Terms of the deal include $2.5 million of financing and plans to take the combined entities public
SANTA MONICA, Calif. / ACCESSWIRE / June 3, 2014 / INVENT Ventures (IDEA), a venture firm that builds, manages, and invests in early-stage web and mobile technology companies, today announced that its portfolio company, VIRURL, Inc., a native advertising company developing advertising technology to connect content owners with a targeted audience on the web, has entered into a Letter of Intent (the "LOI") with Revenue.com Corporation ("Revenue Corp"), a Nevada corporation focused on acquiring best in class advertising platforms.
Under the LOI, Revenue Corp will secure at least $2.5 million of equity capital from its institutional investors prior to the merger with VIRURL. The capital will be used to accelerate product development, fund working capital to support the Company’s growth, and take the combined entities public.
"The LOI with Revenue.com Corporation represents another milestone in VIRURL’s rapid growth and takes VIRURL another step closer to being a public company. As a public company, VIRURL will be better positioned for long-term growth in the lucrative online advertising space." said Tim Symington, CIO of INVENT.
Bryce Knight, CEO of INVENT said "As VIRURL's largest shareholder, INVENT believes that going public is the right move for VIRURL and for its shareholders. Shareholders of VIRURL will benefit from the increased liquidity of owning shares of a publicly-traded company and INVENT's shareholder will benefit from the potential increase in our Net Asset Value created from this transaction. INVENT's business model is to partner with top entrepreneurs to build transformative technology companies and take them public to accelerate their growth and maximize their market value - VIRURL exemplifies our strategy in action."
Here is a link to the original Press Release: VIRURL Announces Signing of LOI for Merger with Revenue.com Corporation
About INVENT Ventures, Inc.
INVENT Ventures, Inc. (IDEA) is a venture firm that builds, manages, and invests in early-stage web and mobile technology companies. INVENT is headquartered in Santa Monica, California in the dynamic Silicon Beach area. For more information on INVENT, visit http://www.invent.vc/.
About VIRURL, Inc.
VIRURL, Inc. is an award-winning Santa Monica-based company developing advertising technology for its REVENUE.COM platform. REVENUE.COM helps brands amplify the reach of their content and earns its publishers more money by delivering higher click-through rates than traditional banner ads. REVENUE.COM is a self-serve platform that allows brands and online media producers to easily launch native advertising campaigns in under 60 seconds using in-stream ads that blend seamlessly into a website's experience to entertain and inform the right audience at the right time. To date, REVENUE.COM has signed up over 100,000 influencers and publishers to earn revenue from distributing sponsored articles and sponsored videos. For more information, visit REVENUE.COM
About Revenue.com Corporation
Revenue.com Corporation is a newly-formed Nevada corporation focused on acquiring best in class advertising and content marketing platforms.
Investor and Media Contact:
SOURCE: INVENT Ventures