Media company 21st Century Fox has invested £4.9m ($6.5m) in UK-based motoring enthusiasts community DriveTribe, Business Insider UK reported yesterday.
Founded in 2015, DriveTribe is set to launch this coming November and hails itself as a digital hub for car enthusiasts. The platform is expected to provide articles, videos, interactive content and social media across different channels, dubbed tribes.
The channels will be produced by some 2,000 experts such as motoring journalist Jethro Bovingdon and racing driver Oliver James Webb.
The company was co-founded by Richard Hammond, James May and Jeremy Clarkson, the former hosts of BBC motoring show Top Gear, as well as TV producer Andy Wilman and chief executive Ernesto Schmitt.
Schmitt said: “It is extremely pleasing to have 21st Century Fox take note of our venture, and we look forward to working with them on redefining how audiences discover and engage with content, through the use of technology and community.”
DriveTribe raised $5.5m in an August 2016 series A round led by Breyer Capital with participation from Atomico and assorted angel investors.