StepLeader Secures $4.4M in Funding With River Cities Capital Fund and Bull City Venture Partners
May 21, 2013
May 14, 2013 - Raleigh, NC - StepLeader Inc, an industry leader in mobile app development and advertising sales for local media and college sports, announces today that it has raised $4.4M. Leading the investment is River Cities Capital Fund, with additional financing provided by Bull City Venture Partners. Ed McCarthy and Rik Vandevenne of River Cities will join the company’s Board of Directors. David Jones of Bully City will join as a board observer.
Originally founded in 2004 as NewsOverWireless, a division of Capitol Broadcasting Company, StepLeader spun out as an independent company in May 2012. Today the company serves hundreds of customers, supports millions of active app users and delivers billions of mobile advertisements every year.
“We are thrilled to partner with these two firms. Their operational expertise and business acumen will accelerate our ability to develop technology and reach new markets faster and more intelligently”, says Brian Handly, StepLeader’s CEO.
Ed McCarthy of River Cities adds “StepLeader has proven that they can deliver effective local mobile solutions and have established an early leadership position in an emerging market opportunity.”
“We’ve been following StepLeader’s success and Brian Handly’s career for the last decade” comments David Jones of Bull City Venture Partners. “Mobile usage continues to be an ever increasing proportion of consumers and the enterprise’s engagement. We are thrilled to partner with one of the largest mobile software and advertising platforms.”
Proceeds from the financing will be used to increase the engineering, advertising sales and business development teams, as well as to pursue new markets more aggressively.
Located in downtown Raleigh, StepLeader formed in 2004 when it developed the nation’s first news app for local media. Today, the company offers solutions and thought-leading expertise to help trusted content producers deliver their stories across mobile apps, mobile websites and smart TV apps. StepLeader provides advertisers with transparent access to a nationwide audience, delivering more than 400 million ads monthly. StepLeader has a proven track record of delivering quality return-on-investment for its partners including Scripps Television Station Group, Fox Television Stations, Morgan Murphy Media, News-Press & Gazette Company (NPG) and Capitol Broadcasting Company.
About River Cities Capital Fund
River Cities Capital Funds provides growth equity financing and business acumen to high-potential healthcare and information technology companies. River Cities specializes in helping entrepreneurs with market-proven solutions, services and devices to effectively and efficiently build infrastructure for rapid and profitable revenue growth. With nearly $500 million under management and more than 100 investments made, River Cities has established itself as a preferred partner among the entrepreneurial and private equity communities. Located in Cincinnati, Ohio and Raleigh, North Carolina, the firm is currently seeking new investments for its fifth fund.
About Bull City Venture Partners
Bull City Venture Partners, a leading venture capital firm, works with great entrepreneurs to build market leading technology companies. BCVP’s partners take an active team approach to venture investing. For more information on Bull City Venture Partners, visit its website at www.bcvp.com