News | Press Releases
For Immediate Release
BIA DIGITAL PARTNERS MAKES GROWTH CAPITAL INVESTMENT IN COOKING.COM, INC.
CHANTILLY, VA, CHANTILLY, VA, December 6, 2011 - BIA Digital Partners II LP (“BIA DP”), a private investment firm focusing on expansion stage companies, announced it has led a $13,500,000 growth capital financing for Marina del Ray, Calif.-based Cooking.com, Inc. (the “Company”). The financing consisted of subordinated debt and a new round of preferred equity. Azure Capital Partners, the Company’s lead equity investor, provided a significant participation in the financing. Proceeds from the investment will be used to further the growth of the Company’s flagship site www.cooking.com and to accelerate the build-out of the Company’s “Powered By Cooking.com” enterprise-level ecommerce solution. In conjunction with the financing, Damien Dovi, Partner at BIA DP, has joined the Company’s board of directors as an observer.
Tracy Randall, co-founder and CEO of Cooking.com commented, “We have been rigorously focused on leveraging our position as the category-leader in the specialty food and kitchenware segment to bring scalable, low-to-no-risk ecommerce solutions to our channel partners. The investment from BIA Digital Partners allows us to continue to scale and grow our portfolio of partner sites while providing an excellent consumer experience.” Randall further said, “BIA Digital Partners was quick to understand our strategy, and with a deep understanding of the media and enthusiast content segment, was able to offering helpful insights during the due diligence process. Their financing solution was unique and unlike any other option the Company considered.”
Mike Kwatinetz, General Partner at Azure Capital Partners said, “We are very pleased to welcome BIA DP as a new investor. We have already seen their ability to add strategic value as Cooking.com executes on its plan to become a significant player in online commerce, by creating branded stores relevant to buyers of cooking products.”
“Cooking.com merges two of our investment focus areas, quality content and technology-enabled services,” stated BIA DP’s Scott Chappell. “Our investment will support Tracy and her team at Cooking.com to further cement and grow its connections with consumer enthusiasts and enterprise partners.”
“BIA Digital Partners is focused on investing in category leaders. For more than 10 years, Cooking.com has built its reputation on being a content and product-rich ecommerce destination for those seeking high quality kitchenware’s and specialty foods. The “Powered By Cooking.com” network is a testament to the Company’s reputation in the marketplace, as they currently power many of the most respected brands in the industry,” said BIA DP’s Dovi. “We are delighted to add Cooking.com, Inc. to our investment portfolio.”
For additional information on BIA Digital Partners, please contact Damien Dovi(703) 227-9600 or visit our website at www.biadp.com.
About BIA Digital
BIA Digital Partners is a private investment firm, managing approximately $280 million. Financing is available for acquisitions, organic growth, recapitalizations and leveraged/management buyouts among other purposes. BIA Digital Partners maintains a focus on expansion-stage companies operating in the media, telecommunications, consumer internet and technology-enabled business and consumer services segments. Investments range from $5 to $20 million, and larger with co-investors, and are typically in the form of subordinated debt with warrants or preferred equity. For more information on BIA Digital Partners, please visit www.biadp.com.
About Cooking.com, Inc.
Cooking.com is transforming online shopping in the food and cooking space by going to customers and building innovative, entertaining shopping experiences with trusted brands. Cooking.com operates several uniquely branded websites including: Rachael Ray Store, Paula Deen Store, Calphalon Store, Betty Crocker Store, Pillsbury Store, Steamy Kitchen Store, Good Bite Store, and Marley Coffee. Powered By Cooking.com delivers high touch, branded e-commerce solutions and category expertise, enabling partners to attract consumers, drive membership and build new revenue opportunities. Cooking.com offers its customers access to over 60,000 products for the kitchen as well as recipes, menus, collections and a growing library of member-submitted cooking content. The company is committed to providing its customers with an exceptional experience and is the recipient of numerous awards for customer satisfaction. Cooking.com was founded in 1998 and is based in Marina Del Rey, CA. For more information on Cooking.com, please visit www.cooking.com.
Azure is a San Francisco-based venture capital firm with over $650 million under management. The firm invests in early stage technology companies that are at the forefront of a transformative opportunity for growth. Azure has invested in and served as trusted advisors to some of the most successful and important technology companies created in the last decade including VMWare (NYSE: VMW), Bill Me Later (acquired by eBay), Calix (NYSE: CALX), Top Tier (acquired by SAP) and World Wide Packets (acquired by Ciena). The Azure team is recognized for industry thought leadership, a broad network of powerful industry relationships and a unique professional investment approach to venture investing. For more information on Azure Capital, please visit www.azurecap.com.