NEW YORK, NY (November 28, 2017) -- Group Nine Media today announced that it has raised a $40 million follow-on round in new funding with investments from Discovery Communications, Axel Springer SE and Lerer Hippeau. The additional funds will be used for expanding video content across its brands as well as for selected acquisitions.
In less than a year, Group Nine has become one of the world’s largest digital-first media companies and a leading publisher on platforms where young adults spend the majority of their time. The company has over five billion monthly views [source: Crowdtangle + platform specific analytics] and boasts the highest engagement rate for a scaled digital media company on the social web [source: Tubular Insights]. Group Nine reaches 40 million unique people daily in U.S. [Nielsen], has 120M social engagements each month [source: Listenfirst Media], and over 2.5 billion minutes of video consumed monthly [source: Crowdtangle + platform specific analytics]. Group Nine brands reach over 80% of young Americans in their 20s on a monthly basis [Nielsen].
“We founded Group Nine with the strongly held belief that the media industry was at the beginning of a massive and definitive shift to digital video and that the next generation of great brands would be built on top of the leading social platforms. In addition, we believed that scale would rule and be imperative for success and that quality content and original IP would be key to building out a truly successful digital footprint. We are very pleased to see all this come together this past year. This vote of confidence from our partners in both our vision and trajectory will allow us to lean in and grow faster and smarter,” said Ben Lerer, CEO of Group Nine Media.
“Group Nine has quickly become a Big Three digital-first media company and, with 5 billion monthly streams, an integral part of Discovery’s strategy to nourish audiences across all screens and services. The company is completely on track, led by a terrific management team, with superfan brands, strong tech and data and a strategic growth plan. We are proud to make this additional investment to help Group Nine continue its momentum,” David Zaslav, President and CEO, Discovery Communications.
“Group Nine had ambitious plans and is exceeding expectations on every front. They have powerful, best-in-class brands that are having a meaningful impact. They are a hard-hitting top-class management team, are excelling on new platforms and they’ve had significant revenue and audience growth quarter after quarter. It is the right time to lean in on this growth,” said Jens Mueffelmann, CEO Axel Springer Digital Ventures.
About Group Nine:
Group Nine Media is one of the world's largest digital-first media companies and the #1 publisher on Facebook Watch, boasting over 5 billion monthly video views [source: Crowd platform specific analytics modules] and reaching over 80% of U.S. adults in their 20s [source: Nielsen]. With over 120 million social engagements each month [source: ListenFirst Media], Group Nine's brands are built for consumption on the platforms where young people spend the majority of their time. Group Nine is home to NowThis (the no. 1 most watched U.S. video news creator on social), The Dodo (the no. 1 animal brand on social), Thrillist (the most trusted digital brand in food, drink, travel & entertainment) and Seeker (the digital leader in science and innovation). Group Nine recently acquired Emmy nominated, Cannes Lion and Sundance Film Festival award-winning production studio, JASH.