Glam Media, a startup network aimed at women, has snapped up former Google executive, Michael Adair, for the newly created position of vice president of corporate development and finance. At Google, Adair was head of sales and finance and was part of the team involved in Google’s acquisition of YouTube. Before joining Google, Adair was an investment banker at Lehman Brothers.
Glam, whose revenue target for 2008 is USD100m, is on a campaign to lure top executives. Glam recently named former Microsoft corporate development vice president, Bruce Jaffe, to its advisory board. Reportedly, Jaffe and Adair are set to help Glam make a number of acquisitions, targeting content producers and health and travel sites. In June, Glam acquired UK-based digital marketing company, Monetise, to launch global ad sales in earnest.
In February, when the company was valued at USD500m, investors committed USD84.6m in a fourth round of financing – USD64.6m in funding and USD20m in debt financing. Since then, however, company founders have reportedly taken some of that money off the table. Glam has sufficient cash and stock currency to move forward with acquisition plans already in the works.
Glam investors include Hubert Burda Media, GLG Partners, Duff Ackerman & Goodrich Ventures (DAG), Accel Partners, Draper Fisher Jurvetson, Walden Ventures and Information Capital. Hercules Technology Growth Capital provided debt financing.