Friday, July 17, 2009

Sports community site, SB Nation raises $8 million new round from Comcast, Accel, Allen

Former AOL exec Jim bankoff raised $7.95 million for his sports news network, SB Nation, Blog outfit. SB Nation has closed on a $7.95M Series B investment round, with the new round led by Comcast’s venture arm Comcast Interactive Capital.

Initial investors, including Accel Partners, Allen & Co., and Capitals Owner Ted Leonsis also renewed their commitments.

SB Nation is a large and fast growing network of fan-centric online sports communities. From the beginning, we've focused on developing the highest quality grassroots sports sites on the web—recruiting only the most respected bloggers and writers to build their communities at SB Nation and empowering passionate fans to engage in the conversation.

This second round of funding values the company at $30 million.

The company raised $5 million in its first round with investors like ex-AOLer Ted Leonsis, LinkedIn CEO Jeff Weiner and Allen & Co.

SB Nation has over 200 blogs dedicated to American sports team and is built and run on the same custom platform used on DailyKos. The network 3.5 million visitors a month according to a direct measure at Quantcast, although page views are unknown.

Jim Bankoff has quite an impressive bio including his latest tenure at AOL: Jim Bankoff
A fifteen year veteran of the online industry, Jim developed and led dozens of the most popular websites on the internet including, Mapquest, Moviefone, AOL Music, Netscape and AOL Instant Messenger (AIM) as an Executive Vice President at AOL. He initiated and oversaw the drive to open up AOL's content and services onto the web and was the first executive of a major portal to embrace professional blogging with his acquisition of Weblogs Inc. and development and leadership of sites such as TMZ, Fanhouse, BloggingStocks and Engadget. His accomplishments have earned him wide recognition, most notably the first Emmy ever awarded to a webcast, for his role as Executive Producer of the Live 8 concerts online. Immediately prior to joining SB Nation, Jim served as a Senior Advisor at Providence Equity Partners, the largest private equity firm focused on media and communications. He holds an MBA from The Wharton School and a BA from Emory University.


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