Survey Monkey Recapitalizes to Raise $800m
DIY research firm Survey Monkey has raised $800m in debt and additional equity funding, partly led by Google's new 'late-stage' investment arm and CEO Dave Goldberg.
The move - which values Survey Monkey at $1.35 billion - has been initiated to enable employees and early investors to 'cash out' of the firm, which does not have plans to go public yet.
Around $450m of the total will come from new investments from a number of early investors, including CEO Dave Goldberg (pictured) and Tiger Global Management. Google is also participating through its new investing vehicle that focuses on late-stage companies, and the balance of $350m debt financing is being led in a syndicate by J.P. Morgan Chase.
Goldberg comments: 'This transaction affords us all of the capital benefits of a public offering without the costs and distractions of an IPO and the demands of operating as a public company. Given SurveyMonkey's momentum and growth, this transaction is an optimal way to reward employees and longtime shareholders with meaningful liquidity while also providing opportunities for Tiger Global, Google and other new investors who are drawn to our strong business model.'
Web site: www.surveymonkey.com .