US-based sports media company Pocket Outdoor Media has completed a $150m series B round featuring Zone 5 Ventures, the venture capital firm funded by bicycle component producer Specialized Bicycle.
Sequoia Heritage, the community investment platform formed by venture capital firm Sequoia Capital, led the round, which included Jazz Ventures and Next Ventures and which was revealed yesterday. The company did not disclose the amount, which was reported by Axios.
Founded in 2017, Pocket Outdoor provides a diversified media offering focused on active lifestyles and adventure sports that spans web, print, social media and video content as well as podcasting.
The company said it has also bought, or agreed to acquire adventure media company Outside Integrated Media, adventure sports producer Outside TV, event registration software developer AthleteReg, cycling magazine publisher Peloton and mapping app developer Gaia GPS.
The deals were disclosed in connection with Pocket Outdoor’s rebranding to Outside. It now plans to invest in audience growth as well as product and technology development.
Pocket Outdoor raised $2.6m from unnamed investors in December 2019, according to a securities filing. It closed its series A round at $16.5m in December 2020 and it was led by Jazz Venture Partners and backed by Zone 5 Ventures and Next Ventures.
Joey Tiller, managing partner of Zone 5 Ventures, told Global Corporate Venturing: “We are delighted to participate in this round and to continue to partner with the Outside team as they rapidly expand their platform in the outdoor, endurance, fitness and wellness markets.”
“When we first met the Pocket Outdoor Media team prior to their seed funding, we knew that they shared the same passion and commitment to the active lifestyle communities as Specialized Bicycles, Zone 5 Ventures’ sole limited partner.
“This investment fits squarely with our strategy of backing entrepreneurs seeking to transform the sport and wellness industries.”
