Minute Media, a media and tech company that recently acquired Derek Jeter’s The Players’ Tribune, just raised $40 million in venture capital funding.
Minute Media’s portfolio of brands includes 90min, DBLTAP, 12up, Mental Floss (which it acquired in 2018), The Big Lead (acquired last year) and FanSided (acquired earlier this year). Despite the challenges facing the media industry, Minute Media has raised $160 million in total funding.
The digital media industry has been built with “shiny objects” that have attracted series A and series B funding, said Rich Routman, president, CRO at Minute Media.
“We’ve built practicality,” Routman said, later adding, “The publishing business is a tech-first business and when you can layer great brands on top of the tech, that’s when we really start to see the value.”
The latest funding round was led by Dawn Capital, with investments from other previous partners. The company has already attracted investments from players like Battery Ventures, Goldman Sachs and ProSieben.
The new investment will allow for further acquisitions, additional international growth and improvements to its tech publishing platform.
The company has already seen substantial returns on investments, with what Routman called a 100% year-over-year growth and is projected to reach $200 million in revenue this year.
“If you’re willing to take some chances and invest when everyone’s telling you not to, that’s when I want to push the chips forward. There’s not a whole lot of buyers,” Routman said. “We hope to distinguish ourselves.”