GoFish Gets $22.5M in Financing

GoFish Corporation announced today that it had secured $22.5 million in private placement financing led by Panorama Capital, Rustic Canyon Partners and Rembrandt Venture Partners. The investors, who are buying Series A Preferred Stock convertible at $.20 per common share, have the option to invest another $2.5 million in the coming weeks. The money will go to retiring GoFish's debt, pushing growth of its media solutions, and expanding its sales and marketing team.

GoFish launched a youth-oriented advertising network with a strong virtual worlds focus in February 2008, which the company says has now outpaced its competitors by 300%, reaches a monthly average of 69 million unique visitors globally and 25 million domestically, and consists of properties where users spend an average of 68 minutes per session.

While the company has forecasted continued lossess for the 2008 fiscal year, it says it has acheived approximately 100% growth in revenue over the prior quarter for both Q3 and Q2 of 2008. 

“GoFish represents an exceptional opportunity in the online advertising space, particularly at this time," Richard Ling, Partner at Rembrandt Venture Partners, said in a statement.  "Advertisers across the board will be uncompromisingly looking for efficiency and quality in the properties in which they will be willing to spend their limited resources. The team at GoFish represents a unique blend of talent and relationships that has built the type of solution we believe advertisers want to see.” 

Ling, Michael Jung of Panorama, and Mark Menell of Rustic Canyon will join the GoFish Board of Directors.