Jukin Media has secured new funds that the company says will act as a “cash cushion” for new investments.
The digital startup, which acquires, distributes and licenses viral videos, has raised $1.2 million. The money will allow the company to move more aggressively towards new technology and original content initiatives.
Investors that contributed include: Bertelsmann Digital Media Investments; Peter Guber, chairman and CEO of Mandalay Entertainment; Allen DeBevoise, chairman and co-founder of Machinima; Kevin Gould of Kombo Ventures; Canyon Creek Capital; and Karlin Ventures.
Founded 5 years ago by CEO Jonathan Skogmo, Jukin Media has always been profitable. Because it owns the IP that streams on its YouTube network, the company is able to monetize it off the platform by licensing the clips to other digital channels or TV networks. YouTube revenues account for only a fraction of Jukin’s income.
In April Jukin raised $1 million in a strategic round with Bertelsmann, Maker Studios, Launchpad LA, Richard Wolpert, and Brad Zions participating.