Here is the official release:
Canal Partners and San Diego Tech Coast Angels Fund Deal Current Network to Accelerate Growth
San Diego based Deal Current Network aims to create the largest performance-based offer network for local publishers and advertisers using its fully hosted offer software, coupon software, and distribution network.
San Diego, CA – September 24, 2012
Deal Current Network, a leading provider of local coupon and offer software that helps media companies enter and win the local e-commerce battle, today announced that it has raised venture funding from Scottsdale, Arizona-based Canal Partners and San Diego members of the Tech Coast Angels. The addition of capital will help the company accelerate growth, by boosting sales and marketing, and advancing their technology. As part of the funding, Todd Belfer, Managing Partner at Canal Partners, and Jon Belmonte, former COO of Active Network (NYSE:ACTV) and current Principal of Cedar Ridge Ventures, will join Deal Current’s Board of Directors.
Launched in April 2010 by CEO Jimmy Hendricks and President Patrick Dillon, Deal Current has quickly become one of the fastest growing local offer software companies and offer networks in the nation. “The Deal Current management and team are excited about the addition of Canal to our board and company,” said Hendricks. “We spent several months working with the Canal team to make sure our goals, culture, and vision were aligned and found them to be the best venture capital for our company. We believe with their guidance and our vision, we can build a company that can be a leader in local commerce.”
“As the web continues to evolve, media companies are changing the way they do business with their customers,” commented Belfer, Managing Partner of Canal Partners. “The local offer space, although fairly new, will play an important role in the online revenue strategies of local media companies going forward, and Deal Current’s platform enables monetization with or without a local sales team and maximizes ROI for small business advertisers.” Canal Partners specializes in Internet technology and software as a service companies that are revenue-generating and growth-oriented.
Belmonte commented, “There’s a tremendous opportunity to help media companies and merchants regain control of the local commerce space, and Deal Current Network is perfectly positioned to enable that shift. I’m excited to continue working closely with their executive team and now Canal Partners, in the pursuit of that goal.”
“Jon’s expertise in creating and leveraging networks to drive online transactions and consumer media will be an excellent resource as Deal Current continues to expand.” said Belfer.
Deal Current Network provides a fully hosted offer and coupon platform for broadcast and print media publishers, direct advertising agencies, online communities, and independent business owners. The user-friendly platform provides superior visibility into daily sales, network affiliates, top customers, and tips to maximize performance. By utilizing the Deal Current Network, clients can source and access deals from any other partner within the network. This increases distribution capabilities and most importantly replaces the need for a large sales team, like Groupon or Living Social, by improving revenue shares for advertisers.
About Canal Partners
Canal Partners is a private equity firm that provides professional investor capital to software and internet technology companies that have market-proven products and services, with an enterprise value of $2 to $10 million. Founded in 2007, Canal’s managing partners are serial entrepreneurs who have successfully created significant value in both the public and private sectors. They actively participate in board, advisory, and support roles to build market-leading companies.
About Tech Coast Angels
Tech Coast Angels (www.techcoastangels.com) is the largest angel investor group in the United States. Its members provide funding and guidance to more early-stage, high-growth companies in Southern California than any other investment group.
TCA members invest in companies in a wide range of industries, including the life sciences, biotech, IT, services, retail, Internet, financial, software, media, consumer products and tech startups. TCA members give companies more than just capital; they also provide counsel, mentoring and access to an extensive network of potential investors, customers, strategic partners and management talent. TCA has more than 300 members, including its venture capital affiliates, in five networks in Los Angeles, Orange County, San Diego, Central Coast and the Inland Empire.
About Deal Current Network
Deal Current Network is a leading coupon and local offer software and marketing solution for media publishers and business owners. Clients include NBC San Diego, Triton Digital Media, Clear Channel Orlando, Pittsburgh Post-Gazette, and many other media companies. In addition to software, they give their partners a full marketing, sales, and operational plan to ensure they run profitable local offer programs.