Venture capital powerhouse Norwest Venture Partners (NVP) poured a $44 million equity investment into Manta Media, Inc., a Columbus-based company dedicated to building the largest online community for small businesses, according to Manta and NVP press releases.
NVP is the third venture capital company to join Manta’s board of directors. Before April 3, Athenian Venture Partners of Athens, OH and Reservoir Venture Partners were Manta’s major financial supporters.
“The governance on the board is now stronger because the experience is more diverse,” said Springer.
Pam Springer spoke at Ohio University during the Center for Entrepreneurship’s Guest Lecture Series in fall 2011. She stressed the importance of companies and entrepreneurs to build an “A” team. An “A” team, she said, can guarantee the success of even a “B” product.
NVP no doubt adds to Manta’s “A” team. With a venture portfolio that stretches China, India, America, and Israel, Norwest invests in early stage venture, growth equity and late stage venture companies. According to NVP’s website, the company looks to invest between $15 million to $50 million in growth equity companies.
“They’re a large private equity firm that has global opportunities and options in front of them and they picked Manta. It’s very validating from that perspective,” Springer continued. “The employees are really reenergized from a morale perspective.”
Springer said at some point in the future, Manta will turn the “global dial.”
“Clearly to maximize our opportunity you have to look outside the US,” said Springer. “The timing on that I can’t tell you right now, but the answer to the question, ‘Does Manta have global aspirations,’ would be, ‘Yes it does.’”