Digital content company Machinima announced on Thursday a new round of financing led by Warner Bros. Entertainment to the tune of $24 million.
The investment comes nearly a year after WB took an $18 million stake in Machinima, which has been rebuilding its business after hitting a rough patch under previous leadership.
Since WB’s investment, Machinima has regained its early momentum under new CEO Chad Gutstein, growing to 430 million subscribers worldwide, 170 million monthly unique viewers and 3.7 billion monthly views, according to YouTube data.
“This additional funding will enable Machinima to accelerate our growth through increased investments in content and technology that better serves our audiences, advertisers, creators and distributors,” said Gutstein.
Also joining WB in the $24 million round are original investors Redpoint Ventures and MK Capital, along with Coffin Capital and Allen DeBevoise. Google was an early investor in Machinima.
“With its enormous fanbase, Machinima is an important exhibition partner, providing content creators, including Warner Bros., multiple platforms for distributing and monetizing digital content and programming brands,” said Craig Hunegs, president of business and strategy at Warner Bros. TV Group.
