Publishing platform Minute Media raises $40m in funding round
Digital publishing platform Minute Media has raised $40m (£31m) in a funding round as it looks to ramp up its “aggressive” acquisition strategy.
Minute Media said it has secured the investment from new investors Hamilton Lane and Maor Investments, alongside its existing backers. The latest round takes the firm’s total funding to $120m.
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The digital publisher specialises in sports content, and operates five main brands including football news site 90min and e-sports giant Dbltap.
The firm, which was founded in Israel but is now based in London and New York, also leases its technology to other platforms, including Hearst, Sports Illustrated and USA Today.
“With the commercial momentum we’re experiencing as an organisation, we’re purposely focusing investment on the deepening of our publisher product and tech offering — a part of our business that is rapidly expanding,” said founder and chief executive Asaf Peled.
Peled told Morning Wire the funding would allow the firm to adopt a more acquisitive approach, as it looks to snap up ailing competitors amid a slowdown in the digital publishing market.
While Minute has traditionally focused its offering on sports content, it is now looking to expand into new sectors, and recently acquired entertainment and lifestyle brand Mental Floss.
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Peled said the company is currently making preparations for a potential initial public offering, but has not yet decided whether this will take place in London or New York.
Minute’s existing backers include Goldman Sachs, Dawn Capital and Vintage Investment Partners.