Six-year-old millennial-leaning digital media brand Mic has closed a $21 million funding round.
The Series C was led by Lightspeed Venture Partners, which also led Mic’s $17 million Series B round in June 2015. Other participants included Time Warner Investments, Kyu Collective, and You & Mr. Jones, The Wall Street Journal reports. As part of the latest round, Time Warner Investments SVP Allison Goldberg will join Mic’s board.
To date, Mic has raised a total of roughly $52 million, putting its valuation in the “mid hundreds of millions” of dollars, reports the Journal.
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Mic, which says it has more than 66 million unique monthly visitors — 75% of which are derived from its video content, per Techcrunch — last week announced that it was launching nine new content brands. These include: Hype for entertainment, The Future Is Now for tech, Payoff for personal finance, Strut for beauty, The Movement for social justice-related journalism, Slay for women-aimed news coverage, and Navigating Trump’s America for politics. Gaming-focused Multiplayer and food and travel-themed Out of Office are coming soon.
New funds will be allocated toward building each of these brands, as well as toward producing more premium video for its own site and social channels as well as other platforms like Spotify, co-founder and CEO Chris Altchek told the Journal. Additionally, the company plans to hire 35 new staffers this year, Altchek said.
