Mic.com, a US-based online news publisher aimed at millennials, raised a $17m series B round yesterday from investors including Axel Springer Digital Ventures, the corporate venturing subsidiary of media company Axel Springer.
Venture capital firm Lightspeed Venture Partners led the round, which also featured Lerer Hippeau Ventures, Advancit Capital, Red Swan Ventures and the John S and James L Knight Foundation, as well as Jim Clark, a co-founder of erstwhile browser developer Netscape.
Founded in 2011 as PolicyMic, the company operates a website focused on delivering inquisitive, high quality news to readers aged 18 to 34. The site covers a range of areas, such as politics and policies, science and technology, arts and music.
Mic previously raised $10m in an April 2014 series A round featuring Lightspeed, Lerer, Advancit, Knight Foundation and Clark.
Lightspeed also led a $3m seed round including Lerer, Advancit, Red Swan and Red Swan in October 2013. In March 2013, Knight Foundation, Digital News Ventures and a range of angel investors provided $1.8m in angel funding for Mic.
Mic has already hired Madhulika Sikka, formerly the executive director of public radio NPR’s news desk, and will use the series B funding to expand its branded content team, build out its video content offering, and increase its presence across devices.