based in Indianapolis, IN).