NowThisNews Raises $4.8 Million In Funding
NowThisNews is a video news service startup that has raised $4.8 million. Investors in this round include Lerer Ventures, Oak Investment Partners, SoftBank Capital, and Oak Investment. SoftBank principal Nikhil Kalghatgi is joining NowThisNews’ board of directors.
Last year NowThisNews raised nearly around $10 million. This round has not completely closed yet because the company is still talking to strategic investors.
NowThisNews created around 300,000 videos so far and hit around 20 million video streams. NowThisNews is a mobile-first company that syndicates content to MSN, BuzzFeed, Forbes, The Guardian, and The Atlantic.
NowThisNews was founded by former Huffington Post executives Ken Lerer and Eric Hippeau in September 2012. The content is geared mostly for 18-34 years olds that primarily use mobile devices and social platforms to find and share news. NowThisNews set up a studio at the former Yahoo! studio in New York City. The company launched their iPhone and iPad apps in November 2012.
NowThisNews brought in advisors like Judy McGrath (former MTV Networks chairman and CEO) and Stephen Colvin (former Newsweek Daily Beast CEO) one month later. The company launched an Android app in March 2013. NowThisNews produces around 20-25 videos daily based on politics, technology, science, entertainment, and viral videos. The clips are around a minute and a half each and many of them go viral.