Media company Hearst Corporation has bought a 20% stake in UK-based design intelligence company Stylus Media Group for an undisclosed sum, as part of a strategic partnership.
Hearst backed the company on Wednesday last week, and Kenneth Bronfin, president of Hearst Interactive Media, will join Stylus’s board.
Bronfin said: "We have been quite impressed with the tremendous amount of progress that Stylus has made since its launch in terms of content development and brand-name client acquisition. We look forward to working with Stylus as it expands its reputation as an authoritative business intelligence resource for design and creative professionals."
Frank Bennack, chief executive of Hearst Corporation, said, "For all businesses to be competitive, spotting the next trend can mean success or failure. We believe that Stylus offers information that no company should be without. The growth potential is very promising, as is the benefit to our own brands and businesses." Stylus was launched in 2010.
Separately Omers Ventures, part of the Canada-based pension fund, invested $20m on Wednesday in HootSuite, a Canada-based startup backed by Hearst’ corporate venturing unit, Hearst Ventures. The social media management company was founded in 2008 and it is also backed by venture firm Blumberg Capital. Yesterday Hootsuite acquired Twitter application Termtter, which followed its acquisitions of location-based marketing company Geotoko and Twitter application TwapperKeeper.
In September Hootsuite raised $3m in debt bridge financing from Hearst, Blumberg, angel Geoff Entress, and venture firm Millennium Technology Ventures. The company previously raised $1.95m in December 2009.