Home » Startups To Watch - Matchbin
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| Matchbin |
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Added 4/08/2008 |
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Founder(s):Miles Romney, Brent Christensen |
Founded: 2002 |
| Industry: Internet - E-commerce |
City: Bountiful |
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| Company Description: |
Matchbin is a Web 2.0 business creating local, content driven community websites in a revenue sharing partnership with local media outlets. Matchbin applies state of the art content management and display technologies, aggregates visitors from the sites, and provides local and national advertising specifically targeted to these site visitors. The media partners supply an existing loyal user base and ready access to local advertisers. |
| Background: |
Miles Romney built original Community Marketplace technology. Founders hired Reed Brown (2005) as CEO who focused Company on specific industry segment (newspapers), resulting in industry leading technology and rapid sales growth. Reed Brown has 30 years of experience in high technology management at Iomega, Quantum and Hewlett Packard. MBA/BSEE |
| Traction: |
MultiMedia Community Marketplace launched Nov 2007 with Q4, ‘07 Revenues of $25.1k. Revenues ending Q1, ‘08 at $91k. Projected 2008 Revenues of $1.2M. Sales Orders in Q1,’08 at $175k. Currently 30 newspaper clients; Projected 100+ clients ending Q2 ‘08. Over 300 newspapers in sales pipeline. 150k unique visitors /month ending Q1 ’08. Projected 500k unique visitors/month ending July ’08. |
| Employees: |
17 |
| Awards/Competitions Won: |
Multiple patents that are either patent pending or the provisional patent is in process. |
| Business Model: |
Matchbin receives revenue for several services: license and hosting, local and national advertising placement, local business directory search/ SMB websites, email/text message advertising and classifieds |
| Revenue: |
$91k ending Q1,’08 |
| Projected Revenue (2008): |
$1.2 M ending 2008; $13.9M ending 2009; $50.2M ending 2010 |
| Major Customers: |
Sun Publications, Instant News Network, 5 state and national press associations (Utah, Nevada, Georgia, Midwest Free Community Papers and Suburban Newspapers Association). Approved vendor for PAGE (1,600 newspapers). A sampling of other clients include: Telluride Watch in Colorado ( http://telluridewatch.com/); Sparks Tribune in Nevada (http://dailysparkstribune.com/); Fort Bend Now in Texas (http://fortbendnow.com/); Vernal Express in Utah (http://vernal.com/); Prep Game Face in Georgia (http://www.prepgameface.com/). |
| Recent Buzz: |
“Matchbin’s online classified program has helped increase sales by over 15% while decreasing our overhead.” Darren McCabe, CFO, The Valley Journals, Salt Lake City
“I have never worked with a vendor as responsive and thorough as Matchbin.” Lane Smith, Director of Development, Instant News Network, Texas
“Matchbin provides small newspapers with tools normally reserved for major chain-owned newspapers.” Jim Alred, New Media Director, Rome News – Tribune, Georgia
“Matchbin has, in my opinion, brought a much needed comprehensive solution to the small to mid‐market papers where they now can have a professional online presence that has new revenue opportunities and still gives complete control of the paper where it belongs, with the publisher.”
Ed McCaffrey, Publisher, Sparks Daily Tribune, Nevada |
| Investment Needs: |
Series A - $750,000 (angel round) |
| Who Has Invested & How Much? |
$3.4 M raised to date (Company executives & individuals) |
| Address: |
3DVO
420 West 1500 South, Suite 200
Bountiful, Utah 84010
www.matchbin.com
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