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Final Press Release 7 2 12

Final Press Release 7 2 12

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Published by Josh Constine

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Published by: Josh Constine on Jun 30, 2012
Copyright:Attribution Non-commercial

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07/09/2013

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CONFIDENTIAL DRAFTNOT FOR DISTRIBUTION
 – 
 
EMBARGOED UNTIL 12:00 AM ET ON MONDAY, JULY 2
7/2/12
First Round Capital and Innovation Endeavors Lead Seed Funding Round inNew Social Artery #waywire
NEW YORK, NY, JULY 2, 2012
-- #waywire, a social artery for video news, inspiration and
 
leading voices,today announced it has closed a seed capital roun
d led by First Round Capital and Eric Schmidt’s
Innovation Endeavors, along with Troy Carter and a group of angel investors. #waywire is focused onproviding a network that will serve to fundamentally alter the tone and content of public dialoguearound s
ome of society’s most pressing issues. The network will provide original, syndicated andcommunity created video content, allowing today’s digital generation to develop informed opinions on
topics and then engage in positive debates and discussions.
“As soon as I was exposed to the #waywire concept, I knew there was something truly different here,”said Howard Morgan, Managing Partner of First Round Capital. “Most people agree that there is a real
problem with the tone of our public dialogue. #waywire will work to change that by building a networkthat latches onto the attitudes of the digital generation and deliver rich content that helps to educate
and inform as well as provide a forum to express opinions.”
The company was co-founded and is led by Chief Executive Officer, Nathan Richardson along with SarahRoss another #waywire co-founder. Richardson brings an extensive track record of building and leadingsuccessful online properties including prior positions as president of Gilt City, CEO of ContextNextMedia, head of Dow Jones online and General Manager of Yahoo! Finance. Ross comes to #waywirewith digital experience from Katalyst Media, TechCrunch and Yahoo! Inc. Howard Morgan, of FirstRound Capital, will join the #waywire Board of Directors.
“There are networks to connect friends, and there are simple ways to share news articles or stories, but
there is a definite opening in the social spectrum for a network where people can go and learn aboutissues that truly matter to them and engage with
peers and experts on a wide range of topics,” saidRichardson. “This existing gap contributes to the divisions that impact our national dialogue. We think
#waywire can help address this problem by providing millions of people
 –
especially the young, digitallysavvy generation
 –
 
a network for video news, inspiration and leading voices.”
 
Also among #waywire’s co
-founders is Cory Booker, Mayor of Newark, N.J. The idea behind #waywire
came from Mayor Booker and grew from his desire to shift America’s public
conversation away fromdivisiveness toward a debate focused on achieving solutions. The Mayor plans to contribute original
content to the #waywire network where he will discuss America’s most significant challenges with a
variety of thought leaders from diverse backgrounds. Mayor Booker will not be part of day-to-daymanagement of #waywire and will have no editorial involvement in the network. His ownership stakewill be maintained in a trust while he remains in public office.
“When I experienced the
possibilities of social media and video, I saw the beginnings of an answer to aproblem that is facing America. I believe #waywire can be a network for people everywhere to moveaway from partisan grandstanding toward a productive national debate about solutions to the problems

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