Banking & Finance and Investing and Venture Capital and Angie's List and Small Business

Angie's List lands $53 million investment

March 17, 2011

Indianapolis-based Angie’s List said Thursday that it has received the biggest financial infusion in the company’s history—$53.5 million—with most of it coming from two major investment firms.

The privately held firm, which has been raking in private investment since 2005, did not disclose the names of the companies. Angie’s List spokeswoman Cheryl Reed said the funding came from “two of the world’s largest public money managers.”

One of the companies is a new investor in Angie’s List, Reed said. The round of funding closed March 15.

The consumer-ratings service plans to use the investment to continue its rapid growth. The company, which employs about 400 in Indianapolis, has more than 1.5 million members in 200-plus markets across the United States and Canada.

It grew membership by more than 50 percent in 2010 and plans to exceed that growth in 2011, Reed said.

Plans also include expanding its group-coupons program, “The Big Deal,” to more markets. Online “daily deals” are a hot trend in advertising.

Angie’s List attracted about $25 million in investment last year, including a $22.5 million round of equity financing from Wasatch Funds and other investors.

The previous biggest investment in Angie’s List was a $35 million infusion of venture capital from Battery Ventures in 2008.

The 16-year-old company has landed more than $150 million in private investment since its founding.
 

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