NEW YORK, Oct. 7, 2021 /PRNewswire/ -- Recurrent Ventures announced today that 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, the new funding will be used to acquire other digital media properties and to make additional investments in its current digital media portfolio and employees.
"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," said Lance Johnson, CEO of Recurrent Ventures. "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."
The company dates back to December 2018 when North Equity purchased The Drive from Meredith Corporation. North Equity continued to acquire digital media properties through January 2021, including BobVila.com, Car Bibles, Task & Purpose, Field & Stream, Popular Science, and Domino. 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.
"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," said North Equity Managing Partner, Andrew Perlman. "We're also confident that this funding sets everyone up for success and growth for years to come."
Recurrent is headquartered in Miami, with additional offices in New York and San Francisco, coupled with a virtual-first workforce across the United States. To further its mission of creating a sustainable, equitable, innovative digital media company, Recurrent is rapidly expanding its workforce. Interested candidates can learn more and apply for open roles here.
ABOUT RECURRENT VENTURES Recurrent is an innovative digital media company that empowers brands to grow, and connect with consumers in a way that is enjoyable, sustainable, inspiring, and profitable—while maintaining editorial integrity. Its best-in-class brands like Popular Science, The Drive, Domino, MEL, Field & Stream, SAVEUR, Futurism, and Task & Purpose engage a combined audience of more than 50 million monthly unique visitors. Initially founded in late 2018 with the acquisition of The Drive, the portfolio rapidly expanded under the ownership and backing of North Equity LLC to include 20 digital media brands across automotive, home, lifestyle, military, outdoors, and science and tech verticals.