Pop culture publisher Woven Digital, the company behind entertainment sites Uproxx and BroBible, has raised $18 million in Series A financing.
The money will go toward dramatically growing its sales team and adding key editorial hires, specifically in its sports department. The Culver City company will also use the funding to expand its video production studio.
The success of digital media sites has erased old skepticism of the value of content. Online videos and posts continue to dominate the attention of key young demographics. Woven Digital said it has nearly 5 million visitors to its sites each day with 60 percent of them accessing its content through mobile devices.
“Many TV networks do really well because they have a specific audience that’s engaged daily or weekly in a very controlled environment,” Woven Digital’s Chief Executive Scott Grimes said. “We have the same relationship online.”
That’s why investors are angling to saddle up with online publishers.
Buzzfeed in August raised $50 million in its fifth round of funding, which was more than the previous four combined. Vice Media soon after emerged as a $2.5 billion company after securing two $250 million investments within a week. And in late November, Vox Media closed a $47 million investment that valued the company at $380 million.
The Series A round brings Woven Digital’s total funding to date to $23.5 million. Its latest financing was led by Institutional Venture Partners with participation from Advancit Capital, the San Francisco 49ers, United Talent Agency and a number of individual investors, including former Myspace chief executive and SGN co-founder Chris DeWolfe.
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