Broadcaster Discovery Communications led a $50m funding round for US-based digital media holding company Group Nine Media on Monday that also featured media group Axel Springer.
Group Nine was formed in 2016 from the amalgamation of four digital media brands: future and technology-focused Seeker, animal-themed content publisher The Dodo, millennial male-focused lifestyle guide Thrillist and left-leaning news portal NowThis News.
Aside from their own online portals, the brands produce content for more than 20 partners, including Discovery and on-demand streaming service Netflix, and also organise events with an appeal to their audiences.
Group Nine claims to have doubled its turnover since 2016, having grown revenue streams like advertising, content sales and licensing. The funding will be used to line up potential strategic acquisitions.
Discovery invested $100m in the company when it was formed in 2016, before joining Axel Springer and venture capital fund Lerer Hippeau for a $40m follow-on round in late 2017.
Prior to the Group Nine merger, The Dodo had been backed by Discovery and telecommunications firm SoftBank. It had raised $21.5m altogether including $11.5m in a 2015 series B round led by Discovery.
NowThis was spun off from fashion brand JackThreads and had raised money from investors including SoftBank, media group NBCUniversal, Oak Investment Partners, Lerer Hippeau Ventures and Bedrocket. Discovery had already acquired Seeker in 2013.
Discovery president and CEO David Zaslav said: “Group Nine is the standout in the evolving mobile ecosystem. Under the leadership of a fantastic executive team, they have category-defining brands that connect with young audiences through the best short, mid and long-form storytelling on mobile.”