US-based online long-form media platform Ozy Media closed a $10m round on Wednesday featuring media conglomerate Axel Springer.
Publicly traded investment firm GSV Capital led the round, which included philanthropic venture capital firm Emerson Collective. It boosted Ozy’s overall funding to $35m.
Founded in 2013, Ozy is looking to build a digital media offering that focuses on original reporting and long-form content spanning politics, culture, sports, food and technology. It claims to have amassed roughly 25 million monthly unique users and 2 million subscribers.
Axel Springer had already paid $20m investment for a 16% stake in Ozy in 2014 through subsidiary Axel Springer Digital Ventures, after the company had raised $5.4m in seed capital from various Silicon Valley-based angel investors in 2013.
The latest funding will be used to invest in top-quality editorial staff, expand Ozy’s video team and build on its first foray into live events, the Ozy Fusion Fest it held in Central Park, New York, in July 2016.
Carlos Watson, co-founder and chief executive of Ozy, said: “Ozy is ahead of the curve not just editorially but in our intention to be revenue diversified since day one.
“We want to be everywhere our addicts are; online, on their TV and movie screens, and at live events worldwide.”