Conservative social media app Parler raises $20 million

Parler, the social media app that was temporarily booted from app stores in the aftermath of the Jan. 6 Capitol riot, has raised $20 million in new funding, according to a filing with federal securities regulators.

Why it matters: This is part of a growing effort by conservatives to build their own social media ecosystem.

• Examples include Gettr, Rumble and former President Trump's own social media platform, Truth Social, which is expected to launch on President's Day.

Parler's founding investor is Rebekah Mercer, a Trump supporter and major Republican donor, who is listed on the SEC filing as both a director and executive officer.

• One new listed is director is Seth Dillon, CEO of right-wing parody site The Babylon Bee.
• It is not clear from the filing who provided the new capital. Axios has attempted to contact Parler, and will update this story if we hear back.

Go deeper: Ousted Parler CEO feels "betrayed" by Rebekah Mercer