Have a website to sell? Miami-based VentureKite might be interested.
The digital media company is searching for new websites to acquire after securing $30 million in credit financing led by CoVenture, a firm that invests in technology startups. Founded in 2021, VentureKite buys and scales profitable websites in niche verticals such as education, personal finance, home improvement and sports.
"The target is evergreen content websites that are leaders in their respective subjects," founder and CEO Marcos Cordero told the Business Journal. "It's important to us that our websites help consumers make decisions that better their lives.”
The business that eventually became VentureKite started in 2012 as one website, SavingForCollege.com. The site was eventually acquired by the company after leaders noticed there was demand to help consumers plan for college expenses.
VentureKite has purchased 11 other digital brands over the past year and half, including TheGradCafe.com; ProductivitySpot.com and GolfSpan.com. The firm has a scorecard of 50 to 60 variables it analyzes when considering an acquisition, including the website's subject vertical and traffic numbers.
"We start considering [a purchase] if a site attracts 100,000 to 200,000 visitors per month," said Cordero, who previously founded Gradvisor, The company provides personalized college savings plans and was acquired by Betterment earlier this year.
VentureKite targets brands that are fairly profitable but do not have the resources to scale to the next level, he added. Because its focus is evergreen, it does not purchase websites that focus on topics like news, technology or gossip.
Michael Breitstein, managing director at CoVenture, said VentureKite's business provides a path to digital exists for founders building consumer-focused brands.
"The team continues to guide founders step-by-step through the acquisition process and provide consumers with industry-leading content," he said.
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