US-based online media company Bustle has secured $12m in a series D round led by venture capital firm GGV Capital that included media and entertainment group Time Warner.
The round, closed at a post-money valuation of almost $200m according to the Wall Street Journal, included all of the company’s investors, according to a statement that identified Social Capital, General Catalyst Partners and Saban Capital as participants.
GV, the corporate venturing unit formerly known as Google Ventures, Rothenberg Ventures and 500 Startups all took part in Bustle’s earlier rounds but none of them currently include the company in their portfolio lists, indicating they have exited.
Bustle operates an online media platform aimed at millennial women that covers topics including news, culture, lifestyle, politics, celebrities, fashion and beauty. It has roughly 50 million unique readers per month
The company launched a consumer analytics division called the Bustle Trends Group in January this year, and intends to strengthen its video output in 2017 along with its news and politics coverage.
Bryan Goldberg, chief executive of Bustle, said: “This year will see continued growth in video, platform strength and a further commitment to news and politics coverage.”
Bustle has now raised approximately $50m since it was founded in 2013, the same year Time Warner subsidiary Time Warner Investments and Social Capital joined GV, Rothenberg and 500 Startups in its $6.5m seed round.
Time Warner, Social Capital and R&R Ventures invested $5m in 2014 and also participated in a $15.5m series C round the same year before Saban Capital led an $11.5m round backed by Time Warner Investments, GGV, General Catalyst and Social Capital in March 2016.