Mic, a leader in independent, diverse and inclusive original reporting, has raised $21 million in a Series C round of funding led by Lightspeed Venture Partners, with new strategic investments from Time Warner Investments, kyu Collective and You & Mr. Jones.
This brings the company’s total funding to $52 million, which according to Mic, will be used to expand upon its new channels: “Navigating Trump’s America” (politics), “The Movement” (social justice), “Payoff” (personal finance), “Slay” (feminism), “Hype” (entertainment), “The Future is Now” (technology), “Strut” (beauty), “Out of Office” (food and travel), “Multiplayer” (gaming) and its core focus, news. The company also plans to expand its premium video offerings for live and SVOD distributors.
“Becoming the defining news brand of our generation is an enormous opportunity,” said Chris Altchek, CEO & Co-Founder, Mic. “We are excited to continue to hone our modern approach to journalism and become the leading news source for every young consumer in America.”
Over the last year, Mic has continued to grow, increasing its audience by sixfold, with video accounting for more than 75% of daily views. Over 66 million unique visitors read or watch Mic over 400 million times each month, and the company has tripled its revenue year-over-year, producing award-winning campaigns with some of the world’s most innovative advertisers.
“News is a killer app on TV and it will be a killer app for this new TVOS landscape,” said Jeremy Liew, Partner, Lightspeed Venture Partners. “Mic already reaches two thirds of millennials in the U.S. each month. That, combined with its credibility, positions Mic to win on TVOS, just as it has on social. We’re excited to double down on this investment.” Lightspeed led Mic’s Series B round of funding in June 2015.
In addition, Time Warner Investment’s Group Managing Director & Senior Vice President, Allison Goldberg, will join Mic’s Board of Directors. “As a leader in news, Time Warner Investments has been very impressed with Mic’s high-quality video journalism. Mic’s voice is resonating with a large next generation audience, quickly becoming their go-to news source across platforms,” she commented.
Mic is headquartered in New York with teams in San Francisco, Los Angeles, Chicago, Toronto, Kiev, Stockholm and Berlin.