Raises $15M Venture Deal

Capitalizing operations in time for primary season, of Washington, D.C., recently raised $15 million in venture capital to support its bipartisan electoral Web site.

The company intends to follow this round with an additional financing that should close before the end of the first quarter.

“This idea has two sides,” said Justin Dangel, chief executive at “[First] it creates tools that make it easy for voters to find out what candidates are about, and second, we give advocacy groups and campaigns tools to create their own sites.”

In the financing that closed in December, the company received approximately $5 million each from Charles River Ventures, Bessemer Venture Partners and Sigma Partners. Dangel said the proceeds from that financing, and the next round, would be used to support product development and marketing.

Dangel said the next round would be a significant multiple of the $20 million the firm has raised to date and will likely be the final private equity financing prior to an initial public offering.

“The number that interested us is the 500,000 elected offices that are run for on a regular cycle,” said Rick Burnes, general partner at Charles River. “That is a massive amount, and we will run sites for those people.”

As part of the campaign-oriented tool, the company intends to offer active campaigns access to its editorial staff, which will create sites, or provide tools to the staffs that will permit the companies to construct the sites themselves. Dangel said the primary revenue stream for the company will come from charging fees to campaigns and advocacy groups for use of the services. He added that additional revenue will come from services similar to those provided by content sites.

“We want every voter to know there is a place they can go to find information about elections from school boards through President,” Dangel said.