Millennial male-focused digital media co Woven Digital has just received an influx of investment to go towards expanding its news and pop-culture content — $18.5 million, to be exact.
WPP Ventures led the financing round, with participation from existing investors Institutional Venture Partners (IVP) and Advancit Capital.
Woven, which is based in L.A., will use the funding to expand its operations globally and scale its coverage of news, sports and entertainment. It will also expand its studio, which produces original series such as Luminaries, Uncharted and Uproxx Docs.
The company already claims a firm hold on its target audience. According to comScore’s May 2016 report, the site reaches one out of every three males in the 18 to 34-year-old age group, and 120 million monthly video views.
It’s also been focused on expanding its content library through partnerships with the likes of Forbes, which has resulted in the recent launch of the new series Forbes Founders, centered around the stories of millennial entrepreneurs. It also acquired Hitflix, a website for entertainment reviews and news.
But, no doubt, Woven has got competition in the millennial male space — namely from Vice, the indie magazine-turned-global-media empire, recently announcing that it would expand its fledgling linear network Viceland into 51 new territories.
Colin Digiaro, Woven CEO, said in a statement he isn’t worried about who else is out there, adding that, at the rate at which millennials consume and share media, more content is always a good thing.
Pictured: Uproxx Docs’ recent episode on ’80s rockers Guns N’ Roses.