Today we announce the investment of $3 million in our news distribution company – BringMeTheNews – by the Shakopee Mdewakanton Sioux Community.
This latest investment represents a tremendous vote of confidence in our particular brand of news delivery, which marries:
– High-value local news curation at our website (bringmethenews.com)
– Our broadcast network (The BringMeTheNews Radio Network is broadcast 8,000 times each month to nearly a million listeners on three dozen stations throughout the state)
– Social media, a significant traffic driver at bringmethenews.com
A Meaningful Investment
This investment was particularly meaningful because it is a client – a sponsor that has worked with BringMeTheNews over the last two years – that picked up the entirety of the $3 million investment round.
Any time the people investing in the company know the company as intimately as a two-year client – it’s a very good thing.
The Shakopee Mdewakanton Sioux Community has said they’ve made this investment because they’re convinced the model is “highly useful for readers and highly effective for sponsors,” and that they are “excited to be involved in the early stage of what (SMSC) hopes will be a national success.”
For our sponsors… the expansion will provide the opportunity to take the content strategies clients are developing — with engagement rates at BringMeTheNews running 30-40 times industry averages — and apply it to new parts of the country.
How We’ll Use the Money
This investment will allow BringMeTheNews to invest heavily in the platform itself, elevating the experience for users.
The site will:
– Provide an enhanced user experience to increase utility, ease of use, speed and relevance.
– Allow our audience to customize the curated content in ways most meaningful for them.
– Continue to provide the same high-quality, journalistically vetted news sourcing – while providing a greater understanding for why we’re advancing every piece of information we have.
And all of this will continue in the super-clean environment we’ve become known for. We built BringMeTheNews to help the public find the best/most relevant news in this state – from all sources – and present that news in a clutter-free environment.
Our ad-model will continue to promote sponsors as the thought leaders and “expert content providers” they are, not through the proliferation of banner ads and pop-ups.
The technology infrastructure of BringMeTheNews will be significantly enhanced to provide much higher value for news organizations and media partners throughout the state.
The Radio Network, already recognized as the #1 Radio Newscast in the state every year since its founding (by the Society of Professional Journalists) – is now in the midst of a new growth phase, expanding into business news.
Lastly, the great expansion of this business model will be rooted in taking BringMeTheNews – in all its forms (digital and broadcast) – into new parts of the country. The aim is to take our “local news” model nationally – market by market.
Growing On A Great Foundation
Based in the Minneapolis Warehouse District, BringMeTheNews will hire several new positions, expanding news coverage and development expertise and bringing on the first Chief Operations Officer in the company’s history.
Today’s announcement marks the second major investment in BringMeTheNews. In August 2010, the first third-party investors were The Dolan Company (a publicly traded news and information company based in Minneapolis), and Padilla Spear Beardsley (a public relations firm also based in the Twin Cities).
Longtime Twin Cities TV news anchor and reporter Rick Kupchella founded the business in the fall of 2009 with his business partner Don Smithmier (Managing Partner and Co-Founder of GoKart Labs, BMTN’s digital design/development firm). GoKart Labs built the original product three years ago.