XOS Digital Completes Series B Financing; Adds Three Board of Directors
XOS Digital has completed its Series B financing and recapitalization of the business. In addition, three professionals were elected to the XOS Digital board of directors.
The proceeds from the offering will fund the ongoing development and enhancement of the XOS Digital Sports Media Distribution Platform and for general corporate purposes. New institutional equity investor NewSpring Ventures led funding, joined by Dublin Capital and existing investors Blue Chip Venture Company and Beechtree Capital, LLC. Also participating in the transaction were several business and industry leaders in the Central Florida region.
“XOS is entering a new phase of growth and innovation that required additional growth capital,” says Chris McCleary, CEO, XOS Digital. Terms of the offering were not disclosed.
The company also announced the election of three new board members: Christopher Noe, Glenn Rieger and Christopher McCleary. Rieger is a general partner of NewSpring Ventures and a partner of NewSpring Capital. Prior to joining NewSpring in 2004, he served in various senior leadership capacities for Cross Atlantic Capital Partners, Inc. and Safeguard Scientifics (NYSE:SFE). He currently sits on the boards of directors for XOS Digital, NitroSecurity, ProfitPoint and Smart Destinations. Rieger is a graduate of Colby College in Waterville, Maine and holds an MBA from The Wharton School of the University of Pennsylvania in Philadelphia.
Noe is a general partner of Dublin Capital Partners, a Lenfest Enterprise fund which invests in advertising, digital media and technology businesses. Prior to Lenfest Media Group, he served as a managing director with Katalyst LLC, a venture fund and private equity services firm focused on the cable, media and IT industries. He previously held sales, business development and consulting positions with IBM, CSC Consulting and KPMG Peat Marwick. Noe holds a bachelor of science degree in accounting from the University of Connecticut in Storrs, Conn. He also earned certification as a public accountant in Connecticut. He currently is managing director of Broadway Systems and sits on the boards of directors for XOS Digital and Iron Solutions.
“Glenn Rieger and Chris Noe each bring a wealth of targeted experience to our board operations,” adds Jack Wyant, chairman of the XOS board and managing partner at Blue Chip Venture Company.