Though outside Random Research coverage sweet spot, a transaction well worth broadcasting as it doesn’t seem to have been publicized and no one connected the dots yet. A $5 million unregistered debt financing by WHI (DBA We Heart It) successfully drew to a close. The non-brokered investment round was placed with one investor on March 17th. A total of five unregistered securities offerings closed by the company raised an estimated $14 million. This financing may be related to the $8 million fundraising milestone reached during the summer by the company. While the media reported the company raised $8 million then, Random Research believes the company had raised over $8 million up to then.
WHI is an image-based social network designed to help users easily share their favorite images from popular media, retail sites and image-based applications. The platform had as of December 2013 25 million monthly users and was adding one million new members per month, over 70% of whom are mobile users. The mobile application is available for iOS and Android. The company includes among its partners Condé Nast brands Lucky and Teen Vogue as well as Wattpad, BeFunky, and Popbasic.
The company’s headquarters are located in San Francisco CA. WHI kept its revenues undisclosed.
The executive team includes Dan Hart and Ranah Edelin.
The board of directors includes Alexander Rosen, Crystal Hutter, Neil Berkman and Steven Felsher.
The company has raised an estimated total of $19 million via private unregistered security offerings.
Industry: Other Technology
Amount offered: $5 million
Amount placed: $5 million
First sale: 03-17-2014
Data as of: 04-02-2014