US-based online media company Ozy has received a $20m investment from Axel Springer Digital Ventures, the strategic investment subsidiary of digital publisher Axel Springer, in a deal that gave Axel a 16% stake in the company.
Ozy is a daily news and information website that combines recent news reports with feature pieces intended to centre on future news stories. The site attracts around 5 million users a month.
The funds will enable the site to hire more staff both in and outside of the US, to launch its first advertising campaign and branch out into live events.
Following the round, Mathias Döpfner, chief executive of Axel Springer, will join Ozy’s board of directors.
Ozy raised $5.4m in seed funding from angel investors in December 2013, and has now received approximately $25.4m overall.