Pop culture and entertainment news site publisher Woven Digital announced on Thursday that it has raised $18 million in Series A financing led by Institutional Venture Partners (IVP).
The cash infusion will be used to bolster Woven’s ad sales team, and increase content production through Woven Studios. Three new original web series are planned for next year – Uncharted, Luminaries and Underbelly. Uncharted will profile young artists on the verge of being discovered. Liminaries will show millennials around the world working to solve problems in their communities. Underbelly will look at “unorganized” sports such as underground fighting and street racing.
Woven Studios also creates branded content for companies such as Boost Mobile, EA, Miller/Coors, Sony Pictures, FX, Comedy Central, AT&T, Anheuser Busch, Motorola and Bacardi.
The investment round also included Advancit Capital, the San Francisco 49ers, United Talent Agency, senior partners from entertainment law firm Ziffren Brittenham, MySpace and SGN co-founder Chris DeWolfe, Buddy Media co-founder Mike Lazerow, and former NBA players Baron Davis and Jermaine O’Neal. IVP principal Somesh Dash will join Woven’s board of directors.
According to the Wall Street Journal, the investment will bring Woven’s valuation at close to $100 million.
Woven’s holdings include the millennial-targeting culture site Uproxx and BroBible, a lifestyle site for college-age males. Founded in 2010 by Scott Grimes and Michael Laur, the company is headquartered in Los Angeles with offices and production facilities in New York and Chicago.