Woven Digital, a digital-media firm that has rolled up several online publications with a focus on millennial males, has raised $18.5 million in Series B funding led by WPP Ventures, the investment arm of ad giant WPP.
The funding brings Woven to $42 million raised to date. The latest round included participation from existing investors Institutional Venture Partners (IVP) and Shari Redstone’s Advancit Capital.
The Culver City, Calif.-based company recently acquired fan-focused entertainment and recap site HitFix after buying Uproxx, which covers news, sports and culture, in 2014. Its other big property is BroBible, a young men’s lifestyle destination.
Woven said it will use the new funding to expand its studio operations and original video production, as well as scale its coverage of news, sports, and entertainment. “Having WPP as a partner brings a global view of the quickly evolving media and advertising landscape, and this perspective will be invaluable as we continue to build out Woven’s video and editorial capabilities,” Woven Digital CEO Colin Digiaro said in announcing the funding.
Woven, founded in 2010, previously raised $18 million in 2014 led by IVP with other investors including Advancit, UTA, the NFL’s San Francisco 49ers; senior partners from entertainment law firm Ziffren Brittenhanm; MySpace and SGN co-founder Chris DeWolfe; Buddy Media co-founder Mike Lazerow; and former NBA players Baron Davis and Jermaine O’Neal.
Woven says it reaches more than 50 million monthly users across platforms, including one-third of millennial males online, citing comScore data.