Wednesday, May 6, 2015
ReachLocal Raises $25M, As Losses Increase
Woodland Hills-based ReachLocal, the publicly held, online marketing provider for small and local businesses, said Tuesday that it has raised $25M in a term loan. The funding came from Herculus Technology Growth Capital, and comes as the company reported sharper losses and a significant dropoff in revenues. ReachLocal said it lost $12.7M on revenues of $99.56M for the first quarter of 2015, compared with a loss of $6.3M on revenues of $124.7M in Q1 of the prior year. ReachLocal said it is cutting expenses and looking to return to profitability by the second half of the year.