According to The New York Times, the online publisher recently closed a $46.5 million round from New York-based investment firm General Atlantic. The venture capital round values the media company at $380 million, the Times reports.
No one should be surprised that another media company has become a darling of venture capitalists. News and media companies from old guards like The Washington Post, which Jeff Bezos bought for $250 million in 2013, to Buzzfeed, which was valued at $850 million after raising $50 million from Andreessen Horowitz in August, have been getting a lot investment attention lately.
If 2009 was the worst year for the old media institutions in print, it looks like the next few years will be promising for the new wave of media platforms fighting for readers' eyes on tiny screens. Anton Levy, managing director of General Atlantic's Internet and technology arm, is bullish on Vox Media.
"We think we are at an inflection point," Levy tells the Times. "For the next five years, you are going to have the next generation of media platforms emerge. There are parallels to cable in the '80s. There is going to be a huge amount of value creation."
At four years old, Vox Media's portfolio has seven online publications. The news site Vox.com launched in April with Ezra Klein, who left the Washington Post's Wonkblog, and has since boasted strong traffic growth. According to comScore, the site hit 10.9 million visitors this past October. Also under the company's umbrella are technology site The Verge, and food and restaurant focused Eater, real estate blog Curbed, and sports site SBNation. All sites combined, Vox tells the Times, have doubled online traffic this year to reach 150 million unique visitors per month--a number that beats out Bloomberg, Vice Media, and BBC.
In addition to bolstering its video production and ease relationships with big YouTube personalities, the new funding will help shore up the company's custom content initiative. To help with that piece of the puzzle, which is aimed at helping advertisers publish native ads on Vox's sites, the company was able to woo Lindsay Nelson away from Slate magazine, reports the Times. She founded branded content agency SlateCustom for her former employer.