- Recurrent Ventures recently announced it raised $75 million in a round of financing. These are the details.
Recurrent Ventures recently announced it raised $75 million in a round of financing. This investment round brings the company’s funding to over $100 million in capital to date. Provided by North Equity LLC, this new funding will be used to acquire other digital media properties and to make additional investments in its current digital media portfolio and employees.
The company dates back to December 2018 when North Equity purchased The Drive from Meredith Corporation. And North Equity continued to buy digital media properties through January 2021, including BobVila.com, Car Bibles, Task & Purpose, Field & Stream, Popular Science, and Domino. And in June, North Equity announced that Recurrent would be the new parent company for all of the digital media brands, while the venture equity firm would remain the company’s main investor and continue to focus on digital media-related investments. Since then, Recurrent has continued to expand its portfolio, with the additions of MEL and Futurism in July and JancisRobinson.com in August.
Recurrent is based in Miami, with additional offices in New York and San Francisco – coupled with a virtual-first workforce across the United States. And to further its mission of creating a sustainable, equitable, innovative digital media company, Recurrent is rapidly expanding its workforce.
KEY QUOTES:
“This funding and the enthusiasm we’ve received from investors is a direct result of the success of our playbook and building our digital media portfolio with our amazing content creators. We’re all extremely proud of the company we’ve built so far. This funding will accelerate our acquisition pipeline, while allowing us to further invest in the current portfolio and diversify our already profitable businesses. One area we are especially looking to ramp up is our sustainability and conservation initiatives, and completing this fundraising provides a great launchpad to further invest time, resources, and in personnel.”
— Lance Johnson, CEO of Recurrent Ventures
“The accelerated growth the company has experienced is both exciting and encouraging. We’re tremendously proud of all that Recurrent, the digital media brands, and the teams have done so far. We’re also confident that this funding sets everyone up for success and growth for years to come.”
— North Equity Managing Partner, Andrew Perlman
