It’s a big comedown for a company that was named to WSJ’s “Billion Dollar Startup Club” based on its $1 billion valuation following an investment in August 2013. To date, it has brought in $230 million in funding.
Mode Media was founded in 2003 as Project Y, Inc., by a group that included Samir Arora, who served as the company’s CEO until his departure in April 2016. It later changed its name to Glam Media and, in 2014, Mode Media.
Mode attracted 127.4 million unique visitors in the U.S. in May, according to comScore, with curated and original content with titles like “Why the Women From Game of Thrones Kick Serious Ass” and “Moms Who Prove You Can Have It All.”
In spite of that apparent success, Mode has been bleeding high-level execs in recent months. In addition to Arora (who was replaced by interim CEO Jack Rotolo, previously EVP for content and video sales and operations), it has lost president and chief revenue officer Dan Lagani, who left in June to join social publishing startup Diply in the same roles; SVP of sales Kari King, who left in April to join shopping app Shopkick Inc. as VP of national brand sales; and SVP of content creator business development and operations Jennifer Salant, who joined Condé Nast Entertainment (CNÉ) as VP of business development in October 2015.