Digital media company Glam Media has raised $25 million in new funding, according to an industry source. (The company declined to comment.)
My source said this is a “top up round” for Glam — in another words, some extra cash to keep the company going while it goes through the IPO process. Business Insider reported back in February that Glam (which runs a number of lifestyle-focused sites including Glam and Foodie, and runs advertising across a broader network of publishers) had filed for an IPO, using a provision in the JOBS Act to initially keep the filing secret.
Glam previously raised more than $150 million in equity funding, as well as $20 million in debt, most recently in a $50 million round that valued the company at $750 million. After raising all that money, it acquired social network builder Ning for what my old editor Erick Schonfeld heard was $150 million in cash and stock.
With about 450 employees currently, Glam is also hiring — there are more than 35 jobs listed on its careers page, but my source said the number of openings in the U.S. alone is actually more than 90.