Angie’s List Files For A $75 Million IPO
Angie’s List is a local business reviews website that has filed an S-1 today for an IPO where they expect to raise as much as $75 million. Angie’s List provides consumers a way to rate and review services such as doctors, contractors, etc. Angie’s List launched in 1995 when it focused on car services, home improvement, yard services, etc.
Angie’s List raised a total of $100 million from Battery Ventures, City Investment Group, Cardinal Ventures, T. Rowe Price and several other investors. As of this past June, Angie’s List offered its service to paying members in 170 local markets in the U.S. Angie’s List currently has 820,000 paid memberships.
Angie’s List spent $29.2 million on marketing for acquiring new members in 2010 and the first 6 months in 2011. In 2010 and the 6 months ended June 30, 2011, Angie’s List reported revenue of $59 million and $38.6 million respectively. During the same periods, Angie’s List reported a net loss of $27.2 million and $25.8 million.
Angie’s List collected 2.2 million reviews of local services from members since launching in 1995.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry