Patch is a hyperlocal news platform that operates local news sites for 41 small towns and communities across New York, New Jersey, Massachusetts, Connecticut and California. Each Patch site is produced by a professional local journalist who creates original objective news and curates user-contributed events, announcements, photos and video. AOL has committed $50 million to Patch and is launching Patch.org, a charitable offshoot to fund and sustain Patch-modeled sites in underserved communities. Patch.org will partner with community foundations and other organizations to launch sites, and any profits from Patch.org-funded sites will be returned to the communities they serve. The foundation will operate alongside Patch’s Give 5 program, which donates advertising space and employee volunteer time to local charitable organizations. According to a recent 10-K, AOL acquired Patch for $7.0 million in cash and AOL CEO Tim Armstrong previously invested $4.5 million in Patch via his private investment firm Polar Capital; AOL has also developed the Seed CMS and integrated StudioNow to boost video content on editorial sites.

Total raised

$50M

Funding rounds

1

Latest round

Equity

Latest activity

Mar 2010