After Jive’s $100 million IPO filing yesterday, local business reviews site Angie’s List is throwing its hat into the ring, filing an S-1 this afternoon. The company will raises as much as $75 million, according to the filing.
As we’ve written in the past, Angie’s List offers consumers a way to review and rate doctors, contractors and service companies on the Web. The company launched in 1995 with a focus on local home, yard and car services, sits at the intersection of local search, user-generated content and subscription-based services. To date, Angie’s List has raised nearly $100 million from Battery Ventures, T. Rowe Price, City Investment Group, Cardinal Ventures and others.
As of June 30, 2011, the company offered its service to paying members in 170 local markets in the United States. Angie’s List has grown to 820,000 paid memberships, the growth of which has been driven largely by its national advertising strategy. But the company shelling out big bucks for maketing and advertising, spending $30.2 million and $29.2 million on marketing to acquire new memberships in 2010 and in the first six months of 2011, respectively.
In 2010 and the six months ended June 30, 2011, Angie’s List’s revenue was $59.0 million and $38.6 million, respectively. In the same periods, the company took a net loss of $27.2 million and $25.8 million, respectively.
The company says that since 1995, the site has collected 2.2 million reviews of local service providers from members.