MINNEAPOLIS, MINN – August 22, 2011 – TST Media, the team behind the NGIN website platform, is pleased to announce a round of financing led by venture capital firm El Dorado Ventures. The agreement, which was finalized last week, will provide TST Media $3.5 million in new funding to grow existing business partnerships, drive new software innovations and expand their talent base.
“This fundraising is a transformational event for TST Media as it provides us with the resources needed to execute a calculated and explosive growth plan,” said Justin Kaufenberg, TST Media CEO and co-founder. “To a degree, prior growth has been consciously checked in favor of reinvesting in our technology core…that patience and focus has set the stage for us to efficiently deploy these proceeds and exponentially enhance a proven platform and business strategy."
With the new round of funding from El Dorado Ventures, TST Media now has the financial resources to attract top-caliber professionals to drive new platform and mobile application innovations.
“When we decided to raise this round, El Dorado Ventures was on the very short list of firms that we were excited to speak with. Through the process, my respect for their organization has only grown,” said Kaufenberg. “As a venture partner, El Dorado brings an impressive track record of successfully aiding and nurturing the rapid growth of innovative technology companies.”
With the new funding and experienced leadership from El Dorado Ventures, TST Media now has the ability to innovate more quickly while continuing to cultivate a unique culture. In fact, TST Media has achieved more than 100 percent growth over the past three years and now 2000 clients in all 50 states and six different countries.
"At El Dorado Ventures, we believe that the sports technology market presents a significant opportunity," said Jeff Hinck, General Partner, El Dorado Ventures. "In TST Media, we found a company with a best-in-class technology platform. Unlike other players in the space, their NGIN platform has been architected for extendibility and growth. They understand the technological intricacies that truly enhance real-world relationships and ecosystems. It is no longer sufficient to simply provide a sports organization management solution, it is about empowering parents, players, and fans to create valuable local content in real-time while simultaneously solving administrators’ management challenges."
With the El Dorado Ventures led funding, TST Media will be adding more then 20 new positions this year, including Software Engineers, UI/UX Designers, Development Operations, Project Managers, Technical Support and Sales. Additionally, they will expand the physical office space to take over the entire 2nd floor of the Van Buren Building, located in the NE Minneapolis Arts District.
"We invest in companies with great leadership teams who have created game changing technologies in big markets,” said Hinck. “We believe we’ve invested in the company that is on its way to owning this space."
TST Media creates digital tools that empower organizations to engage their audience in meaningful ways.
The company is best known as the team behind the NGIN (pronounced "Engine") website platform. NGIN is currently used by thousands of sports teams, events, organizations and businesses around the world. As a robust platform, NGIN features a complete suite of timesaving tools that help organizations and their audience to connect and interact online.
El Dorado Ventures invests in early-stage companies with disruptive technology and business models in emerging and high-growth markets.
The firm usually leads or co-leads the first round of institutional capital, whether it is a seed round or later. We invest across a broad range of technology sectors, with particular expertise in Datacenters and Cloud Computing, Software (primarily SaaS-based delivery), Consumer Internet, Communications and Networking, and Cleantech.
Our team of four General Partners and one Principal works closely with the EDV Tech Partners, a group of more than 50 industry veterans who consult on new investments and provide advice and assistance to our portfolio companies.