All-Star Women's Site WowOwow Raises Additional $1.5 MIlion
This story was written by David Kaplan.
WowOwow.com, the site launched earlier this year by five female media starsincluding 60 Minutes' Lesley Stahl, conservative pundit Peggy Noonan and gossip maven Liz Smithhas received an addition $1.5 million in funding, MediaMemo reports. The round was led by Bob Pittman's Pilot Group and the Rhime Group. The site was launched in March with $1 million in funding from the five founders, who also include ad exec Mary Wells and publisher Joni Evans. With this funding, MediaMemo says WowOWow, which is targeted to women over 40, has raised a total of $3.1 million thanks to $600,000 contributions from the sites later partners, Whoopi Goldberg and Candice Bergen.
The company's valuation isn't known, but MediaMemo guesses it's in the "high nine-figure range." It's also not clear the the proceeds will go to specifically, though it's safe to say it will help keep the fledgling site alfloat as even high-profile start-ups like this one will have a difficult time getting their footing as the recession settles in.
By David Kaplan