US-based digital media company Mashable raised $15m yesterday in a round led by Turner, a division of media conglomerate Time Warner that also included the firm’s Time Warner Investments unit.
The two Time Warner subsidiaries were joined by growth equity firm Updata Partners, venture capital fund R&R Venture Partners, and angel investors David Jones and Mike Lazerow.
Turner’s funding was provided as part of a strategic collaboration agreement through which the companies will partner on video production, technology and advertising. Kevin Reilly, Turner Entertainment’s chief creative officer, will join Mashable’s board of directors.
Founded in 2005, Mashable runs an online news platform targeted at millennials but will use the new funding to strengthen its video content along with its technology and data platforms while it looks to expand Mashable Studios, the branded video production division it launched in June 2015.
The partnership with Turner will involve new programming ideas being developed using input from Mashable Velocity, an algorithm developed by Mashable to predict what will go viral, and some Turner content being distributed to Mashable’s audience.
Kevin Reilly, who also acts as president of Turner-owned cable TV channels TBS and TNT, said: “Just as we are redefining these networks and continue to innovate beyond the traditional television universe, Mashable is redefining digital storytelling, making us ideal partners in today’s rapidly evolving media ecosystem.
“We are confident our partnership will increase the cultural relevance of Turner and Mashable content across all of our platforms.”
Mashable had previously secured $14m in 2014 from backers including Updata, Tribune Digital Ventures, which acts as media group Tribune Media’s corporate venturing arm, New Market Ventures Partners and Social Starts. Time Warner Investments subsequently led a $17m series B round in January 2015.