Maven, the Seattle-based media firm that publishes Sports activities Illustrated, raised a further $24 million to assist gasoline growth and cut back its debt.
The publicly-traded firm used safety buy agreements through personal placements of convertible most well-liked inventory.
Maven has a coalition of greater than 250 manufacturers, together with TheStreet.com, Historical past, Maxim, Ski Journal, and others.
Licensing agency Genuine Manufacturers Group, which purchased Sports activities Illustrated in Might 2019 from Meredith Corp., offered the journal’s print and digital publishing rights to Maven final yr.
TCS Capital Administration and Hunt Know-how Ventures LP invested in Maven for the primary time, whereas present backers B. Riley Monetary, Invenire Capital Companions and 180 Diploma Capital additionally participated.
“The investments in Maven are one other validation of our enterprise mannequin, technique, and management workforce,” Maven CEO Ross Levinsohn stated in a press release. “We proceed to increase our enterprise, drive efficiencies and margin, and search for new alternatives out there.”
Levinsohn took over in August, changing Maven founder James Heckman, who continues to be with the corporate.
Maven had a tumultuous run as SI’s writer underneath Heckman’s management. Layoffs on the venerable sports activities journal in October 2019 drew criticism from workers and unions; the corporate did one other spherical of job cuts in March. Maven was additionally within the highlight earlier this yr following the firing of longtime soccer journalist Grant Wahl after he criticized its dealing with of job cuts and wage reductions amid the COVID-19 disaster.
Maven beforehand raised $20 million in October 2019. It landed a $5.7 million mortgage from the federal authorities as a part of the Paycheck Safety Program.