Maven Raises $20 Million and Buys Sports News Website TheSpun

Maven, parent of brands including Sports Illustrated and TheStreet, recently raised nearly $20 million and acquired the sports website TheSpun.
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Maven  (MVEN) , parent of media properties including Sports Illustrated and TheStreet, said the company in the past week added a number of investment partners, raising nearly $20 million.

Maven also acquired the sports website TheSpun, further building out its Sports Illustrated Media Network.

Maven CEO Ross Levinsohn said in a statement that the company's valuation for the recent funding round climbed more than 70% from the previous round last fall.

He said he expected the company to complete the final close on the funding within a week or two.

He said the company was close to completing all the Securities and Exchange Commission filings necessary to bring the company current for the first time. That move would enable the company to uplist its stock on Nasdaq this year, Levinsohn said.

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Terms of TheSpun acquisition weren't disclosed. 

Maven said TheSpun site started up in 2012 covering college sports. It has grown to cover the broad range of sports, including professional baseball, football, basketball, hockey and more as well as college-level games.

TheSpun joins Maven's Sports Illustrated Media Network. The founder of TheSpun, Matt Lombardi, joins the team of Maven's president of media, Rob Barrett. 

Lombardi will hold the title of vice president and general manager of growth for sports while continuing to manage TheSpun, the company said.