TheMaven Completes $3.7mil Private Placement
SEATTLE--(BUSINESS WIRE)--TheMaven Network Inc. (OTCQB:MVEN) announced that on April 4, 2017, the Seattle-based digital media startup completed a private placement of its common stock, selling 3,765,000 shares at $1.00 per share, for total gross proceeds of $3,765,000. The shares are restricted and may be registered at a later date. Net proceeds after issuance costs is approximately $3.5 million.
James Heckman, TheMaven’s CEO, stated, “This capital raise positions us solidly for the launch of our digital media platform and to expected revenue generation later this year. We are gratified to see the quality and sophistication of our new investors and their interest in assisting in the long-term development of the company.”
TheMaven is an expert-driven, group media network. The closed-network platform provides value to hand-picked, professional, independent publishers by providing broader distribution, greater engagement for their content with innovative community tools, improved monetization through efficient advertising partnerships and membership programs, and tools to better manage audience and growth.
For more information, visit themaven.net (OTCQB:MVEN).
About MDB Capital Group:
MDB Capital Group develops technology companies that possess meaningful technology that has the potential to impact large commercial markets and benefit humanity. MDB maximizes the value of these technology companies by helping position them to be the dominant leader in their domain and connecting them with a base of high-quality investors. http://www.businesswire.com/news/home/20170410006178/en/Media-Startup-TheMaven-Network-Completes-Private-Placement