BREAKING: Angie's List gets $35M infusion

April 10, 2008

Angie's List plans to use a new pile of venture capital to take its consumer-rating service international.

The Indianapolis-based company has received a $35 million investment from Battery Ventures, a venture capital firm with offices in Boston and Silicon Valley. Battery will hold a minority stake in the company.

Angie's List has more than 600,000 subscribers in 124 major cities. The company said it would start offering its service to any person in the United States by the end of June. After that, Angie's List plans to launch service in Toronto and London.

Last month, Angie's List began collecting ratings on the health care industry, including reports on doctors, facilities and insurers

"Angie's List has really cracked the code on using the Web to link consumers to reliable service providers, and has been delivering value to members since day one," said Roger Lee, a general partner at Battery Ventures. "The team, their business model, their national reach and the integrity of the data they make available puts them far ahead of the pack."

Angie's List launched in 1995 in Columbus, Ohio. It moved to Indianapolis when it acquired Unified Neighbors, a forerunner to its service. The 325-employee firm, which posted revenue of roughly $28 million last year, has its headquarters just east of downtown Indianapolis.

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