Mode Media, the US-based online vertical media network, raised $15m just prior to changing its name from Glam Media, according to TechCrunch, which cited unnamed sources. The source of the funding was not disclosed.
Founded in 2004, Mode operates its own lifestyle web properties as well as a larger publisher network of more than 6,000 other sites and blogs.
The name change is intended to reflect Mode’s transition from a female-focused media company to one with a more diverse readership, and the company has also just launched a video service that will feature specially created content.
In total, Mode has secured about $190m from investors including media company Hubert Burda Media, Mizuho Bank-affiliated venture capital firm Mizuho Capital, Man Group subsidiary GLG Partners, Silicon Valley Bank, Hercules Technology Growth Capital, DAG Ventures, Draper Fisher Jurvetson, Walden Venture Capital, Accel Partners, Aeris Capital and Information Capital
Mode raised $25m in top-up funding from Hubert Burda and Keating Capital in 2013 as it prepared to go public. The initial public offering, originally projected to take place in 2012, has still not materialised, but the latest funding, combined with the expansion of its product offering, signal that Mode is still progressing.