Maven (MVEN) , a technology platform company powering media brands, announced it has completed a $24 million round of financing led by new and existing investors.
The company, which owns or manages more than 250 media brands including Sports Illustrated media and TheStreet and reaches more than 150 million monthly unique visitors, plans to use the proceeds to expand the breadth and depth of its premium partnerships, reduce debt and for general corporate purposes.
The investments will support Maven's new strategy with Sports Illustrated, TheStreet and all its media publishers.
“The investments in Maven are another validation of our business model, strategy and leadership team,” said Ross Levinsohn, who was named chief executive of Maven in late August. “We continue to expand our business, drive efficiencies and margin, and look for new opportunities in the market.”
New investors include TCS Capital Management and Hunt Technology Ventures LP, with existing investors B. Riley Financial, Invenire Capital Partners and 180 Degree Capital participating.
Maven announced changes to its management and new funding back in August. Levinsohn was named the new CEO, overseeing media brands Sports Illustrated and TheStreet, replacing James Heckman.
Maven is a best-in-class technology platform empowering premium publishers who impact, inform, educate and entertain. Maven operates the media businesses for Sports Illustrated and TheStreet, and powers more than 250 brands including History, Maxim, Ski Magazine, and Biography.
Maven is publicly traded under the ticker symbol (MVEN) .
Disclosure: TheStreet is owned by Maven.