December 7, 1999
Bolt, Inc. today announced that the company has closed a significant strategic round of investment from a group including Time Warner, Comcast Interactive Corporation, Entercom Communications Corp., America Online and Ford Motor Company. Also participating were certain of Bolt, Inc.'s original investors, including Highland Capital (an investor in eToys and Ask Jeeves), Oak Investment Partners (Media Metrix, TheStreet.com), Sandler Capital Management (Liberty Media, Univision), and Bechtel Enterprises (Concrete Media).
Bolt Secures Funding From Time Warner, Comcast, Entercom, America Online, Ford Motor Company, And Others
Leading these institutions in the current round was Moore Capital, an investor in iVillage, NextCard, and GoTo.com. Richard J. Bressler, chairman and chief executive officer of Time Warner Digital Media said, "Time Warner recognizes the value of the Internet in connecting with young consumers today. We are confident Bolt can be a leader in creating innovative ways to reach teens online and offline." The funding will aid Bolt.com, one of the leading destinations for teens on the Internet, to expand branding efforts throughout media, entertainment, cable, radio, and automotive industries.
Financial terms of the agreements were not disclosed. Bolt, Inc. recently announced an agreement with America Online, Inc. under which Bolt will develop and manage new community services for AOL Teens Channel.
Comcast Interactive Capital is a corporate venture capital fund affiliated with Comcast Corporation, a diversified leader in broadband services, telecommunications, electronic commerce, and entertainment, with interests in cable networks QVC, E!, and Style, as well as E!Online.
Entercom Communications Corp. is the fourth largest radio broadcasting company in the United States. The company owns and operates a portfolio of 88 stations in 16 markets with a variety of programming platforms from rock to country and sports. In addition, Entercom Communications Corp. is the exclusive radio broadcaster of a dozen major league sports teams and numerous major college teams. Ford Motor Company maintains online partnerships with Sesame Street, iVillage, and WNET/Nature in addition to many others. "We are pleased to have secured investments from some of the leading names in their respective industries," said Dan Pelson, president and CEO of Bolt, Inc.
"This round will help Bolt to fortify its branding efforts and facilitate teen community and commerce. Bolt, Inc. is dedicated to providing teens with a voice and we plan to reach teens wherever they may be, both online and offline."
"Bolt has a solid expansion model focused on a demographic, teens, that is a major consumer of multiple media channels," said Steve Harrick, principal at Highland Capital Partners and board member of Bolt, Inc. "We continue to be impressed by Bolt's progress. The recent financing strengthens the company and we are excited by the opportunities presented by this new round of investors."