Vox Media Raises $46.5M, Plans to Invest More in Video
A year after raising nearly $34 million in funding, Vox Media has secured another large financial commitment. The digital publisher, which owns sites like SB Nation, The Verge, and Ezra Klein’s Vox, has raised $46.5 million from investment firm General Atlantic.
The deal, which will give General Atlantic a minority stake in the publisher, would value Vox at about $380 million. Led by former AOL executive Jim Bankoff, Vox has raised around $110 million to date.
The money will be used to strengthen Vox’s capabilities across content distribution and native advertising, according to Bankoff.
One particular area of focus is — what else — video. The company already produces original video content for its seven media brands, and distributions them across both owned-and-operated platforms and sites like YouTube. The financing from General Atlantic will be used in part to “accelerate” those efforts across relevant platforms.
Like other publishers, Vox’s digital video strategy includes partnerships with top YouTube stars. For instance, Vox recently struck a deal with Marques Brownlee, the tech vlogger and video producer behind the MKBHD channel (2 million subscribers), who will be featured in a new video series on The Verge. More of these types of deals, which will be created in partnership with Vox’s in-house studio, will be announced in the coming weeks.
Vox’s in-house advertising business, “Vox Creative,” will also get a boost from the General Atlantic money. To lead the expansion, Vox has hired Lindsay Nelson as VP of Vox Creative. She comes to Vox from Slate, where she founded the publisher’s in-house creative agency SlateCustom.
Across its portfolio, Vox claims a global audience of 150 million. Its the latest digital-native publisher to score a huge amount of financing. Earlier this year, BuzzFeed raised $50 million from Andreessen Horowitz, which valued the company at $850 million.Tags: financing, General Atlantic, Jim Bankoff, Marques Brownlee, SB Nation, The Verge, vox, Vox Media, YouTube Creators