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Cooking.com Adds $7 Million In Financing To Its Fridge
Cooking.com has announced a new $7 million loan agreement with ORIX Venture Finance. The company states the money will be used to expand operations, enhance its community content, and support continued acceleration of its private label online programs.
I have to admit that I haven't used Cooking.com in years. Site looks the same today as it did years ago. Maybe they should spend some of the $7 million for a new design and features. Sadly the recipes section is nothing compared to AllRecipes.
Food Network changed the way we look at food several years ago and made it hip and contemporary and created icons out of chefs and cooks. Cooking.com should work to reap some of the hot trend before food once again gets stale.
Update: Erick wonders why they chose debt financing over a normal vc-type deal. He also questions whether they will go IPO.
Cooking.com is fine, but needs a lot more social features. The food category is very large from an advertising standpoint, but the barriers to entry are fairly low.
My site, BigOven.com, is a social network about food, plus award-winning recipe software for Windows PC's.
It's just passed 70,000 registered members and is now approachning a million unique users a month. Self-funded, it allows users to search 160,000+ recipes, post cooking videos, watch RSS feeds from fellow users, and import recipes into an optional desktop application (to create grocery lists, meal plans and nutrition analysis.