By Paul Pannone
eWedNewz has learned the Catalyst Group’s Wedding Wire has secured $25 million dollars of funding from Spectrum Equity for a minority stake in the company. The five-year-old company originally raised $5.5 million from Martha Stewart Living Omnimedia. Four years later, Martha Stewart sold its stake to Catalyst Investors, more than doubling its money.
Spectrum Equity hands over 25$ million to Catalyst for a minority stake in Wedding Wire.
Sources near the story say the company is profitable enough to have pulled in the infusion of capital needed to grow the company further.
Members of the Wedding Water Cooler discussed the latest newZ. Some feel the Wedding Wire format is sorely lacking in some areas, especially in the review system that irritates most vendor/advertisers. According to sources in the WWC the company has managed to spin information in a palpable way, sidestepping the discord between vendors that receive bad reviews; unable to get them removed or corrected.
One source told the group of a possible alignment with another company that could change the entire structure of Wedding Wire. The information, derived from recent meetings and support from wedding industry sources, say there are more changes expected at Wedding Wire. eWedNewz continues to investigate the information.
In an ongoing poll 33% of readers voting call Wedding Wire “great” while 40% say the company is “flawed” or the “best we have” at the moment. 19% call Wedding Wire “horrible” while only 4% feel they’re trying to change.
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