New funding replaces previous line of credit and gives Digital Trends additional capital for new market ventures in 2017.
PORTLAND, Or – (Oct 3, 2016) – Digital Trends (www.DigitalTrends.com), a Portland-based consumer technology publisher, has obtained a $10 million secured line of credit from JPMorgan Chase. This line of credit is available through September 2018, subject to certain conditions, allowing Digital Trends to utilize the entire $10 million immediately to expand its business through significant advances in digital media in the first half of 2017.
“Sara Lindgren and her team took the time to understand our business, and have clear experience in the media and entertainment sector which sets them apart from other banks,” said Ian Bell, CEO of Digital Trends. “This new line will allow us to maintain the rapid growth we have seen here at Digital Trends and open the door to new opportunities”
Celebrating ten years, Digital Trends has found a massive following in the consumer tech industry and is dedicated to providing the latest news through engaging content, a user-friendly site, and innovative advertising solutions. The new credit line will support the company’s rapid growth.
“We met with JPMorgan Chase in both Portland and in New York; between their Media & Entertainment group in NYC and their excellent local service, attention, and care in Portland it was clear they understood the digital media industry, Digital Trend’s organization, and recognized our growth year to year. They are the perfect partner to meet our ongoing capital needs as we continue to grow to the next level” added Nathan Bell, SVP of Operations for Digital Trends.”
As announced last week, Digital Trends has seen its best traffic ever this year reaching over 26M unique visitors in August and garnering over 274M page views in the last three months – a 48 percent gain over 2015. Revenue has grown 65 percent since 2015, building on last year’s outstanding growth of 115 percent from 2014.
“We are thrilled to be working with Digital Trends. This is a hip, exciting company here in Portland that is rapidly growing and has a clearly defined market niche,” remarked Sara Lindgren, Vice President of Middle Market Commercial Banking at Chase. “Given our deep understanding of the industry on a national and local scale, we were able to get up to speed with their needs quickly and deliver a custom-tailored solution to help with their continued growth. Partnering with DT has been a pleasure and we look forward to working with them.”
The terms of the new line of credit were not disclosed, but the new credit will remove certain limitations and provides more flexibility to Digital Trends than its prior loan. It refinances and replaces a $4.5 million line of credit previously provided by a different bank.
About Digital Trends
Digital Trends is a leading consumer technology publisher helping people navigate an increasingly digital world. With easy-to-understand product reviews, entertaining news and videos, Digital Trends serves more than 26 million unique visitors each month. Digital Trends reaches 90 million tech influencers through their own media network, and its syndicate partners include Yahoo!, FOX News and more than 200 broadcast news stations. Digital Trends is headquartered in Portland, OR with offices in New York City, San Francisco, Los Angeles, Detroit, and Chicago. For more information, visit www.digitaltrends.com.
This press release may contain forward-looking statements with respect to Digital Trends. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, plans or predictions of the future. Because such statements include risks, uncertainties, and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements.
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