New York-based digital media conglomerate Minute Media has closed on a $40m round of venture capital funding to support its ongoing expansion.
The round was led by European software investor Dawn Capital, and brings Minute Media’s total funding to date to $160m. The new funds will support continued global expansion, including potential future acquisitions, and improvements to Minute Media’s tech publishing platform.
Other assets in the Minute Media portfolio include soccer-specific site 90min.com, general sports destinations 12UP.com and The Big Lead, and esports content property Dbltap, among others.
“It’s been a year of rapid growth for Minute Media, with the acquisition of The Players’ Tribune, FanSided, and The Big Lead, and we are bullish on what 2020 has in store,” said Asaf Peled, Minute Media founder and chief executive. “We are grateful to have the confidence of industry-leading investors to support our vision of building digital publishers rooted in strong technology. This round of funding will help us invest in our technology platform and enable us to look at new digital brands as acquisition targets.”
Dawn Capital typically focuses on investing early-stage companies, so the Minute Media funding represents a more rare focus on a high-performing company at a growth round stage. The venture capital firm was also involved in Minute Media’s last funding round in June of last year.
“The company is quickly establishing itself as a major player in the new generation of online publishing, empowering creators and audiences alike,” said Haakon Overli, Dawn Capital general partner.