Only six months after raising $22.5 million in a funding round, long-time reviews site Angie’s List has added another $54 million in funding, according to an SEC filing. Bloomberg says one of the investors is mutual fund giant T. Rowe Price, which was an existing backer of the site and has made high-profile investments in other technology startups, including Twitter and Slide.
Unlike rivals, such as Yelp, Angie’s List charges users a membership fee to access its user-generated reviews of local service professionals, saying the the money pays for “actual staff support” and “ensures reliable data.” The company has more than one million paying members, who pay as much as $68 a year, depending on location and what data they want to access, meaning its annual revenue easily tops $50 million.
When Angie’s List raised its funding round in the fall, the company said it would use it in part to expand its ‘Big Deal’ program, which provides its members with a steep discount on a local service if enough people say they are interested. The company has also invested heavily recently in expanding into the rating of “health and wellness” providers. A spokeswoman would not comment about the funding.