US-based media and advertising company Martini Media, backed by media company Reed Elsevier, has been acquired by publisher Evolve Media for an undisclosed sum.
Founded in 2008, Martini Media focuses on delivering advertising through niche websites frequented by affluent people.
In 2013, Reed Elsevier’s corporate venturing arm Reed Elsevier Ventures led a $14m series D round alongside participation from Venrock, Granite Ventures and Silicon Valley Bank. Reed Elsevier also contributed to Martini’s $13m series C round in 2011, led by Granite and featuring Silicon Valley Bank and Venrock.
In 2010, Reed Elsevier led a $6m series B round which featured Venrock and Granite. In 2008, Venrock provided an undisclosed amount of series A funding.
Martini Media will operate as a separate unit within Evolve. All of Martini’s staff will remain with the company.
Erik Pavelka, chief executive of Martini, said: Luxury marketers are increasingly leveraging digital marketing, more than traditional media, to engage this growing market.
“We have seen a significant increase in luxury brands actively marketing to the affluent through the creation of content-led creative that is visually stunning, feature rich and placed within well-lit, relevant environments.”