Marketing firm WPP invested $6.5m in US-based online news platform Mic Network on Wednesday, in a transaction Mic said increased its overall funding to $60m since it was founded in 2011.
Mic runs an online news platform which employs journalists to report on events using text and video that appeals to a millennial audience. The company, which has an audience of 65 million across various platforms, also creates branded content for sponsors.
The investment follows a $21m series C round in April 2017 led by Lightspeed Venture Partners and backed by brand services provider You & Mr Jones, media group Time Warner and advertising firm Hakuhodo, the latter two through subsidiaries Time Warner Investments and Kyu Collective.
Mic had raised $17m in a 2015 series B round featuring Axel Springer Digital Ventures, a subsidiary of media company Axel Springer, as well as Lightspeed, Lerer Hippeau Ventures, Advancit Capital, Red Swan Ventures, John S and James L Knight Foundation and private investor Jim Clark.