Media and technology company Minute Media announced on Wednesday it raised $40 million in new venture capital funding, bringing the company’s total funding to $160 million.
The new round also brings the company’s valuation to over $500 million, Axios reports.
Minute Media is best known for its several online publications, which cover a range of topics. The company owns and operates DBLTAP, which covers the video game industry; Mental Floss, which covers science and other thought-provoking issues; FanSided, which covers sports; and a handful of other publications. The company also recently acquired The Players’ Tribune, which is the sports blog started by baseball Hall of Fame inductee Derek Jeter.
Although Minute Media is most recognized for this list of digital content brands, the company has also developed its own proprietary publishing software. The company is looking into licensing this software to other publishers as a way to expand its business.
Minute Media says it’ll be releasing “enhanced technology platform offerings” to its sites as well as its partners later this year.
“Minute Media’s best-in-class platform enables publishers to create, distribute and monetize high-quality content,” investor Haakon Overli said in a statement. “The company is quickly establishing itself as a major player in the new generation of online publishing, empowering creators and audiences alike. Following explosive revenue growth in 2019, we’re pleased to back the team once again, allowing them to accelerate R&D and commercial efforts further still.”
